Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 2, Problem 6PB
Mateo’s Maple Syrup had the following transactions during the month of February, its first month in business.
Complete the chart to determine the ending balances. As an example, the first transaction has been completed. Note: negative amounts should be indicated with minus signs 
(Hints: 1. each transaction will involve two financial statement elements; 2. the net impact of the transaction may be $0.)
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Transactions made by Kingbird, Inc., alaw firm, for the month of March are as follows.
2.
3.
4.
Prepare a tabular analysis that shows the effects of these transactions on the accounting equation. (If an amount reduces the account
balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis (15,000).)
(1)
The company performed $21,500 of services for customers, on credit.
The company received $21,500 in cash from customers who had been billed for services (in transaction 1).
The company received a bill for $3,900 of advertising, but will not pay it until a later date.
The company paid a dividend of $8,000 in cash to stockholders.
(2)
$
$
Cash
Assets
+
LA
$
$
Accounts Receivable
=
LA
$
LA
Liabilities
Accounts Payable
+
LA
LA
$
Common Stock
SUPPORT
Solve for the missing amounts in the T-account given below. Assume that there is only one debit entry and one credit entry in the
account during the month.
Required:
a. Accounts Payable had a balance of $3,200 at the beginning of the month and $3,800 at the end of the month. During the month,
purchases on account amounted to $6,700. Calculate the payments to suppliers during the month.
b. Accounts Receivable had a balance of $21,800 at the beginning of the month and $20,000 at the end of the month. Cash collected
from customers totaled $77,000 during the month. Calculate credit sales during the month, assuming that all sales were made on
account.
Complete this question by entering your answers in the tabs below.
Required A Required B
Accounts Payable had a balance of $3,200 at the beginning of the month and $3,800 at the end of the month. During the
month, purchases on account amounted to $6,700. Calculate the payments to suppliers during the month.
Accounts Payable
Debit
Payments to…
Solve for the missing amounts in the T-account given below. Assume that there is only one debit entry and one credit entry in the account during the month.
a. Accounts Payable had a balance of $4,700 at the beginning of the month and $6,800 at the end of the month. During the month, purchases on account amounted to $11,200. Calculate the payments to suppliers during the month.
b. Accounts Receivable had a balance of $24,800 at the beginning of the month and $21,500 at the end of the month. Cash collected from customers totaled $84,500 during the month. Calculate credit sales during the month, assuming that all sales were made on account.
Chapter 2 Solutions
Principles of Accounting Volume 1
Ch. 2 - Which of these statements is not one of the...Ch. 2 - Stakeholders are less likely to include which of...Ch. 2 - Identify the correct components of the income...Ch. 2 - The balance sheet lists which of the following? A....Ch. 2 - Assume a company has a $350 credit (not cash)...Ch. 2 - Which of the following statements is true? A....Ch. 2 - Owners have no personal liability under which...Ch. 2 - The accounting equation is expressed as ________....Ch. 2 - Which of the following decreases owners equity? A....Ch. 2 - Exchanges of assets for assets have what effect on...
