ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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Chapter 2, Problem 2PSA
a.
To determine
Introduction: In accounts, for keeping records of all the business transactions properly, journalizing is being done for the transactions. It helps to track the transactions in chronological order as well as to maintain the records too.
To prepare:
b.
To determine
Introduction: Ledger accounts are used in accounting to record various journal transactions in their particular accounts. Each and every ledger contains the opening balance, closing balance, and transactions of the year either on the credit side or on the debit side.
To prepare: Ledger accounts for the transactions provided.
c.
To determine
Introduction: The
To prepare: The trial balance is on April 30, 2020.
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Sheridan is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred.
April 1 Invested $19,000 cash in her business.
1 Hired a secretary-receptionist at a salary of $600 per week payable monthly.
2 Paid office rent for the month $1,200.
3 Purchased dental supplies on account from Dazzle Company $4,900.
10 Performed dental services and billed insurance companies $4,700.
11 Received $1,200 cash advance from Leah Mataruka for an implant.
20 Received $2,700 cash for services performed from Michael Santos. 30 Paid secretary-receptionist for the month $2,800.
30 Paid $3,140 to Dazzle for accounts payable due.
Post to the ledger account.
Vera Ernst is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred.
April 1 Invested $20,000 cash in her business.1 Hired a secretary-receptionist at a salary of $700 per week payable monthly.2 Paid office rent for the month $1,500.3 Purchased dental supplies on account from Dazzle Company $4,000.10 Performed dental services and billed insurance companies $5,100.11 Received $1,000 cash advance from Leah Mataruka for an implant.20 Received $2,100 cash for services performed from Michael Santos.30 Paid secretary-receptionist for the month $2,800.30 Paid $2,600 to Dazzle for accounts payable due.Vera uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 301 Owner’s Capital, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.
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A.…
Getting ready for the upcoming holiday season is traditionally a busy time for greeting card com-panies, and it was no exception for Kate. The following transactions occurred during the month of October: 1. Hired an assistant at an hourly rate of $10 per hour to help with some of the computer layouts and administrative chores. 2. Supplements her business by teaching a class to aspiring card designers. She charges and receives a total of $450. 3. Delivers greeting cards to several new customers. She bills them a total of $1,500. 4. Pays a utility bill in the amount of $250 that she determines is the business portion of her utility bill. 5. Receives an advance deposit of $500 for a new set of cards she is designing for a new customer. 6. Pays her assistant $200 for the work done this month. 7. Determines that the assistant has worked 10 additional hours this month that have not yet been paid. 8. Ordered and receives additional supplies in the amount of $1,000. These were paid for during…
Chapter 2 Solutions
ACCOUTING PRIN SET LL INCLUSIVE
Ch. 2 - Prob. 1QCh. 2 - Prob. 2QCh. 2 - Prob. 5QCh. 2 - 6. What is the normal balance for each of the...Ch. 2 - Prob. 7QCh. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10QCh. 2 - Prob. 11QCh. 2 - Prob. 12Q
Ch. 2 - Prob. 13QCh. 2 - Prob. 14QCh. 2 - Prob. 15QCh. 2 - Prob. 17QCh. 2 - Prob. 18QCh. 2 - Prob. 19QCh. 2 - Prob. 21QCh. 2 - Prob. 1BECh. 2 - Prob. 3BECh. 2 - Prob. 4BECh. 2 - Prob. 6BECh. 2 - BE2-7 Selected transactions for the Brook Wang...Ch. 2 - Prob. 1DIECh. 2 - Prob. 3DIECh. 2 - E2-1 Kim Yi has prepared the following list of...Ch. 2 - Prob. 3ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 17ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 1ECCh. 2 - Prob. 1EYCTCh. 2 - Prob. 2EYCTCh. 2 - Prob. 3EYCTCh. 2 - Prob. 5EYCTCh. 2 - Prob. 1IFRP
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