FINANCIAL AND MANAGERIAL ACCOUNTING
9th Edition
ISBN: 2818440048890
Author: Wild
Publisher: MCG CUSTOM
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Question
Chapter 2, Problem 20E
To determine
Concept Introduction:
Whether debit or credit results indicated change for each of the given accounts.
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ACCT2401Instructions for CompletingComprehensive ProblemThe comprehensive problem provides an illustration of the basic accounting cycle. Studentsmust complete the following items for the first month of operation (January) and the secondmonth of operations (February). Hint: Complete all items listed below (#1-#11) for Januaryprior to starting February.1. Record transactions with journal entries in the General Journal.2. Post journal entries to the General Ledger.3. Prepare the trial balance before adjustment (on the worksheet).4. Prepare the adjusting journal entries.5. Post the adjusting entries to the General Ledger.6. Prepare the adjusted trial balance (on the worksheet).7. Complete the worksheet.8. Prepare closing journal entries.9. Post the closing entries to the General Ledger.10. Prepare the post-closing trial balance.11. Prepare the following financial statements:
Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are:
$ 44, 500
9,050
61,500
7,900
5,650
82, 000
152,000
32,750
47,500
100,000
150,000
97,850
Cash
Accounts Receivable
Inventory
Supplies
Notes Receivable (due in three years)
Equipment
Buildings
Land
Accounts Payable
Notes Payable (due in three years)
Common Stock
Retained Earnings
During the year, the company had the following summarized activities:
a. Purchased equipment that cost $25,350, paid $9,450 cash and signed a two-year note for the balance.
b. Issued an additional 2,600 shares of common stock for $26,000 cash.
c. Borrowed $61,000 cash from a local bank, payable June 30, in two years.
d. Purchased supplies for $6,200 cash.
e. Built an addition to the factory buildings for $69,750; paid $33,250 in cash and signed a three-year note for the balance.
f. Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked.
Guardian
Carpets Incorporated provided the following accounts related to beginning balances in its accounts receivable and allowance accounts for the current year:
Accounts Receivable
Beginning Balance
6,000,000
Allowance for Uncollectible
Accounts
2,000,000
Beginning Balance
Question content area top right
Part 1
Requirement
Prepare the journal entries to record the following transactions that occurred during the current year. Prepare a schedule for both accounts receivable and the allowance for uncollectible accounts that shows the beginning balances, the various items that change the beginning balance, and the ending balance.
Question content area bottom
Part 1
Prepare the journal entries to record the following transactions that occurred during the current year. (Record debits first, then credits. Exclude explanations from any journal…
Chapter 2 Solutions
FINANCIAL AND MANAGERIAL ACCOUNTING
Ch. 2 - Prob. 1QSCh. 2 - Prob. 2QSCh. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QS
Ch. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 16QSCh. 2 - Prob. 17QSCh. 2 - Prob. 18QSCh. 2 - Prob. 19QSCh. 2 - Exercise 2-1 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Exercise 2-20 Identifying effects of posting...Ch. 2 - Prob. 23ECh. 2 - Prob. 24ECh. 2 - Prob. 25ECh. 2 - Prob. 26ECh. 2 - Prob. 27ECh. 2 - Prob. 28ECh. 2 - Prob. 29ECh. 2 - Prob. 1PSACh. 2 - Problem 2-2A Preparing and posting journal...Ch. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 7PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Prob. 5PSBCh. 2 - Prob. 6PSBCh. 2 - Prob. 7PSBCh. 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 - Prob. 1.1AACh. 2 - Prob. 1.2AACh. 2 - Prob. 1.3AACh. 2 - Prob. 1.4AACh. 2 - Prob. 2.1AACh. 2 - Prob. 2.2AACh. 2 - Prob. 2.3AACh. 2 - Prob. 3.1AACh. 2 - Prob. 3.2AACh. 2 - Prob. 3.3AACh. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
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