Connect Access Card for Financial Accounting: Information and Decisions
8th Edition
ISBN: 9781259662966
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 2, Problem 7E
Summary Introduction
Concept introduction:
Journal entries: The business transactions are entered into the
To prepare: The journal entries for the given transactions.
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Record each of these transactions in Journal entries and prepare the Ledger for Cash & Cash Equivalents, Accounts Receivable and Accounts Payable:
1st Sunny Barcelona started the business by depositing $50,000 received from the sale of capital stock in the company bank account.
22nd Purchased a building for $36,000, paying $6,000 in cash and issuing a note payable for the remaining $30,000.
25th Purchased tools and equipment on account, $13,800.
27th Sold some of the tools at a price equal to their cost, $1,800, collectible within 45 days.
2nd Received $600 in partial collection of the account receivable from the sale of tools.
7th Paid $6,800 in partial payment of an account payable.
11th Received $2,200 of sales revenue in cash.
2oth Purchased radio advertising from RAC105 to be aired in March. The cost was $470, payable within 30 days.
22nd Purchased office equipment for $15,000 cash.
26th Performed repair services and billed clients $2,000. The entire amount will…
Journalize the following business transactions in general journal form. Identify each transaction by number.
1. The company issues stock in exchange for $40,000 cash.
2.
Purchased $400 of supplies on credit.
3.
Purchased equipment for $8,000, paying $2,000 in cash and signed a 30-day, $6,000, note payable.
4.
Real estate commissions billed to clients amount to $4,000.
Paid $700 in cash for the current month's rent.
6.
Paid $200 cash on account for supplies purchased in transaction 2.
7.
Received a bill for $600 for advertising for the current month.
8.
Paid $2,200 cash for office salaries and wages.
9.
The company paid dividends of $1,500.
10.
Received a check for $3,000 from a client in payment on account for commissions billed in transaction 4.
(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "Ne
for the account titles and enter O for the amounts.)
5.
On October 17, Nickle Company purchased a building and a plot of land for $582,300. The building was valued at $302,796 while the land carried a value of $279,504. Nickle paid $56,300 down in cash and signed a note payable for the balance.
Required:
Provide the journal entry for this transaction. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTSNickle CompanyGeneral Ledger
ASSETS
11
Cash
12
Accounts Receivable
13
Supplies
14
Prepaid Insurance
15
Land
16
Office Equipment
17
Building
18
Truck
LIABILITIES
21
Notes Payable
22
Accounts Payable
23
Unearned Revenue
EQUITY
31
Marlene Nickle, Capital
32
Marlene Nickle, Drawing
REVENUE
41
Fees Earned
EXPENSES
51
Wages Expense
53
Rent Expense
54
Utilities Expense
55
Maintenance Expense
59
Miscellaneous Expense
Chapter 2 Solutions
Connect Access Card for Financial Accounting: Information and Decisions
Ch. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Should a transaction be recorded first in a...Ch. 2 - Prob. 7DQCh. 2 - Why does the recordkeeper prepare a trial balance?Ch. 2 - Prob. 9DQCh. 2 - Prob. 10DQ
Ch. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Review the Apple balance sheet in Appendix A....Ch. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Identify the items from the following list that...Ch. 2 - Prob. 2QSCh. 2 - Prob. 3QSCh. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 11QSCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 9ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - A corporation had the following assets and...Ch. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Prob. 22ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Nuncio Consulting complete the following...Ch. 2 - Prob. 5PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1BTNCh. 2 - Key comparative figures for Apple and Google...Ch. 2 - Assume that you are a cashier and your manager...Ch. 2 - Prob. 4BTNCh. 2 - Prob. 6BTNCh. 2 - Prob. 7BTNCh. 2 - Prob. 8BTNCh. 2 - Samsung (www.Samsung.com) is a market leader in...
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