ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 2, Problem 8E
To determine
Introduction: Journal is a book of original entries in which the transactions (expressed in monetary terms) are recorded in a chronological sequence considering the accounts principles and after taking into account the rules of the double entry book-keeping system.
To prepare: The
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Selected transactions for Concord’s Dog Care are as follows during the month of March.
March 1
Paid monthly rent of $1,320.
3
Performed services for $150 on account.
5
Performed services for cash of $85.
8
Purchased equipment for $660. The company paid cash of $90 and the balance was on account.
12
Received cash from customers billed on March 3.
14
Paid wages to employees of $580.
22
Paid utilities of $80.
24
Borrowed $1,650 from Grafton State Bank by signing a note.
27
Paid $240 to repair service for plumbing repairs.
28
Paid balance amount owed from equipment purchase on March 8.
30
Paid $1,980 for six months of insurance.
Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Selected transactions for Oriole's Dog Care are as follows during the month of March.
March 1
3
5
8
12
14
22
24
27
28
Paid monthly rent of $1,340.
Performed services for $160 on account.
Performed services for cash of $85.
Purchased equipment for $670. The company paid cash of $90 and the balance was on account.
Received cash from customers billed on March 3.
Paid salaries and wages to employees of $590.
Paid utilities of $80.
Borrowed $1,680 from Grafton State Bank by signing a note.
Paid $250 to repair service for plumbing repairs.
Paid balance amount owed from equipment purchase on March 8.
Paid $2,280 for six months of insurance.
30
Roland Foster Optical Dispensary completed the following transactions during the latter part of March:
Mar. 15
Purchased office supplies on account, $3,400
Mar. 28
Paid $1,800 on account.
Read the requirements.
Requirement 1. Journalize the transactions of Roland Foster Optical Dispensary. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Mar. 15: Purchased office supplies on account, $3,400.
Date
Accounts and Explanation
Debit
Credit
Mar. 15
Requirements
1.
Journalize the transactions of Roland Foster Optical Dispensary. Include an
explanation with each journal entry.
2. The following T-accounts have been opened for you: Cash (Beginning
Balance of $21,000), Office Supplies, and Accounts Payable. Post the journal
entries from Requirement 1 to the accounts, and compute the balance in
each account.
Mar. 28: Paid $1,800 on account.
Date
Accounts and Explanation
Debit
Credit
Mar. 28
Print…
Chapter 2 Solutions
ACCOUTING PRIN SET LL INCLUSIVE
Ch. 2 - Prob. 1QCh. 2 - Prob. 2QCh. 2 - Prob. 5QCh. 2 - 6. What is the normal balance for each of the...Ch. 2 - Prob. 7QCh. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10QCh. 2 - Prob. 11QCh. 2 - Prob. 12Q
Ch. 2 - Prob. 13QCh. 2 - Prob. 14QCh. 2 - Prob. 15QCh. 2 - Prob. 17QCh. 2 - Prob. 18QCh. 2 - Prob. 19QCh. 2 - Prob. 21QCh. 2 - Prob. 1BECh. 2 - Prob. 3BECh. 2 - Prob. 4BECh. 2 - Prob. 6BECh. 2 - BE2-7 Selected transactions for the Brook Wang...Ch. 2 - Prob. 1DIECh. 2 - Prob. 3DIECh. 2 - E2-1 Kim Yi has prepared the following list of...Ch. 2 - Prob. 3ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 17ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 1ECCh. 2 - Prob. 1EYCTCh. 2 - Prob. 2EYCTCh. 2 - Prob. 3EYCTCh. 2 - Prob. 5EYCTCh. 2 - Prob. 1IFRP
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
- Review the following transactions and prepare any necessary journal entries for Olinda Pet Supplies. A. On March 2, Olinda Pet Supplies receives advance cash payment from a customer for forty dog food dishes (from their Dish inventory), costing $25 each. Olinda had yet to supply the dog food bowls as of March 2. B. On April 4, Olinda provides all of the dog food bowls to the customer.arrow_forwardOn June 1, Lupita Candy Supplies sells 1,250 candy buckets to a local school at a sales price of $10 per bucket. The cost to Lolita is $2 per bucket. The terms of the sale are 2/10, n/60, with an invoice date of June 1. Create the journal entries for Lupita to recognize the following transactions. A. the initial sale B. the subsequent customer payment on July 12arrow_forwardIn the month of September, Billy Jo made the following purchases: $4,000.00 on September 3 $2,750.00 on September 15 $450.00 on September 29. Billy Jo’s credit card contract has a 15% APR and a minimum payment of 2%. What was Billy Jo’s balance at the end of the month? What is the minimum dollar amount Billy Jo must pay?arrow_forward
- The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000. Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. Use a compound journal entry with debits before credits.) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13 Dry Creek Co.…arrow_forwardThe following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Jan. 3 Feb. 10 13 Mar. 12 14 Apr. 3 May 11 13 July 12 Aug. 1 Oct. 5 15 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) Received from Bradford & Co. the amount due on the note of March 12. Dry Creek Co. dishonored its note dated March 14. Received from Dry Creek Co. the amount owed on the…arrow_forwardShow work.arrow_forward
- Howard Coleman Optical Dispensary completed the following transactions during the latter part of March: Mar. 15 Purchased office supplies on account, $2,800 Mar. 28 Paid $800 on account. Read the requirements. Requirement 1. Journalize the transactions of Howard Coleman Optical Dispensary. Include an explanation with each journal ent last line of the journal entry table.) Mar. 15: Purchased office supplies on account, $2,800. Date Accounts and Explanation Mar. 15 Debit Creditarrow_forwardOn March 29, customers who owe $10,500 on account to Sonic Sales Company submit payments of $4,250. Required: Journalize this event. Refer to the Chart of Accounts for exact wording of account titlesarrow_forwardHome Office collected 100,000 from Branch’s customers on account. Requirements:a. Prepare the journal entries for both the Home Office and Branch books based on theabove transactions.arrow_forward
- Provide the general journal entries of the following transactions of The Pet Whiskers Company. Received a $10,000, 8%, 3-month note, dated July 1, from Peter in payment of his open account. July 1 Oct. 1 Received notification from Peter that he was unable to honor his note at this time. It is expected that Frank will pay at a later date. Received full payment from Peter for his noTe receivable previously dishonored. Nov. 15arrow_forwardOn March 4, Micro Sales makes $10,500 in sales on bank credit cards that charge a 2% service charge and deposits the funds into Micro Sales' bank accounts at the end of the business day. Required: Journalize the sales and recognition of expense as a single journal entry. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.arrow_forwardThe following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10. Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. 13. Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000. Mar. 12. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. Use a compound journal entry with debits before credits.) May 11. Received from Bradford & Co. the amount due on the note of March 12. 13. Dry Creek Co.…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeCentury 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY