VALUE - FINANCIAL ACCOUNTING LL+ACCESS
9th Edition
ISBN: 9781260796087
Author: Libby
Publisher: MCG
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Chapter 3, Problem 3.15E
1.
To determine
Prepare the T- account for the various accounts that are listed
1.
Expert Solution
Explanation of Solution
T-account:
T-account is the form of the ledger account, where the
The components of the T-account are as follows:
a) The title of the account
b) The left or debit side
c) The right or credit side
Prepare the T-accounts:
Cash account:
| Cash account | |||
| Beginning balance | |||
| Ending balance | |||
| Accounts receivable account | |||
| Beginning balance | |||
| Ending balance | |||
Supplies account:
| Supplies account | |||
| Beginning balance | |||
| Ending balance | |||
Equipment account:
| Equipment account | |||
| Beginning balance | |||
| Ending balance | |||
Building account:
| Building account | |||
| Beginning balance | |||
| Ending balance | |||
Accounts payable account:
| Accounts payable account | |||
| Beginning balance | |||
| Ending balance | |||
Note payable account:
| Note payable account | |||
| Beginning balance | |||
| Ending balance | |||
Mortgage payable account:
| Mortgage payable account | |||
| Beginning balance | |||
| Ending balance | |||
Common stock account:
| Common stock account | |||
| Beginning balance | |||
| Ending balance | |||
Additional paid-in capital account:
| Additional paid-in capital account | |||
| Beginning balance | |||
| Ending balance | |||
| Retained earnings account | |||
| Beginning balance | |||
| Ending balance | |||
Food sales revenue account:
| Food sales revenue account | |||
| Beginning balance | |||
| Ending balance | |||
Catering sales revenue account:
| Catering sales revenue account | |||
| Beginning balance | |||
| Ending balance | |||
Supplies expense account:
| Supplies expense account | |||
| Beginning balance | |||
| Ending balance | |||
Utilities expense account:
| Utilities expense account | |||
| Beginning balance | |||
| Ending balance | |||
Wages expense account:
| Wages expense account | |||
| Beginning balance | |||
| Ending balance | |||
Fuel expense account:
| Fuel expense account | |||
| Beginning balance | |||
| Ending balance | |||
Thus, the t-accounts are prepared.
2.
To determine
Post the amount of each transaction in their respective accounts and compute the ending balance.
2.
Expert Solution
Explanation of Solution
T-account:
T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.
The components of the T-account are as follows:
a) The title of the account
b) The left or debit side
c) The right or credit side
Prepare the T-accounts:
Cash account:
| Cash account | |||
| Beginning balance | $0 | (b) | $72,000 |
| (a) | $160,000 | (d) | $10,830 |
| (c) | $50,000 | (h) | $363 |
| (e) | $2,600 | (i) | $6,280 |
| (f) | $11,900 | (j) | $600 |
| (k) | $70,000 | ||
| Ending balance | $64,427 | ||
Accounts receivable account:
| Accounts receivable account | |||
| Beginning balance | $0 | ||
| (a) | $2,000 | ||
| (e) | $1,600 | ||
| Ending balance | $3,600 | ||
Supplies account:
| Supplies account | |||
| Beginning balance | $0 | ||
| (a) | $1,200 | ||
| Ending balance | $1,200 | ||
Equipment account:
| Equipment account | |||
| Beginning balance | $0 | ||
| (a) | $18,300 | ||
| (k) | $50,000 | ||
| Ending balance | $68,300 | ||
Building account:
| Building account | |||
| Beginning balance | $0 | ||
| (k) | 20,000 | ||
| (b) | $360,000 | ||
| Ending balance | $380,000 | ||
Accounts payable account:
| Accounts payable account | |||
| Beginning balance | $0 | ||
| (g) | $420 | ||
| Ending balance | $420 | ||
Note payable account:
| Note payable account | |||
| Beginning balance | $0 | ||
| (c) | $50,000 | ||
| Ending balance | $50,000 | ||
Mortgage payable account:
| Mortgage payable account | |||
| Beginning balance | $0 | ||
| (b) | $288,000 | ||
| Ending balance | $288,000 | ||
Common stock account:
| Common stock account | |||
| Beginning balance | $0 | ||
| (a) | $1,000 | ||
| Ending balance | $1,000 | ||
Additional paid-in capital account:
| Additional paid-in capital account | |||
| Beginning balance | $0 | ||
| (a) | $180,500 | ||
| Ending balance | $180,500 | ||
Retained earnings account:
| Retained earnings account | |||
| Beginning balance | 0 | ||
| (j) | $600 | ||
| Ending balance | $600 | ||
Food sales revenue account:
| Food sales revenue account | |||
| Beginning balance | $0 | ||
| (f) | $11,900 | ||
| Ending balance | $11,900 | ||
Catering sales revenue account:
| Catering sales revenue account | |||
| Beginning balance | $0 | ||
| (e) | $4,200 | ||
| Ending balance | $4,200 | ||
Supplies expense account:
| Supplies expense account | |||
| Beginning balance | $0 | ||
| (d) | $10,830 | ||
| Ending balance | $10,830 | ||
Utilities expense account:
| Utilities expense account | |||
| Beginning balance | $0 | ||
| (g) | $420 | ||
| Ending balance | $420 | ||
Wages expense account:
| Wages expense account | |||
| Beginning balance | $0 | ||
| (i) | $6,280 | ||
| Ending balance | $6,280 | ||
Fuel expense account:
| Fuel expense account | |||
| Beginning balance | $0 | ||
| (h) | $363 | ||
| Ending balance | $363 | ||
Thus, the amounts are posted to their respective accounts.
