College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
bartleby

Concept explainers

bartleby

Videos

Textbook Question
Chapter 2, Problem 3E

R. Dalberg operates Dalberg’s Tours. The company has the following chart of accounts:

Chapter 2, Problem 3E, R. Dalberg operates Dalbergs Tours. The company has the following chart of accounts: Using the chart , example  1

Using the chart of accounts, record the following transactions in pairs of T accounts. Give the T account to be debited first and the account to be credited to the right. Show debit and credit and plus and minus signs. (Example: Received and paid the bill for the month’s rent, $480.)

Chapter 2, Problem 3E, R. Dalberg operates Dalbergs Tours. The company has the following chart of accounts: Using the chart , example  2

  1. a. Received and paid the electric bill, $175.
  2. b. Bought supplies on account, $135.
  3. c. Paid for insurance for one year, $580.
  4. d. Made a payment on account to a creditor, $65.
  5. e. Received and paid the telephone bill, $186.
  6. f. Sold services on account, $1,375.
  7. g. Received and paid the gasoline bill for the van, $130.
  8. h. Received cash on account from customers, $1,458.
  9. i. Dalberg withdrew cash for personal use, $700.
Blurred answer
Students have asked these similar questions
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…
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.
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

Chapter 2 Solutions

College Accounting (Book Only): A Career Approach

Knowledge Booster
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001 (Rent Expense). e. Sold services for cash for the first half of the month, 6,927 (Service Income). f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004 (Utilities Expense). i. Received a bill for gas and oil for the truck, 218 (Gas and Oil Expense). j. Sold services on account, 3,603 (Service Income). k. Sold services for cash for the remainder of the month, 4,612 (Service Income). l. Paid wages to the employees, 3,958, Ck. Nos. 30053007 (Wages Expense). m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
    In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004. i. Received a bill for gas and oil for the truck, 218. j. Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. Nos. 30053007. m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. Record the transactions and the balance after each transaction 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
    On July 1, K. Resser opened Ressers Business Services. Ressers accountant listed the following chart of accounts: The following transactions were completed during July: a. Resser deposited 25,000 in a bank account in the name of the business. b. Bought tables and chairs for cash, 725, Ck. No. 1200. c. Paid the rent for the current month, 1,750, Ck. No. 1201. d. Bought computers and copy machines from Ferber Equipment, 15,700, paying 4,000 in cash and placing the balance on account, Ck. No. 1202. e. Bought supplies on account from Wigginss Distributors, 535. f. Sold services for cash, 1,742. g. Bought insurance for one year, 1,375, Ck. No. 1203. h. Paid on account to Ferber Equipment, 700, Ck. No. 1204. i. Received and paid the electric bill, 438, Ck. No. 1205. j. Paid on account to Wigginss Distributors, 315, Ck. No. 1206. k. Sold services to customers for cash for the second half of the month, 820. l. Received and paid the bill for the business license, 75, Ck. No. 1207. m. Paid wages to an employee, 1,200, Ck. No. 1208. n. Resser withdrew cash for personal use, 700, Ck. No. 1209. Required 1. Record the owners name in the Capital and Drawing T accounts. 2. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. 3. Record the transactions in the T accounts. Write the letter of each entry to identify the transaction. 4. Foot the T accounts and show the balances. 5. Prepare a trial balance as of July 31, 20--. 6. Prepare an income statement for July 31, 20--. 7. Prepare a statement of owners equity for July 31, 20--. 8. Prepare a balance sheet as of July 31, 20--. LO 1, 2, 3, 4, 5, 6
  • In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700. g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250. i. Received and paid the bill for utilities, 280, Ck. No. 103. j. Received a bill for gas and oil for the truck, 130. k. Paid wages to the employees, 2,680, Ck. Nos. 104106. l. Sold services for cash for the remainder of the month, 3,500. m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
    In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700 (Service Income). g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250 (Service Income). i. Received and paid the bill for utilities, 280, Ck. No. 103 (Utilities Expense). j. Received a bill for gas and oil for the truck, 130 (Gas and Oil Expense). k. Paid wages to the employees, 2,680, Ck. Nos. 104106 (Wages Expense). l. Sold services for cash for the remainder of the month, 3,500 (Service Income). m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
    On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501. e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307. i. Received and paid the heating bill, 248, Ck. No. 504. j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
  • 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…
    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
    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
  • Analyze the following transactions using the T account approach. Place the dollar amounts on the debit and credit sides. Indicate next to each entry the number for that transaction. After all transactions have been recorded, foot the accounts where necessary and enter the balance in the proper place for each account. 1. Nick Bowman invested cash of $12,000 in the business. 2. Received and paid utility bill of $125. 3. Bought $300 of supplies on account. 4. Sold services worth $2,500 to customers on account. 5. Received cash payment of $800 from credit customers.
    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.
    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
    • SEE MORE QUESTIONS
    Recommended textbooks for you
  • College Accounting (Book Only): A Career Approach
    Accounting
    ISBN:9781337280570
    Author:Scott, Cathy J.
    Publisher:South-Western College Pub
    College Accounting (Book Only): A Career Approach
    Accounting
    ISBN:9781305084087
    Author:Cathy J. Scott
    Publisher:Cengage Learning
    College Accounting, Chapters 1-27
    Accounting
    ISBN:9781337794756
    Author:HEINTZ, James A.
    Publisher:Cengage Learning,
  • College Accounting (Book Only): A Career Approach
    Accounting
    ISBN:9781337280570
    Author:Scott, Cathy J.
    Publisher:South-Western College Pub
    College Accounting (Book Only): A Career Approach
    Accounting
    ISBN:9781305084087
    Author:Cathy J. Scott
    Publisher:Cengage Learning
    College Accounting, Chapters 1-27
    Accounting
    ISBN:9781337794756
    Author:HEINTZ, James A.
    Publisher:Cengage Learning,
    The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY