College Accounting (Book Only): A Career Approach
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ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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College Accounting (Book Only): A Career Approach
T Accounts, Debits And Credits, Trial Balance, And Financial Statements. 3E
Record the transactions in Pairs of T-accounts and show debit, credit, plus and minus signs.
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Chapter 2, Problem 3E
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Record the transactions in Pairs of T-accounts and show debit, credit, plus and minus signs.
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13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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College Accounting (Book Only): A Career Approach
T Accounts, Debits And Credits, Trial Balance, And Financial Statements. 3E
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Chapter 2 Solutions
College Accounting (Book Only): A Career Approach
Ch. 2 - Prob. 1QYCh. 2 - Prob. 2QYCh. 2 - Prob. 3QYCh. 2 - Prob. 4QYCh. 2 - Prob. 5QYCh. 2 - Prob. 6QYCh. 2 - Prob. 7QYCh. 2 - Prob. 8QYCh. 2 - Prob. 9QYCh. 2 - Prob. 1DQ
Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 1PACh. 2 - Prob. 2PACh. 2 - Prob. 3PACh. 2 - Prob. 4PACh. 2 - Prob. 5PACh. 2 - Prob. 1PBCh. 2 - Prob. 2PBCh. 2 - Prob. 3PBCh. 2 - Prob. 4PBCh. 2 - Prob. 5PBCh. 2 - Prob. 1ACh. 2 - Prob. 2ACh. 2 - Prob. 3A
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The following transactions occurred at Chicken King Restaurant:
a. Purchased new fryer equipment with a banknote
b. Paid wages from cash
c. Sales for the month in cash
d. Paid postage for a promotional mailing on account
e. Paid rent for the current month and also for next month out of cash
f. Paid utility expense
g. Sales to customers on account
REQUIRED:
For each of the transactions, state which accounts are affected, state the normal balance for each account, and indicate whether the transaction is a debit or credit to that account. Set up your answers in columns, as indicated below.
Accounts Affected Normal Balance Debit or Credit
example ~ paid cash for office supplies
example: z cash debit credit
office supplies debit…
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You are given the following list of accounts with dollar amounts:
Rent Expense- $450
Cash-$1,725
Service Revenue- $750
M. Powell, Withdrawals-$375
Accounts Payable-$600
M. Powell, Capital-$1,200
Insert each account name at the top of a corresponding T account as shown in the attached image, and enter the dollar amount as a normal balance in the account. Then show that the accounting equation is in balance.
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The chart of accounts for Roth Co. includes the following accounts: Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.
On July 7, the company provided services to customers on account for $2,000. Indicate which account should be debited (1) and which account should be credited (2) for the $2,000 earned on account?
JOURNAL page 2
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
7/07/18
(1)
$2,000
(2)
$2,000
Group of answer choices
debit Cash; credit Fees Earned
debit Fees Earned; credit Cash
debit Accounts Receivable; credit Fees Earned
debit Fees Earned; credit Accounts Receivable
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Among the ledger accounts used by Glenwood Speedway are the following: Prepaid Rent, Rent Expense, Unearned Admissions Revenue, Admissions Revenue, Prepaid Printing, Printing Expense, Concessions Receivable, and concessions Revenue. For each of the following items, write first the journal entry (if one is needed) to record the external transaction and second the adjusting entry, if any, require don May31, the end of the fiscal year. i) On May1, borrowed $300,000 cash from National Bank by issuing a 12% note payable due in three months. ii) On May1, paid rent for six months beginning May1 at $30,000 per month.iii) On May 2, sold season tickets for a total of $910,000 cash. The season includes 70 racing days 20 in May 25 in June, and 25 in July.iv) On May4, an agreement was reached with Snack-Bars, Inc., allowing that company to sell refreshment at the track in return for 10% of the gross receipts from refreshment sales.v) On May 6, schedules for the 20 racing days in May and the first…
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The chart of accounts for Roth Co. includes the following accounts: Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.
On July 7, the company received cash from customers on account for $2,000. Indicate the account that should be debited (1) and the account that should be credited (2) for the $2,000 amount.
