Loose Leaf for Fundamentals of Accounting Principles and Connect Access Card
Loose Leaf for Fundamentals of Accounting Principles and Connect Access Card
22nd Edition
ISBN: 9781259542169
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 2, Problem 9E
To determine

Concept Introduction

Journal Entry: The Journal entries are accounting entries made in a chronological order in a general ledger to record business transactions. Journal entries are logged with the debit amounts and credit amounts with their respective dates and account names.

T Account: A T-account is the graphical representation of a general ledger that records business transactions. T-account looks like the letter T, where Debit entries are recorded at the left side and credit entries are recorded at the right side and the account title will be at the top.

1.a.

To Prepare: The journal entries for the transactions given for the Spade Company.

To determine

To Prepare: The T-accounts for the transactions given for the Spade Company.

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Swifty Supply Co. has the following transactions related to notes receivable during the last 2 months of 2027. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $85,500, 90-day, 8% note. 16 Received a $87,840, 180 day. 10% note to settle an open account from Joe Fernetti. 31 Accrued interest revenue on all notes receivable. (a) Journalize the transactions for Swifty Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for cal in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit

Chapter 2 Solutions

Loose Leaf for Fundamentals of Accounting Principles and Connect Access Card

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