FIN+MAN ACCOUNTING (LL) W/ ACCESS CODE
9th Edition
ISBN: 9781265884871
Author: Wild
Publisher: MCG
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Chapter 2, Problem 8E
To determine
Concept Introduction:
Journalizing transactions: The process of recording transactions into journals is called journalizing. A journal is a complete record of each transaction, it also shows debit and credits for each transaction. After the transactions are recorded in the journal, it will be posted to the ledgers.
The
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Following are the transactions of Sustain Company.
June 1 T. James, owner, invested $16,000 cash in
Sustain Company.
June 2 The company purchased $9,000 of furniture
made from reclaimed wood on credit.
June 3 The company paid $1,600 cash for a 12-
month prepaid insurance policy on the
reclaimed furniture.
June 4 The company billed a customer $8,000 for
sustainability services provided.
June 12 The company paid $9,000 cash toward the
payable from the June 2 furniture
purchase.
June 20 The company collected $8,000 cash for
services billed on June 4.
June 21 T. James invested an additional $15,000
cash in Sustain Company.
June 30 The company received $10,000 cash in
advance of providing sustainability
services to a customer.
Prepare general journal entries for the above transactions.
Prepare general journal entries for the following transactions of Green Energy Company. Use the following (partial) chart of accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Consulting Revenue; and Utilities Expense. May 1 The company billed a customer $2,000 in consulting revenue for sustainable proposals. 3 The company purchased $300 of energy-efficient supplies on credit. 9 The company collected $500 cash as partial payment of the May 1 consulting revenue. 20 The company paid $300 cash toward the payable for energy-efficient supplies. 31 The company paid $100 cash for May’s renewable energy utilities.
rowne Cleaning provides cleaning services for Amber Inc., a business with four buildings. Crowne assigned different cleaning charges for each building based on the amount of square feet to be cleaned. The charges for the four buildings are $108,000, $102,600, $122,400, and $82,800. Amber secured this amount by signing a note bearing 8% interest on June 1.
Required:
Question Content Area
1. Prepare the journal entry to record the sale on June 1. If an amount box does not require an entry, leave it blank.
2. Determine how much interest Crowne will receive if the note is repaid on December 1.
3. prepare Crowne’s journal entry to record the cash received to pay off the note and interest on December 1. If an amount box does not require an entry, leave it blank.
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Chapter 2 Solutions
FIN+MAN ACCOUNTING (LL) W/ ACCESS CODE
Ch. 2 - Prob. 1QSCh. 2 - Prob. 2QSCh. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QS
Ch. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 16QSCh. 2 - Prob. 17QSCh. 2 - Prob. 18QSCh. 2 - Prob. 19QSCh. 2 - Exercise 2-1 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Exercise 2-20 Identifying effects of posting...Ch. 2 - Prob. 23ECh. 2 - Prob. 24ECh. 2 - Prob. 25ECh. 2 - Prob. 26ECh. 2 - Prob. 27ECh. 2 - Prob. 28ECh. 2 - Prob. 29ECh. 2 - Prob. 1PSACh. 2 - Problem 2-2A Preparing and posting journal...Ch. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 7PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Prob. 5PSBCh. 2 - Prob. 6PSBCh. 2 - Prob. 7PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1GLPCh. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Prob. 1.1AACh. 2 - Prob. 1.2AACh. 2 - Prob. 1.3AACh. 2 - Prob. 1.4AACh. 2 - Prob. 2.1AACh. 2 - Prob. 2.2AACh. 2 - Prob. 2.3AACh. 2 - Prob. 3.1AACh. 2 - Prob. 3.2AACh. 2 - Prob. 3.3AACh. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
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