INTERMEDIATE ACCOUNTING(LL)-W/CONNECT
9th Edition
ISBN: 9781260216141
Author: SPICELAND
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 2, Problem 2.3BE
To determine
Accounting Cycle:
Accounting cycle refers to the process of recording a business transaction in the books of accounts. This cycle concludes when the financial statements are prepared.
T-account:
- T-account is the form of the ledger account, where the
journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’. - The components of the T-account are as follows:
-
- a) The title of the account
- b) The left or debit side
- c) The right or credit side
To Post: The prepared journal entries to the T-accounts.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Pg 37 T- Accounts
Please find the missing amount on the follwoing T-Account. and explain CLEARLY and indepth (showing formula or method) on how you found the amount.
Accounts Payable
DRs
6/4 Transaction A 1500
6/8 Transaction C 2000
CRs
Beginning Balance 3000
6/6 Transaction B UNKOWN
6/29 Transaction D 3,400
Ending Balance 6,700
Question 9
4G
illll 2:54 3.80
* 4G,
89
KB/s
< ACC - Disimpan
1.PREPARE THE POST CLOSING TRIAL BALANCE
ACCOUNTT TITLE
DEBIT
CREDIT
account payable
60,000
Account receivable
Bank
Capital
65,000
38,000
170,000
Cash
2,000
Comission paid
4,300
Comission received
1,500
Discount Allowed
2,300
Discount Received
3,500
Donations
Drawings
Fixture and Fittings
500
500
35,000
Freight inwards
Freight outward
General Expenses
Insurance premium
Interest received on investment
Land and building
1000
1,400
2300
3,600
5,000
80,000
Loan from Mbb
67,500
opening inventory 1 JAN 2019
Patent
26.000
50,000
Printing and stationery
Purchases
700
65,000
Rates and taxes
3,200
Rental paid
4,000
Rental revenue
Return inwards
2,000
1,500
Returns Outwars
1,800
Sales
,000
Wages and salaries
Electricity bills
Accrued Electricity
12,000
1,566
1,566
Utility bills
Depreciation
Accumulated Depreciation
unearned Rental Revenue
Prepaid rental
500
7,000
7,000
1,000
1.500
Total
408866
408866
Chapter 2 Solutions
INTERMEDIATE ACCOUNTING(LL)-W/CONNECT
Ch. 2 - Explain the difference between external events and...Ch. 2 - Each economic event or transaction will have a...Ch. 2 - What is the purpose of a journal? What is the...Ch. 2 - Explain the difference between permanent accounts...Ch. 2 - Describe how debits and credits affect assets,...Ch. 2 - Describe how debits and credits affect temporary...Ch. 2 - What is the first step in the accounting...Ch. 2 - Prob. 2.8QCh. 2 - Prob. 2.9QCh. 2 - Prob. 2.10Q
Ch. 2 - What is an unadjusted trial balance? An adjusted...Ch. 2 - Define adjusting entries and discuss their...Ch. 2 - Define closing entries and their purpose.Ch. 2 - Define prepaid expenses and provide at least two...Ch. 2 - Deferred revenues represent liabilities recorded...Ch. 2 - Define accrued liabilities. What adjusting journal...Ch. 2 - Prob. 2.17QCh. 2 - [Based on Appendix A] What is the purpose of a...Ch. 2 - [Based on Appendix B] Define reversing entries and...Ch. 2 - [Based on Appendix C] What is the purpose of...Ch. 2 - Prob. 2.21QCh. 2 - Transaction analysis LO21 The Marchetti Soup...Ch. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Prob. 2.3BECh. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Adjusting entries; income determination LO24,...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Income determination LO24 If none of the...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Financial statements LO26 The following account...Ch. 2 - Financial statements LO26 The following account...Ch. 2 - Closing entries LO27 The year-end adjusted trial...Ch. 2 - Prob. 2.13BECh. 2 - Transaction analysis LO21 The following...Ch. 2 - Journal entries LO22 Prepare journal entries to...Ch. 2 - T-accounts and trial balance LO23 Post the...Ch. 2 - Journal entries LO22 The following transactions...Ch. 2 - Prob. 2.5ECh. 2 - Debits and credits LO22 Indicate whether a debit...Ch. 2 - Transaction analysis; debits and credits LO22...