College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 2, Problem 1A
To determine
List five transactions that should be recorded by Company S identify the accounts involved and state whether the accounts are debited or credited.
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PERFORMANCE WATER PUMPS
(CENTRALIZED SYSTEM WITH
DISTRIBUTED TERMINALS)
Performance Water Pumps (PWP) is a leading man-
ufacturer of water pumps with high capacity capabil-
ity. These pumps are used in both civil and private
disaster situations. PWP's primary market is disaster
recovery companies that assist home owners follow-
ing basement flooding. They also sell to building
contractors, municipalities, and rental companies.
The company publishes an industry catalog of
pumps and other auxiliary equipment, which it dis-
tributes to customers and prospective customers.
PWP's headquarters and manufacturing facilities
are in Leesville, Louisiana where they employ 125
manufacturing and clerical staff.
PWP employs a centralized computer system with
distributed terminals in the departments. Recently
they have been having operational problems with
PWP has hired your auditing firm to assess its
operations and internal control procedures.
Purchasing System
When an inventory item falls to…
Required information
[The following information applies to the questions displayed below.]
Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business
expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features
of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are
waterproof, so moisture from kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to
have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of
watches during the second half of 2025. All watches are sold for $509 each.
July 17
July 31
August 12
August 22
Purchased 59 watches for $9,381 ($159 per watch) on account.
Sold 49 watches for $24,941 cash.
Purchased 49 watches for $8,281 ($169 per watch) cash.
Sold 39 watches for $19,851 on account.
September 19…
Chapter 2 Solutions
College Accounting (Book Only): A Career Approach
Ch. 2 - Determine the balance of the following T account:
...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 3QYCh. 2 - R. Nelson invests his personal computer, with a...Ch. 2 - When preparing a trial balance, which of the...Ch. 2 - What would be the net income for Floress Catering?...Ch. 2 - On which financial statement(s) would R. Flores,...Ch. 2 - What is the amount of ending capital shown on the...Ch. 2 - Floress Catering purchased equipment that cost...Ch. 2 - Prob. 1DQ
Ch. 2 - Explain why the term debit doesnt always mean...Ch. 2 - Prob. 3DQCh. 2 - How are the three financial statements shown in...Ch. 2 - Prob. 5DQCh. 2 - List two reasons why the debits and credits in the...Ch. 2 - Prob. 7DQCh. 2 - What do we mean when we say that capital, drawing,...Ch. 2 - On a sheet of paper, draw the fundamental...Ch. 2 - List the classification of each of the following...Ch. 2 - R. Dalberg operates Dalbergs Tours. The company...Ch. 2 - During the first month of operation, Graham...Ch. 2 - Speedy Sewing Services, owned by T. Nguyen, hired...Ch. 2 - During the first month of operations, Landish...Ch. 2 - The following errors were made in journalizing...Ch. 2 - Would the following errors cause the trial balance...Ch. 2 - During December of this year, G. Elden established...Ch. 2 - B. Kelso established Computer Wizards during...Ch. 2 - S. Myers, a speech therapist, opened a clinic in...Ch. 2 - On May 1, B. Bangle opened Self-Wash Laundry. His...Ch. 2 - The financial statements for Daniels Custom...Ch. 2 - During February of this year, H. Rose established...Ch. 2 - J. Carrie established Carries Photo Tours during...Ch. 2 - D. Johnston, a physical therapist, opened...Ch. 2 - On July 1, K. Resser opened Ressers Business...Ch. 2 - The financial statements for Baker Custom Catering...Ch. 2 - Prob. 1ACh. 2 - A fellow accounting student has difficulty...Ch. 2 - What Would You Do? A new bookkeeper cant find the...
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