College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 3, Problem 1E
In the following two-column journal, the capital letters represent where parts of a
- 1. Year
- 2. Month
- 3. Explanation
- 4. Title of account debited
- 5. Ledger account number of account credited
- 6. Amount of debit
- 7. Day of the month
- 8. Title of account credited
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In the two-column general journal page below, each capital letter represents a part of a journal entry. Select the proper letter to the item in the list below to identify the proper part of the journal entry.
GENERAL JOURNAL
Page 1
GH
I
J
O
M
K
P
N
L
1.
Ledger account number of account credited
2.
Month
3.
Explanation
4.
Title of account debited
5.
Year
6.
Day of the month
7.
Title of account credited
8.
Amount of debit
9.
Amount of credit
10.
Ledger account number of account debited
Notes: In the General Ledger: Write the date of the transaction. Write the amount in the debit or credit column of the ledger as shown in the journal. Write the journal page number in the Post. Ref. column of the ledger. The five column journal attached at the top is the first journal. Calculate the balance. Hint: The balance of each account should reflect that account’s normal balance. In the journal, write the ledger account number in the Post. Ref. column.
Note 2: There are 7 general ledger columns that must be filled. Only two boxes need to be filled in, in each one.
Open a general ledger account for each of the accounts listed in the chart of accounts above.
Post the separate amounts on each line of the journals that need to be posted separately.
Post the journal’s special amount column totals.
1. Record the April 1, 20Y3, balance of each account in the appropriate balance column of a four-column account, type Balance in the item section, and select a check mark in the Posting Reference column. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. Post in chronological order. For transactions occurring on the same day, post in the order presented in the instructions. Insert the appropriate posting references in both the journal and the ledger as each item is posted.
How does grading work?
LEDGER
Score: 28/510
Account: Cash11Account No.
DATE
ITEM
POST. REF.
DEBIT
CREDIT
BALANCE
DEBIT
CREDIT
1
2
✔
3
4
5
6
7
✔
8
9…
Chapter 3 Solutions
College Accounting (Book Only): A Career Approach
Ch. 3 - A __________ is a book in which business...Ch. 3 - Transferring information from the journal to the...Ch. 3 - For a journal entry to be complete, it must...Ch. 3 - The __________ is used to determine where the...Ch. 3 - Prob. 5QYCh. 3 - A 250 payment for salaries expense was incorrectly...Ch. 3 - Prob. 1DQCh. 3 - How does the journal differ from the ledger?Ch. 3 - What is the purpose of providing a ledger account...Ch. 3 - List by account classification the order of the...
Ch. 3 - Arrange the following steps in the posting process...Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - In the following two-column journal, the capital...Ch. 3 - Decor Services completed the following...Ch. 3 - Montoya Tutoring Service completed the following...Ch. 3 - Prob. 4ECh. 3 - Arrange the following steps in the posting process...Ch. 3 - The bookkeeper for Nevado Company has prepared the...Ch. 3 - Determine the effect of the following errors on a...Ch. 3 - Journalize correcting entries for each of the...Ch. 3 - The chart of accounts of the Barnes School is...Ch. 3 - Laras Landscaping Service has the following chart...Ch. 3 - Following is the chart of accounts of Sanchez...Ch. 3 - The chart of accounts of Ethan Academy is shown...Ch. 3 - Leanders Landscaping Service maintains the...Ch. 3 - Following is the chart of accounts of Smith...Ch. 3 - Why Does It Matter? ECOTOUR EXPEDITIONS, INC.,...Ch. 3 - What Would You Say? You are the new bookkeeper for...Ch. 3 - What Do You Think? You work as an accounting...Ch. 3 - What Would You Do?
You are responsible for...Ch. 3 - Prob. 1CP
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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
Assuming the use of a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded:a. Payment of six months’ rent in advance.b. Purchase of an office computer on account.c. Purchase of office supplies on account.d. Adjustment to record depreciation at the end of the month.e. Adjustment to record accrued salaries at the end of the period.f. Purchase of services on account.g. Adjustment to prepaid rent at the end of the month.h. Purchase of office equipment for cash.i. Adjustment to prepaid insurance at the end of the month.j. Purchase of office supplies for cash.k. Advance payment of a one-year fire insurance policy on the office.
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Use the following T-accounts to prepare the four journal entries required to close the books:
T-Accounts. Accounts Receivable debit balance 45,500. Fees Earned Revenue credit balance 60,000. Commission expense debit balance 7,200. Supplies Expense debit balance 5,500. Wages Expense debit balance 42,000. Dividends debit balance 3,500. Retained Earnings credit balance 51,000.
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Required:
1. Journalize each transaction, in chronological order, in a two-column journal starting on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. If there is more than one entry on the same date, be sure to enter the transactions in the exact order as presented in the data. (Do not insert the account numbers in the journal at this time.) For a compound transaction, if an amount box does not require an entry, leave it blank.
11
Cash
31
Jeff Horton, Capital
12
Accounts Receivable
32
Jeff Horton, Drawing
14
Supplies
41
Fees Earned
15
Prepaid Rent
51
Salary Expense
16
Prepaid Insurance
52
Supplies Expense
18
Office Equipment
53
Rent Expense
19
Accumulated Depreciation
54
Depreciation Expense
21
Accounts Payable
55
Insurance Expense
22
Salaries Payable
59
Miscellaneous Expense
23
Unearned Fees
You will use the attached spreadsheet to complete several of the remaining…
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1. Journalize each transaction in a two-column journal starting on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.)
Note: Scroll down to access pages 2 through 4 of the journal.
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16…
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* Enter the opening balances in the ledger accounts as at Oct 1, Write "Balance" in the expla-
nation space and insert a dollar sign ($) in the reference column, Provision should be made
for the following additional accounts: No. 306 Jane Kent, Drawings, No, 126 Laundry Revenue,
No. 726 Salaries Expense, and No. 732 Utilities Expense.
* Journalize the transactions.
* Post to the ledger accounts.
* Prepare a trial balance as at Oct 31 2007
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One column total of a special journal is posted at monthend to only two general ledger accounts. One of these two accounts is Accounts Receivable. What is the name of this special journal? What is the other general ledger account to which that same month-
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Sage Learning Centers was established on July 20, 2016, to provide educational services. The services provided during the remainder of the month are as follows: Instructions 1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger, and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. 2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b. What is the balance of the accounts receivable controlling account at July 31? 4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?
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Use the following T-accounts to prepare the four journal entries required to close the books:
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Use the following T-accounts to prepare the four journal entries required to close the books:
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The first step in posting the sales journal to the general ledger is to
total and verify the equality of the amount columns.
enter the date in the Date column of the ledger account.
enter the new balance in the Balance columns of the ledger account.
enter the ledger account number below the column totals in the journal.
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Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and tally ending balance for the account. Assume an Accounts Payable beginning balance of $5,000. A. February 2, purchased an asset, merchandise inventory, on account, $30,000 B. March 10, paid creditor for part of February purchase, $12,000
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The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books:
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