Financial Accounting
5th Edition
ISBN: 9780134728643
Author: Robert Kemp; Jeffrey Waybright
Publisher: Pearson Education (US)
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Textbook Question
Chapter 2, Problem 18AE
Balancing accounts and preparing a
The transactions for Zane’s Creations, Inc., for the month of January 2018 are posted in the following T-accounts:
| Cash | 111 | ||
| Jan 1 | 45,000 | Jan 2 | 1,400 |
| 6 | 1,250 | 4 | 6,000 |
| 23 | 2,700 | 9 | 400 |
| 15 | 900 | ||
| 26 | 4,800 | ||
| 28 | 425 | ||
| 29 | 1,150 | ||
| Bal | |||
| 112 | |||
| Jan 17 | 5,200 | Jan 23 | 2,700 |
| Bal | |||
| Supplies | 113 | ||
| Jan 3 | 750 | ||
| Bal | |||
| Equipment | 115 | |||
| Jan 4 | 6,000 | |||
| 26 | 4,800 | |||
| Bal | ||||
| Accounts Payable | 211 | ||
| Jan 9 | 400 | Jan 3 | 750 |
| Bal | |||
| Common Stock | 311 | ||||
| Jan 1 | 45,000 | ||||
| Bal | |||||
| Service Revenue | 411 | ||
| Jan 6 | 1,250 | ||
| 17 | 5,200 | ||
| Bal | |||
| Salaries Expense | 512 | |||
| Jan 15 | 900 | |||
| 29 | 1,150 | |||
| Bal | ||||
| Rent Expense | 504 | ||
| Jan 2 | 1,400 | ||
| Bal | |||
| Utilities Expense | 530 | ||
| Jan 28 | 425 | ||
| Bal | |||
Requirements
- 1. Calculate account balances at January 31, 2018.
- 2. Prepare the trial balance for Zane’s Creations, Inc., at January 31, 2018.
Quick solution:
- 1. Cash balance = $33,875
- 2. Trial balance total = $51,800
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Chapter 2 Solutions
Financial Accounting
Ch. 2 - The order in which assets were listed and...Ch. 2 - Prob. 2DQCh. 2 - How is revenue related to retained earnings?Ch. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Distinguish between journalizing and posting.Ch. 2 - True or false: If the trial balance is in balance,...Ch. 2 - When it is time to prepare the financial...
Ch. 2 - Which sequence of actions correctly summarizes the...Ch. 2 - Prob. 2SCCh. 2 - Prob. 3SCCh. 2 - Prob. 4SCCh. 2 - Prob. 5SCCh. 2 - Which journal entry records obtaining a bank loan...Ch. 2 - RV Wholesale, Inc., paid 1,200 for supplies and...Ch. 2 - Prob. 8SCCh. 2 - Prob. 9SCCh. 2 - Prob. 10SCCh. 2 - Prob. 11SCCh. 2 - Prob. 12SCCh. 2 - Prob. 1SECh. 2 - Prob. 2SECh. 2 - Prob. 3SECh. 2 - Prob. 4SECh. 2 - Accounting terminology (Learning Objectives 2, 3, ...Ch. 2 - Effects of debits and credits on accounts...Ch. 2 - Balancing accounts and normal balances (Learning...Ch. 2 - Types of accounts and effects of debits and...Ch. 2 - Re-creating journal entries from T-account...Ch. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 11SECh. 2 - Prob. 12SECh. 2 - Prob. 13SECh. 2 - Accounting terminology (Learning Objectives 1, 2,...Ch. 2 - Prob. 15AECh. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 17AECh. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Prob. 19AECh. 2 - Prob. 20AECh. 2 - Prob. 21AECh. 2 - Prob. 22AECh. 2 - Prob. 23BECh. 2 - Prob. 24BECh. 2 - Prob. 25BECh. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Recording transactions and preparing a trial...Ch. 2 - Prob. 28BECh. 2 - Prob. 29BECh. 2 - Prob. 30BECh. 2 - Prob. 31APCh. 2 - Prob. 32APCh. 2 - Journalizing, posting, and preparing a trial...Ch. 2 - Prob. 34APCh. 2 - Preparing a trial balance, income statement,...Ch. 2 - Prob. 36APCh. 2 - Prob. 37BPCh. 2 - Prob. 38BPCh. 2 - Prob. 39BPCh. 2 - Prob. 40BPCh. 2 - Prob. 41BPCh. 2 - Prob. 42BPCh. 2 - Prob. 1CECh. 2 - Prob. 1CPCh. 2 - Prob. 1CFSAPCh. 2 - Prob. 1EIACh. 2 - Prob. 2EIACh. 2 - Prob. 1FACh. 2 - Prob. 1IACh. 2 - Prob. 1SBACh. 2 - Prob. 1WC
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