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Concept explainers
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:
the T-accounts for the given 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.
Trial Balance: The trial balance is prepared after all the transactions have been posted to the general ledger. The trial balance shows the list of all accounts shown separately in debit and credit balances and the total of all debits should be equal to the total of all credits.
To prepare:
Trial Balance of given company.
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Chapter D Solutions
Managerial Accounting
- Sage Learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the month are as follows: Instructions 1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. 2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b. What is the balance of the accounts receivable controlling account at July 31? 4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?arrow_forwardThe general ledger of Jay Consulting shows the following balances at July 31: Jay has asked you to develop a worksheet that will serve as a trial balance (file name PTB). Use the data provided as input for your model. Review the Model-Building Problem Checklist on page 154 to ensure that your worksheet is complete. Print the worksheet when done. Check figure: Total debits, 17,731. To test your model, use the following balances at August 31: Print the worksheet when done. Check figure: Total debits, 18,810. CHART (optional) Using the test data worksheet, prepare a pie chart showing the percentage of each asset to total assets. Print the chart when done.arrow_forwardRequired: Part 1. Prepare a journal entry to record each transaction. You must provide a short explanation for each transaction. Part 2. Setup appropriate T-accounts. All accounts begin with 0 balances. Part 3. Record in the T-accounts the effects of each transaction for Sydney Stables in April, referencing each transaction in the accounts with the transaction letter. Show the ending balances in the T-accounts. Part 4. Prepare a trial balance. Part 5. Prepare a statement of earnings, a statement of shareholders’ equity and a statement of financial position for the month ended April 30, 2020.arrow_forward
- Oriole Products uses both special journals and a general journal. Oriole also posts customers' accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below. Estes Bal. 305 245 Truong 0 Bal. 225 Gehrke Bal. 275 170 Weiser Bal. 155 310 160 230 225 275 155 Determine the correct amount of the end-of-month posting from the sales journal to the Accounts Receivable control account.arrow_forwardYou are tasked to perform cut-off procedures for expenses and its related payable. In testing the completeness/cut-off assertion, what document would you most likely inspect? Choices Accounts payable subsidiary ledger. Purchase journal 15 days before and 15 days after report date. Cash disbursement journal 15 days before and 15 days after report date. Vendor invoice register 15 days before and 15 days after report date.arrow_forwardYou are tasked to perform cut-off procedures for expenses and its related payable. In testing the completeness/cut-off assertion, what document would you most likely inspect? A. Vendor invoice register 15 days before and 15 days after report date. B. Cash disbursement journal 15 days before and 15 days after report date. C. Accounts payabie subsidiary ledger. D. Purchase journal 15 days before and 15 days after report date.arrow_forward
- Marx Supply uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of April. Identify the journal in which each transaction should be recorded. ***Questions in Image Below**** (pick 1 from the 4 options for each problem)arrow_forwardComplete the ledger T-accounts, find december 1 balances and post the December transactions.arrow_forwardComplete the necessary December 31 journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.arrow_forward
- Select the best answer for the question 12. One of the primary purposes of preparing a trial balance is to O A. rearrange the accounts in alphabetical order OB. determine that the total dollar amount of the debits equals the total dollar ambam of the credits OC. ensure that the number of accounts with debit balances is equal to the number of accounts with credit balances OD. prepare the accounts for posting to the ledger # Mark for review (Will be highlighted on the review page) << Previous Question Type here to search Next Questio Oarrow_forwardTransactions are first journalized and then posted to ledger accounts. In this exercise, however,your understanding of the relationship between the journal and the ledger is tested by asking you tostudy some ledger accounts and determine the journal entries that probably were made to producethese ledger entries. The following accounts show the first six transactions of Avenson InsuranceCompany. Prepare a journal entry (including a written explanation) for each transaction. Cash VehiclesNov. 1 120,000 Nov. 8 33,600 Nov. 30 9,400Nov. 25 12,000Nov. 30 1,400Land Notes PayableNov. 8 70,000 Nov. 25 12,000 Nov. 8 95,000Nov. 30 8,000Building Accounts PayableNov. 8 58,600 Nov. 21 480 Nov. 15 3,200Office Equipment Capital StockNov. 15 3,200 Nov. 21 480 Nov. 1 120,000arrow_forwardRearrange the following steps in the accounting cycle in proper sequence: Transactions are analyzed and recorded in the journal. An unadjusted trial balance is prepared. Transactions are posted to the ledger. Adjustment data are assembled and analyzed. An adjusted trial balance is prepared. Adjusting entries are journalized and posted to the ledger. An optional end-of-period spreadsheet is prepared. A post-closing trial balance is prepared. Financial statements are prepared. Closing entries are journalized and posted to the ledger.arrow_forward
- Excel Applications for Accounting PrinciplesAccountingISBN:9781111581565Author:Gaylord N. SmithPublisher:Cengage LearningFinancial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
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