INTERMEDIATE ACCT.-MYLAB COMBO ACCESS
3rd Edition
ISBN: 9780137391707
Author: GORDON
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem 4.1E
Transaction Analysis. The following transactions are taken from the books of Miller Manufacturing.
- a. Bought office equipment with cash, $30,000.
- b. Bought supplies on credit from a vendor, $15,000.
- c. Sold goods for cash, $40,000 (ignore the inventory and cost of goods sold entry of this transaction).
- d. Bought raw materials from a supplier on account, $22,000.
- e. Sold goods to customers on account, $65,000 (ignore the inventory and cost of goods sold entry of this transaction).
- f. Purchased raw materials by issuing a note payable, $14,000.
- g. Paid cash toward note payable balance, $4,000.
- h. Received cash from customer to apply to credit account balance, $3,000.
- i. Paid for accounting and legal fees in cash, $5,000
- j. Paid salaries in cash, $12,000.
Show the effect of each transaction on assets, liabilities, and equity using the
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Based on the following transactions, answer the following questions. i. Purchased inventory with a cost of $
24,800 on account. ii. Sales on account to customers totalled $57,800. iii. Payments made to employees for
wages totalled $17,700. iv. Cash collections from customers settling their accounts totalled $41,700. v.
Invoice received from the utility company for $3,800 is due in 30 days. vi. Payments totalling $16,900 were
made to suppliers to settle part of the balance owing to them. vii. Received a deposit of $2,200 from a
customer for goods to be delivered next month. Calculate the revenue,expenses and net income
Based on the following transactions, answer the following questions.
i.
ii.
iii.
iv.
V.
vi.
vii.
(a)
Purchased inventory with a cost of $24,200 on account.
Sales on account to customers totalled $51,800.
Payments made to employees for wages totalled $17,800.
Cash collections from customers settling their accounts totalled $37,700.
Invoice received from the utility company for $4,200 is due in 30 days.
Payments totalling $17,100 were made to suppliers to settle part of the balance owing to them.
Received a deposit of $4,200 from a customer for goods to be delivered next month.
X Your answer is incorrect.
Calculate the revenues, expenses, net income that would be reported on the cash basis. (Enter loss amounts using either a negative
sign preceding the number e.g. -45 or parentheses e.g. (45).)
Revenues
Expenses
LA
tA
Net Income /(Loss) $
207,400
63,300
144,100
Suppose your company sells goods for $300, of which $200 is received in cash and $100 is on account. The goods cost your company $125 and were paid for in a previous period. Your company also recorded salaries and wages of $70, of which only $30 has been paid in cash.
prepare journal entries
a) Record the sales revenue of $200 for cash and $100 on account and record the cost of goods sold of $125 using one journal entry.
b) Record the salaries and wages expense of $70.
Chapter 4 Solutions
INTERMEDIATE ACCT.-MYLAB COMBO ACCESS
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Ch. 4 - Explain the difference between the accrual basis...Ch. 4 - Under the accrual basis of accounting when do...Ch. 4 - Why are adjusting journal entries made? When do...Ch. 4 - What is a deferred revenue? When will the full...Ch. 4 - What is the purpose of the adjusted trial...Ch. 4 - Which statements can be prepared from the adjusted...Ch. 4 - Prob. 4.17QCh. 4 - Jefferson, CPAs provides accounting services for a...Ch. 4 - Gates Accounting Services (GAS), a sole...Ch. 4 - Prob. 4.3MCCh. 4 - State University sold all of its basketball...Ch. 4 - Prob. 4.5MCCh. 4 - Sampson Manufacturing Company (SMC) has an empty...Ch. 4 - On July 15, Year 1, Southeastern University hired...Ch. 4 - Embree Corp. purchased a four-year insurance...Ch. 4 - The Cougars football team sells season tickets in...Ch. 4 - Prob. 4.10MCCh. 4 - Prob. 4.1BECh. 4 - Transaction Analysis. Florences Floral...Ch. 4 - Journal Entries. Using the information provided in...Ch. 4 - Transaction Analysis; Journal Entries. Cals...Ch. 4 - Transaction Analysis; Journal Entries. Using the...Ch. 4 - Journal Entries; T-accounts. Using the information...Ch. 4 - Retained Earnings. In its first year of...Ch. 4 - Retained Earnings. Using the information provided...Ch. 4 - Prob. 4.9BECh. 4 - Prob. 4.10BECh. 4 - Adjusting Journal Entries. Barnard and Associates...Ch. 4 - Prob. 4.12BECh. 4 - Prob. 4.13BECh. 4 - Prob. 4.14BECh. 4 - Prob. 4.15BECh. 4 - Closing Entries. Using the information provided in...Ch. 4 - Closing Entries. At year-end Nelsons Nursery, Inc...Ch. 4 - Closing Entries. Readers, Inc., an online...Ch. 4 - Adjusting Journal Entries. Barnard and Associates...Ch. 4 - Prob. 4.20BECh. 4 - Adjusting Journal Entries. Gerhard News collects...Ch. 4 - Prob. 4.22BECh. 4 - Prob. 4.23BECh. 4 - Prob. 4.24BECh. 4 - Transaction Analysis. The following transactions...Ch. 4 - Prob. 4.2ECh. 4 - Transaction Analysis; Journal Entries. Master Mind...Ch. 4 - Prob. 4.4ECh. 4 - Prob. 4.5ECh. 4 - Posting to the General Ledger. Using the...Ch. 4 - Preparing Journal Entries in the General Journal....Ch. 4 - Preparing the T-accounts. Using the information...Ch. 4 - Transaction Analysis: Journal Entries and Posting...Ch. 4 - Transaction Analysis: Journal Entries and Posting...Ch. 4 - Prob. 4.11ECh. 4 - Adjusting Journal Entries: T-accounts. Fanatical...Ch. 4 - Prob. 4.13ECh. 4 - Prob. 4.14ECh. 4 - Prob. 4.15ECh. 4 - Prob. 4.16ECh. 4 - Prob. 4.17ECh. 4 - Adjusting Journal Entries; Adjusted Trial Balance....Ch. 4 - Preparing Financial Statements. Using the adjusted...Ch. 4 - Prob. 4.20ECh. 4 - Prob. 4.21ECh. 4 - Closing Entries. Diane s Dairy Sales Delivery...Ch. 4 - Prob. 4.23ECh. 4 - Prob. 4.24ECh. 4 - Transaction Analysis; Journal Entries; Adjusting...Ch. 4 - Transaction Analysis; Journal Entries; Adjusting...Ch. 4 - Prob. 4.3PCh. 4 - Prob. 4.4PCh. 4 - Prob. 4.5PCh. 4 - Journal Entries; Post to the General Ledger;...Ch. 4 - Preparing the Trial Balance; Adjusting Journal...Ch. 4 - Transaction Analysis; Journal Entries; Adjusting...Ch. 4 - Closing Process. Using the information in P4-6 and...Ch. 4 - Closing Process. Sherlock Locksmiths, Inc has the...Ch. 4 - Transaction Analysis; Journal Entries, Posting,...Ch. 4 - Transaction Analysis; Journal Entries, Posting,...
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