MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting
12th Edition
ISBN: 9780134489728
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 2, Problem E2.20E
Analyzing transactions from T-accounts
Learning Objective 3
The first nine transactions of North-West Airplane Repair have been posted to the T-accounts. Provide
an expIanation for each of the nine transactions.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Lesson 6Posting the Journal Entry to the T-Accounts
Learning Outcomes:Students are expected to:1. Post the journal entries into the T-accounts2. Determine the exact amount of the account
On Jul1 1, 2016, Mr. Jan Jacob C. Solon opened the Hubbies Hair and Beauty Salon. The following transactions took place during the first month of operation:July 1 - Php 200,000.00 was invested by the owner.- Paid installation of utilities, Php 7,200.002 - Paid business permits and licenses to the government, Php 3,500.00Paid advance rent for the salon space, Php 10,000.003 - Purchased equipment on account amounting to Php 85,000.00 - Purchases salon supplies in cash, Php 25,000.005 - Served various customers and received cash, Php 9,600.007 - Rendered services, Php 12,000.00 and only 9,000 cash was received. The rest was on account.10 - Received cash, Php 8,200.00 from various customers.13 - Received Php 23,500.00 cash from various customers while Php 2,400.00 worth of services were…
(Learning Objective 4: Journalize transactions) After operating for several months,architect Donovan Freeman completed the following transactions during the latter part of July:Borrowed $64,000 from the bank, signing a note payable.Performed services on account for clients totaling $17,300.Received $16,000 cash on account from clients.Received and paid a utility bill of $1,800.Paid monthly salaries of $10,000 to employees.Jul 1522282931Journalize the transactions of Donovan Freeman, Architect. Include an explanation with eachjournal entry.
Learning Objectives 4, 5: Journalize and post transactions; construct and use atrial balance) Olivia Matthews, Certified Public Accountant, operates as a professional corporation (P.C.). The business completed these transactions during the first part of May 2018:May Received $12,000 cash from Matthews, and issued common stock to her.Paid monthly oce rent, $500.Paid cash for a desktop computer, $1,800, with the computer expected toremain in service for five years.Purchased oce furniture on account, $6,000, with the furniture projectedto last for five years.Purchased supplies on account, $900.Performed tax services for a client and received cash for the full amountof $600.Received bill and paid utility expenses, $750.Performed consulting services for a client on account, $3,100.2234591218Requirements1. Journalize the transactions for Olivia Matthews, Certified Public Accountant. Explanationsare not required.2. Post to the T-accounts. Key all items by date and determine the ending balance…
Chapter 2 Solutions
MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting
Ch. 2 - The detailed record of the changes in a particular...Ch. 2 - Which of the following accounts is a liability?...Ch. 2 - The left side of an account is used to record...Ch. 2 - Which of the following statements is correct?...Ch. 2 - Your business purchased office supplies of $2,500...Ch. 2 - Sedlor Properties puchased office supplies on...Ch. 2 - Posting a $2,500 purchase of office supplies on...Ch. 2 - Pixel Copies recorded a cash collection on account...Ch. 2 - Which sequence correctly summarizes the accounting...Ch. 2 - Nathvile Laundry reported assets of $800 and...
