COLLEGE ACCOUNTING ETEXT+CONNECT ACCESS
16th Edition
ISBN: 9781264624256
Author: Haddock
Publisher: MCG
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Chapter 6, Problem 4PB
2.
To determine
Prepare the worksheet of the Company HPGS.
3.
To determine
Journalize the
4.
To determine
Journalize the closing entries.
1, 3 and 4.
To determine
Prepare the ledger accounts to record the balances as of December 31, 2019 and post adjusting and closing entries.
5.
To determine
Prepare a post-closing
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Directions: Do the task listed bélow using the transacions of Matapang Company
for Deccmber 2019. Writc your answers on a separate sheet of paper.
1. Prepare the journal entries.
2. Post each transaction to its ledger account.
3. Prepare the trial balance.
4. Use the provided account numbers.
Ralph Matapang cstablishcd Happy Repair Busincss. The following are the
transactions for the montb of Decembocr 2019.
Dec.
He invested P150,000 in the firm.
He paid P8,000 for monthly rent.
He bought supplies on account amounting to P7,200.
He purchascd office equipment amounting to P75,000. paid
P37,000 and the balance on account.
2.
2.
3.
He paid accounts payable for supplies purchased worth P7,200.
He paid P6,000 for the salary of an employec.
He received P20,000 for services rendered.
He billed clients P48,000 for services on account.
8.
14.
20.
28.
31.
Matapang withdrew P12,000 for his personal use.
302 Matapang, Drawings
401 Service Revenue
101 Cash
102 Accounts…
The completed work sheet for Valerie insurance agency as of December 31 is presented below, along with the general ledger as of December 31 before adjustments. write the balances from the unadjusted trial balance in the general ledger. Post the transactions in the order of journalizing them in the general ledger.
Please verify that all June 1 balances are in the ledgers by comparing them to the May 31, 2021 trial balance before posting. There are two tabs in the Excel spreadsheet: Income Statement Accounts and Balance Sheet Accounts. You will need both tabs to post to all the accounts.
Use the given information from the General Journal below to fill in the Ledger for the balance sheet and income statement account sheets through the month of June.
General Journal
Date
Description
Post
Ref.
Debit
Credit
June 3
Inventory
116
50,400
Accounts Payable
210
50,400
June 6
Accounts Receivable
111
17,400
Sales
410
17,400
Costs Of Goods Sold
510
12,000
Inventory
116
12,000
June 8
Notes Receivable
114
500
Bad Debt Expense
522
500
June 10
Cash
104
40,000
Salaries Payable
211
40,000
Cash
104
26,000
Office Salaries Expense…
Chapter 6 Solutions
COLLEGE ACCOUNTING ETEXT+CONNECT ACCESS
Ch. 6 - What is the journal entry to close the drawing...Ch. 6 - How is the Income Summary account classified?Ch. 6 - Prob. 1.3SRQCh. 6 - Prob. 1.4SRECh. 6 - Prob. 1.5SRECh. 6 - Prob. 1.6SRACh. 6 - Prob. 2.1SRQCh. 6 - Prob. 2.2SRQCh. 6 - What accounts appear on the post-closing trial...Ch. 6 - Prob. 2.4SRE
Ch. 6 - Prob. 2.5SRECh. 6 - On which financial statement would you find the...Ch. 6 - Prob. 1CSRCh. 6 - A firm has the following expenses: Rent Expense,...Ch. 6 - Prob. 3CSRCh. 6 - What is the last step in the accounting cycle?Ch. 6 - Is the following statement true or false? Why? All...Ch. 6 - Prob. 1DQCh. 6 - Prob. 2DQCh. 6 - What accounts appear on a postclosing trial...Ch. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Prob. 7DQCh. 6 - How is the Income Summary account used in the...Ch. 6 - Briefly describe the flow of data through a simple...Ch. 6 - Prob. 10DQCh. 6 - Prob. 1ECh. 6 - Accounting cycle. Following are the steps in the...Ch. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - Prob. 8ECh. 6 - Prob. 1PACh. 6 - Prob. 2PACh. 6 - Prob. 3PACh. 6 - Prob. 4PACh. 6 - Prob. 1PBCh. 6 - Prob. 2PBCh. 6 - Prob. 3PBCh. 6 - Prob. 4PBCh. 6 - The Trial Balance section of the worksheet for...Ch. 6 - Demetria Davis, the bookkeeper for Home Interiors...Ch. 6 - Prob. 1MFCh. 6 - Prob. 2MFCh. 6 - Why is it important that a firms financial records...Ch. 6 - Prob. 4MFCh. 6 - Prob. 1EDCh. 6 - Prob. 1ICCh. 6 - Prob. 1MPS
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