ACCOUNTING PRINCIPLES 122 5/16 >C<
17th Edition
ISBN: 9781323461471
Author: Horngren
Publisher: PEARSON C
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Textbook Question
Chapter 2, Problem E2.24E
Journalizing transactions, posting
The following transactions occurred during the month lor Tori Peel. CPA:
Jun 1 Peel opened an accounting firm by contributing $13,500 cash and office furniture with a fair market value of $5,400 in exchange for capital,
5 Paid monthly rent of $ 1.300.
9 Purchased office supplies on account, $800.
14 Paid employee's salary, $ 1,700.
18 Received a bill for utilities to be paid next month, $250.
21 Paid $600 of the accounts payable created on June 9.
25 Performed accounting services on account, $5,900 28 Peel withdrew cash of $6,900
Requirements
- Open the following four-column accounts ofTori Peel, CPA: Cash. 110;
Accounts Receivable . 120: Office Supplies, 130; Office Furniture, 140; Accounts Payable, 210; Utilities Payable, 220; Peel, Capital. 310; Peel, Withdrawals, 320; Service Revenue, 410; Salaries Expense, 510; Rent Expense, 520; Utilities Expense, 530. - Journalize the transactions, and then post the journal entries to the four-column accounts. Explanations are not required for the journal entries. Keep a running balance in each account. Assume the journal entries are recorded on page 10 of the journal.
- Prepare the trial balance as ol June 30, 2016.
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form the Journal entry of the given transaction:
date/s
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debit
credit
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Garcia invested P30,000 cash to start his business.
2
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4
Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder.
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Borrowed P50,000 from the bank, signing a note payable
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Performed service for patients on account, P3,600
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Received cash from patients billed on September 3, P2,000
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Received and paid a utility bill, P200
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how do i do a journal entry for the following.
received cash from clients on account 21,000.00
recorded revenue earned billed to clients during the 1st half of the month 20,900.00
returned a portion of office supplies 50.00
owner withdrawls 10,000 for personal use
Prepare an income statement for the month ended January 31,2018
General Entries:
Jan5 Received $60,000 from Shophia Lebron and issued 12,000 common shares of $5 par value.
Jan5 Paid $6,000 of general liability and property insurance. The disbursement by Check No. 100 was for a complete year of service.
Jan6 Rented an office and furniture for $2,000 per month. Issued Check No. 101 for $6,000, representing the first and last month's rent and the security deposit.[ the security deposit (debit deposit), the last month's rent, and the current rent are to be classified separately.]
Jan7 Issued Check No. 102 for $1,600 for the purchase of office supplies.
Jan7 Issued Check No. 103 for $7,000 for advertising to be run in local nespaper and magazines in the month of Jan
Jan10 Roxana Perini engaged My Place, House of Decor to renovate her oceanfront condominium. Received $10,000 from Roxana Perini after services were completed.
Jan12 Recorded $6,000 (net 30) decorating fees earned on account…
Chapter 2 Solutions
ACCOUNTING PRINCIPLES 122 5/16 >C<
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 - i Journalizing transactions Jack Davis opened a...Ch. 2 - Journalizing transactions Arkansas Sales...Ch. 2 - (atculaiing the balance of a r-accounl Ac< ounts P...Ch. 2 - Journalizing transactions and posting io I account...Ch. 2 - Preparing a trial balance Henderson Floor...Ch. 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 - Prob. E2.16ECh. 2 - Prob. E2.17ECh. 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 - Prob. E2.21ECh. 2 - Prob. E2.22ECh. 2 - Prob. E2.23ECh. 2 - Journalizing transactions, posting journal entries...Ch. 2 -
i 25 \nalyzing accounting errors
- lime ii is i...Ch. 2 - Prob. E2.26ECh. 2 - Prob. E2.27ECh. 2 - Prob. E2.28ECh. 2 - Prob. P2.29APGACh. 2 - Prob. P2.30APGACh. 2 - pj-.U A f«ornalizing transactions, posting journal...Ch. 2 - P2 U \ Jornn-d./lng i. KK.U lions, polling journal...Ch. 2 - Prob. P2.33APGACh. 2 - Prob. P2.34APGACh. 2 - P2-351' jf n,»l« *ng transaction’., posting...Ch. 2 - Prob. P2.36BPGBCh. 2 - Prob. P2.37BPGBCh. 2 - Prob. P2.38BPGBCh. 2 - Prob. P2.39BPGBCh. 2 - Prob. P2.40BPGBCh. 2 - Prob. P2.41CPCh. 2 - Prob. P2.42PSCh. 2 - Prob. 2.1DCCh. 2 - Prob. 2.1EICh. 2 - Prob. 2.1FCCh. 2 - Prob. 2.1FSC
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