Horngren's Financial & Managerial Accounting, The Financial Chapters (6th Edition)
6th Edition
ISBN: 9780134486840
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 2.15E
Analyzing and journalizing transactions
As the manager of Margarita Mexican Restaurant, you must deal with a variety of business transactions. Provide an explanation for the following transactions:
a. Debit Equipment and credit Cash.
b. Debit Dividends and credit Cash.
c. Debit Wages Payable and credit Cash.
d. Debit Equipment and credit Common Stock.
e. Debit Cash and credit Unearned Revenue.
f. Debit Advertising Expense and credit Cash.
g. Debit Cash and credit Service Revenue.
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As the manager of Margatita Mexican Restaraunt, you must deal with business transactions. Provide an explanation for the following transactions
A. debit equipment and credit cash
B. debit Garcia, withdrawals and credit cash
C. Debit wages payable and credit cash
D. debit equipment and credit garcia, capital
E. debit cash and credit unearned revenue
F. debit advertising expense and credit cash
G. debit cash and credit service revenue
Which of the following transaction will be correct in regards to Source document of a Business?
a.
cash received from customer will be recorded in cash disbursement journal
b.
Credit Purchase will be recorded in Purchase day book
c.
Cash paid to supplier will be recorded in a cash receipt journal
d.
Goods returned to supplier will be recorded in sales journal
Chapter 2 Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters (6th Edition)
Ch. 2 - The detailed record of the changes in a particular...Ch. 2 - Which of the following accounts is a liability? a....Ch. 2 - The left side of an account is used to record...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 5QCCh. 2 - Prob. 6QCCh. 2 - Posting a 2,500 purchase of office supplies on...Ch. 2 - Prob. 8QCCh. 2 - Which sequence correctly summarizes the accounting...Ch. 2 - Nathville Laundry reported assets of 800 and...
Ch. 2 - Identify the three categories of the accounting...Ch. 2 - What is the purpose of the chart of accounts?...Ch. 2 - What does a ledger show? Whats the difference...Ch. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - When are credits increases? When are credits...Ch. 2 - Prob. 8RQCh. 2 - What are source documents? Provide examples of...Ch. 2 - Prob. 10RQCh. 2 - Explain the five steps in journalizing and posting...Ch. 2 - Prob. 12RQCh. 2 - Prob. 13RQCh. 2 - What is the purpose of the trial balance?Ch. 2 - Prob. 15RQCh. 2 - If total debits equal total credits on the trial...Ch. 2 - What is the calculation for the debt ratio?...Ch. 2 - Identifying accounts Consider the following...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying normal balances For each account,...Ch. 2 - Prob. 2.4SECh. 2 - S2-5 Journalizing transactions
John Daniel opened...Ch. 2 - S2-6 Journalizing transactions
Harper Sales...Ch. 2 - Prob. 2.7SECh. 2 - Prob. 2.8SECh. 2 - Prob. 2.9SECh. 2 - Using accounting vocabulary March the accounting...Ch. 2 - Creating a chart of accounts Raymond Autobody Shop...Ch. 2 - Identifying accounts, increases in accounts, and...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying source documents For each transaction,...Ch. 2 - Analyzing and journalizing transactions As the...Ch. 2 - Use the following information to answer Exercises...Ch. 2 - Prob. 2.17ECh. 2 - Use the following information to answer Exercises...Ch. 2 - Use the following information to answer Exercises...Ch. 2 - Analyzing transactions from T-accounts The first...Ch. 2 - Prob. 2.21ECh. 2 - E2-22 Preparing a trial balance
The accounts of...Ch. 2 - Prob. 2.23ECh. 2 - Prob. 2.24ECh. 2 - Prob. 2.25ECh. 2 - Prob. 2.26ECh. 2 - Prob. 2.27ECh. 2 - Prob. 2.28ECh. 2 - P2-29A Journalizing transactions, posting journal...Ch. 2 - P2-30A Journalizing transactions, posting journal...Ch. 2 - Prob. 2.31APCh. 2 - Prob. 2.32APCh. 2 - Prob. 2.33APCh. 2 - Prob. 2.34APCh. 2 - Prob. 2.35BPCh. 2 - Prob. 2.36BPCh. 2 - Prob. 2.37BPCh. 2 - Prob. 2.38BPCh. 2 - Prob. 2.39BPCh. 2 - Prob. 2.40BPCh. 2 - Prob. 2.42CPCh. 2 - Prob. 2.43PSCh. 2 - Prob. 2.1TICh. 2 - Your friend, Dean McChesney, requested that you...Ch. 2 - Prob. 2.1EICh. 2 - Roy Akins was the accounting manager at Zelco, a...Ch. 2 - Prob. 2.1FSCCh. 2 - In 35 words or fewer, explain the difference...
