Horngren's Accounting (11th Edition)
11th Edition
ISBN: 9780133856781
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem 14RQ
What are two ways that equity increases? What are the two ways that equity decreases?
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Transactions:
Dec.
3
Wrote off Langston Corporation’s past-due account as uncollectible, $645.75. M203.
9
Accepted a 90-day, 8% note from Farris Company for an extension of time on its account, $2,400.00. NR23.
18
Received cash from Storage Solutions for the maturity value of NR19, a 90-day, 9% note for $2,000.00. R455.
21
Coastal Supply dishonored NR21, a 90-day, 8% note, for $3,000.00. M245.
30
Received cash in full payment of Langston Corporation’s account, previously written off as uncollectible, $645.75. M232 and R463.
Task 1
Journalize the transactions for Miller Corporation in Questions Assets that were completed during December of the current year. Use page 12 of the general journal and page 12 of the cash receipts journal.
Task 2
Post each entry to the general ledger and to the customer accounts in the accounts receivable ledger. You will not need to make entries to the Item columns of the ledgers.
Task 3
Continue to…
Chapter 1 Solutions
Horngren's Accounting (11th Edition)
Ch. 1 - Prob. 1QCCh. 1 - Which of the following is not an external user of...Ch. 1 - Prob. 3QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the Learning Objective 5...
Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - A business purchases an acre of land for $5,000....Ch. 1 - What does the going concern assumption mean for a...Ch. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQCh. 1 - What is the accounting equation? Briefly explain...Ch. 1 - What are two ways that equity increases? What are...Ch. 1 - How is net income calculated? Define revenues and...Ch. 1 - What are the steps used when analyzing a business...Ch. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for ROA? Explain what ROA...Ch. 1 - Prob. S1.1SECh. 1 - Determining organizations that govern accounting...Ch. 1 - Identifying types of business organizations...Ch. 1 - Prob. S1.4SECh. 1 - Applying accounting assumptions and principles...Ch. 1 - Prob. S1.6SECh. 1 - Prob. S1.7SECh. 1 - Identifying accounts Learning Objective 3 Consider...Ch. 1 - Prob. S1.9SECh. 1 - Using the accounting equation to analyze...Ch. 1 - Identifying accounts on the financial statements...Ch. 1 -
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