MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting, The Financial Chapters (My Accounting Lab)
11th Edition
ISBN: 9780133877502
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem 1.5CP
Magness Delivery Service completed the f<blowing tranuttions during De< ;mbei 2016:
Dec. 1 Magness Dp!' i, >ei ' < "' 'lions by receiving $10,000 cash and a truck with a fair value of $20,000 horn Robert Mugness The business gave Magness capital in exchange for this contribution
1 Paid $ 1,000 cash for a tour-month insurance policy The policy begins December 1 4 Paid $500 cash for office supplies.
12 Performed delivery services for a customer and received $2,000 cash
15 Completed a large delivery job, billed the customer, $2,500, and received a promise to collect the $2,500 within one week.
18 Paid employee salary, $1,000,
20 Received $15,000 cash for performing delivery services.
22 Collected $800 in advance for delivery service to be performed later.
25 Collected $2,500 cash from customer on account.
27 Purchased fuel for the truck, paying $300 on account (Credit Accounts Payable)
28 Performed delivery services on account, $700.
29 Paid office rent, $1,600, for the month of December.
30 Paid $300 on account.
31 Magness withdrew cash of $3,000.
Requirements
- jRecord each transaction in the journal using the following chart of accounts. Explanations are not required.
Adjustment data:
- Accrued Salaries Expense, $ 1,000.
Depreciation was recorded on the truck using the straight-line me' ul. Asstn^ a useful life of five years and a salvage value ol $5,000.- Prepaid Insurance for the month has expired.
- Office Supplies on hand, $100.
- Unearned Revenue earned during the month. $300.
- Accrued Service Revenue, $650.
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The following transactions occurred for Murphy Delivery Service during December 2020
Dec. 1: Murphy Delivery Service began operations by receiving $22,000 cash and a truck with a fair value of $15,000 from Russ Murphy. The business issued Murphy shares of common stock in exchange for this contribution.
Dec. 1: Paid $4,080 cash for a one-year insurance policy. The policy begins on December 1.
Dec. 4: Paid $1,400 cash for office supplies
Dec. 12: Performed delivery services for a customer and received $4,800 cash.
Dec. 15: Completed a large delivery job, billed the customer, $11,400, and received a promise to collect the $11,400 within one week.
Dec. 18: Paid employee salary, $3,600.
Dec. 20: Received $7,850 cash for performing delivery services.
Dec. 22: Collected $6,400 in advance for delivery service to be performed later.
Dec. 25: Collected $11,400 cash from a customer on account.
Dec. 27: Purchased fuel for the truck, paying $750 on the account. (Credit Accounts Payable)
Dec. 28:…
Illustration: Roth Contractor Corporation was incorporated on December 1, 2019 and had following transactions during December 1 Dec Issued Capital for 5000 cash 3 Dec Paid 1200 cash for three months rent in advance 4 Dec Purchased a used truck for 10,000 on credit 4 Dec Purchased Supplies of 1000 on credit 6 Dec Paid 1800 for a one-year truck insurance policy 7 Dec Billed a customer 4500 for work completed to date 8 Dec Collected 800 for work completed to date 12 Dec Paid the following expense in cash Advertisement 350 Interest 100 Telephone 75 truck operating 425 Wages 2500 15 Dec Collected 2000 of the amount billed on 7 dec 18 Dec Billed Customer 6500 for work completed to date 19 Dec Signed a 9000 contract for work to be performed in Jan 2017 22 Dec Paid the following Expenses Advertisement 200 Interest 150 Truck Operating 375 Wages 2500 27 Dec Collected advance on work to be done in January 28 Dec Received a bill for 100 for electricity used during the…
FIND & FOUND LTD, currently trades in Products CCT. The company is currently enjoying a tax holiday.
Below is the company’s trial balance.
Trial Balance of FIND & FOUND LTD as at year ending 31/12/2016
DR
CR
GH¢
GH¢
10% Debentures (2030 – 2035)
-
8,600
Bad debts
720
-
Bank
9,000
-
Building repairs and maintenance
1,440
Carriage inward
1,080
Carriage outwards
1,620
Sale / Purchases
84,000
144,000
Donations received
-
864
Trade Debtors/ Creditors
21,600
9,720
Discount
720
936
Electricity company of Ghana (ECG)
-
1,080
Electricity Expense
1,440
-
Income Surplus 1/1
-
64,440
Investment income
-
1,080
Long term Investment-cost
90,000
-
Motor Vehicle (Accumulated Depreciation)
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4,320
Motor Vehicle (Cost)
18,000
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Office Equipment (Accumulated Depreciation)
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2,160
Opening Stock
4,320
Office Equipment…
Chapter 4 Solutions
MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting, The Financial Chapters (My Accounting Lab)
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Ch. 4 - What document are financial statements prepared...Ch. 4 - What does the income statement report?Ch. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Why are financial statements prepared in a...Ch. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - How could a worksheet help in preparing financial...Ch. 4 - If a business had a net loss for the year, where...Ch. 4 - Prob. 12RQCh. 4 - What are temporary accounts? Are temporary...Ch. 4 - What are permanent accounts? Are permanent...Ch. 4 - How is the Income Summary account used? Is it a...Ch. 4 - Prob. 16RQCh. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - Prob. 19RQCh. 4 - What is the current ratio, and how is it...Ch. 4 - Prob. 21ARQCh. 4 - Prob. S4.1SECh. 4 - Prob. S4.2SECh. 4 - Prob. S4.3SECh. 4 - Preparing a balance sheet (classified, report...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Prob. S4.6SECh. 4 - Prob. S4.7SECh. 4 - Prob. S4.8SECh. 4 - Prob. S4.9SECh. 4 - Prob. S4.10SECh. 4 - S412 Identifying accounts included on a...Ch. 4 - Identifying steps in the accounting cycle Learning...Ch. 4 - Prob. S4.13SECh. 4 - Prob. S4.14SECh. 4 - Prob. E4.15ECh. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Prob. E4.17ECh. 4 - Prob. E4.18ECh. 4 - Prob. E4.19ECh. 4 - Prob. E4.20ECh. 4 - Prob. E4.21ECh. 4 - Prob. E4.22ECh. 4 - Preparing a worksheet and closing entries Jadence...Ch. 4 - I 2 I I’rcpai ing t losing end ics I rom an...Ch. 4 - a post-dosing trial balance rics* illic r. s ano a...Ch. 4 - Prob. E4.26ECh. 4 - Prob. E4A.27ECh. 4 - Prob. P4.28APGACh. 4 - 'v"-1 evaluate a company •""' UM"B tl,e r“" ratio...Ch. 4 - Preparing a worksheet, financial statements, and i...Ch. 4 - WIUIAMt Osy ANVILS UrMdjuMvd lr „ ik'Uno. l>cu...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Prob. P4.33APGACh. 4 - Prob. P4.34BPGBCh. 4 - Prob. P4.35BPGBCh. 4 - Preparing a worksheet, financial statements, and...Ch. 4 - Prob. P4.37BPGBCh. 4 - Completing d««„„„u„g cycle 6mm inn.n.l cn.ric, .0...Ch. 4 - Prob. P4.39BPGBCh. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Prob. P4.41PSCh. 4 - Prob. 1.1CPCh. 4 - Prob. 1.2CPCh. 4 - Prob. 1.3CPCh. 4 - Prob. 1.4CPCh. 4 - Magness Delivery Service completed the fblowing...Ch. 4 - Prob. 1.6CPCh. 4 - Prob. 1.7CPCh. 4 - Prob. 1.8CPCh. 4 - Prob. 1.9CPCh. 4 - Prob. 2.1CPCh. 4 - Prob. 2.2CPCh. 4 - Prob. 2.3CPCh. 4 - Prob. 2.4CPCh. 4 - Prob. 2.5CPCh. 4 - Prob. 2.6CPCh. 4 - Prob. 2.7CPCh. 4 - Prob. 2.8CPCh. 4 - Prob. 4.1EICh. 4 - Prob. 4.1FCCh. 4 - Prob. 4.1FSC
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