Ch. 2 - Identify the three categones of the accounting...Ch. 2 - What is the purpose of the chart of accounts?...Ch. 2 - What does a ledger show? What’s the difference...Ch. 2 - Accounng uses a double-entry system. Explain what...Ch. 2 - What is T-account? On which side is the debit? On...Ch. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Identify which types of accounts have a normal...Ch. 2 - What are source documents? Provide examples of...Ch. 2 - Prob. 10RQCh. 2 - Explain the five steps in journalizing and posting...Ch. 2 - What are the four parts of a journal entry?Ch. 2 - What is involved in the posting process?Ch. 2 - What is the purpose of the trial balance?Ch. 2 - What is the differnce between the trial balance...Ch. 2 - If total debits equal total credits on the trial...Ch. 2 - What is the calculation for the debt ratio?...Ch. 2 - Identifying accounts Learning Objective 1 Consider...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying normal balances Learning Objective 2...Ch. 2 - Prob. S2.4SECh. 2 - Journalizing transactions Learning Objective 3...Ch. 2 - S2-6 Journalizing transactions
Learning...Ch. 2 - Journalizing transactions and posting to...Ch. 2 - Prob. S2.8SECh. 2 - Prob. S2.9SECh. 2 - Using accounting vocabulary Learning Objectives 1,...Ch. 2 - Creating a chart of accounts Learning Objective 1...Ch. 2 - Identifying accounts, increases in accounts, and...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying source documents Learning Objective 3...Ch. 2 - Analyzing and journalizing transactions Learing...Ch. 2 - Analyzing and journalizing transactions Leaning...Ch. 2 - Posting journal entries to T-accounts Learning...Ch. 2 - Analyzing and journalizing transactions Learning...Ch. 2 - Posting journal entries to four-column accounts...Ch. 2 - Analyzing transactions from T-accounts Learning...Ch. 2 - Journalizing transactions from T-accounts Learning...Ch. 2 - Preparing a trial balance Learning Objective 4...Ch. 2 - Preparing a trial balance from T-accounts Learning...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Analyzing accounting errors Learning Ojective 4...Ch. 2 - Prob. E2.26ECh. 2 - E2-27 Correcting errors in a trial...Ch. 2 - Prob. E2.28ECh. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Correcting errors in a trial balance Learning...Ch. 2 - Prob. P2.34APGACh. 2 - Prob. P2.35BPGBCh. 2 - Prob. P2.36BPGBCh. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Prob. P2.38BPGBCh. 2 - Correcting errors in a trial balance Learning...Ch. 2 - Prob. P2.40BPGBCh. 2 - Prob. P2.41CTCh. 2 - P2-42 Journalizing transactions, posting to...Ch. 2 - Journalizing transactions, posting to T-accounts,...Ch. 2 - Before you begin this assignment, renew the Tymg...Ch. 2 - Prob. 2.1DCCh. 2 - Prob. 2.1EICh. 2 - Prob. 2.1FCCh. 2 - Prob. 2.1FSC
Knowledge Booster
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
- (Learning Objective 4: Journalize and post transactions) Orman Consulting performed services for a client who could not pay immediately. Orman expected to collect the$4,600 the following month. A month later, Orman received $2,100 cash from the client.1. Record the two transactions on the books of Orman Consulting. Include an explanation foreach transaction.2. Post to these T-accounts: Cash, Accounts Receivable, and Service Revenue. Compute eachaccount balance and denote it as Bal.arrow_forward(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Andrews and Johnson, a lawfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $100,000■ Allowance for Uncollectible Accounts, $14,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $697,000, all on accountb. Collections on account, $714,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $11,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Andrews and Johnson will report accounts receivable on its balance sheet atDecember 31, 2018.arrow_forward(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Hawkins and Harris, a CPAfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $104,000■ Allowance for Uncollectible Accounts, $12,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $695,000, all on accountb. Collections on account, $720,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $15,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Hawkins and Harris will report accounts receivable on its balance sheet atDecember 31, 2018.arrow_forward
- (Learning Objectives 1, 2, 4: Identify transactions, analyze impact on accountingequation, journalize transactions) Cedar Point is an amusement park in Sandusky, Ohio,owned by Cedar Fair Entertainment Company. Over 3.5 million people visit Cedar Pointeach year between May and October. It covers 364 acres and has more than 150 rides andattractions, including 16 roller coasters. Cedar Point is the second oldest continuously operatingamusement park in the United States (the oldest is Lake Compounce in Connecticut). Millionsof events occur at Cedar Point each year. The following items are possible events:■ May 1: Sell admission tickets, $150,000, cash■ May 3: Purchase merchandise inventory, $9,000, on account■ May 6: Rent lockers to guests, $700, cash■ May 8: Sign a letter of intent to switch electric suppliers starting in June■ May 15: Pay employees, $92,000, cash■ May 18: Make an offer of employment for a new position in the Merchandise & Games office■ May 20: Borrow money