CENGAGENOWV2 FOR WARREN'S FINANCIAL & M
CENGAGENOWV2 FOR WARREN'S FINANCIAL & M
13th Edition
ISBN: 9781305267848
Author: Duchac
Publisher: Cengage Learning
bartleby

Concept explainers

bartleby

Videos

Textbook Question
Book Icon
Chapter 2, Problem 2.1APR

Entries into T accounts and trial balance

Kimberly Manis, an architect, organized Manis Architects on January 1, 2016. During the month, Manis Architects completed the following transactions:

  • a. Issued common stock to Kimberly Manis in exchange for $ 15,000.
  • b. Paid January rent for office and workroom, $1,950.
  • c. Purchased used automobile for $28,500, paying $5,700 cash and giving a note payable for the remainder.
  • d. Purchased office and computer equipment on account, $4,500.
  • e. Paid cash for supplies, $1,875.
  • f. Paid cash for annual insurance policies, $3,600.
  • g. Received cash from client for plans delivered, $13,650.
  • h. Paid cash for miscellaneous expenses, $2,600.
  • i. Paid cash to creditors on account, $3,000.
  • j. Paid installment due on note payable, $950.
  • k. Received invoice for blueprint service, due in February, $3,750.
  • l. Recorded fees earned on plans delivered, payment to be received in February, $21,900.
  • m. Paid salary of assistants. $4,100.
  • n. Paid gas, oil, and repairs on automobile for January, $1,300.

Instructions

    1. 1. Record these transactions directly in the following T accounts, without journalizing: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Automobiles, Equipment, Notes Payable, Accounts Payable, Common Stock, Professional Fees, Salary Expense, Blueprint Expense, Rent Expense, Automobile Expense, Miscellaneous Expense, To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction.
    2. 2. Determine account balances of the T accounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance.
    3. 3. Prepare an unadjusted trial balance for Manis Architects as of January 31, 2016.
    4. 4. Determine the net income or net loss for January.
Blurred answer
Students have asked these similar questions
Hi expect please given answer general Accounting
Financial accounting questions
The brihtline manufacturing company produces floor solve this accounting questions

Chapter 2 Solutions

CENGAGENOWV2 FOR WARREN'S FINANCIAL & M

Ch. 2 - Prob. 2.1APECh. 2 - Rules of debit and credit and normal balances...Ch. 2 - Journal entry for asset purchase Prepare a journal...Ch. 2 - Journal entry for asset purchase Prepare a journal...Ch. 2 - Journal entry for fees earned Prepare a journal...Ch. 2 - Journal entry for fees earned Prepare a journal...Ch. 2 - Journal entry for dividends Prepare a journal...Ch. 2 - Journal entry for dividends Prepare a journal...Ch. 2 - Prob. 2.5APECh. 2 - Missing amount from an account On August 1, the...Ch. 2 - Prob. 2.6APECh. 2 - Trial balance errors For each of the following...Ch. 2 - Prob. 2.7APECh. 2 - Correcting entries The following errors took place...Ch. 2 - Prob. 2.8APECh. 2 - Prob. 2.8BPECh. 2 - Prob. 2.1EXCh. 2 - Chart of accounts Innerscape Interiors is owned...Ch. 2 - Chart of accounts LeadCo School is a newly...Ch. 2 - Rules of debit and credit The following table...Ch. 2 - Normal entries for accounts During the month,...Ch. 2 - Normal balances of accounts Identify each of the...Ch. 2 - Prob. 2.7EXCh. 2 - Prob. 2.8EXCh. 2 - Transactions and T accounts The following selected...Ch. 2 - Cash account balance During the month, Warwick Co....Ch. 2 - Account balances A. During February, 186,500 was...Ch. 2 - Retained earnings account balance As of January 1,...Ch. 2 - Identifying transactions Wyoming Tours Co. is a...Ch. 2 - Journal entries Based upon the T accounts in...Ch. 2 - Prob. 2.15EXCh. 2 - Prob. 2.16EXCh. 2 - Effect of errors on trial balance Indicate which...Ch. 2 - Errors in trial balance The following preliminary...Ch. 2 - Effect of errors on trial balance The following...Ch. 2 - Errors in trial balance Identify the errors in the...Ch. 2 - Entries to correct errors The following errors...Ch. 2 - Entries to correct errors The following errors...Ch. 2 - Prob. 2.23EXCh. 2 - Prob. 2.24EXCh. 2 - Entries into T accounts and trial balance Kimberly...Ch. 2 - Journal entries and trial balance On August 1,...Ch. 2 - Journal entries and trial balance On November 1,...Ch. 2 - Journal entries and trial balance Elite Realty...Ch. 2 - Corrected trial balance The Colby Group has the...Ch. 2 - Prob. 2.1BPRCh. 2 - Prob. 2.2BPRCh. 2 - Journal entries and trial balance On October 1,...Ch. 2 - Journal entries and trial balance Valley Realty...Ch. 2 - Prob. 2.5BPRCh. 2 - Prob. 1COPCh. 2 - Prob. 2.1CPCh. 2 - Prob. 2.2CPCh. 2 - Prob. 2.3CPCh. 2 - Prob. 2.5CP
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Text book image
Century 21 Accounting General Journal
Accounting
ISBN:9781337680059
Author:Gilbertson
Publisher:Cengage
Text book image
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Text book image
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Text book image
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Text book image
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Text book image
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License