Financial Accounting, Student Value Edition (5th Edition)

5th Edition

ISBN: 9780134728520

Author: Robert Kemp, Jeffrey Waybright

Publisher: PEARSON

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Textbook Question

Chapter 2, Problem 9SE

Re-creating journal entries from T-account postings (Learning Objectives 2 & 3) 15-20 min.

Haskins, Inc., began operations on January 1, 2018. The seven transactions recorded during January by the company accountant are shown in the following T-accounts:

	Cash		111
(1)	15,000	(2)	3,000
		(5)	250
		(6)	2,300
		(7)	1,000
Bal	8,450

	Accounts Receivable	112
(4)	4,500
Bal	4,500

	Supplies	113
(3)	600
Bal	600

	Equipment	114
(2)	3,000
Bal	3,000

	Accounts Payable		211
(5)	250	(3)	600
		Bal	350

Common Stock		311
	(1)		15,000
	Bal		15,000

	Dividends	322
(7)	1,000
Bal	1,000

Service Revenue		411
	(4)	4,500
	Bal	4,500

	Operating Expenses	511-524
(6)	2,300
Bal	2,300

Complete the following table. For each transaction shown, determine the accounts affected, the type of account, whether the account increases or decreases, and whether it would be recorded in the journal on the debit or credit side.

Transaction	Accounts Affected	Type	⇅	Dr. or Cr.
(1)	Cash	Asset	Increase	Dr.
	Common Stock	Stockholders’ Equity	Increase	Cr.

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Chapter 2, Problem 8SE

Chapter 2, Problem 10SE

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Chapter 2 Solutions

Financial Accounting, Student Value Edition (5th Edition)

Ch. 2 - The order in which assets were listed and...Ch. 2 - Prob. 2DQ Ch. 2 - How is revenue related to retained earnings?Ch. 2 - Prob. 4DQ Ch. 2 - Prob. 5DQ Ch. 2 - Prob. 6DQ Ch. 2 - Prob. 7DQ Ch. 2 - Distinguish between journalizing and posting.Ch. 2 - True or false: If the trial balance is in balance,...Ch. 2 - When it is time to prepare the financial...

Ch. 2 - Which sequence of actions correctly summarizes the...Ch. 2 - Prob. 2SC Ch. 2 - Prob. 3SC Ch. 2 - Prob. 4SC Ch. 2 - Prob. 5SC Ch. 2 - Which journal entry records obtaining a bank loan...Ch. 2 - RV Wholesale, Inc., paid 1,200 for supplies and...Ch. 2 - Prob. 8SC Ch. 2 - Prob. 9SC Ch. 2 - Prob. 10SC Ch. 2 - Prob. 11SC Ch. 2 - Prob. 12SC Ch. 2 - Prob. 1SE Ch. 2 - Prob. 2SE Ch. 2 - Prob. 3SE Ch. 2 - Prob. 4SE Ch. 2 - Accounting terminology (Learning Objectives 2, 3, ...Ch. 2 - Effects of debits and credits on accounts...Ch. 2 - Balancing accounts and normal balances (Learning...Ch. 2 - Types of accounts and effects of debits and...Ch. 2 - Re-creating journal entries from T-account...Ch. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 11SE Ch. 2 - Prob. 12SE Ch. 2 - Prob. 13SE Ch. 2 - Accounting terminology (Learning Objectives 1, 2,...Ch. 2 - Prob. 15AE Ch. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 17AE Ch. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Prob. 19AE Ch. 2 - Prob. 20AE Ch. 2 - Prob. 21AE Ch. 2 - Prob. 22AE Ch. 2 - Prob. 23BE Ch. 2 - Prob. 24BE Ch. 2 - Prob. 25BE Ch. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Recording transactions and preparing a trial...Ch. 2 - Prob. 28BE Ch. 2 - Prob. 29BE Ch. 2 - Prob. 30BE Ch. 2 - Prob. 31AP Ch. 2 - Prob. 32AP Ch. 2 - Journalizing, posting, and preparing a trial...Ch. 2 - Prob. 34AP Ch. 2 - Preparing a trial balance, income statement,...Ch. 2 - Prob. 36AP Ch. 2 - Prob. 37BP Ch. 2 - Prob. 38BP Ch. 2 - Prob. 39BP Ch. 2 - Prob. 40BP Ch. 2 - Prob. 41BP Ch. 2 - Prob. 42BP Ch. 2 - Prob. 1CE Ch. 2 - Prob. 1CP Ch. 2 - Prob. 1CFSAP Ch. 2 - Prob. 1EIA Ch. 2 - Prob. 2EIA Ch. 2 - Prob. 1FA Ch. 2 - Prob. 1IA Ch. 2 - Prob. 1SBA Ch. 2 - Prob. 1WC

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Solution Summary: The author explains that journal records the debit and credit aspects of each transaction to abide by the double-entry system.

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