CONNECT CODE F/FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781260685978
Author: PHILLIPS
Publisher: MCGRAW-HILL CUSTOM PUBLISHING
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Textbook Question
Chapter 2, Problem 15ME
Identifying Transactions and Preparing
Joel Henry founded Bookmart.com at the beginning of August, which sells new and used books online. He is passionate about books but does not have a lot of accounting experience. Help Joel by preparing journal entries for the following events. If the event is not a transaction, write “no transaction.”
- a. The company purchased equipment for $4,000 cash. The equipment is expected to be used for 10 or more years.
- b. Joel’s business bought $7,000 worth of inventory from a publisher. The company will pay the publisher within 45-60 days.
- c. Joel’s friend Sam lent $4,000 to the business. Sam had Joel write a note promising that bookmart.com would repay the $4.000 in four months. Because they are good friends, Sam is not going to charge Joel interest.
- d. The company paid $1,500
cash for books purchased on account earlier in the month. - e. Bookmart.com repaid the $4,000 loan established in (c).
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Joel Henry founded Bookmart.com at the beginning of August, which sells new and used booksonline. He is passionate about books but does not have a lot of accounting experience. Help Joelby preparing journal entries for the following events. If the event is not a transaction, write “notransaction.”a. The company purchased equipment for $4,000 cash. The equipment is expected to be used for10 or more years.b. Joel’s business bought $7,000 worth of inventory from a publisher. The company will pay thepublisher within 45–60 days.c. Joel’s friend Sam lent $4,000 to the business. Sam had Joel write a note promising thatbookmart.com would repay the $4,000 in four months. Because they are good friends, Sam isnot going to charge Joel interest.d. The company paid $1,500 cash for books purchased on account earlier in the month.e. Bookmart.com repaid the $4,000 loan established in ( c )
Having trouble understanding a general ledger. I need a visualization of how to do a general ledger. I am the type of person who learns with examples at hand. Here is the information that I’m working with
Scenario:
One year ago, Allan Thorpe founded Alcazar Sales Company, and the business has prospered. Allan comes to you for advice. He wishes to know how much net income the business earned during the past year. The accounting records consist of the T-accounts in the ledger, which were prepared by an accountant who has resigned from the company. The accounts at December 31, are as follows:
Cash
Accounts receivable
Dec 31 Bal
5,800
Dec 31 Bal
12,300
Prepaid rent
Supplies
2-Jan
2,800
2-Jan
2,600
Equipment
Accumulated depreciation- equipment
2-Jan
52,000
Accounts payable
Salary payable
Dec 31 Bal
18,500…
Chapter 2 Solutions
CONNECT CODE F/FINANCIAL ACCOUNTING
Ch. 2 - Define the following: a. Asset b. Current asset c....Ch. 2 - Define a transaction anti give an example of each...Ch. 2 - For accounting purposes, what is an account?...Ch. 2 - What is the basic accounting equation?Ch. 2 - Prob. 5QCh. 2 - Prob. 6QCh. 2 - Prob. 7QCh. 2 - What is a journal entry? What is the typical...Ch. 2 - What is a T-account? What is its purpose?Ch. 2 - Prob. 10Q
Ch. 2 - Prob. 11QCh. 2 - Which of the following is not an asset account? a....Ch. 2 - Which of the following statements describe...Ch. 2 - Total assets on a balance sheet prepared on any...Ch. 2 - The duality of effects can best be described as...Ch. 2 - The T-account is used to summarize which of the...Ch. 2 - Prob. 6MCCh. 2 - A company was recently formed with 50,000 cash...Ch. 2 - Which of the following statements would be...Ch. 2 - Prob. 9MCCh. 2 - Prob. 10MCCh. 2 - Prob. 1MECh. 2 - Prob. 2MECh. 2 - Matching Terms with Definitions Match each term...Ch. 2 - Prob. 4MECh. 2 - Prob. 5MECh. 2 - Prob. 6MECh. 2 - Prob. 7MECh. 2 - Identifying Events as Accounting Transactions Half...Ch. 2 - Determining Financial Statement Effects of Several...Ch. 2 - Preparing Journal Entries For each of the...Ch. 2 - Posting to T-Accounts For each of the transactions...Ch. 2 - Reporting a Classified Balance Sheet Given the...Ch. 2 - Prob. 13MECh. 2 - Prob. 14MECh. 2 - Identifying Transactions and Preparing Journal...Ch. 2 - Prob. 16MECh. 2 - Prob. 17MECh. 2 - Prob. 18MECh. 2 - Prob. 19MECh. 2 - Prob. 20MECh. 2 - Prob. 21MECh. 2 - Prob. 22MECh. 2 - Prob. 23MECh. 2 - Prob. 24MECh. 2 - Prob. 25MECh. 2 - Prob. 1ECh. 2 - Identifying Account Titles The following are...Ch. 2 - Classifying Accounts and Their Usual Balances As...Ch. 2 - Determining Financial Statement Effects of Several...Ch. 2 - Recording Journal Entries Refer to E2-4. Required:...Ch. 2 - Prob. 6ECh. 2 - Recording Journal Entries Refer to E2-6. Required:...Ch. 2 - Analyzing the Effects of Transactions in...Ch. 2 - Inferring Investing and Financing Transactions and...Ch. 2 - Analyzing Accounting Equation Effects, Recording...Ch. 2 - Recording Journal Entries and Preparing a...Ch. 2 - Analyzing the Effects of Transactions Using...Ch. 2 - Explaining the Effects of Transactions on Balance...Ch. 2 - Calculating and Evaluating the Current Ratio...Ch. 2 - Prob. 15ECh. 2 - Determining Financial Statement Effects of Various...Ch. 2 - Recording Transactions (in a Journal and...Ch. 2 - Recording Transactions (in a Journal and...Ch. 2 - Prob. 1PACh. 2 - Recording Transactions (in a Journal and...Ch. 2 - Recording Transactions (in a Journal and...Ch. 2 - Determining Financial Statement Effects of Various...Ch. 2 - Prob. 2PBCh. 2 - Recording Transactions (in a Journal and...Ch. 2 - Finding and Analyzing Financial Information Refer...Ch. 2 - Finding and Analyzing Financial Information Refer...Ch. 2 - Prob. 4SDCCh. 2 - Prob. 5SDCCh. 2 - Accounting for the Establishment of a Business...
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