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Chapter 3 Solutions
VALUE - FINANCIAL ACCOUNTING LL+ACCESS
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Ch. 3 - Complete the following matrix by entering either...Ch. 3 - Prob. 12QCh. 3 - State the equation for the net profit margin ratio...Ch. 3 - Which of the following is not a specific account...Ch. 3 - Which of the following is not one of the criteria...Ch. 3 - The expense recognition principle controls a....Ch. 3 - Prob. 4MCQCh. 3 - Prob. 5MCQCh. 3 - Prob. 6MCQCh. 3 - Prob. 7MCQCh. 3 - Prob. 8MCQCh. 3 - Prob. 9MCQCh. 3 - Prob. 10MCQCh. 3 - Prob. 3.1MECh. 3 - Reporting Cash Basis versus Accrual Basis Income...Ch. 3 - Identifying Revenues The following transactions...Ch. 3 - Identifying Expenses The following transactions...Ch. 3 - Prob. 3.5MECh. 3 - Prob. 3.6MECh. 3 - Determining the Financial Statement Effects of...Ch. 3 - Prob. 3.8MECh. 3 - Prob. 3.9MECh. 3 - Identifying the Operating Activities in a...Ch. 3 - Prob. 3.11MECh. 3 - Prob. 3.1ECh. 3 - Reporting Cash Basis versus Accrual Basis Income...Ch. 3 - Identifying Revenues Revenues are normally...Ch. 3 - Identifying Expenses Revenues are normally...Ch. 3 - Prob. 3.5ECh. 3 - Determining Financial Statement Effects of Various...Ch. 3 - Recording Journal Entries Sysco, formed in 1969,...Ch. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Analyzing the Effects of Transactions in...Ch. 3 - Preparing an Income Statement Refer to E3-10....Ch. 3 - Prob. 3.12ECh. 3 - Analyzing the Effects of Transactions in...Ch. 3 - Prob. 3.14ECh. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Prob. 3.18ECh. 3 - Prob. 3.19ECh. 3 - Prob. 3.20ECh. 3 - Prob. 3.1PCh. 3 - Recording Journal Entries (AP3-2) Ryan Terlecki...Ch. 3 - Prob. 3.3PCh. 3 - Prob. 3.4PCh. 3 - Prob. 3.5PCh. 3 - Prob. 3.6PCh. 3 - Prob. 3.7PCh. 3 - Recording Nonquantitative Journal Entries (P3-1)...Ch. 3 - Prob. 3.2APCh. 3 - Prob. 3.3APCh. 3 - Prob. 3.4APCh. 3 - Prob. 3.5APCh. 3 - Prob. 3.6APCh. 3 - Accounting for Operating Activities in a New...Ch. 3 - Finding Financial Information Refer to the...Ch. 3 - Finding Financial Information Refer to the...Ch. 3 - Comparing Companies within an Industry Refer to...Ch. 3 - Analyzing a Company over Time Refer to the annual...Ch. 3 - Prob. 3.6CPCh. 3 - Evaluating an Ethical Dilemma Mike Lynch is the...
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