Gen Combo Ll Financial Accounting Fundamentals; Connect Access Card
Gen Combo Ll Financial Accounting Fundamentals; Connect Access Card
7th Edition
ISBN: 9781260581256
Author: John Wild
Publisher: McGraw-Hill Education
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Chapter 2, Problem 7GLP

1.

To determine

Introduction: A journal is used to record financial transactions. It shows the debits and credits of each transaction. The process of recording transactions is called journalizing. After journalizing, the transactions are posted into ledgers.

The journal entries for given transactions

1.

Expert Solution
Check Mark

Explanation of Solution

  1. Journal entries to record the transactions in the month of September
    S.noAccount title and ExplanationPRDebitCredit
    a.Cash101$60,000
    Office equipment163$25,000
    HV Capital301$85,000
    Owners investment in business
    b.Land172$40,000
    Building170$160,000
    Cash101$30,000
    Notes payable250$170,000
    Record purchase of land and for cash and note payable
    c.Office supplies108$2,000
    Accounts payable250$2,000
    Record purchase of office supplies on credit
    d.Automobile164$16,500
    HV Capital301$16,500
    Record transferring of automobile to the business
    e.Office equipment163$5,600
    Accounts payable250$5,600
    Record purchase of office equipment on credit
    f.Salary expense601$1,800
    Cash101$1,800
    Record payment of salaries
    g.Cash101$8,000
    Fees earned402$6,000
    Record earnings of fees
    h.Utility expense602$635
    Cash101$635
    Record payment of utility expenses
    i.Accounts payable201$2,000
    Cash101$2,000
    Record payment of cash to settle accounts payable
    j.Office equipment163$20,300
    Cash101$20,300
    Record purchase of office equipment on cash
    k.Accounts receivable106$6,250
    Fees earned402$6,250
    Record earning of revenue
    l.Salariesexpense601$1,800
    Cash101$1,800
    Record payment of wages to assistant
    m.Cash101$4,000
    Accounts receivable106$4,000
    Record receipt of payment
    n.HV Withdrawals302$2,800
    Cash101$2,800
    Record withdrawals by owner for personal use

2.

To determine

Introduction: A journal is used to record financial transactions. It shows the debits and credits of each transaction. The process of recording transactions is called journalizing. After journalizing, the transactions are posted into ledgers.

The given ledger accounts

2.

Expert Solution
Check Mark

Answer to Problem 7GLP

Cash $22,945

Accounts receivable $29,000

Accounts payable $1,333

Explanation of Solution

Posting of journal entries in ledgers

Cash            Account no 101

    DatePRAccount titleDebitCreditBalance
    a.HV Capital$60,000$60,000
    b.$30,000$30,000
    f.Salary expense$1,800$28,200
    g.Fees earned$8,000$36,200
    h. Utility expenses$635$35,565
    i.Accounts payable$2,000$33,565
    j.Office equipment$20,300$13,265
    l.Salary expense$1,800$11,465
    m.Accounts receivable$4,000$15,465
    n.HV Capital$2,800$12,665

Accounts receivable            Account no 106

    DatePRAccount titleDebitCreditBalance
    k.Fees earned$6,250$6,250
    m.Cash$4,000$2,250

Office supplies            Account no 108

    DatePRAccount titleDebitCreditBalance
    c.Accounts payable$2,000$2,000

Automobiles            Account no 164

    DatePRAccount titleDebitCreditBalance
    d.HV Capital$16,500$16,500

Building            Account no 170

    DatePRAccount titleDebitCreditBalance
    b.$160,000$160,000

Land            Account no 172

    DatePRAccount titleDebitCreditBalance
    b.$40,000$40,000

Office equipment            Account no 163

    DatePRAccount titleDebitCreditBalance
    a.HV Capital$25,000$25,000
    e.Accounts payable$5,600$30,600
    j.Cash$20,300$50,900

Accounts Payable            Account no 201

    DatePRAccount titleDebitCreditBalance
    c.Office supplies$2,000$2,000
    ``e.Office equipment$5,600$7,600
    i.Cash$2,000$5,600

Notes payable            Account no 250

    DatePRAccount titleDebitCreditBalance
    b.$170,000$170,000

HV Capital            Account no 301

    DatePRAccount titleDebitCreditBalance
    a.Cash$60,000$60,000
    Office equipment$25,000$85,000
    d.Automobiles$16,500$101,500

HV Withdrawals            Account no 302

    DatePRAccount titleDebitCreditBalance
    n.Cash$2,800$2,800

Fees earned            Account no 402

    DatePRAccount titleDebitCreditBalance
    g.Cash$8,000$8,000
    k.Accounts receivable$6,250$14,250

Salaries expense            Account no 601

    DatePRAccount titleDebitCreditBalance
    f.Cash$1,800$1,800
    l.Cash$1,800$3,600

Utility expenses            Account no 602

    DatePRAccount titleDebitCreditBalance
    h.Cash$635$635

3.

To determine

Introduction: A journal is used to record financial transactions. It shows the debits and credits of each transaction. The process of recording transactions is called journalizing. After journalizing, the transactions are posted into ledgers.

The trial balance from given information

3.

Expert Solution
Check Mark

Answer to Problem 7GLP

Trial balance total $291,350.

Explanation of Solution

Trial balance

    Account titleDebitCredit
    Cash$12,665
    Accounts receivable$2,250
    Office supplies$2,000
    Automobiles$16,500
    Office equipment$50,900
    Land$40,000
    Building$160,000
    Accounts payable$5,600
    Note payable$170,000
    HV Capital$101,500
    HV Withdrawals$2,800
    Fees earned$14,250
    Salaries expense$3,600
    Utilities expense$635
    Total$291,350$291,350

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Chapter 2 Solutions

Gen Combo Ll Financial Accounting Fundamentals; Connect Access Card

Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 16DQCh. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Prob. 1QSCh. 2 - Prob. 2QSCh. 2 - Prob. 3QSCh. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Analyzing account entries and balances A1 Use the...Ch. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Identifying effects of posting errors on the trial...Ch. 2 - Prob. 21ECh. 2 - Prob. 22ECh. 2 - Prob. 23ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 7PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Prob. 5PSBCh. 2 - Prob. 6PSBCh. 2 - Prob. 7PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1GLPCh. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Using transactions from the following assignments,...Ch. 2 - Prob. 7GLPCh. 2 - Prob. 8GLPCh. 2 - Prob. 1AACh. 2 - Prob. 2AACh. 2 - Prob. 3AACh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTNCh. 2 - Prob. 7BTN
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