Connect Access Card For Fundamental Accounting Principles
24th Edition
ISBN: 9781260158526
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 2, Problem 23E
Exercise 2-23 Preparing
Prepare general journal entries for the following transactions of Sustain Company. Use the following (partial) chart of accounts: Cash; Prepaid Insurance;
- June 1 T. lames, owner, invested SI 1,000 cash in Sustain Company.
- The company purchased $4,000 of furniture made from reclaimed wood on credit.
- The company paid $600 cash for a 12-month insurance policy on the reclaimed furniture.
- The company billed a customer $3,000 in fees earned from preparing a sustainability report,
- The company paid $4,000 cash toward the payable from the June 2 furniture purchase.
- The company collected $3,000 cash for fees billed on June 4,
- T. James invested an additional $10,000 cash in Sustain Company.
- The company received $5,000 cash from a client for sustainability services for the next 3 months.
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Make the T-Accounts of the following transaction:
JOURNAL ENTRIES
Date/#
Account Title
Debit
Credit
a.
Cash
250,000.00
Supplies
34,000.00
Jai, Capital
284,000.00
To record the investment of Jai
b.
Office Furniture
4,600.00
Cash
4,600.00
To record purchase of furniture
c.
Office Furniture
12,000.00
Cash
12,000.00
To record purchsae of furniture
d.
Utilities Expense
4,500.00
Accounts Payable
4,500.00
To record water expense
e.
Cash
23,000.00
Service Revenue
23,000.00
To record offering of service
f.
Accounts Receivable
34,000.00
Service Revenue
34,000.00
To record offering of service
g.
Accounts Payable
4,500.00
Cash
4,500.00
To record payment of payable
h.
Jai, Withdrawal
10,000.00
Cash
10,000.00…
Directions: Post each journal entry to its corresponding ledger. Write your answers
on a separate sheet of paper.
1. The owner purchased supplies worth P10,000.
GENERAL JOURNAL
Page 1
Date
Account Titles and Explanation
P.R.
Debit
Credit
2019
Jul-
02 Supplies
103
P 10,000
Cash
101
P 10,000
To record purchase of supplies
Account Name:
Account No.
Date
Account Titles and
J.R.
Debit
Credit
Balance
Explanations
Account Name:
Account No.
Account Titles and
Explanations
Date
J.R.
Debit
Credit
Balance
2. The business received P8,000 for services rendered.
GENERAL JOURNAL
Page 2
Date
Account Titles and Explanation
P.R.
Debit
Credit
2019
Jul-
16 Cash
101 P 8,000
Service Revenue
401
P 8,000
To record cash received for
services rendered
Notes Receivable
Crowne Cleaning provides cleaning services for Amber Inc., a business with four buildings. Crowne assigned different cleaning charges for each building based on the amount of square feet to be cleaned. The charges for the four buildings are $87,600, $82,200, $102,000, and $62,400. Amber secured this amount by signing a note bearing 10% interest on June 1.
Required:
Question Content Area
1. Prepare the journal entry to record the sale on June 1. If an amount box does not require an entry, leave it blank.
blank
- Select -
- Select -
- Select -
- Select -
Question Content Area
2. Determine how much interest Crowne will receive if the note is repaid on December 1.$fill in the blank 59d6dd028fbe01b_1
Question Content Area
3. Prepare Crowne’s journal entry to record the cash received to pay off the note and interest on December 1. If an amount box does not require an entry, leave it blank.
blank
- Select -
- Select…
Chapter 2 Solutions
Connect Access Card For Fundamental Accounting Principles
Ch. 2 - Prob. 1DQCh. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQCh. 2 - What kinds of transactions can be recorded in a...Ch. 2 - Are debits or credits typically listed first in...Ch. 2 - Should a transaction be recorded first in a...Ch. 2 - If assets are valuable resources asset accounts...Ch. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Identify the four financial statements of a...
Ch. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 16DQCh. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Identifying source documents C1 Identify the items...Ch. 2 - Identifying financial statement accounts C2...Ch. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Identifying normal balance C4 Identify the normal...Ch. 2 - QS 2–5
Linking debit or credit with normal...Ch. 2 - Prob. 6QSCh. 2 - Analyzing debit or credit by account A1 Identify...Ch. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Preparing journal entries P1 Prepare general...Ch. 2 - Preparing an income statement P3 Liu Zhang...Ch. 2 - Preparing a statement of owner's equity P3 Use the...Ch. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Exercise 21 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Exercise 2-3 Identifying a ledger and chart of...Ch. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Exercise 28 Preparing Taccounts (ledger) and a...Ch. 2 - Prob. 9ECh. 2 - Exercise 2-10 Preparing a trial balance P2 After...Ch. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Exercise 2-13 Entering transactions into...Ch. 2 - Exercise 2-14 Preparing general journal entries P1...Ch. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Exercise 2-22 Calculating and interpreting the...Ch. 2 - Exercise 2-23 Preparing journal entries P1 Prepare...Ch. 2 - Prob. 1APSACh. 2 - Prob. 2APSACh. 2 - Prob. 3APSACh. 2 - Prob. 4APSACh. 2 - Prob. 6APSACh. 2 - Prob. 7APSACh. 2 - Prob. 1BPSBCh. 2 - Prob. 2BPSBCh. 2 - Prob. 3BPSBCh. 2 - Prob. 4BPSBCh. 2 - Problem 2-5B Computing net income from equity...Ch. 2 - Prob. 6BPSBCh. 2 - Problem 2-7B Preparing an income statement,...Ch. 2 - SP 2 On October 1, 2019, Santana Rey launched a...Ch. 2 - Using transactions from the following assignments...Ch. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Prob. 8GLPCh. 2 - Refer to Apple's financial statements in Appendix...Ch. 2 - Prob. 2AACh. 2 - Key comparative figures for Apple, Google, and...Ch. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTNCh. 2 - Prob. 7BTN
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