College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 3, Problem 9SEB
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Ivanhoe Advertising Company’s trial balance at December 31 shows Supplies $ 7,800 and Supplies Expense $0. On December 31, there are $ 3,500 of supplies on hand.Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Schramel Advertising Company's trial balance at December 31 shows Supplies $6,700 and Supplies Expense $0. On December 31, there are $2,100 of supplies on hand. Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.
Journal entries and trial balance
On October 1, 2019, jay Pryor established an interior decoratingbusiness, Pioneer Designs. During the month, jay completed theattached transactions related to the business:
Instructions1. Journalize each transaction in a two-column journal beginning onPage 1, referring to the following chart of accounts in selecting theaccounts to be debited and credited. (Do not insert the account numbersin the journal at this time.) Journal entry explanations may be omitted.
11 Cash12 Accounts Receivable13 Supplies
14 Prepaid Insurance16 Equipment18 Truck21 Notes Payable
22 Accounts PayableSI Jay Pryor, Capital$2 Jay Pryor, Drawing
41 Fees Earned51 Wages Expense53 Rent Expense
54 Utilities Expense55 Truck Expense59 Miscellaneous Expense
2. Post the journal to a ledger of four-column accounts, insertingappropriate posting references as each item is posted. Extend thebalances to the appropriate balance columns after each transaction is posted.3. Prepare an unadjusted…
Chapter 3 Solutions
College Accounting, Chapters 1-27
Ch. 3 - LO3 To debit an account is to enter an amount on...Ch. 3 - Liability accounts normally have debit balances.Ch. 3 - LO3 Increases in owners equity are entered as...Ch. 3 - Prob. 4TFCh. 3 - LO3 To credit an account is to enter an amount on...Ch. 3 - LO3 A debit to an asset account will decrease it.Ch. 3 - A common example of an asset is (a) Professional...Ch. 3 - The accounting equation may be expressed as (a)...Ch. 3 - LO3 Liability, owners equity, and revenue accounts...Ch. 3 - LO4 To record the payment of rent expense, an...
Ch. 3 - Prob. 5MCCh. 3 - Foot and balance the accounts receivable T account...Ch. 3 - LO3 Complete the following questions using either...Ch. 3 - Analyze the following transaction using the T...Ch. 3 - The following accounts have normal balances....Ch. 3 - What are the three major parts of a T account?Ch. 3 - Prob. 2RQCh. 3 - What is a footing?Ch. 3 - What is the relationship between the revenue and...Ch. 3 - What is the function of the trial balance?Ch. 3 - Prob. 1SEACh. 3 - DEBIT AND CREDIT ANALYSIS Complete the following...Ch. 3 - ANALYSIS OF T ACCOUNTS Richard Gibbs began a...Ch. 3 - NORMAL BALANCE OF ACCOUNT Indicate the normal...Ch. 3 - TRANSACTION ANALYSIS Linda Kipp started a business...Ch. 3 - TRANSACTION ANALYSIS Linda Kipp starred a business...Ch. 3 - ANALYSIS OF TRANSACTIONS Charles Chadwick opened a...Ch. 3 - ANALYSIS OF TRANSACTIONS Charles Chadwick opened a...Ch. 3 - TRIAL BALANCE The following accounts have normal...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - T ACCOUNTS AND TRIAL BALANCE Wilhelm Kohl started...Ch. 3 - NET INCOME AND CHANGE IN OWNERS EQUITY Refer to...Ch. 3 - FINANCIAL STATEMENTS Refer to the trial balance in...Ch. 3 - FOOT AND BALANCE A T ACCOUNT Foot and balance the...Ch. 3 - DEBIT AND CREDIT ANALYSIS Complete the following...Ch. 3 - ANALYSIS OF T ACCOUNTS Roberto Alvarez began a...Ch. 3 - NORMAL BALANCE OF ACCOUNT Indicate the normal...Ch. 3 - TRANSACTION ANALYSIS George Atlas started a...Ch. 3 - TRANSACTION ANALYSIS George Atlas started a...Ch. 3 - ANALYSIS OF TRANSACTIONS Nicole Lawrence opened a...Ch. 3 - ANALYSIS OF TRANSACTIONS Nicole Lawrence opened a...Ch. 3 - TRIAL BALANCE The following accounts have normal...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - T ACCOUNTS AND TRIAL BALANCE Sue Jantz started a...Ch. 3 - NET INCOME AND CHANGE IN OWNERS EQUITY Refer to...Ch. 3 - FINANCIAL STATEMENTS Refer to the trial balance in...Ch. 3 - Craig Fisher started a lawn service called Craigs...Ch. 3 - Your friend Chris Stevick started a part-time...
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TRIAL BALANCE The following accounts have normal balances. Prepare a trial balance for Kennys Lawn Service as of September 30, 20--.
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FINANCIAL STATEMENTS Refer to the trial balance in Problem 3-13B and to the analysis of the change in owners equity in Problem 3-14B. REQUIRED 1. Prepare an income statement for Jantz Plumbing Service for the month ended August 31, 20--. 2. Prepare a statement of owners equity for Jantz Plumbing Service for the month ended August 31, 20--. 3. Prepare a balance sheet for Jantz Plumbing Service as of August 31, 20--.
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FINANCIAL STATEMENTS Refer to the trial balance in Problem 3-13A and to the analysis of the change in owners equity in Problem 3-14A. REQUIRED 1. Prepare an income statement for Kohls Home Repair for the month ended May 31, 20--. 2. Prepare a statement of owners equity for Kohls Home Repair for the month ended May 31, 20--. 3. Prepare a balance sheet for Kohls Home Repair as of May 31, 20--.
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Prepare journal entries to record the following business transaction and related adjusting entry. A. January 12, purchased supplies for cash, to be used all year, $3,850 B. December 31, physical count of remaining supplies, $800
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Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance
The trial balance of John Menning, CPA, is dated March 31, 2018:
During April, the business completed the following transactions:
Requirements
Record the April transactions in the journal using the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Furniture; Automobile; Accounts Payable; Unearned Revenue; Common Stock; Dividends; Service Revenue; Salaries Expense; and Rent Expense. Include an explanation for each entry.
Open the four-column ledger accounts listed in the trial balance, together with their balances as of March 31. Use the following account numbers: Cash, 11; Accounts Receivable, 12; Office Supplies, 13; Land, 14; Furniture, 15; Automobile, 16; Accounts Payable, 21; Unearned Revenue, 22; Common Stock, 31; Dividends, 33; Service Revenue, 41; Salaries Expense, 51; and Rent Expense, 52.
Post the journal entries to four-column accounts in the ledger,…
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Journalizing transactions, posting to T-accounts, and preparing a trial balance
Consider the following transactional data for the first month of operations for Crystal Clear Cleaning.
Requirements
Journalize the transactions, using the following accounts: Cash; Accounts Receivable; Cleaning Supplies; Prepaid Rent; Prepaid insurance; Equipment; Truck; Accounts Payable; Unearned Revenue; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Advertising Expense; and Utilities Expense. Explanations are not required.
Open a T-account for each account.
Post the journal entries to the T-accounts, and calculate account balances.
Prepare a trial balance as of November 30, 2018.
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Prepare the correct trial balance as of November 30, 2018. Assume all amounts are correct and all accounts have normal balances. (Fill the boxes)
In Account Title:
You have the options as
-Accounts Payable
-Accounts Receivable
-Advertising Expense
-Cash
-Office Supplies
-Painting Equipment
-Rent Expense
-Salaries Expense
-Service Revenue
-Unearned Revenue
-Utilities Expense
-Watts, Capital
-Watts, Withdrawals
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Below are account balances of Ducks Company at the end of September.Required: Prepare a trial balance by placing amounts in the appropriate debit or credit column and determining the balance of the Service Revenue account.
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Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account.
1. The unadjusted balance of Office Supplies at Dec. 31 is $10,500 and at year end the office supplies on hand totaled $2,540.
2. Used prepaid insurance of $2,720. The Prepaid Insurance unadjusted balance as of December 31 is $7,500.
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* Enter the opening balances in the ledger accounts as at Oct 1, Write "Balance" in the expla-
nation space and insert a dollar sign ($) 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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Prepare a trial balance, listing the following accounts in proper sequence. The accounts (all normal balances) were taken from the ledger of Sophie Designs Co. on April 30. If an amount box does not require an entry, leave it blank.
Accounts Payable
$4,100
Salary Expense
$14,000
Accounts Receivable
3,450
Sophie Dawson, Capital
17,800
Cash
6,700
Sophie Dawson, Drawing
7,500
Equipment
14,500
Supplies
3,125
Fees Earned
45,425
Supplies Expense
1,700
Miscellaneous Expense
850
Utilities Expense
4,000
Rent Expense
11,500
Sophie Designs Co.
Trial Balance
April 30
Debit Balances
Credit Balances
Sophie Dawson, Capital
fill in the blank 2
fill in the blank 3
Accounts Receivable
fill in the blank 5
fill in the blank 6
fill in the blank 8
fill in the blank 9
fill in the blank 11
fill in the blank 12
fill in the blank 14
fill in the blank 15
fill in the blank 17
fill in the blank 18
fill in…
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Hi pls Journalize the transaction
And set up T accounts and post beginning account balances and transactions.
Pls also Journalize and post closing entries and Prepare a trial balance for the month ending and Prepare an income statement for the month ending (ignore taxes) and Prepare a statement of retained earning and Prepare an ending balance sheet
Problem: The beginning balances in ledger of DBM Corporation for September 01, 2018 were as follows;
Account
Debit
Credit
Accounts Payable
2,160
Accounts Receivable
3,070
Paid in capital- common stock
4,990
Cash
3,910
Notes Payable
600
Property, plant, and equipment (at cost)
6,200
Allowances for doubtful accounts
540
Inventories
1,730
Accumulated depreciation
2,800
Prepaid Expenses
1,250
Retained earnings
2,250
Good will
1,000
Estimated tax liability
750
Marketable securities
1,750
Accrued Expense
1,000
Patents and trademarks
500
Bonds payable
2,000
Investment…
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