Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 6AP
To determine
Insert the account title at the top of the T-account and record the values as a normal balance, and calculate the balance of cash and prepare the
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
On August 1, 2019, Rafael Masey established Planet Realty, which completed the following transactions during the month:
Rafael Masey transferred cash from a personal bank account to an account to be used for the business, $17,500.
Purchased supplies on account, $2,300.
Earned fees, receiving cash, $13,300.
Paid rent on office and equipment for the month, $3,000.
Paid creditor on account, $1,150.
Withdrew cash for personal use, $1,800.
Paid automobile expenses (including rental charge) for month, $1,500, and miscellaneous expenses, $400.
Paid office salaries, $2,800.
Determined that the cost of supplies used was $1,050.
Instructions
Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Rafael Masey, Capital; Rafael Masey, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Journal entry explanations may be omitted.
Prepare T…
On August 1, 2019, Rafael Masey established Planet Realty, which completed the following transactions during the month:
Rafael Masey transferred cash from a personal bank account to an account to be used for the business, $17,500.
Purchased supplies on account, $2,300.
Earned fees, receiving cash, $13,300.
Paid rent on office and equipment for the month, $3,000.
Paid creditor on account, $1,150.
Withdrew cash for personal use, $1,800.
Paid automobile expenses (including rental charge) for month, $1,500, and miscellaneous expenses, $400.
Paid office salaries, $2,800.
Determined that the cost of supplies used was $1,050.
Required:
1. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Rafael Masey, Capital; Rafael Masey, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. For a compound transaction, if an amount box does not require an…
On December 1, 2018, Vivian Harris started a business which performs a consulting services for clients. She invested on December 1, $30,000 cash in the business and deposited the cash in a bank account. Analyze the business transaction using the tabular flow (A=L+C) and Find the new balances with foot rule at the end of the period
Chapter 2 Solutions
Principles of Accounting
Ch. 2 - A company incurs a cost for a part that is needed...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - How are assets and expenses related, and why are...Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Tell whether each of the following accounts is an...Ch. 2 - Prob. 2SE
Ch. 2 - Prob. 3SECh. 2 - Prob. 4SECh. 2 - Prob. 5SECh. 2 - Prob. 6SECh. 2 - Prob. 7SECh. 2 - Prepare a general journal form like the one in...Ch. 2 - Prepare three ledger account forms like the one in...Ch. 2 - Prob. 10SECh. 2 - Prob. 11SECh. 2 - Prob. 12SECh. 2 - Which of the following events would be recognized...Ch. 2 - You are given the following list of accounts with...Ch. 2 - The following ledger accounts are for Afocentric...Ch. 2 - Prob. 4EACh. 2 - The accounts that follow are applicable to Harolds...Ch. 2 - Prob. 6EACh. 2 - Prob. 7EACh. 2 - Prob. 8EACh. 2 - After recording the transactions in E6A, prepare a...Ch. 2 - The list that follows presents Shah Companys...Ch. 2 - Which of the following errors would cause a trial...Ch. 2 - Prob. 12EACh. 2 - Record the transactions in E6A in the general...Ch. 2 - Prob. 14EACh. 2 - Prob. 15EACh. 2 - Prob. 16EACh. 2 - Highland Design Company creates radio and...Ch. 2 - The following accounts are applicable to Georges...Ch. 2 - Jennifer Lopez opened a school for administrative...Ch. 2 - Sid Patel bid for and won a concession to rent...Ch. 2 - Nordtown Company is a marketing firm. The companys...Ch. 2 - Prob. 6APCh. 2 - The following accounts are applicable to Raymonds...Ch. 2 - Prob. 8APCh. 2 - David Roberts began an upholstery cleaning...Ch. 2 - Prob. 10APCh. 2 - Prob. 1CCh. 2 - Prob. 2CCh. 2 - Prob. 3CCh. 2 - Prob. 4CCh. 2 - Prob. 5CCh. 2 - Prob. 6CCh. 2 - Prob. 7C
Knowledge Booster
Similar questions
- 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.arrow_forwardBelow are accounts & balances of TechnoSupport, a sole proprietorship that installs and repairs home computers for customers, as of November 2020. During the month, the owner, Sandy Pearson, invested additional cash of Php 20,000. For the month ended of November 30, 2020, prepare an (1) income statement, (2) a statement of owner’s equity, and a (3) balance sheet all in proper form. ACCOUNT/TRANSACTION BALANCE Cash 36,000 Accounts Receivable 112,600 Supplies 18,000 Equipment 191,400 Accounts Payable 60,800 Sandy Pearson Capital, 11/1/2020 93,600 Sandy Pearson, Drawing 17,000 Fees Earned 682,000 Salaries Expense 396,800 Advertising Expense 73,000 Miscellaneous Expense 11,600arrow_forwardOn October 1, 2018, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $40,000. 2 Paid rent on office and equipment for the month, $4,800. 3 Purchased supplies on account, $2,150. 4 Paid creditor on account, $1,100. 5 Earned sales commissions, receiving cash, $18,750. 6 Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses, $800. 7 Paid office salaries, $3,500. 8 Determined that the cost of supplies used was $1,300. 9 Paid dividends, $1,500. 1. Journalize entries for transactions Oct. 1 through 9. Refer to the Chart of Accounts for exact wording of account titles. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine…arrow_forward
