Financial Accounting (5th Edition) (What's New in Accounting)

5th Edition

ISBN: 9780134727790

Author: Robert Kemp, Jeffrey Waybright

Publisher: PEARSON

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Textbook Question

Chapter 2, Problem 26BE

Balancing accounts and preparing a trial balance (Learning Objectives 3 & 4) 10-15 min.

The transactions for Inspired Design. Inc. for the month of March 2018 are posted In the following T-accounts:

	Cash		111
Mar 1	65,000	Mar 2	1,100
6	7,000	4	7,900
23	400	9	100
		15	675
		28	425
		29	725
Bal

	Accounts Receivable		112
Mar 17	1,900	Mar 23	400
Bal

	Supplies	113
Mar 3	800
Bal

	Equipment	115
Mar 4	7,900
Bal

	Accounts Payable		211
Mar 9	100	Mar 3	800
		Bal

Common Stock		311
	Mar 1		65,000
	Bal

Service Revenue		411
	Mar 6	7,000
	17	1,900
	Bal

	Salaries Expense		512
Mar 15		675
29		725
Bal

	Rent Expense	504
Mar 2	1,100
Bal

	Utilities Expense	530
Mar 28	425
Bal

Requirements

1. Calculate account balances at March 31, 2018.
2. Prepare the trial balance for Inspired Design, Inc., at March 31, 2018.

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Chapter 2, Problem 25BE

Chapter 2, Problem 27BE

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Chapter 2 Solutions

Financial Accounting (5th Edition) (What's New in Accounting)

Ch. 2 - The order in which assets were listed and...Ch. 2 - Prob. 2DQ Ch. 2 - How is revenue related to retained earnings?Ch. 2 - Prob. 4DQ Ch. 2 - Prob. 5DQ Ch. 2 - Prob. 6DQ Ch. 2 - Prob. 7DQ Ch. 2 - Distinguish between journalizing and posting.Ch. 2 - True or false: If the trial balance is in balance,...Ch. 2 - When it is time to prepare the financial...

Ch. 2 - Which sequence of actions correctly summarizes the...Ch. 2 - Prob. 2SC Ch. 2 - Prob. 3SC Ch. 2 - Prob. 4SC Ch. 2 - Prob. 5SC Ch. 2 - Which journal entry records obtaining a bank loan...Ch. 2 - RV Wholesale, Inc., paid 1,200 for supplies and...Ch. 2 - Prob. 8SC Ch. 2 - Prob. 9SC Ch. 2 - Prob. 10SC Ch. 2 - Prob. 11SC Ch. 2 - Prob. 12SC Ch. 2 - Prob. 1SE Ch. 2 - Prob. 2SE Ch. 2 - Prob. 3SE Ch. 2 - Prob. 4SE Ch. 2 - Accounting terminology (Learning Objectives 2, 3, ...Ch. 2 - Effects of debits and credits on accounts...Ch. 2 - Balancing accounts and normal balances (Learning...Ch. 2 - Types of accounts and effects of debits and...Ch. 2 - Re-creating journal entries from T-account...Ch. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 11SE Ch. 2 - Prob. 12SE Ch. 2 - Prob. 13SE Ch. 2 - Accounting terminology (Learning Objectives 1, 2,...Ch. 2 - Prob. 15AE Ch. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 17AE Ch. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Prob. 19AE Ch. 2 - Prob. 20AE Ch. 2 - Prob. 21AE Ch. 2 - Prob. 22AE Ch. 2 - Prob. 23BE Ch. 2 - Prob. 24BE Ch. 2 - Prob. 25BE Ch. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Recording transactions and preparing a trial...Ch. 2 - Prob. 28BE Ch. 2 - Prob. 29BE Ch. 2 - Prob. 30BE Ch. 2 - Prob. 31AP Ch. 2 - Prob. 32AP Ch. 2 - Journalizing, posting, and preparing a trial...Ch. 2 - Prob. 34AP Ch. 2 - Preparing a trial balance, income statement,...Ch. 2 - Prob. 36AP Ch. 2 - Prob. 37BP Ch. 2 - Prob. 38BP Ch. 2 - Prob. 39BP Ch. 2 - Prob. 40BP Ch. 2 - Prob. 41BP Ch. 2 - Prob. 42BP Ch. 2 - Prob. 1CE Ch. 2 - Prob. 1CP Ch. 2 - Prob. 1CFSAP Ch. 2 - Prob. 1EIA Ch. 2 - Prob. 2EIA Ch. 2 - Prob. 1FA Ch. 2 - Prob. 1IA Ch. 2 - Prob. 1SBA Ch. 2 - Prob. 1WC

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Solution Summary: The author explains that the T-account refers to an individual account, where the increases or decreases in the value of specific asset, liability, stockholder’s equity, revenue, and expenditure items are recorded.

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