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College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 2, Problem 4PA
On May 1, B. Bangle opened Self-Wash Laundry. His accountant listed the following chart of accounts:
The following transactions were completed during May:
- a. Bangle deposited $35,000 in a bank account in the name of the business.
- b. Bought chairs and tables, paying cash, $1,870, Ck. No. 1000.
- c. Bought supplies on account from Barnes Supply Company, $225.
- d. Paid the rent for the current month, $875, Ck. No. 1001.
- e. Bought washing machines and dryers from Lara Equipment Company, $12,500, paying $3,600 in cash and placing the balance on account, Ck. No. 1002.
- f. Sold services for cash for the first half of the month, $1,925.
- g. Bought insurance for one year, $1,560, Ck. No. 1003.
- h. Paid on account to Lara Equipment Company, $1,800, Ck. No. 1004.
- i. Received and paid electric bill, $285, Ck. No. 1005.
- j. Sold services for cash for the second half of the month, $1,835.
- k. Paid wages to an employee, $940, Ck. No. 1006.
- l. Bangle withdrew cash for his personal use, $800, Ck. No. 1007.
- m. Paid on account to Barnes Supply Company, $225, Ck. No. 1008.
- n. Received and paid bill from the county for sidewalk repair assessment, $280, Ck. No. 1009.
Required
- 1. Record the owner’s name in the Capital and Drawing T accounts.
- 2. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts.
- 3. Record the transactions in the T accounts. Write the letter of each entry to identify the transaction.
- 4. Foot the T accounts and show the balances.
- 5. Prepare a
trial balance as of May 31, 20--. - 6. Prepare an income statement for May 31, 20--.
- 7. Prepare a statement of owner’s equity for May 31, 20--.
- 8. Prepare a
balance sheet as of May 31, 20--.
Expert Solution & Answer
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subject-general accounting
ayco Inc. started its operations in 2022. Its sales during 2022, all on account, totalled $700,000. The company collected $500,000 in cash from customers during the year and wrote off $8,000 in uncollectible accounts. The company set up an allowance for doubtful accounts at December 31, 2022, its fiscal year-end, and determined the account balance to be $14,000.
The unadjusted balances of selected accounts at December 31, 2023 are as follows:
Accounts receivable
$
300,000
Allowance for doubtful accounts (debit)
10,000
Sales revenue (including 80 percent in sales on account)
800,000
Aging of the accounts receivable on December 31, 2023, resulted in an estimate of $11,000 in potentially uncollectible accounts.
Required:
1. Prepare the journal entries to record all the transactions during 2022 and post them to appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)…
Chapter 2 Solutions
College Accounting (Book Only): A Career Approach
Ch. 2 - Determine the balance of the following T account:
...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 3QYCh. 2 - R. Nelson invests his personal computer, with a...Ch. 2 - When preparing a trial balance, which of the...Ch. 2 - What would be the net income for Floress Catering?...Ch. 2 - On which financial statement(s) would R. Flores,...Ch. 2 - What is the amount of ending capital shown on the...Ch. 2 - Floress Catering purchased equipment that cost...Ch. 2 - Prob. 1DQ
Ch. 2 - Explain why the term debit doesnt always mean...Ch. 2 - Prob. 3DQCh. 2 - How are the three financial statements shown in...Ch. 2 - Prob. 5DQCh. 2 - List two reasons why the debits and credits in the...Ch. 2 - Prob. 7DQCh. 2 - What do we mean when we say that capital, drawing,...Ch. 2 - On a sheet of paper, draw the fundamental...Ch. 2 - List the classification of each of the following...Ch. 2 - R. Dalberg operates Dalbergs Tours. The company...Ch. 2 - During the first month of operation, Graham...Ch. 2 - Speedy Sewing Services, owned by T. Nguyen, hired...Ch. 2 - During the first month of operations, Landish...Ch. 2 - The following errors were made in journalizing...Ch. 2 - Would the following errors cause the trial balance...Ch. 2 - During December of this year, G. Elden established...Ch. 2 - B. Kelso established Computer Wizards during...Ch. 2 - S. Myers, a speech therapist, opened a clinic in...Ch. 2 - On May 1, B. Bangle opened Self-Wash Laundry. His...Ch. 2 - The financial statements for Daniels Custom...Ch. 2 - During February of this year, H. Rose established...Ch. 2 - J. Carrie established Carries Photo Tours during...Ch. 2 - D. Johnston, a physical therapist, opened...Ch. 2 - On July 1, K. Resser opened Ressers Business...Ch. 2 - The financial statements for Baker Custom Catering...Ch. 2 - Prob. 1ACh. 2 - A fellow accounting student has difficulty...Ch. 2 - What Would You Do? A new bookkeeper cant find the...
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