College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 2, Problem 12SPB
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Select 30 transactions of various kinds such as sales, costs (direct and indirect),revenues earned, revenue received in advance, expenses incurred, paid in advance, outstanding expenses, assets (current, non-current), liabilities (current, long term), Equity and so on.1. Record those transactions in journal2. post them to ledger
Select 30 transactions of various kinds such as sales, costs (direct and indirect), revenues earned, revenue received in advance, expenses incurred, paid in advance, outstanding expenses, assets (current, non-current), liabilities (current, long term), Equity and so on.1. Record those transactions in journal,2. post them to ledger,3. Transfer the balances in trail balance,4. Prepare income statement and balance sheet.5. Follow the proper format considering IAS-1.6. Explanation: At the end, apply the concepts such as long term assets, capital or revenueincomes or expenses and their treatment involved in your above requirements
Transactions of Mr. Akram travel world business
Mr Akram started business with cash for rs 400,000.
Paid wages rs 20,000.
Paid office rent in advance 2000.
Paid rs 10000 for insurance in advance.
Babar and sons paid 2500 for goods on advance.
Purchased office equipment on credit rs 5000.
Paid 7000 for advertising expenses.
Paid 3000 to accounts payable.
Provided…
These financial statement items are for Wildhorse Co. at year-end, July 31, 2017.
$ 3,880
Salaries and wages payable
Salaries and wages expense
59,200
Supplies expense
17,000
Equipment
20,300
Accounts payable
4,100
Service revenue
67,800
Rent revenue
9,900
Notes payable (due in 2020)
2,900
Common stock
16,000
Cash
30,900
Accounts receivable
10,880
Accumulated depreciation-equipment
7,600
Dividends
4,000
Depreciation expense
5,600
Retained earnings (beginning of the year)
35,700
Chapter 2 Solutions
College Accounting, Chapters 1-27
Ch. 2 - Prob. 1TFCh. 2 - Accounts Payable is an example of an asset...Ch. 2 - According to the business entity concept,...Ch. 2 - The accounting equation (Assets = Liabilities +...Ch. 2 - When an asset increases, a liability must also...Ch. 2 - Expenses represent outflows of assets or increases...Ch. 2 - When total revenues exceed total expenses, the...Ch. 2 - An increase to which of these accounts will...Ch. 2 - When delivery revenue is earned in cash, which...Ch. 2 - When delivery revenue is earned on account, which...
Ch. 2 - When payment is made on an existing debt, which...Ch. 2 - Which of the following accounts does not appear on...Ch. 2 - Checkpoint Exercises Label each of the following...Ch. 2 - What is missing from the accounting equation...Ch. 2 - What are the effects of the following transactions...Ch. 2 - Classify the following accounts as assets (A),...Ch. 2 - Name and define the six major elements of the...Ch. 2 - Name and define the six major elements of the...Ch. 2 - List the three basic questions that must be...Ch. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - What are the three basic phases of the accounting...Ch. 2 - SERIES A EXERCISES ACCOUNTING ELE MENT S Label...Ch. 2 - Prob. 2SEACh. 2 - Assets following (d): 32,200 EFFECTS OF...Ch. 2 - EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS)...Ch. 2 - FINANCIAL STATEMENT ACCOUNTS Label each of the...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET INCOME...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET INCOME...Ch. 2 - SERIES A PROBLEMS THE ACCOUNTING EQUATION Dr. John...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - ACCOUNTING ELEMENTS Label each of the following...Ch. 2 - THE ACCOUNTING EQUATION Using the accounting...Ch. 2 - EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS)...Ch. 2 - EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS)...Ch. 2 - FINANCIAL STATEMENT ACCOUNTS Label each of the...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET INCOME...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET LOSS...Ch. 2 - SERIES B PROBLEMS THE ACCOUNTING EQUATION Dr....Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION...Ch. 2 - STATEMENT OF OWNERS EQUITY Based on Problem 2-9B,...Ch. 2 - BALANCE SHEET Based on Problem 2-9B, prepare a...Ch. 2 - Prob. 1MYWCh. 2 - Prob. 1MPCh. 2 - CHALLENGE PROBLEM In this chapter, you learned...
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- please answer with working please answer with everything like explanation , computation , formulation with steps no copy paste please answer in text not image thanks need complete and correct answer please remember answer all or leave answer correct or skip Follow the instructions and Prepare journal entries.arrow_forwardBalance Sheet Prepare a vertical analysis of the balance sheets for Year 4 and Year 3. Note: Percentages may not add exactly due to rounding. Round your answers to 2 decimal places. (L.e., .2345 should be entered as 23.45). Assats Current assets Cash Income Statement Marketable securities Accounts receivable (net) Inventories Prepaid Items Total current assets Investments Plant (net) Land Total long-term assets Total assets Liabilities and stockholders' equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable Total current liabilities Noncurrent liabilities Bonds payable Other FANNING COMPANY Vertical Analysis of Balance Sheeta Year 4 Total noncurrent liabilales Total abilities Stockholders' equity Preferred stock (par value $10, 4% cumulative, nonparticipating: 6,600 shares authorized and issued) Common stock (no par; 50,000 shares authorized; 10,000 shares issued) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity…arrow_forwardPrepare journal entries to record the December transactions in the General Journal Tab in the excel template file Use the following accounts as appropriate: Cash. Land. Notes Payable. Depreciation Expense. Accounts Receivable. Accumulated Depreciation. Common Stock. Salaries Expense. Supplies. Accounts Payable. Retained Earnings. Supplies Expense. Prepaid Insurance. Deferred Revenue. Dividends. Rent Expense. Equipment. Salaries Payable. Service Revenue. Insurance Expense 1-Dec: Issue common stock in exchange for cash of $6,000. 1-Dec: Paid the premium in advance on a one-year insurance policy, $480. 1-Dec: Purchased Equipment for $3,600 cash. 5-Dec: Purchased office supplies from XYZ Company on account, $400. 15-Dec: Provided services to customers for $5,400 cash. 16-Dec: Provided services to customer ABC Inc. on account, $2,500. 17-Dec: Received $800 cash in advance from a customer for services to be provided in January. 22-Dec: Paid $220 to XYZ company for the Dec 5 purchase on…arrow_forward
- Balance Sheet Prepare a horizontal analysis of the balance sheet for Year 4 and Year 3. Note: Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (1.e., .234 should be entered as 23.4). Assets Current assets Cash Income Statement Marketable securities Accounts receivable (net) Inventories Prepaid Items Total current assets Investments Plant (net) Total long-term assets Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Terlam Notes payable Accounts payable Salaries payable Total current liabilites Noncurrent liabilities Bonds payable Other Total noncurrent liabilities Total abilities Stockholders' equity FRANKLIN COMPANY Horizontal Analysis of Balance Sheets Preferred stock (par value $10, 4% cumulative, nonparticipating: 6,300 shares authorized and issued) EMAIA Common stock (no par; 50,000 shares authorized, 10,000 shares issued) Retained earnings Total stockholders' equity Total habilities & stockholders equity…arrow_forwardSCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-12B, prepare a schedule of accounts receivable for Paul Jackson as of April 30, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forwardQUESTION 2 Study the following transactions that occurred during August 2022 for Renwick & Co. Aug 2 - Renwick & Co. sold 40 office desks costing $2,000 each, at a unit price of $4,500 to Shams Ltd. Terms: 2/10, n/30. Aug 7- Shams Ltd. Returned for full credit 6 of the desks acquired on August 2 because they were of the incorrect size and style. Aug 8 - Renwick & Co. returned the office desks to its inventory. Aug 9 - Renwick & Co. received payment by cheque from Shams Ltd. for 30 office desks. Aug 27 - Renwick & Co. received payment in cash from Shams Ltd. in full settlement for the remaining office desks acquired on August 2. Renwick & Co. uses the net method to record sales and cash discounts and the perpetual inventory system. You may copy and paste from this list: Accounts receivable Discount Interest income Bad debt expense Bank Cash Cost of Goods Sold COGS REQUIRED: Interest receivable Inventory Notes receivable Par Premium Sales discounts Sales discounts forfeited Sales returns…arrow_forward
- Multiple choicearrow_forwardAccess the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific citation for each of the following items:1. What is the balance sheet classification for a note payable due in six months that was used to purchase abuilding?arrow_forwardSCHEDULE OF ACCOUNTS RECEIVABLE From the accounts receivable ledger shown, prepare a schedule of accounts receivable for Gelph Co. as of November 30, 20--.arrow_forward
- Sorensen Company Lucas Company Dr. Cr. Dr. Cr. Cash $14,000 $12,000 Accounts receivable 17,500 26,000 Allowance for doubtful accounts $3,000 $4,400 Inventory 26,500 18,400 Equipment 45,000 29,000 Accumulated depreciation-equipment 24,000 11,000 Notes payable 18,000 15,000 22,000 31,000 Accounts payable Sorensen, capital 36,000 24,000 Lucas, capital $103,000 $103,000 $85,400 $85,400 Sorensen and Lucas decide to form a partnership, Solu Company, with the following agreed upon valuations for noncash assets. Sorensen Company Lucas Company $17,500 $26,000 Accounts receivable 4,500 4,000 Allowance for doubtful accounts 28,000 20,000 Inventory 25,000 15,000 Equipment All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships.arrow_forwardPrepare the following financial reports for the month of January 2020: a) Income Statement b) Balance Sheet c) Statement of Financial Position d) Statement of Cash Flows See the tabulation table.arrow_forwardPersonal Financial Statement Project For the Personal Financial Statement Project: 1. Record the events on the next page in the accompanying formula worksheet 2. Write out the journal entries for the events on the next page 3. Create the financial statements with the ending information from the worksheet 4. Once you have your Financial Statements completed, please make a comment or two in the online text input box about what the information is telling you Event List 1. Opened a bank account with previously earned (retained earnings) money for $100,000 2. Bought a house by paying $75,000 down in cash and taking a loan of $225,000 3. Bought a vehicle by paying $1,000 down in cash and taking a loan of $44,000 4. Worked (performed services) to clients for $80,000 cash 5. Paid for materials used (expense) in the services performed with cash for $50,000 6. Paid for repairs and utilities of the house and vehicle (just regular expenses) with cash for $8,500 7. During the year, you paid $5,000…arrow_forward
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