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 E2.23E
Preparing a
Learning Ojective 4
Total Debits $80,700
The T-accounts of McMahon Farm Equipment Repair follow as of May 31, 2018,
Prepare McMahon Farm Equipment Repair’s trial balance as of May 31, 2018.
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Journalizing and Posting
On September 18, 2019, Afton Company purchased $3,180 of supplies on account. In Afton Company's chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21.
a. Journalize the September 18, 2019, transaction on page 87 of Afton Company's two-column journal.
Page: 87
POST.
DATE
DESCRIPTION
DEBIT CREDIT
REF.
Sept. 18, 2019 Supplies
15
3,180
Accounts Payable
21
3,180
b. & d. In the four-column account for Supplies, enter a debit balance of $1,530 as of September 1, 2019. Place a check mark () in the Posting Reference column. Post the September 18, 2019, transaction to the account. For those boxes in
which no entry is required, leave the box blank.
GENERAL LEDGER
Account Supplies
Account No. 15
POST.
BALANCE
DATE
ITEM
DEBIT CREDIT
REF.
DEBIT CREDIT
Sept. 1, 2019 Balance
Sept. 18, 2019
C. & d. In the four-column account for Accounts Payable, enter a credit balance of $22,640 as of September 1, 2019. Place a check mark () in the…
Complete the accounting cycle using the adjusted trial balance below.
JM PHOTOCOPYING CENTER
Adjusted Trial Balance
December 31, 2019
Account Title
Debit
Credit
Cash
P 16.500.00
Accounts Receivable
7.500.00
Allowance for doubtful accounts
P 150.00
Note Receivable
5,527.50
3.000.00
Unused Supplies
Prepaid rent
5.000.00
Photocopying Equipment
30,000.00
450.00
Accumulated Depreciation - Photocopying
Equipment
Furniture and Fixtures
5.000.00
Accumulated Depreciation - Furniture & Fixtures
75.00
Accounts payable
2.500.00
Loan payable
50,000.00
Notes payable
5.000.00
Salaries Payable
816.67
Unearned Photocopying Revenues
1,800.00
Mercado, Capital
10,000.00
Mercado, Drawing
500.00
Photocopying Revenues
24,227.50
Taxes and Licenses Expense
2,000.00
Salaries expense
4.800.00
Supplies expense
7,000.00
Utilities expense
2,500.00
Rent expense
5,000.00
525.00
Depreciation Expense
Bad debts expense
166.67
P 95,019.17 P 95,019.17
Totals
Requirements:
1. Prepare Financial Statements: Profit and loss…
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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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