FINANCIAL+MANAG.ACCT.
9th Edition
ISBN: 9781260728774
Author: Wild
Publisher: RENT MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 9QS
To determine
Concept Introduction:
Journalizing transactions: The process of recording transactions into journals is called journalizing. A journal is a complete record of each transaction, it also shows debit and credits for each transaction. After the transactions are recorded in the journal, it will be posted to the ledgers.
Whether a debit or credit results that indicated change for each of the given accounts.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Required information
Use the following information for Exercises 25-27 below. (Algo)
[The following information applies to the questions displayed below.]
Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On December 31, the company’s records show the following selected accounts and amounts for the month of December.
Cash
$ 25,260
C. Camry, Withdrawals
$ 5,890
Accounts receivable
22,270
Consulting revenue
26,910
Office supplies
5,130
Rent expense
9,440
Office equipment
19,900
Salaries expense
5,500
Land
43,930
Telephone expense
750
Accounts payable
10,780
Miscellaneous expenses
420
C. Camry, Capital
100,800
Exercise 2-25 (Algo) Preparing an income statement LO P1
Use the above information to prepare a December income statement for the business.
Can you help me with this question please
Thank you
A Screen Shot 2020-02-20 at 12.36.49 PM
Q Search
3. Journalize the transactions for October (in chronological order), using the purchases journal below (p. 30) similar to the one illustrated in this chapter. Post to the
creditor accounts in the accounts payable subsidiary ledger (in part 2) immediately after each entry.
Shot 2020-02-20 at 12.37.13
4. Post the purchases journal to the accounts in the general ledger (in part 1). If an amount box does not require an entry, leave it blank.
If no other account is needed in the "Other Accounts Dr." column select "No entry required".
PURCHASES JOURNAL
PAGE 30
Post.
Date
Account Credited
Accounts Payable Cr.
Field Supplies Dr. Office Supplies Dr.
Other Accounts Dr.
Post. Ref.
Amount
Ref.
Oct. 2
Oct. 5
Oct. 9
Oct. 13
Oct. 14
Oct. 17
Oct. 24
Oct. 29
Oct. 31
Oct. 31
Oct. 31
(v)
Chapter 2 Solutions
FINANCIAL+MANAG.ACCT.
Ch. 2 - Prob. 1QSCh. 2 - Prob. 2QSCh. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QS
Ch. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 16QSCh. 2 - Prob. 17QSCh. 2 - Prob. 18QSCh. 2 - Prob. 19QSCh. 2 - Exercise 2-1 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 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 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Exercise 2-20 Identifying effects of posting...Ch. 2 - Prob. 23ECh. 2 - Prob. 24ECh. 2 - Prob. 25ECh. 2 - Prob. 26ECh. 2 - Prob. 27ECh. 2 - Prob. 28ECh. 2 - Prob. 29ECh. 2 - Prob. 1PSACh. 2 - Problem 2-2A Preparing and posting journal...Ch. 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 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Prob. 1.1AACh. 2 - Prob. 1.2AACh. 2 - Prob. 1.3AACh. 2 - Prob. 1.4AACh. 2 - Prob. 2.1AACh. 2 - Prob. 2.2AACh. 2 - Prob. 2.3AACh. 2 - Prob. 3.1AACh. 2 - Prob. 3.2AACh. 2 - Prob. 3.3AACh. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 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. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
Knowledge Booster
Similar questions
- Prepare journal entries to record the following transactions that occurred in March: A. on first day of the month, purchased building for cash, $75,000 B. on fourth day of month, purchased inventory, on account, $6,875 C. on eleventh day of month, billed customer for services provided, $8,390 D. on nineteenth day of month, paid current month utility bill, $2,000 E. on last day of month, paid suppliers for previous purchases, $2,850arrow_forwardConsider each of the transaction below independently. All expenditures were made in cash In march, the Cleanway Laundromat bought equipment. Cleanway paid $5,000 down and signed a noninterest-bearing note requiring the payment of $30,000 in nine months. The cash price for the equipment was $34,000. Prepare all necessary journal entries to record each the transaction. Use this format: Date Account Titles DR CRarrow_forwardAccounting:completing a worksheetarrow_forward
- Ethics in ActionNew Wave Images is a graphics design firm that prepares its financial statements using a calendar year. Manny Kinn, the company treasurer and vice president of finance, has prepared a classified balance sheet as of December 31. In January, this balance sheet will be submitted along with an application for a loan from First Peoples Community Bank. An excerpt from the balance sheet follows: Cash $25,000 Accounts receivable 85,000 ........ Total Assets $250,000 The accounts receivable balance includes a $56,000 loan to Tom Morrow, the company president. Tom borrowed the money from New Wave 18 months earlier for a down payment on a new home. Tom has o rally assured Manny that he will pay off the loan within the next year. Because Tom is the company president, Manny treats the amountdue as part of its normal accounts receivable. In addition, Manny knows that the bank will consider a large balance in accounts receivable more favorably than a large personal loan…arrow_forwardOswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 23, assuming the customer made the correct payment on that date? A. Cash Sales Revenue Accounts Receivable B. Cash Sales Discounts Accounts Receivable Interest Revenue C. Cash Sales Discounts Accounts Receivable D. Cash Accounts Receivable Sales Revenue Select one: O A. Option A OB. Option B O C. Option C OD. Option D Clear my choice 45,540 460 46,000 460 45,540 460 46,000 46,000 46,000 460 46,000 45,540 460arrow_forward3. Many customers have been asking for more allergy-friendly products, so in December the bakery started carrying a line of gluten-free products on a trial basis. The information below relates to the Use the perpetual inventory method with the FIFO valuation method. Please see the "Inventory snhu 2. The following events occurred in November: November 5: Paid employee for period ending October 31. November 10: Paid Octobertelephone bill. 15. (See Wage Calculation Data table at the end of this document.) November 15: Paid rent on bakery space. November 20: Paid $8,500 toward baking supplies vendor payable. November 20: Paid employee for period ending November 15. November 22: Purchased $300 in office supplies. November 30: Received telephone bill for November in amount of $75. Payment is due on December 10. November 30: Accrued wages earned for employee for period of November 16 through November 30. (See Wage Calculation Data table at the end of this document.) November 30: November…arrow_forward
- Home Office put up a branch with initial investment of cash 400,000; and equipment180,000, and furniture & fixtures, 100,000, both to be booked in the branch. Requirements:a. Prepare the journal entries for both the Home Office and Branch books based on theabove transactions.arrow_forwardNeed Help with this Questionarrow_forwardNotes Receivable Crowne Cleaning provides cleaning services for Amber Inc., a business with four buildings. Crowne assigned different cleaning charges for each building based on the amount of square feet to be cleaned. The charges for the four buildings are $87,600, $82,200, $102,000, and $62,400. Amber secured this amount by signing a note bearing 10% interest on June 1. Required: Question Content Area 1. Prepare the journal entry to record the sale on June 1. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area 2. Determine how much interest Crowne will receive if the note is repaid on December 1.$fill in the blank 59d6dd028fbe01b_1 Question Content Area 3. Prepare Crowne’s journal entry to record the cash received to pay off the note and interest on December 1. If an amount box does not require an entry, leave it blank. blank - Select - - Select…arrow_forward
- Prepare journal entries for the transactions for Gordon Co for the month of July 2021. 7/2 Barry Gordon invested 30,000 to start the business Paid 1,100 for the current month's renf Purchased 1,500 of supplies on account. Purchased advertising from Evening Journal at a cost of 1,250 payable in 15 days. 7/15 Provided 2,000 of service to H Co. collected 500 cash and balance on account 7/3 7/5 7/9 7/19 Paid for advertising purchased from the Evening Journal on 7/9 7/21 Purchased equipment from T Co. for 6,500, paid cash 1,500 and balance on account 7/24 Hired assistant at a salary of 750 per week 7/28 Received 1,000 cash advance for service to be provided in August 7/29 Received utility bill for 225 7/30 Collected accounts receivable from H Co. Gordon withdrew 2,000 cash for personal use Paid assistant 750 salary for the week. 7/31 7/31arrow_forwardUSE THE FOLLOWING DATA FOR QUESTIONS 24 & 25 The Duke of Earl operates a catering enterprise. His accounting records at the end of 2008 included the following data: ITEMS EXPENSES a. Office expenses : b. Wages & Salaries REVENUE c. Commission Income d. Rent Income START OF THE YEAR a. $35,000 b. $45,000 c. $55,000 d. $65,000 Prepaid 5,000 Owed 10,000 a. $20,000 b. $24,000 c. $26,000 d. $30,000 Owed 3,000 Prepaid 7,000 DURING THE YEAR Paid 15,000 Paid 50,000 END OF THE YEAR Owed 2,500 Prepaid 5,000 Received 25,000 Received 12,000 Owed 1,000 Prepaid 2,000 24. The amount that must be shown in the income statement as Wages & Salaries expense for the year is 25. The amount that must be shown in the income statement as Commission Income for the year isarrow_forwardAzure a fancy mobile cover trader has shown an amount of 15,670 in his books of accounts which includes the following expenses: Agents commission 5,700; warehouse wages 1,850; warehouse repairs 550; lighting of office 70; office salaries 1,150; directors salaries 1,500; travelling expenses 760 related to business; rent,rates and insurance of warehouse 320; rent,rates and insurance of office330; lighting of warehouse 300; printing and stationery 2,500; trade magazines 90; donations 550. From the above information, prepare a statement showing in separate totals: (a) selling expenses; (b)distribution expenses; (c) administration expenses; and (d) expenses which you would exclude from total costs.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeFinancial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage LearningCollege Accounting, Chapters 1-27 (New in Account...AccountingISBN:9781305666160Author:James A. Heintz, Robert W. ParryPublisher:Cengage Learning
- Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningFinancial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher: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
College Accounting, Chapters 1-27 (New in Account...
Accounting
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:Cengage Learning
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning