Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 2, Problem 13QS
Summary Introduction
Concept Introduction:
Accounting has a formula that represents assets that are equal to the liabilities plus owner’s equity. Each year owner’s equity is calculated by after reducing and adding the profit or loss of the year. Net Income or profit is calculated by reducing expenses from revenues.
To prepare:
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Requirement:
Journalize the transactions using the ff. accounts: Cash; Accounts Receivable; Equipment; Furniture and Fixtures, Accounts Payable; L. Rosales, Capital; Delivery Revenue; Gas and Oil Expense; Advertising Expense, Rent Expense, Salaries Expenses. Record the journal entries in journal sheets in proper format.
The transactions for March 2021 of Lightning Package Delivery Company, owned by Lelong Rosales, are as follow:
March 1: Opened the company with initial investment of P536,000 Cash.
March 2: Paid P6,000 rent for March on a completely furnished building.
March 5: Paid cash for delivery trucks, P220,000.
March 9: Paid P2,200 for supplies received.
March 12: Performed delivery services for customers P27,000 on account.
March 15: Invested additional cash P105,200
March 20: Collected cash of P14,500 from customers on account (see March 12 entry).
March 21: Received a bill and paid for P1,200 for advertising in the local newspaper
March 27: Paid…
Required information
[The following information applies to the questions displayed below.]
NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a deposit of $95 per
keg: deposits are recorded in the Keg Deposits account.
d. Use the horizontal model, demonstrate accounting that would be appropriate for the cost of the kegs that are purchased and used
by NightWoundsTime Brewing Company, including how to account for unreturned kegs? Indicate the financial statement effect. (Enter
decreases with a minus sign to indicate a negative financial statement effect.)
solve full given problem
Chapter 2 Solutions
Loose Leaf for Financial Accounting: Information for Decisions
Ch. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Should a transaction be recorded first in a...Ch. 2 - Prob. 7DQCh. 2 - Why does the recordkeeper prepare a trial balance?Ch. 2 - Prob. 9DQCh. 2 - Prob. 10DQ
Ch. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Review the Apple balance sheet in Appendix A....Ch. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Identify the items from the following list that...Ch. 2 - Prob. 2QSCh. 2 - Prob. 3QSCh. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Prob. 11QSCh. 2 - In a recent year’s financial statements, Home...Ch. 2 - Prob. 13QSCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Enter the number for the item that best completes...Ch. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prepare general journal entries for the following...Ch. 2 - Prob. 12ECh. 2 - Assume the following Taccounts reflect Belle Co.’s...Ch. 2 - Prob. 14ECh. 2 - A corporation had the following assets and...Ch. 2 - Prob. 16ECh. 2 - Use the information in Exercise 216 to prepare an...Ch. 2 - Prob. 18ECh. 2 - Compute the missing amount for each of the...Ch. 2 - Prob. 20ECh. 2 - You are told the column totals in a trial balance...Ch. 2 - a. Calculate the debt ratio and the return on...Ch. 2 - Prob. 23ECh. 2 - Prob. 24ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Nuncio Consulting complete the following...Ch. 2 - Prob. 5PSBCh. 2 - Prob. 6PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1GLPCh. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Using transactions from the following assignments,...Ch. 2 - Prob. 1FSACh. 2 - Prob. 2FSACh. 2 - Prob. 3FSACh. 2 - Assume that you are a cashier and your manager...Ch. 2 - Prob. 2BTNCh. 2 - Access EDGAR online (SEC.gov) and locate the 2016...Ch. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
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