CengageNOWv2, 2 terms Printed Access Card for Warren/Reeve/Duchac’s Financial & Managerial Accounting, 14th
14th Edition
ISBN: 9781337270755
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 2, Problem 2.13EX
Identifying transactions
Napa Tours Co. is a travel agency. The nine transactions recorded by Napa Tours during April 2018, its first month of operations, are indicated in the following T accounts:
Indicate for each debit and each credit: (A) whether an asset, liability, stockholders’ equity, dividend, revenue, or expense account was affected and (B) whether the account was increased (+) or decreased (−). Present your answers in the following form, with transaction (1) given as an example:
| Account Debited | Account Credited | |||
| Transaction | Type | Effect | Type | Effect |
| (1) | asset | + | Stockholders’ equity | + |
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The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems.
Required: Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Assume this is a year in which February has 28 days.
2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of $1,196,500 to the retained earnings account. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.
PAGE 10
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
2
3
4
5
6
7
8
9
10
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14…
The following selected transactions were completed during August of the current year:
Transactions
Aug.
1
Billed customers for fees earned, $73,900.
4
Purchased supplies on account, $1,960.
8
Received cash from customers on account, $62,770.
11
Paid creditors on account, $820.
Required:
A.
Journalize these transactions in a two-column journal. Refer to the T-Accounts for exact wording of account titles.
B.
Post the entries prepared in (A) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, select the appropriate date.
C.
Assume that the unadjusted trial balance on August 31 shows a credit balance for Accounts Receivable. Does this credit balance mean that an error has occurred?
Chapter 2 Solutions
CengageNOWv2, 2 terms Printed Access Card for Warren/Reeve/Duchac’s Financial & Managerial Accounting, 14th
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