1. Explanation Journal entries to record the transactions. Date Account Title and Explanation Post.ref Debit($) Credit($) Nov 1 Cash 30,000 Office equipment 15,000 Capital account 45,000 ( Being Cash and equipment has been invested by the owner.) Table (1) Cash and all the equipment has been converted into capital to invest in the business so the entire amount has been debited Amount invested in the business is actually generated from all the cash and equipment and owner invested the entire amount in business so credited. Date Account Title and Explanation Post.ref Debit($) Credit($) Nov 2 Prepaid rent 4,500 Cash 4,500 ( Being rent has been paid in advance.) Table (2) Prepaid expense belongs to asset account so there is an increase in asset account so it is debited. While cash is also a part of asset account it is credited because there is decrease in cash account for the payment of rent . Date Account Title and Explanation Post.ref Debit($) Credit($) Nov 4 Office supplies 2,500 Office equipment 600 Accounts payable 3,100 ( Being purchase made on credit) Table (3) Office supplies and equipment belongs to asset accounts it has been debited as their purchase resulted in increase in assets. Cash is an asset account it has been credited for the purchase of equipment and supplies as it resulted in decrease in asset account. Date Account Title and Explanation Post.ref Debit($) Credit($) Nov 8 Cash 5,000 Service revenue 5,000 ( Being cash received for providing services) Table (4) Cash belongs to asset account so there is an increase in asset account so it is debited. While service has been provided to the client which means there is decrease in stock account so credited. Date Account Title and Explanation Post.ref Debit($) Credit($) Nov 12 Accounts receivable 4,600 Services revenue 4,600 ( Being cash is going to receive later on for providing services.) Table (5) Accounts receivable is belonging to asset so providing services in credit causes increase in asset account so debited. Services have been provided so it recorded in credited account. Date Account Title and Explanation Post.ref Debit($) Credit($) Nov 13 Accounts payable 3,100 Cash 3,100 ( Being amount due.) Table (6) Accounts payable belongs to liabilities accounts it has been debited as there is in increase in liabilities... 2. To determine To prepare: Ledger accounts. 3. To determine To prepare: Trial balance .

FINANCIAL & MANAG ACCT (CH. 1 - 24 LOOSE

9th Edition

ISBN: 9781266904868

Author: Wild

Publisher: MCG

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Chapter 2, Problem 3PSB

To determine

To prepare: Journal entry for September transactions.

To determine

To prepare: Ledger accounts.

To determine

To prepare: Trial balance.

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Chapter 2, Problem 2PSB

Chapter 2, Problem 4PSB

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Chapter 2 Solutions

FINANCIAL & MANAG ACCT (CH. 1 - 24 LOOSE

Ch. 2 - Prob. 1QS Ch. 2 - Prob. 2QS Ch. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Prob. 4QS Ch. 2 - Prob. 5QS Ch. 2 - Prob. 6QS Ch. 2 - Prob. 7QS Ch. 2 - Prob. 8QS Ch. 2 - Prob. 9QS Ch. 2 - Prob. 10QS

Ch. 2 - Prob. 11QS Ch. 2 - Prob. 12QS Ch. 2 - Prob. 13QS Ch. 2 - Prob. 14QS Ch. 2 - Prob. 15QS Ch. 2 - Prob. 16QS Ch. 2 - Prob. 17QS Ch. 2 - Prob. 18QS Ch. 2 - Prob. 19QS Ch. 2 - Exercise 2-1 Steps in analyzing and recording...Ch. 2 - Prob. 2E Ch. 2 - Prob. 3E Ch. 2 - Prob. 4E Ch. 2 - Prob. 5E Ch. 2 - Prob. 6E Ch. 2 - Prob. 7E Ch. 2 - Prob. 8E Ch. 2 - Prob. 9E Ch. 2 - Prob. 10E Ch. 2 - Prob. 11E Ch. 2 - Prob. 12E Ch. 2 - Prob. 13E Ch. 2 - Prob. 14E Ch. 2 - Prob. 15E Ch. 2 - Prob. 16E Ch. 2 - Prob. 17E Ch. 2 - Prob. 18E Ch. 2 - Prob. 19E Ch. 2 - Prob. 20E Ch. 2 - Prob. 21E Ch. 2 - Exercise 2-20 Identifying effects of posting...Ch. 2 - Prob. 23E Ch. 2 - Prob. 24E Ch. 2 - Prob. 25E Ch. 2 - Prob. 26E Ch. 2 - Prob. 27E Ch. 2 - Prob. 28E Ch. 2 - Prob. 29E Ch. 2 - Prob. 1PSA Ch. 2 - Problem 2-2A Preparing and posting journal...Ch. 2 - Prob. 3PSA Ch. 2 - Prob. 4PSA Ch. 2 - Prob. 5PSA Ch. 2 - Prob. 6PSA Ch. 2 - Prob. 7PSA Ch. 2 - Prob. 1PSB Ch. 2 - Prob. 2PSB Ch. 2 - Prob. 3PSB Ch. 2 - Prob. 4PSB Ch. 2 - Prob. 5PSB Ch. 2 - Prob. 6PSB Ch. 2 - Prob. 7PSB Ch. 2 - Prob. 2SP Ch. 2 - Prob. 1GLP Ch. 2 - Prob. 2GLP Ch. 2 - Prob. 3GLP Ch. 2 - Prob. 4GLP Ch. 2 - Prob. 5GLP Ch. 2 - Prob. 6GLP Ch. 2 - Prob. 7GLP Ch. 2 - Prob. 1.1AA Ch. 2 - Prob. 1.2AA Ch. 2 - Prob. 1.3AA Ch. 2 - Prob. 1.4AA Ch. 2 - Prob. 2.1AA Ch. 2 - Prob. 2.2AA Ch. 2 - Prob. 2.3AA Ch. 2 - Prob. 3.1AA Ch. 2 - Prob. 3.2AA Ch. 2 - Prob. 3.3AA Ch. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - Prob. 2DQ Ch. 2 - Prob. 3DQ Ch. 2 - Prob. 4DQ Ch. 2 - Prob. 5DQ Ch. 2 - Prob. 6DQ Ch. 2 - Prob. 7DQ Ch. 2 - Prob. 8DQ Ch. 2 - Prob. 9DQ Ch. 2 - Prob. 10DQ Ch. 2 - Prob. 11DQ Ch. 2 - Prob. 12DQ Ch. 2 - Prob. 13DQ Ch. 2 - Prob. 14DQ Ch. 2 - Prob. 15DQ Ch. 2 - Prob. 1BTN Ch. 2 - Prob. 2BTN Ch. 2 - Prob. 3BTN Ch. 2 - Prob. 4BTN Ch. 2 - Prob. 5BTN Ch. 2 - Prob. 6BTN

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