Ch. 2 - All of the following increase owners equity except...Ch. 2 - Which of the following is not an element of the...Ch. 2 - Which of the following is the correct order of...Ch. 2 - The three heading lines of financial statements...Ch. 2 - Which financial statement shows the financial...Ch. 2 - Which financial statement shows the financial...Ch. 2 - Working capital is an indication of the firms...Ch. 2 - Identify the four financial statements and...Ch. 2 - Define the term stakeholders. Identify two...Ch. 2 - Identify one similarity and one difference between...Ch. 2 - Identify one similarity and one difference between...Ch. 2 - Explain the concept of equity, and identify some...Ch. 2 - Explain the difference between current and...Ch. 2 - Identify/discuss one similarity and one difference...Ch. 2 - Name the three types of legal business structure....Ch. 2 - What is the accounting equation? List two examples...Ch. 2 - Identify the order in which the four financial...Ch. 2 - Explain how the following items affect equity:...Ch. 2 - Explain the purpose of the statement of cash flows...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, place an (X)...Ch. 2 - For each of the following items, identify whether...Ch. 2 - For the items listed below, indicate how the item...Ch. 2 - Forest Company had the following transactions...Ch. 2 - Here are facts for the Hudson Roofing Company for...Ch. 2 - Prepare an income statement using the following...Ch. 2 - Prepare a statement of owners equity using the...Ch. 2 - Prepare a balance sheet using the following...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each of the following independent situations,...Ch. 2 - For each of the following items, identify whether...Ch. 2 - For the items listed below, indicate how the item...Ch. 2 - Gumbo Company had the following transactions...Ch. 2 - Here are facts for Haileys Collision Service for...Ch. 2 - Prepare an income statement using the following...Ch. 2 - Prepare a statement of owners equity using the...Ch. 2 - Prepare a balance sheet using the following...Ch. 2 - The following information is taken from the...Ch. 2 - Each situation below relates to an independent...Ch. 2 - The following information is from a new business....Ch. 2 - Each of the following situations relates to a...Ch. 2 - For each of the following independent...Ch. 2 - Olivias Apple Orchard had the following...Ch. 2 - Using the information in PA6, determine the amount...Ch. 2 - The following ten transactions occurred during the...Ch. 2 - The following information is taken from the...Ch. 2 - Each situation below relates to an independent...Ch. 2 - The following information is from a new business....Ch. 2 - Each of the following situations relates to a...Ch. 2 - For each of the following independent...Ch. 2 - Mateos Maple Syrup had the following transactions...Ch. 2 - Using the information in PB6, determine the amount...Ch. 2 - Choose three stakeholders (or stakeholder groups)...Ch. 2 - Assume you purchased ten shares of Roku during the...Ch. 2 - A trademark is an intangible asset that has value...Ch. 2 - For each of the following ten independent...Ch. 2 - The following historical information is from...
Additional Business Textbook Solutions
Find more solutions based on key concepts
Compare and contrast low-rigor versus high-rigor cross-cultural training. Provide some examples of each type of...
Principles of Management
When calculating a ratio with numbers from the balance sheet and income statement, why must you use the balance...
Construction Accounting And Financial Management (4th Edition)
Discussion Questions 1. What characteristics of the product or manufacturing process would lead a company to us...
Managerial Accounting (4th Edition)
Wallace Industries has total contribution margin of $58,560 and net income of $24,400 for the month of April. W...
Principles of Accounting Volume 2
E6-14 Using accounting vocabulary
Learning Objective 1, 2
Match the accounting terms with the corresponding d...
Horngren's Accounting (12th Edition)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Horizon Consulting Company had the following transactions during the month of October: a. Record the October revenue transactions for Horizon Consulting Company in the following revenue journal format: b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for October? c. What is the October 31 balance of the Pryor Corp. customer account assuming a zero balance on October 1?arrow_forwardGlobal Services Company had the following transactions during the month of August: a. Record the August revenue transactions for Global Services Company into the following revenue journal format: b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for August? c. What is the August 31 balance of the Morgan Corp. customer account assuming a zero balance on August 1?arrow_forwardPrepare journal entries for each transaction listed. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. At the end of June, bad debt expense is estimated to be $14,600. b. In July, customer balances are written off in the amount of $8,300.arrow_forward
- For each of the following situation, solve for a missing amount. In each case, there is only one debit entry and one credit entry in the account during the month.Requirement 1:a. Accounts Receivable had a balance of $1,080 at the beginning of the month and $810 at the end of the month. Credit sales totaled $10,800 during the month. Calculate the cash collected from customers during the month, assuming that all sales were made on account. b. The Supplies account had a balance of $486 at the beginning of the month and $657 at the end of the month. The cost of supplies used during the month was $2,106. Calculate the cost of supplies purchased during the month. c. Wages Payable had a balance of $369 at the beginning of the month. During the month, $3,420 of wages were paid to employees. Wages Expense accrued during the month totaled $3,690. Calculate the balance of Wages Payable at the end of the month.arrow_forwardOn November 10, JumpStart provides $2,170 in services to clients. At the time of service, the clients paid $650 in cash and put the balance on account. Required: (a) Journalize this event.* (b) On November 20, JumpStart’s clients paid an additional $560 on their accounts due. Journalize this event.* (c) Calculate the accounts receivable balance on November 30. *Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSJumpStartGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Office Supplies 14 Prepaid Insurance 15 Land 16 Office Equipment 17 Building 18 Truck LIABILITIES 21 Notes Payable 22 Accounts Payable 23 Unearned Revenue EQUITY 31 JumpStart, Capital 32 JumpStart, Drawing REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Maintenance Expense 59 Miscellaneous Expense (a) On November 10, JumpStart…arrow_forwardHealthy Meal completed the following selected transactions. A (Click here to see the transactions.) Requirements 1. Record the transactions in Healthy Meal's journal. Assume that no sales returns are expected. Round all amounts to the nearest dollar. Explanations are not required. 2 Show what Healthy Meal will report on its comparative classified balance sheet at December 31, 20X7 and December 31, 20X6. More info Dec 31: Accrued the interest on the Street Provisions note. (Use 365 days in the interest calculation. Round 20X6 Journal Entry Oct 31 Sold goods to Buy Low Foods, receiving a $36,000, three-month, 6.50% note. Date Accounts Debit Credit Dec 31 Made an adjusting entry to accrue interest on the Buy Low Foods note. 20X7 20X7 Dec 31 Interest Payable Jan 31 Collected the Buy Low Foods note. Interest Revenue Feb 18 Received a 90-day, 8.25%, $7,400 note from Dutton Market on account. 19 Sold the Dutton Market note to Amherst Bank, receiving cash of $7,300. (Debit the difference to…arrow_forward
- Olivia’s Apple Orchard had the following transactions during the month of September, the first month in business. Complete the chart to determine the ending balances. As an example, the first transaction has beencompleted. Note: Negative amounts should be indicated with minus signs (–) and unaffected should be notedas $0.(Hints: 1. each transaction will involve two financial statement elements; 2. the net impact of the transactionmay be $0.)arrow_forwardThe following items were selected from among the transactions completed by Sherwood Co. during the current year:Required:1. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Round your answers to the nearest dollar.2. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year (refer to the Chart of Accounts for exact wording of account titles):a. Product warranty cost, $29,000.b. Interest on the nine remaining notes owed to Greenwood Co. Assume a 360-day year.arrow_forwardANZ Kitchen Appliances Pty Ltd has the following information for the month ended 30th June 2022: Accounts receivable has a debit balance of $176,550 (including the balance of C. Cathy’s account) at 1 June 2022. Allowance for doubtful debts has credit balance of $11,220 at 1 June 2022. On 15 June, received $3,300 of the account balance of C. Cathy’s of $13,200 and On 16 June, wrote off the remaining balance of C.Cathy’s as a bad debt. On 30 June, estimated bad debts expense for the year to be 2% of net credit sales of $825,000. Required: Prepare general journal entries for the transactions on 15, 16 and 30 June (ignore GST). Assuming that this is the only bad debt written off for the year and this is the only adjustment to the allowance for doubtful debts account, show the information that will appear in the income statement for the year ended 30th June 2022 as a result of the above transactions. Show how accounts receivable will appear in the balance sheet as at 30th June 2022.arrow_forward
- The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $38,000. Purchase bike equipment by signing a note with the bank for $30,000. Repay $23,000 of the note in (b) above. Pay utilities of $3,800 for the current month. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. (Decreases to account classifications should be entered as a negative.)arrow_forwardCoparrow_forwardSelected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y8, were as follows: 1. Journalize the selected transactions. Assume 360 days per year. Description choices are: Accounts Payable, Cash, Merchandise Inventory, No Entry Required, Purchases. If no entry is required, select "No Entry Required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 3: Issued a check to establish a petty cash fund of $4,500. Description Debit Credit Feb. 26: Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880. Description Debit Credit Apr. 14: Purchased $31,300 of merchandise on account, terms, n/30. The perpetual inventory system is used to account for inventory. Description…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY