Managerial Accounting
7th Edition
ISBN: 9781260247886
Author: Wild
Publisher: MCG
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Chapter D, Problem 5E
To determine
Journal: A journal is the complete record of a financial transaction which shows the debit and credit of respective accounts for every transaction including the explanation of the transaction.
T-Accounts: An account is a unique record of increases or decreases in any asset, liability, equity, revenues or expenses. T-accounts are drawn to resemble a T-shape with debit on the left and credit on the right. Assets and expenses have normally debit balances and liability, equity and revenue accounts have normally credit balance.
To analyze:
The given transaction using accounting equation.
To determine
Journal: A journal is the complete record of a financial transaction which shows the debit and credit of respective accounts for every transaction including the explanation of the transaction.
T-Accounts: An account is a unique record of increases or decreases in any asset, liability, equity, revenues or expenses. T-accounts are drawn to resemble a T-shape with debit on the left and credit on the right. Assets and expenses have normally debit balances and liability, equity and revenue accounts have normally credit balance.
To prepare:
Journal Entries for the given transaction.
To determine
Accounting Equation: Accounting equation is also known as balance sheet equation. Accounting equation is based on the principles of double entry system of accounting. The accounting equation is as follows
Journal: A journal is the complete record of a financial transaction which shows the debit and credit of respective accounts for every transaction including the explanation of the transaction.
T-Accounts: An account is a unique record of increases or decreases in any asset, liability, equity, revenues or expenses. T-accounts are drawn to resemble a T-shape with debit on the left and credit on the right. Assets and expenses have normally debit balances and liability, equity and revenue accounts have normally credit balance.
To prepare:
T-accounts for the given transactions.
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Students have asked these similar questions
Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (1) $10,000 cash, (2) equipment worth $80,000, and (3) to assume responsibility for a $28,000 note payable related to the equipment. For this transaction, (a) analyze the transaction using the accounting equation, (b) record the transaction in journal entry form, and (c) post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts—account numbers in parentheses: Cash (101); Supplies (124); Equipment (167); Accounts Payable (201); Note Payable (245); Owner, Capital (301); and Revenue (404).
Groro Co. Bills a client $62,000 for services provided and agrees to accept the following 3 items as full payment $10,000 cash, equipment worth $80,000 and to assume responsibility for a $28,000 note payable related to the equipment.
question: record the transaction in journal entry form.
date
general journal
debit
credit
general journals are either cash,equipment revenue, supplies, accounts payable, note payable, common stock or revenue
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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