EBK HORNGREN'S ACCOUNTING
11th Edition
ISBN: 9780100662957
Author: Matsumura
Publisher: YUZU
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Textbook Question
Chapter 2, Problem P2.35BPGB
P2-351' jf n,»l« *ng transaction’., posting
\ i; • You. i uiu i s nirdicinc undo ilie business tide Vim York, M.l >. During March, die irudu il pi at tier completed the following transactions:
Mar ' York contributed $64,000 cash to the business m exchange for capital 5 Paid monthly rent on medical equipment, $630
raid $1 <000 cash to purchase land to be used in operations 10 Purchased office supplies on account, $ 1.800 19 Borrowed $24,000 from the bank for business use.
22 Paid $ 1,200 on account.
28 The business received a bill for advertising in the daily newspaper to be paid in
April, $270.
Revenues earned during the month included $6,600 cash and $5,800 on account.
31 Paid employees' salaries $2,700, office rent $1,500, and utilities $400. Record as a compound entry.
31 The business received $ 1,450 for medical screening services to be performed next month.
31 York withdrew cash of $6,600.
The business uses the following accounts: Cash;
York, Capital; York, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense.
Requirements
- Journalize each transaction. Explanations are not required.
- Post the journal entries to the T-accounrs, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal.
- Prepare the trial balance of Vito York, M.D., as of March 31, 2017.
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GL0203 - Based on Exercise 2-12 LO P1
Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded.Assume Valdez Services began the year with the following balances: Cash, $47,000; Accounts receivable, $11,400; and B. Valdez, Capital, $58,400.
Jan.
1
Brina Valdez invested $21,400 cash in the company.
Jan.
2
The company provided services to a client and immediately received $5,100 cash.
Jan.
3
The company received $11,400 cash from a client in payment for services to be provided next year.
Jan.
4
The company received $6,300 cash from a client in partial payment of accounts receivable.
Jan.
5
The company borrowed $12,000 cash from the bank by signing a note payable.
Journalize the following transaction, post in the ledger and prepare a trial balance.
January 1, 2022
Furnitures
5,000.00
Machinery
10,000.00
Inventory
4,000.00
Cash in hand
550.00
Cash in Bank
7,450.00
Amount Due from RR Co.
1,000.00
Amount due from XX Co.
2,000.00
Amount due to Rama Ltd.
4,500.00
Amount due to Casey LLC
2,000.00
Amount due to SYM Trading
1,500.00
Capital Account
22,000.00
02-Jan
Purchased goods from Ajay on account
4,500.00
03-Jan
Sold goods for cash
2,500.00
04-Jan
Sold goods on credit to XX Co.
2,100.00
05-Jan
Paid for postage
500.00
06-Jan
Received cash from RR Co.
1,000.00
07-Jan
Paid telephone charges
700.00
08-Jan
Cash sales
1,500.00
15-Jan
Paid salaries by cheque
2,500.00
16-Jan
Received…
Entity A enters into the following transactions. You are required to show the impact of the transactionsbelow on the accounting equation.1. In an attempt to assist the business, the owner of Entity A deposited R100 000 into the entity’sbank account. A quarter of the amount is payable to the owner and the rest is not.2. A client of Entity A who currently owes the company R23 000, purchased bricks to the value ofR45 000 and paid R35 000 to reduce his outstanding balance. Entity A purchased the bricks forR18 000.3. Entity A purchased 1 000 bags of cement from K Ltd on credit. K Ltd normally sells a bag for R45.Entity A received a 10% discount for the 1 000 bags.4. Entity A returned 150 bags of cement, as they were defective. On the same day, the outstandingbalance was settled through an online payment. This transaction did not affect the discountoffered to Entity A.
Chapter 2 Solutions
EBK 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 - i Journalizing transactions Jack Davis opened a...Ch. 2 - Journalizing transactions Arkansas Sales...Ch. 2 - (atculaiing the balance of a r-accounl Ac< ounts P...Ch. 2 - Journalizing transactions and posting io I account...Ch. 2 - Preparing a trial balance Henderson Floor...Ch. 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 - Prob. E2.16ECh. 2 - Prob. E2.17ECh. 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 - Prob. E2.21ECh. 2 - Prob. E2.22ECh. 2 - Prob. E2.23ECh. 2 - Journalizing transactions, posting journal entries...Ch. 2 -
i 25 \nalyzing accounting errors
- lime ii is i...Ch. 2 - Prob. E2.26ECh. 2 - Prob. E2.27ECh. 2 - Prob. E2.28ECh. 2 - Prob. P2.29APGACh. 2 - Prob. P2.30APGACh. 2 - pj-.U A f«ornalizing transactions, posting journal...Ch. 2 - P2 U \ Jornn-d./lng i. KK.U lions, polling journal...Ch. 2 - Prob. P2.33APGACh. 2 - Prob. P2.34APGACh. 2 - P2-351' jf n,»l« *ng transaction’., posting...Ch. 2 - Prob. P2.36BPGBCh. 2 - Prob. P2.37BPGBCh. 2 - Prob. P2.38BPGBCh. 2 - Prob. P2.39BPGBCh. 2 - Prob. P2.40BPGBCh. 2 - Prob. P2.41CPCh. 2 - Prob. P2.42PSCh. 2 - Prob. 2.1DCCh. 2 - Prob. 2.1EICh. 2 - Prob. 2.1FCCh. 2 - Prob. 2.1FSC
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