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Adjusting entries; solving for unknowns LO24,...Ch. 2 - Adjusting entries LO25 The Mazzanti Wholesale...Ch. 2 - Financial statements and closing entries LO26,...Ch. 2 - Closing entries LO27 American Chip Corporations...Ch. 2 - Prob. 2.14ECh. 2 - Cash versus accrual accounting; adjusting entries ...Ch. 2 - External transactions and adjusting entries LO22,...Ch. 2 - Accrual accounting income determination LO24,...Ch. 2 - Cash versus accrual accounting LO28 Stanley and...Ch. 2 - Prob. 2.19ECh. 2 - Worksheet Appendix 2A The December 31, 2018,...Ch. 2 - Reversing entries Appendix 2B The employees of...Ch. 2 - Reversing entries Appendix 2B Refer to E 29 and...Ch. 2 - Reversing entries Appendix 2B Refer to E 29 and...Ch. 2 - Special journals Appendix 2C The White Companys...Ch. 2 - Prob. 2.25ECh. 2 - Accounting cycle through unadjusted trial balance ...Ch. 2 - Accounting cycle through unadjusted trial balance ...Ch. 2 - Adjusting entries LO25 Pastina Company sells...Ch. 2 - Accounting cycle; adjusting entries through...Ch. 2 - Adjusting entries LO25 Howarth Companys fiscal...Ch. 2 - Accounting cycle LO22 through LO27 The general...Ch. 2 - Adjusting entries and income effects LO22, LO25...Ch. 2 - Adjusting entries LO25 Excalibur Corporation...Ch. 2 - Accounting cycle; unadjusted trial balance through...Ch. 2 - Prob. 2.10PCh. 2 - Prob. 2.11PCh. 2 - Cash versus accrual accounting LO28 Zambrano...Ch. 2 - Worksheet Appendix 2A Using the information from...Ch. 2 - Judgment Case 21 Cash versus accrual accounting;...Ch. 2 - Prob. 2.2BYPCh. 2 - Communication Case 23 Adjusting entries LO24 I...Ch. 2 - Continuing Cases Target Case LO24, LO28 Target...
Knowledge Booster
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.Similar questions
- EX 9-5 Entries to write off accounts receivable OBJ. 3, 4 Creative Solutions Company, a computer consulting firm, has decided to write off the $11,750 balance of an account owed by a customer, Wil Treadwell. Journalize the entry to record the write off, assuming that (a) the dlirect write-off method is used and (b the allowance rmethod is used.arrow_forwardHi, i hope you will answer po Problem 1-6. Thank youarrow_forwardQUESTION 12 Post the following General Journal entries into the General Ledger: Hint: you may not need to fill in every box GENERAL JOURNAL Page 1 Date Description Post Debit Credit 1/1 Insurance Expense 20,000 Cash 20,000 1/5 Supplies Expense 5,000 Cash 5,000 1/7 Cash 6,000 Accounts Receivable 6,000 GENERAL LEDGER ACCOUNT NAME: _CASH_____________________ ACCOUNT NUMBER: 11 DATE ITEM P. REF DEBIT CREDIT DR BALANCE CR BALANCE ACCOUNT NAME: _Accounts Receivable_______ _ ACCOUNT NUMBER: 12 DATE ITEM P. REF DEBIT CREDIT…arrow_forward
- Print Item From the data below for Wong Company, prepare the closing entries for the year ended December 31. Cash dividends $47,000 Sales 982,600 Sales returns and allowances 3,960 Interest revenue 10,521 Factory overhead (debit) 210,620 Factory overhead (credit) 210,620 Cost of goods sold 726,820 Wages expense 130,745 Supplies expense 9,900 Depreciation expense-office equipment 6,900 Utilities expense 5,840 Bad debt expense 1,680 Advertising expense 11,120 Interest expense 9,860 Income tax expense 32,050 If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDITarrow_forwardHelp me pleasearrow_forwardEntries for notes receivable The series of five transactions recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction. Cash Notes Receivable (e) 76,500 (c) 75,000 (d) 75,000 Accounts Receivable Cost of Goods Sold (a) 75,000 (c) 75,000 (b) 45,000 (d) 75,400 (b) 75,400 Inventory Interest Revenue (b) 45,000 (d) 400 (e) 1,100 Sales (a) 75,000arrow_forward
- EX 9-5 Entries to write off accounts receivable OBJ. 3, 4 Creative Solutions Company, a computer consulting firm, has decided to write off the $11,750 balance of an account owed by a customer, Wil Treadwell. Journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. ORLarrow_forwardPlease dont provide solution image based solution thnxarrow_forwardQuestion 8 of 20 Widgets, Inc. makes a $300 on account sale to Custom Motors. How is the sale recorded in the Accounts Receivable subsidiary ledger? O A. as a $300 debit O B. It is recorded upon payment. O C. as a $300 payment D. as a $300 credit SUBMITarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting (Text Only)AccountingISBN:9781285743615Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Corporate Financial AccountingAccountingISBN:9781305653535Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Corporate Financial AccountingAccountingISBN:9781337398169Author:Carl Warren, Jeff JonesPublisher:Cengage Learning
Financial & Managerial AccountingAccountingISBN:9781337119207Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting (Text Only)
Accounting
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:9781337398169
Author:Carl Warren, Jeff Jones
Publisher:Cengage Learning
Financial & Managerial Accounting
Accounting
ISBN:9781337119207
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning