Horngren's Accounting
11th Edition
ISBN: 9780133851151
Author: MILLER-NOBLES, Tracie L., Mattison, Brenda., Matsumura, Ella Mae, Horngren, Charles T.
Publisher: Pearson,
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Chapter 1, Problem E1.33E
Use the following information to answer Exercises E1−31 through E1−33.
The account balances of Wilford Towing Services at June 30, 2016, follow:
| Equipment |
$ 17,500 |
Service Revenue |
$ 13,000 |
| Office Supplies |
1,300 |
8,200 |
|
| Notes Payable |
6,900 |
Accounts Payable |
6,000 |
| Rent Expense |
800 |
Wilford, Capital, June 1, 2016 |
7,700 |
| Cash |
1,900 |
Salaries Expense |
1,900 |
| Wilford Withdrawals |
2,000 |
E1-33 Preparing the
- Prepare the balance sheet for Wilford Towing Service as of June 30. 2016
- What does the balance sheet report?
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When examining the accounts of Palma Company, you ascertain that balance relating to bothreceivables and payables are included in a single controlling account (called receivables),which has a P23,050 debit balance. An analysis of the details of this account revealed thefollowing:
Items
Debit
Credit
Accounts Receivable - customers
P 40,000
Accounts receivable - officers (Current collection expected)
2,500
Debit balances - creditors
450
Expense advances to salespersons
1,000
Share capital subscriptions receivable
4,600
Accounts payable for merchandise
P 19,250
Unpaid salaries
3,300
Credit balance in customer accounts
2,000
Cash received in advance from customers for goods not yet shipped
450
Expected bad debts, cumulative
500
Required:1. Give the journal entry to eliminate the above account and to set up the appropriateaccounts to replace it.
When examining the accounts of Palma Company, you ascertain that balance relating to bothreceivables and payables are included in a single controlling account (called receivables),which has a P23,050 debit balance. An analysis of the details of this account revealed thefollowing:
Items
Debit
Credit
Accounts Receivable - customers
P 40,000
Accounts receivable - officers (Current collection expected)
2,500
Debit balances - creditors
450
Expense advances to salespersons
1,000
Share capital subscriptions receivable
4,600
Accounts payable for merchandise
P 19,250
Unpaid salaries
3,300
Credit balance in customer accounts
2,000
Cash received in advance from customers for goods not yet shipped
450
Expected bad debts, cumulative
500
Required:1. How should each item be reported on Palma Company’s statement of financial position?
1. On September 1, 2021, Lily Company had an initial accounts receivable control
account balance of $72,000. The subsidiary ledger contains 3 accounts: Jasmine
Company, balance $25,200; Sunflower Company, balance $14,400; and Orchid
Company. The following were information regarding Lily Company's accounts
receivable during September.
Purchases
Payments
Returns
Jasmine Company
$57,500
$50,000
$2,000
Sunflower Company
$82,000
$32,800
$ -
Orchid Company
$43,700
$52,000
$ -
Instructions:
What was the September 1 balance in the Orchid Company subsidiary account?
b. What was the September 30 balance in the control account?
c. Compute the balance in the subsidiary accounts at the end of the month!
d. Which September transaction would not be recorded in the four common types of
the special journal?
Chapter 1 Solutions
Horngren's Accounting
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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I rhr JoUou'ing ittfonnatioH to antovr Short...Ch. 1 - Irhr JoUou'ing ittfonnatioH to antovr Short...Ch. 1 - Prob. S1.15SECh. 1 - Prob. S1.16SECh. 1 - Prob. E1.17ECh. 1 - Prob. E1.18ECh. 1 - 1. Accounting equation a. An economic resource...Ch. 1 - Prob. E1.20ECh. 1 - Prob. E1.21ECh. 1 - Prob. E1.22ECh. 1 - Prob. E1.23ECh. 1 - Prob. E1.24ECh. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Prob. E1.29ECh. 1 - Preparing the financial statements Learning...Ch. 1 - Prob. E1.31ECh. 1 - Prob. E1.32ECh. 1 - Use the following information to answer Exercises...Ch. 1 - Prob. E1.34ECh. 1 - Prob. E1.35ECh. 1 - Prob. E1.36ECh. 1 - Prob. E1.37ECh. 1 - Prob. E1.38ECh. 1 - Prob. E1.39ECh. 1 - Prob. P1.40APGACh. 1 - Prob. P1.41APGACh. 1 - Prob. P1.42APGACh. 1 - Prob. P1.43APGACh. 1 - Prob. P1.44APGACh. 1 - Prob. P1.45APGACh. 1 - Prob. P1.46APGACh. 1 -
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