- On October 1, 2018, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $40,000. 2 Paid rent on office and equipment for the month, $4,800. 3 Purchased supplies on account, $2,150. 4 Paid creditor on account, $1,100. 5 Earned sales commissions, receiving cash, $18,750. 6 Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses, $800. 7 Paid office salaries, $3,500. 8 Determined that the cost of supplies used was $1,300. 9 Paid dividends, $1,500. 1. Journalize entries for transactions Oct. 1 through 9. Refer to the Chart of Accounts for exact wording of account titles. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine…arrow_forwardBelow are accounts & balances of TechnoSupport, a sole proprietorship that installs and repairs home computers for customers, as of November 2020. During the month, the owner, Sandy Pearson, invested additional cash of Php 20,000. For the month ended of November 30, 2020, prepare an (1) income statement, (2) a statement of owner’s equity, and a (3) balance sheet all in proper form. Answers should be handwritten. Take a picture of it and attached the file to this problem. Rename the file bearing your last name. ACCOUNT/TRANSACTION BALANCE Cash 36,000 Accounts Receivable 112,600 Supplies 18,000 Equipment 191,400 Accounts Payable 60,800 Sandy Pearson Capital, 11/1/2020 93,600 Sandy Pearson, Drawing 17,000 Fees Earned 682,000 Salaries Expense 396,800 Advertising Expense 73,000 Miscellaneous Expense 11,600arrow_forwardThe following selected transactions were completed by Roberto Orcajada Delivery Service during July 2018: 1. Cash received from delivery services, P92, 700. 2. Paid creditors on account, P20, 000. 3. Received cash from owner as additional investment, P600, 000. 4. Paid advertising expenses, P5, 000. 5. Billed customers for delivery services on account, P55, 200. 6. Purchased supplies for cash, P6, 000. 7. Paid rent for July, P20, 000. 8. Received cash from customers on account, P25, 440. 9. Determined that the cost of supplies on hand was P1, 440. 10. Owner withdrew cash for personal use, P20, 000. Indicate the effects of each transaction on the space provided: a. Increase an asset, decrease another asset b. Increase an asset, increase a liability c. Increase an asset, increase owner’s equity d. Decrease an asset, decrease a liability. e. Decrease an asset, decrease owner’s equity.arrow_forward
- For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts—account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $89,000 in cash along with equipment having a $49,000 value. On May 21, Elegant Lawns purchases office supplies on credit for $660. On May 25, Elegant Lawns receives $9,700 cash for performing landscaping services. On May 30, Elegant Lawns receives $2,900 cash in advance of providing landscaping services to a customer.arrow_forwardWhich of the following journal entry is Correct when the business paid cash for the machine which was purchased on account last month? a. Debit Accounts Payable and credit Cash. b. Debit Cash and credit Accounts Receivable. c. Debit Equipment and credit Cash. d. Debit Cash and credit Accounts Payable.arrow_forwardOn August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month: a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $17,500. b. Purchased supplies on account, $2,300. c. Earned sales commissions, receiving cash, $13,300. d. Paid rent on office and equipment for the month, $3,000. e. Paid creditor on account, $1,150. f. Paid dividends, $1,800. g. Paid automobile expenses (including rental charge) for month, $1,500, and miscellaneous expenses, $400. h. Paid office salaries, $2,800. i. Determined that the cost of supplies used was $1,050. Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Journal entry explanations may be…arrow_forward
- For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following(partial) chart of accounts—account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); WagesExpense (601), and Landscaping Expense (696).arrow_forwardBelow are accounts & balances of TechnoSupport, a sole proprietorship that installs and repairs home computers for customers, as of November 2020. During the month, the owner, Sandy Pearson, invested additional cash of Php 20,000. For the month ended of November 30, 2020, (1) income statement (2) a statement of owner’s equity (3) balance sheet ACCOUNT/TRANSACTION BALANCE Cash 36,000 Accounts Receivable 112,600 Supplies 18,000 Equipment 191,400 Accounts Payable 60,800 Sandy Pearson Capital, 11/1/2020 93,600 Sandy Pearson, Drawing 17,000 Fees Earned 682,000 Salaries Expense 396,800 Advertising Expense 73,000 Miscellaneous Expense 11,600arrow_forwardKen Jones, an architect, organized Jones Architects on April 1, 20Y2. During the month, Jones Architects completed the following transactions: Transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $47,500. Purchased used automobile for $31,000, paying $7,100 cash and giving a note payable for the remainder. Paid April rent for office and workroom, $4,800. Paid cash for supplies, $2,280. Purchased office and computer equipment on account, $9,500. Paid cash for annual insurance policies on automobile and equipment, $3,200. Received cash from a client for plans delivered, $11,900. Paid cash to creditors on account, $2,760. Paid cash for miscellaneous expenses, $375. Received invoice for blueprint service, due in May, $1,600. Recorded fees earned on plans delivered, payment to be received in May, $8,200. Paid salary of assistant, $2,500. Paid cash for miscellaneous expenses, $1,280. Paid installment due on note payable, $380.…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,