JOURNAL page 2
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
7/07/18
(1)
$2,000
(2)
$2,000
Group of answer choices
debit Cash; credit Accounts Receivable
debit Cash; credit Accounts Payable
debit Cash; credit Fees Earned
debit Accounts Receivable; credit Cash
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During the month, Midwest Labs Co. has a substantial number of transactions affectingeach of the following accounts. State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries.1. Accounts Payable2. Accounts Receivable3. Cash4. Fees Earned5. Insurance Expense6. Jerri Holt, Drawing7. Utilities Expense
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Devon Consulting performed service for a client who could not pay immediately. Devon expected to collect the $5,000 the following month. A month later, Devon received $2,600 cash from the client.
1. Record the two transactions on the books of Devon Consulting. Include an explanation for each transaction.
2. Post to these T-accounts: Cash, Accounts Receivable, and Service Revenue. Compute each account balance and denote it as Bal.
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The the chart of accounts for Roth Co. includes the following accounts: Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.
On July 1, Roth Co. purchased equipment on account, $5,000. Indicate the account that should be debited (1) and the account that should be credited (2) for the $5,000 amount.
JOURNAL page 2
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
7/01/18
(1)
$5,000
(2)
$5,000
Group of answer choices
debit Equipment; credit Cash
debit accounts payable; credit Equipment
debit Equipment; credit Accounts Receivable
debit Equipment; credit accounts payable
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The bookkeeper for Brockton Industries prepared the following journal entries and posted the entries to the general ledger as indicated in the T accounts presented. Assume that the dollar amounts and the descriptions of the entries are correct.
July
3
Accounts Receivable
1,000
Service Revenue
1,000
Customers were billed for services completed.
11
Cash
500
Accounts Receivable
500
Payment is received from a customer billed for services on July 3.
12
Office Supplies
600
Accounts Payable
600
Purchased office supplies on credit; payment is due in 30 days.
25
Office Furniture
700
Cash
700
Payment is made for office furniture received on July 25.
ACCOUNTS RECEIVABLE
SERVICE REVENUE
7/3
1,000
7/3
1,000
7/11
500
CASH
ACCOUNTS…
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Analyze the following transactions using the T account approach. Place the dollar amount on the debit and credit sides. After all transactions have been recorded, foot the accounts where necessary and enter the balance in the proper place.
1.
Owner invested $15,000 in a business.
2.
Owner invested a truck worth $5,000 into the business.
3.
Cash received for services rendered for the month was $4,300.
4.
Received a bill for $150 for repairs.
5.
Purchased a piece of equipment worth $1,500, making a down payment of $250.
6.
Owner withdrew $1,400 from the company.
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True Value is a company providing cleaning services to customers amounting to OMR 4,500 on credit, the journal entry shall be.
a.
Debit Service Revenues OMR 4,500 and credit Cash OMR 4,500.
b.
Debit Accounts Receivable OMR 4,500 and credit Service Revenues OMR 4,500.
c.
Debit Cash OMR 4,500 and credit Service Revenues OMR 4,500.
d.
Debit Service Revenues OMR 4,500 and credit Accounts Receivable OMR 4,500.
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You are required to record the transactions in the appropriate accounts, balance off the accounts, extract a trial balance, prepare an income statement, and a balance sheet from the trial balance.
Jan 1 Started in business with £10,500 cash.
== 2 Put £9,000 of the cash into a bank account.
== 3 Bought goods for cash £550.
== 4 Bought goods on credit from: T Dry £800; F Hood £930; M Smith £160; G Low £510.
== 5 Bought stationery on credit from Buttons Ltd £89.
== 6 Sold goods on credit to: R Tong £170; L Fish £240; M Singh £326; A Tom £204.
== 8 Paid rent by cheque £220.
== 10 Bought fixtures on credit from Chiefs Ltd £610.
== 11 Paid salaries in cash £790.
== 14 Returned goods to: F Hood £30; M Smith £42.
== 15 Bought van by cheque £6,500.
== 16 Received loan from B Barclay by cheque £2,000.
== 18 Goods returned to us by: R Tong £5; M Singh £20.
== 21 Cash sales £145.
== 24 Sold goods on credit to: L Fish £130; A Tom £410; R Pleat £158.
== 26 We paid the following by cheque: F Hood…
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