Horngren's Financial & Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780133866292
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 2.35BP
Journalizing transactions, posting
Vito York practices medicine under the business title Vito York, M.D. During March, the medical practice completed the following transactions:
| Mar. 1 | York contributed $64,000 cash to the business in exchange for common stock. |
| 5 | Paid monthly rent on medical equipment, $630. |
| 9 | Paid $13,000 cash to purchase land to be used in operations. |
| 10 | Purchased office supplies on account, $1,800. |
| 19 | Borrowed $24,000 from the bank for business use. |
| 22 | Paid $1,200 on account. |
| 28 | The business received a bill for advertising in the daily newspaper to be paid in April, $270. |
| 31 | Revenues earned during the month included $6,600 cash and $5,800 on account. |
| 31 | Paid employees’ salaries $2,700, office rent $1,500, and utilities $400. Record as a compound entry. |
| 31 | The business received $1.450 for medical screening services to be performed next month. |
| 31 | Paid cash dividends of $6,600. |
The business uses the following accounts: Cash;
Requirements
1. Journalize each transaction. Explanations are not required.
2. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal.
3. Prepare the trial balance of Vito York, M.D., as of March 31, 2017.
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Vince York practices medicine under the business title Vince York, M.D. During July, the medical practice completed the following transactions:
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York contributed $63,000 cash to the business in exchange for common stock.
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Paid monthly rent on medical equipment, $510.
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Paid $23,000 cash to purchase land to be used in operations.
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Purchased office supplies on account, $1,600.
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Borrowed $22,000 from the bank for business use.
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Paid $1,100 on account.
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Paid employees’ salaries $2,200, office rent $1,900, and utilities $560. Record as a compound entry.
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5 Paid monthly rent on medical equipment, $560.
9 Paid $16,000 cash to purchase land for an office site.
10 Purchased supplies on account, $1,600.
19 Borrowed $23,000 from the bank for business use. Yung signed
a note payable to the bank in the name of the business.
22 Paid $1,300 on account.
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Revenues carned during the month included $6,500 cash and
$5,800 on account.
Paid employees' salaries $2,500, office rent $1,100, and
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The business uses the following accounts: Cash; Accounts receivable; Supplies; Land;
Accounts payable; Notes payable; Yung, capital; Yung, drawing; Service revenue;
Salary expense; Rent expense; and Utilities expense.
Requirements
1.…
Vince York practices medicine under the business title Vince York, M.D. During July,
the medical practice completed the following transactions:
Jul. 1
York contributed $63,000 cash to the business in exchange for capital.
Paid monthly rent on medical equipment, $510.
9
Paid $23,000 cash to purchase land to be used in operations.
10
Purchased office supplies on account, $1,600.
19
Borrowed $22,000 from the bank for business use.
22
Paid $1,100 on account.
The business received a bill for advertising in the daily newspaper to be
paid in August, $240.
28
31
Revenues earned during the month included $6,400 cash and $6,000 on
account.
Paid employees' salaries $2,200, office rent $1,900, and utilities $560.
Record as a compound entry.
31
The business received $1,120 for medical screening services to be
performed next month.
31
31
York withdrew cash of $7,200.
The business uses the following accounts: Cash; Accounts Receivable; Office Supplies;
Land; Accounts Payable; Advertising Payable;…
Chapter 2 Solutions
Horngren's Financial & Managerial Accounting (5th 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 - Journalizing transactions Arkansas Sales...Ch. 2 - Prob. 2.6SECh. 2 - Prob. 2.7SECh. 2 - Preparing a trial balance Henderson Floor...Ch. 2 - Calculating debt ratio Vacuum Magic Carpet Care...Ch. 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 - Use the following information to answer Exercises...Ch. 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 - Journalizing transactions from T-accounts In...Ch. 2 - Preparing a trial balance The accounts of Aker...Ch. 2 - Preparing a trial balance from T-accounts The...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Prob. 2.25ECh. 2 - Prob. 2.26ECh. 2 - Correcting errors in a trial balance The following...Ch. 2 - Prob. 2.28ECh. 2 - Problems Group A Journalizing transactions,...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Correcting errors in a trial balance The trial...Ch. 2 - Preparing financial statements from the trial...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Prob. 2.38BPCh. 2 - Prob. 2.39BPCh. 2 - Prob. 2.40BPCh. 2 - Journalizing transactions, posting to T-accounts,...Ch. 2 - Journalizing transactions, posting to T-accounts,...Ch. 2 - Your friend, Dean McChesney, requested that you...Ch. 2 - Prob. 2.1CTEICh. 2 - Roy Akins was the accounting manager at Zelco, a...Ch. 2 - Prob. 2.1CTFSCCh. 2 - In 35 words or fewer, explain the difference...
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