Principles of Accounting: Chapters 1-13

12th Edition

ISBN: 9781133593102

Author: Belverd E., Jr, Ph.d. Needles, Marian, Ph.D. Powers, Susan V. Crosson

Publisher: Cengage Learning

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Textbook Question

Chapter 2, Problem 3P

Jennifer Lopez opened a school for administrative skills called Lopez Office Training and completed the following transactions:

a. Contributed the following assets to the business:
Cash $5,700

Computers 4,300

Office Equipment 3,600
b. Found a location for her business and paid the first month’s rent, $260.
c. Paid for an advertisement announcing the opening of the school, $190.
d. Received applications from three students for a four-week secretarial program and two students for a ten-day keyboarding course. The students will be billed a total of $1,300.
e. Purchased supplies on credit, $330.
f. Billed the enrolled students, $1,740.
g. Purchased a second-hand computer, $480, and office equipment, $380, on credit.
h. Paid for the supplies purchased on credit in e, $330.
i. Paid cash to repair a broken computer, $40.
j. Received partial payment from students previously billed, $1,080.
k. Paid the utility bill for the current month, $90.
l. Paid an assistant one week’s salary, $440.
m. Made a cash withdrawal of $300.

Required

1. Set up the following T accounts: Cash; Accounts Receivable; Supplies; Computers; Office Equipment; Accounts Payable; J. Lopez, Capital; J. Lopez, Withdrawals; Tuition Revenue; Salaries Expense; Utilities Expense; Rent Expense; Repair Expense; and Advertising Expense.
2. Record the transactions directly in the T accounts, using the transaction letter to identify each debit and credit.
3. Prepare a trial balance using today’s date.
4. Business Application ▶ Examine transactions f and j. What were the revenues, and how much cash was received from the revenues? What business issues might you see arising from the differences in these numbers?

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Chapter 2, Problem 2P

Chapter 2, Problem 4P

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Chapter 2 Solutions

Principles of Accounting: Chapters 1-13

Ch. 2 - A company incurs a cost for a part that is needed...Ch. 2 - Prob. 2DQ Ch. 2 - Prob. 3DQ Ch. 2 - Prob. 4DQ Ch. 2 - How are assets and expenses related, and why are...Ch. 2 - Prob. 6DQ Ch. 2 - Prob. 7DQ Ch. 2 - Prob. 8DQ Ch. 2 - Tell whether each of the following accounts is an...Ch. 2 - Prob. 2SE

Ch. 2 - Prob. 3SE Ch. 2 - Prob. 4SE Ch. 2 - Prob. 5SE Ch. 2 - Prob. 6SE Ch. 2 - Prob. 7SE Ch. 2 - Prepare a general journal form like the one in...Ch. 2 - Prepare three ledger account forms like the one in...Ch. 2 - Prob. 10SE Ch. 2 - Prob. 11SE Ch. 2 - Prob. 12SE Ch. 2 - Which of the following events would be recognized...Ch. 2 - You are given the following list of accounts with...Ch. 2 - The following ledger accounts are for Afocentric...Ch. 2 - Prob. 4EA Ch. 2 - The accounts that follow are applicable to Harolds...Ch. 2 - Prob. 6EA Ch. 2 - Prob. 7EA Ch. 2 - Prob. 8EA Ch. 2 - After recording the transactions in E6A, prepare a...Ch. 2 - The list that follows presents Shah Companys...Ch. 2 - Which of the following errors would cause a trial...Ch. 2 - Prob. 12EA Ch. 2 - Record the transactions in E6A in the general...Ch. 2 - Prob. 14EA Ch. 2 - Prob. 15EA Ch. 2 - Prob. 16EA Ch. 2 - Highland Design Company creates radio and...Ch. 2 - The following accounts are applicable to Georges...Ch. 2 - Jennifer Lopez opened a school for administrative...Ch. 2 - Sid Patel bid for and won a concession to rent...Ch. 2 - Nordtown Company is a marketing firm. The companys...Ch. 2 - Prob. 6AP Ch. 2 - The following accounts are applicable to Raymonds...Ch. 2 - Prob. 8AP Ch. 2 - David Roberts began an upholstery cleaning...Ch. 2 - Prob. 10AP Ch. 2 - Prob. 1C Ch. 2 - Prob. 2C Ch. 2 - Prob. 3C Ch. 2 - Prob. 4C Ch. 2 - Prob. 5C Ch. 2 - Prob. 6C Ch. 2 - Prob. 7C

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