Horngren's Accounting (12th Edition)
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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Chapter 2, Problem P2.29APGA

Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance
Learning Objectives 3,4
2. Cash Balance $56,050
Vince York practices medicine under the business title Vince York, M.D. During July, the medical practice completed the following transactions.

    Jul. 1 York contributed $63,000 cash to the business in exchange for capital.
    5 Paid monthly rent on medical equipment, $510.
    9 Paid $23,000 cash to purchase land to be used in operations.
    10 Purchased office supplies on account, $1,600.
    19 Borrowed $22,000 from the bank for business use.
    22 Paid $1,l00 on account.
    28 The business received a bill for advertising in the daily newspaper to be paid in August, $240.
    31 Revenues earned during the month included $6,400 cash and $6000 on account.
    31 Paid employees’ salaries $2,200, office rent $1,900, and utilities $560. Record as a compound entry.
    31 The business received $1,120 for medical screening services to be performed next month.
    31 York withdrew cash of $7,200.

The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Lad; Accounts Payable; Advertising Payable; Unearned Revenue; Noties Payable; York, Capital; York, Withdrawals; Sevice Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense.
Requirements
1. Journalize each trsacton. Explanations are not required.
2. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal.
3. Prepare the trial balance of VinceYork, M.D., as of July 31, 2018.

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construct the Journal Entry of the transaction: Date/# Account Title Debit Credit Oct-01 Garcia invested P30,000 cash to start his business.     2 Purchased medical Supplies on account, P10,000     2 Paid monthly office rent of P4,000.     3 Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder.     15 Borrowed P50,000 from the bank, signing a note payable     22 Performed service for patients on account, P3,600     30 Received cash from patients billed on September 3, P2,000     31 Received and paid a utility bill, P200     31 Paid monthly salary to nurses, P3,000     31 Paid interest expense of P200
form the Journal entry of the given transaction:   date/s transaction debit credit Sep-02 Garcia invested P30,000 cash to start his business.     2 Purchased medical Supplies on account, P10,000     3 Paid monthly office rent of P4,000.     4 Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder.     10 Borrowed P50,000 from the bank, signing a note payable     15 Performed service for patients on account, P3,600     22 Received cash from patients billed on September 3, P2,000     25 Received and paid a utility bill, P200     26 Paid monthly salary to nurses, P3,000             30 Paid interest expense of P200

Chapter 2 Solutions

Horngren's Accounting (12th Edition)

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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