Managerial Accounting
6th Edition
ISBN: 9781259726972
Author: John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Chapter D, Problem 4PSA
To determine
(1)
General journal refers to the entries of each transaction in the books using the debit and credit method. In the double entry system, each transaction is recorded 2 times, one is debit and the other is credit.
To prepare: The journal entries.
To determine
(2)
Ledger is a book of financial statement. All types of journal entries are classified in these books. Ledger shows the accumulated transaction of a related item.
To prepare: The ledger of each transaction.
To determine
(3)
A
To prepare:
The Trial balance.
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In June 2021, Wanda Fonda organized a corporation to provide drone photography services. Thecompany, called Drone Queen Inc., began operations immediately. Transactions during the month ofJune were as follows:June 1 The corporation issued 60,000 shares of capital stock to Wanda Fonda in exchange for$60,000 cash.June 2 Purchased a plane from Utility Aircraft for $220,000. Made a $40,000 cash downpayment and issued a note payable for the remaining balance.June 4 Paid Piarco Airport $2,500 to rent office and hangar space for the month.June 15 Billed customers $8,320 for aerial photographs taken during the first half of June.June 15 Paid $5,880 in salaries earned by employees during the first half of June.June 18 Paid Henry's Hangar $1,890 for maintenance and repair services on the companyplane.June 25 Collected $4,910 of the amounts billed to customers on June 15.June 30 Billed customers $16,450 for aerial photographs taken during the second half of themonth.June 30 Paid $6,000 in…
James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1.
DATE
TRANSACTIONS
20X1
Mar.
4
Mr. Howard borrows $20,000 from the bank on a note payable for the business. Terms of the note are 8 percent interest for 45 days.
11
A 90-day $18,000 note payable to the bank is discounted at a rate of 10 percent.
22
Sold a car to Darnell Jones for $30,000 on a 75-day note receivable, bearing interest at 10 percent.
23
Discounted the Jones note with the bank. The bank charges a discount rate of 12 percent.
25
Sold a car for $30,000 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 10 percent, for the balance.
28
Alfred Herron's account receivable is overdue. Howard requires him to sign a 12…
James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1.
DATE
TRANSACTIONS
20X1
Mar.
4
Mr. Howard borrows $20,000 from the bank on a note payable for the business. Terms of the note are 8 percent interest for 45 days.
11
A 90-day $18,000 note payable to the bank is discounted at a rate of 10 percent.
22
Sold a car to Darnell Jones for $30,000 on a 75-day note receivable, bearing interest at 10 percent.
23
Discounted the Jones note with the bank. The bank charges a discount rate of 12 percent.
25
Sold a car for $30,000 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 10 percent, for the balance.
28
Alfred Herron's account receivable is overdue. Howard requires him to sign a 12…
Chapter D Solutions
Managerial Accounting
Ch. D - Prob. 1DQCh. D - Prob. 2DQCh. D - Prob. 3DQCh. D - Prob. 4DQCh. D - Are debits or credits typically listed first in...Ch. D - Should a transaction be recorded first in a...Ch. D - Prob. 7DQCh. D - Why does the reeordkeeper prepare a trial balance?Ch. D - Prob. 9DQCh. D - Prob. 10DQ
Ch. D - Prob. 11DQCh. D - Prob. 12DQCh. D - Prob. 13DQCh. D - Define (a) assets, (b) liabilities, and (c) equityCh. D - Prob. 15DQCh. D - Review the Apple balance sheet Appendix A....Ch. D - Review the Google balance sheet in Appendix A....Ch. D - Prob. 18DQCh. D - Identify the items from the following list that...Ch. D - Prob. 2QSCh. D - Prob. 3QSCh. D - Identify the normal balance (debit or credit) for...Ch. D - Prob. 5QSCh. D - Prob. 6QSCh. D - Prob. 7QSCh. D - A trial balance has total debits of $20,000 and...Ch. D - Prob. 9QSCh. D - Prob. 10QSCh. D - Prob. 11QSCh. D - Prob. 12QSCh. D - Prob. 13QSCh. D - Prob. 14QSCh. D - Prob. 15QSCh. D - Order the following steps in the accounting...Ch. D - Prob. 2ECh. D - Enter the number for the item that best completes...Ch. D - For each of the following, (1) identify the type...Ch. D - Prob. 5ECh. D - Prob. 6ECh. D - Prepare general journal entries for the following...Ch. D - Prob. 8ECh. D - Prob. 9ECh. D - Prob. 10ECh. D - Prob. 11ECh. D - 1. Prepare general journal entries for the...Ch. D - Prob. 13ECh. D - Prob. 14ECh. D - A corporation had the following assets and...Ch. D - Carmen Camry operates a consulting firm called...Ch. D - Prob. 17ECh. D - Prob. 18ECh. D - Prob. 19ECh. D - Prob. 20ECh. D - You are told the column totals in a trial balance...Ch. D - Exercise D-22 Calculating and interprets the debt...Ch. D - Prob. 23ECh. D - Prob. 1PSACh. D - Prob. 2PSACh. D - Denzel Brooks opened a web consulting business...Ch. D - Prob. 4PSACh. D - The accounting records of Nettle Distribution show...Ch. D - Prob. 6PSACh. D - Prob. 7PSACh. D - Prob. 1PSBCh. D - Prob. 2PSBCh. D - Prob. 3PSBCh. D - Prob. 4PSBCh. D - Prob. 5PSBCh. D - Prob. 6PSBCh. D - Prob. 7PSBCh. D - Prob. 1SPCh. D - Prob. 2SPCh. D - Prob. 3SPCh. D - Prob. 1GLPCh. D - Prob. 2GLPCh. D - Prob. 3GLPCh. D - Prob. 4GLPCh. D - Prob. 5GLPCh. D - Prob. 6GLPCh. D - Prob. 7GLPCh. D - Using transactions from the following assignments...Ch. D - Prob. 1AACh. D - Prob. 2AACh. D - Prob. 3AACh. D - Prob. 1BTNCh. D - Prob. 2BTNCh. D - Prob. 3BTNCh. D - The expanded accounting equation consists of...Ch. D - Prob. 5BTNCh. D - Prob. 6BTNCh. D - Prob. 7BTN
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