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- The business is using special journals aside from the general journal. The general journal is used to record A. Cash refund for goods returned B. Purchases of supplies for cash C. Cash withdrawal of the owner D. Credit memo for goods returned by customersarrow_forwardGive typing answer with explanation and conclusionarrow_forwardA. Classify the transactions in the box to the appropriate journal where it will be recorded. (Please refer to the picture.)arrow_forward
- A. Classify the transactions in the box to the appropriate journal where it will be recorded. (Please refer to the picture.)arrow_forwardAnswer the following questionsYou were hired to assist Oman based Company in designing an accounting system for Oman Co., Ltd. has developed a list of the journals, ledgers, reports and documents that he thinks Oman Co., Ltd. The company asks you to complete the following tasks:c) Design a report to assist in managing credit sales and cash collections.d) What types of journals, ledgers and blank forms for various documents ( Sales invoices, purchase orders etc)arrow_forwardes Identify the source document for NDX Company in each of the following accounting processes. Accounting processes a. A customer purchases merchandise with a credit card. NDX uses the electronic sales receipt to record transaction details in its accounting system. b. NDX purchases goods and receives a bill from the supplier. Details from the bill are captured and entered in the accounting database, which is stored in the cloud. c. An NDX employee receives a bank statement each month on her company e-mail. The statement is used to record bank fees incurred for that month. Source documents Credit card Bill from supplier Bank statementarrow_forward
- A credit note is used as documentation in a business for journal entry that requires a debit to Select one: A. accounts receivable and credit to returns inwards B. returns inwards and credit to accounts receivables C. accounts receivable and credit to sales D. returns outwards and credit to accounts payablearrow_forwardMatch each of the transactions below with the most appropriate journal for recording that transaction. Sold merchandise to customers on account. Sold merchandise to customers for cash. Received a check from a customer as payment on account. Recorded depreciation expense on equipment. The owner withdrew cash from the business for personal expenses. [Choose ] ✓ [Choose ] O General Journal Sales Journal Cash Receipts Journal Cash Payments Journal [Choose]arrow_forwardProvide an explanation for the following transactions: Thanks!arrow_forward
- 1.The accounts payable subsidiary ledger provides detailed information about amounts owed to individual creditors. Group of answer choices True False 2. Top management is also responsible for longer-term planning and executing them on a daily operation. Group of answer choices True False 3. A cash receipts journal is used to record all transactions involving cash coming into the business, regardless of the source. Group of answer choices True False 4. As with a manual accounting system, transactions are entered into a computerised system from source documents. Group of answer choices True False 5.The total of the balances in the accounts receivable subsidiary ledger should agree with the total of the balances in the accounts payable subsidiary ledger Group of answer choices True False pls answer all i will upvote.arrow_forwardRECORDING TRANSACTIONS IN THE PROPER JOURNAL Identify the journal (sales, cash receipts, purchases, cash payments, or general) in which each of the following transactions should be recorded: (a) Sold merchandise on account. (b) Purchased delivery truck on account for use in the business. (c) Received payment from customer on account. (d) Purchased merchandise on account. (e) Issued check in payment of electric bill. (f) Recorded depreciation on factory building.arrow_forwardYou just posted a credit to Sales and a debit to Cash. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journalarrow_forward
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