Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem E2.19E
Posting
Learning Objective 3
2. 2. Cash Balance $52,050
Requirements
1. Open four-column account using the following account numbers: Cash, 110;
2. Post the journal entries to the four-column account, and determine the balance in the account after each transaction. Assume that the jounal entries were recorded on page 10 of the journal. Make sure to complete the Post Ref. columns in the journal and ledger.
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On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:
Accounts
Debit
Credit
Cash
$ 23,700
Accounts Receivable
Allowance for Uncollectible Accounts
41,000
$ 4,900
39,000
Inventory
Land
75,100
Accounts Payable
Notes Payable (8%, due in 3 years)
Common Stock
Retained Earnings
27,900
39,000
65,000
42,000
Totals
$178,800 $178,800
The $39,000 beginning balance of inventory consists of 390 units, each costing $100. During January 2021, Big Blast
Fireworks had the following inventory transactions:
3 Purchase 1,800 units for $192, 600 on account ($107 each).
8 Purchase 1,900 units for $212,800 on account ($112 each).
January
January
January 12 Purchase 2, 000 units for $234,000 on account ($117 each).
January 15 Return 145 of the units purchased on January 12 because of defects.
January 19 Sell 5,800 units on account for $870,000. The cost of the units sold is determined using a FIFO perpetu
inventory system.
January 22 Receive $841,000 from…
Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes
bank deposits only once per week. The following provides information from the company's cash ledger for the month
ending February 28, 2021.
Date
Amount
No.
Date
Amount
$ 2,300 Checks:
1,900
2,800
3,700
1,200
$ 11,900
$ 4,300
600
321
322
323
324
Deposits:
2/4
2/11
2/18
2/25
2/26-2/28
2/2
2/8
2/12
2/19
2/27
2,100
1,800
400
Cash receipts:
325
326
2/28
900
1,500
$11,600
327
2/28
Balance on February 1
$ 6,400
Receipts
Disbursements
11,900
(11,600)
$ 6,700
Balance on February 28
Information from February's bank statement and company records reveals the following additional information:
a. The ending cash balance recorded in the bank statement is $10,390.
b. Cash receipts of $1,200 from 2/26-2/28 are outstanding.
c. Checks 325 and 327 are outstanding.
d. The deposit on 2/11 includes a customer's check for $400 that did not clear the bank (NSF check).
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[The following information applies to the questions displayed below.]
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:
Accounts
Debit
Credit
$ 59,000
25,600
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
$ 2,500
Inventory
Notes Receivable (5%, due in 2 years)
36,600
15,600
Land
158,000
Accounts Payable
15,100
Common Stock
223,000
Retained Earnings
54,200
Totals
$294,800
$294,800
During January 2021, the following transactions occur:
January 1 Purchase equipment for $19,800. The company estimates a residual value of $1,800 and a six-year service life.
January 4 Pay cash on accounts payable, $9,800.
January 8 Purchase additional inventory on account, $85,900.
January 15 Receive cash on accounts receivable, $22,300.
January 19 Pay cash for salaries, $30,100.
January 28 Pay cash for January utilities, $16,800.
January 30 Sales for January total $223,000. All of these sales are on account. The cost of the units sold is $116,500.…
Chapter 2 Solutions
Horngren's Accounting (12th Edition)
Ch. 2 - The detailed record of the changes in a particular...Ch. 2 - Which of the following accounts is a liability?...Ch. 2 - The left side of an account is used to record...Ch. 2 - Which of the following statements is correct?...Ch. 2 - Your business purchased office supplies of $2,500...Ch. 2 - Sedlor Properties puchased office supplies on...Ch. 2 - Posting a $2,500 purchase of office supplies on...Ch. 2 - Pixel Copies recorded a cash collection on account...Ch. 2 - Which sequence correctly summarizes the accounting...Ch. 2 - Nathvile Laundry reported assets of $800 and...
Ch. 2 - Identify the three categones of the accounting...Ch. 2 - What is the purpose of the chart of accounts?...Ch. 2 - What does a ledger show? What’s the difference...Ch. 2 - Accounng uses a double-entry system. Explain what...Ch. 2 - What is T-account? On which side is the debit? On...Ch. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Identify which types of accounts have a normal...Ch. 2 - What are source documents? Provide examples of...Ch. 2 - Prob. 10RQCh. 2 - Explain the five steps in journalizing and posting...Ch. 2 - What are the four parts of a journal entry?Ch. 2 - What is involved in the posting process?Ch. 2 - What is the purpose of the trial balance?Ch. 2 - What is the differnce between the trial balance...Ch. 2 - If total debits equal total credits on the trial...Ch. 2 - What is the calculation for the debt ratio?...Ch. 2 - Identifying accounts Learning Objective 1 Consider...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying normal balances Learning Objective 2...Ch. 2 - Prob. S2.4SECh. 2 - Journalizing transactions Learning Objective 3...Ch. 2 - S2-6 Journalizing transactions
Learning...Ch. 2 - Journalizing transactions and posting to...Ch. 2 - Prob. S2.8SECh. 2 - Prob. S2.9SECh. 2 - Using accounting vocabulary Learning Objectives 1,...Ch. 2 - Creating a chart of accounts Learning Objective 1...Ch. 2 - Identifying accounts, increases in accounts, and...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying source documents Learning Objective 3...Ch. 2 - Analyzing and journalizing transactions Learing...Ch. 2 - Analyzing and journalizing transactions Leaning...Ch. 2 - Posting journal entries to T-accounts Learning...Ch. 2 - Analyzing and journalizing transactions Learning...Ch. 2 - Posting journal entries to four-column accounts...Ch. 2 - Analyzing transactions from T-accounts Learning...Ch. 2 - Journalizing transactions from T-accounts Learning...Ch. 2 - Preparing a trial balance Learning Objective 4...Ch. 2 - Preparing a trial balance from T-accounts Learning...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Analyzing accounting errors Learning Ojective 4...Ch. 2 - Prob. E2.26ECh. 2 - E2-27 Correcting errors in a trial...Ch. 2 - Prob. E2.28ECh. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Correcting errors in a trial balance Learning...Ch. 2 - Prob. P2.34APGACh. 2 - Prob. P2.35BPGBCh. 2 - Prob. P2.36BPGBCh. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Prob. P2.38BPGBCh. 2 - Correcting errors in a trial balance Learning...Ch. 2 - Prob. P2.40BPGBCh. 2 - Prob. P2.41CTCh. 2 - P2-42 Journalizing transactions, posting to...Ch. 2 - Journalizing transactions, posting to T-accounts,...Ch. 2 - Before you begin this assignment, renew the Tymg...Ch. 2 - Prob. 2.1DCCh. 2 - Prob. 2.1EICh. 2 - Prob. 2.1FCCh. 2 - Prob. 2.1FSC
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