Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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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.)
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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…
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.
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...
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