FUNDAMENTALS OF FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781260823875
Author: PHILLIPS
Publisher: MCGRAW-HILL CUSTOM PUBLISHING
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Chapter 2, Problem 3E
Classifying Accounts and Their Usual Balances
As described in a recent annual report. Digital Diversions, Inc. (DDI) designs, develops, and distributes videogames for computers and advanced game systems. DDI has been operating for only one full year.
Required:
For each of the following accounts from DDI’s recent
| Account | Balance Sheet Classification | Debit or Credit Balance |
| 1. Land | ||
| 2. |
||
| 3. Notes Payable (due in three years) | ||
| 4. |
||
| 5. Supplies | ||
| 6. Common Stock | ||
| 7. Equipment | ||
| 8. Accounts Payable | ||
| 9. Cash | ||
| 10. Income Taxes Payable |
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Attached are images containing information to build what is essentially an encompassing financial report on "Howard's Flight Radio Management Corporation. I need:- The Journal Entries for March - "General Journal"- The General Ledger- Trial Balance- A new General Ledger adjusting the entries based on this information: a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $150. d) The estimated income taxes are $100. - Post the entries to the T-accounts.- Prepare an adjusted Trial Balance- Prepare the financial statements (Only the Income, Statement of Retained Earning, and the Balance Sheet)- Prepare the closing entries at March 31st in a General Ledger- Post the Closing entries to the T-accounts.
uired information
Use the following information for the Exercises below.
[The following information applies to the questions displayed below.]
The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company.
Account Title
Debit
Credit
Cash
$
7,400
Accounts receivable
17,000
Office supplies
3,800
Trucks
176,000
Accumulated depreciation—Trucks
$
35,000
Land
76,900
Accounts payable
12,700
Interest payable
4,700
Long-term notes payable
48,000
Common stock
21,100
Retained earnings, December 31, 2017
154,000
Dividends
19,800
Trucking fees earned
133,000
Depreciation expense—Trucks
22,500
Salaries expense
64,000
Office supplies expense
8,500
Repairs expense—Trucks
12,600
Totals
$
408,500
$
408,500
Exercise 3-8 Preparing financial…
Use the following information for the Exercises below.
[The following information applies to the questions displayed below.]
The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company.
Account Title
Debit
Credit
Cash
$
7,400
Accounts receivable
17,000
Office supplies
3,800
Trucks
176,000
Accumulated depreciation—Trucks
$
35,000
Land
76,900
Accounts payable
12,700
Interest payable
4,700
Long-term notes payable
48,000
Common stock
21,100
Retained earnings, December 31, 2017
154,000
Dividends
19,800
Trucking fees earned
133,000
Depreciation expense—Trucks
22,500
Salaries expense
64,000
Office supplies expense
8,500
Repairs expense—Trucks
12,600
Totals
$
408,500
$
408,500
Exercise 3-9 Preparing a classified balance sheet…
Chapter 2 Solutions
FUNDAMENTALS OF FINANCIAL ACCOUNTING
Ch. 2 - Define the following: a. Asset b. Current asset c....Ch. 2 - Define a transaction anti give an example of each...Ch. 2 - For accounting purposes, what is an account?...Ch. 2 - What is the basic accounting equation?Ch. 2 - Prob. 5QCh. 2 - Prob. 6QCh. 2 - Prob. 7QCh. 2 - What is a journal entry? What is the typical...Ch. 2 - What is a T-account? What is its purpose?Ch. 2 - Prob. 10Q
Ch. 2 - Prob. 11QCh. 2 - Which of the following is not an asset account? a....Ch. 2 - Which of the following statements describe...Ch. 2 - Total assets on a balance sheet prepared on any...Ch. 2 - The duality of effects can best be described as...Ch. 2 - The T-account is used to summarize which of the...Ch. 2 - Prob. 6MCCh. 2 - A company was recently formed with 50,000 cash...Ch. 2 - Which of the following statements would be...Ch. 2 - Prob. 9MCCh. 2 - Prob. 10MCCh. 2 - Prob. 1MECh. 2 - Prob. 2MECh. 2 - Matching Terms with Definitions Match each term...Ch. 2 - Prob. 4MECh. 2 - Prob. 5MECh. 2 - Prob. 6MECh. 2 - Prob. 7MECh. 2 - Identifying Events as Accounting Transactions Half...Ch. 2 - Determining Financial Statement Effects of Several...Ch. 2 - Preparing Journal Entries For each of the...Ch. 2 - Posting to T-Accounts For each of the transactions...Ch. 2 - Reporting a Classified Balance Sheet Given the...Ch. 2 - Prob. 13MECh. 2 - Prob. 14MECh. 2 - Identifying Transactions and Preparing Journal...Ch. 2 - Prob. 16MECh. 2 - Prob. 17MECh. 2 - Prob. 18MECh. 2 - Prob. 19MECh. 2 - Prob. 20MECh. 2 - Prob. 21MECh. 2 - Prob. 22MECh. 2 - Prob. 23MECh. 2 - Prob. 24MECh. 2 - Prob. 25MECh. 2 - Prob. 1ECh. 2 - Identifying Account Titles The following are...Ch. 2 - Classifying Accounts and Their Usual Balances As...Ch. 2 - Determining Financial Statement Effects of Several...Ch. 2 - Recording Journal Entries Refer to E2-4. Required:...Ch. 2 - Prob. 6ECh. 2 - Recording Journal Entries Refer to E2-6. Required:...Ch. 2 - Analyzing the Effects of Transactions in...Ch. 2 - Inferring Investing and Financing Transactions and...Ch. 2 - Analyzing Accounting Equation Effects, Recording...Ch. 2 - Recording Journal Entries and Preparing a...Ch. 2 - Analyzing the Effects of Transactions Using...Ch. 2 - Explaining the Effects of Transactions on Balance...Ch. 2 - Calculating and Evaluating the Current Ratio...Ch. 2 - Prob. 15ECh. 2 - Determining Financial Statement Effects of Various...Ch. 2 - Recording Transactions (in a Journal and...Ch. 2 - Recording Transactions (in a Journal and...Ch. 2 - Prob. 1PACh. 2 - Recording Transactions (in a Journal and...Ch. 2 - Recording Transactions (in a Journal and...Ch. 2 - Determining Financial Statement Effects of Various...Ch. 2 - Prob. 2PBCh. 2 - Recording Transactions (in a Journal and...Ch. 2 - Finding and Analyzing Financial Information Refer...Ch. 2 - Finding and Analyzing Financial Information Refer...Ch. 2 - Prob. 4SDCCh. 2 - Prob. 5SDCCh. 2 - Accounting for the Establishment of a Business...
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