from bank…arrow_forward(Learning Objective 5: Apply GAAP for uncollectible receivables) AtDecember 31, 2018, Concord Travel Agency has an Accounts Receivable balance of $87,000.Allowance for Uncollectible Accounts has a credit balance of $880 before the year-end adjustment. Service revenue (all on account) for 2018 was $800,000. Concord estimates that itsuncollectible-account expense for the year is 3% of service revenue. Make the year-end entryto record uncollectible-account expense. Show how Accounts Receivable and Allowance forUncollectible Accounts are reported on the balance sheet at December 31, 2018arrow_forward(Learning Objective 4: Account for accounts receivable) Perform the followingaccounting tasks for the receivables of Able and Bowman, a law firm, at December 31, 2018.Requirements1. Set up T-accounts for Cash, Accounts Receivable, and Service Revenue. Start with thebeginning balances as follows: Cash $28,000; Accounts Receivable $103,000; and ServiceRevenue $0. Post the following 2018 transactions to the T-accounts:a. Service revenue of $705,000, all on accountb. Collections on account, $713,0002. What are the ending balances of Cash, Accounts Receivable, and Service Revenue?arrow_forward
- (Learning Objective 4: Journalize transactions) Journalize the following transactions. Include dates and a brief explanation for each journal entry.July 1: Issued common stock for $13,000July 5: Performed services on account for $8,000July 9: Purchased office supplies on account for $600July 10: Performed services for cash of $3,100July 12: Received payment in full for services performed on account from July 5July 24: Paid in full for office supplies purchased on July 9July 25: Received and paid monthly electric bill of $450July 30: Signed a note payable to purchase office furniture for $2,500July 31: Paid monthly payroll of $3,100arrow_forwardE2-17A. (Learning Objectives 1, 2, 4: Identify transactions, analyze impact on accounting equation, journalize transactions) Cedar Point is an amusement park in Sandusky, Ohio,owned by Cedar Fair Entertainment Company. Over 3.5 million people visit Cedar Point eachyear between May and October. It covers 364 acres and has more than 150 rides and attractions, including 16 roller coasters. Cedar Point is the second oldest continuously operatingamusement park in the United States (the oldest is Lake Compounce in Connecticut.) Millionsof events occur at Cedar Point each year. The following items are possible events:■ May 1: Sell admission tickets, $100,000, cash■ May 3: Purchase merchandise inventory, $5,000, on account■ May 6: Rent lockers to guests, $500, cash■ May 8: Sign a letter of intent to switch electric suppliers starting in June■ May 15: Pay employees, $75,000, cash■ May 18: Make an offer of employment for a new position in the Merchandise & Gamesoffice■ May 20: Borrow money…arrow_forward(Learning Objective 4: Record and report current liabilities) Travis Publishingcompleted the following transactions for one subscriber during 2018:Oct 1 Sold a one-year subscription, collecting cash of $1,800, plus sales tax of 10%.The subscription will begin on October 1.Nov 15 Remitted (paid) the sales tax to the state of South Carolina.Dec 31 Made the necessary adjustment at year-end.Requirement1. Journalize these transactions (explanations not required). Then report any liability on thecompany’s balance sheet at December 31, 2018.arrow_forward
- (Learning Objective 1: Identify the current liabilities associated with operating activities)Identify the current liability associated with each of the following operating activities:1. Perform work on a warranty claim2. Pay income taxes3. Purchase supplies4. Pay payroll taxes5. Borrow money for operations using a short-term note6. Process cash received in advance from customers7. Purchase inventory8. Pay employee salariesarrow_forwardE1-24A. (Learning Objective 4: Construct a balance sheet) At December 31, 2018, LandyProducts has cash of $24,000, receivables of $18,000, and inventory of $80,000. The company’sequipment totals $182,000. Landy owes accounts payable of $22,000 and long-term notespayable of $172,000. Common stock is $34,500. Prepare Landy’s balance sheet at December 31,2018, complete with its proper heading. Use the accounting equation to compute retainedearnings.arrow_forward1. Journal all transactions in Part One 2. Using the chart of accounts, open ledger accounts and post journals to the ledger account. 3. Prepare a trial balance 4. Prepare the following statements: 1. Income Statement 2. Retained Earnings Statements 3. Balance Sheet You need to use Microsoft Excel. Do not use Google Docs or Apple’s numbers. Place your submission in the appropriate journal labeled final project in the learning modules tab in Blackboard. The project is due in Module 15. Three points extra credit to final grade if submitted during Module 14. Part One A. The following transaction occurred for Scrooge Inc. for the month of December 31, 1820. B. Ebenezer Scrooge invested $50,000 cash along in the company in exchange for common stock. C. The company prepaid $500 for 12 month’s rent. D. The company purchased $100 in office supplies. Payment due withing 10 days E. Scrooge Inc. completed services for a client and immediately received $2,000. F. The company completed $1,500…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License