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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List and record each transaction (in 000s) for the Claymont Outpatient Clinic, under the accrual basis of accounting, at December 31, 20X1.    You are creating a General Ledger using exhibit 3-6 on page 112 as a guide.    Zelman( Workbook) a.  The clinic received a $10,000,000 unrestricted cash contribution from the community. b.  The clinic purchased $4,500,000 of equipment using cash. c.  The clinic borrowed $2,000,000 from the bank on a long-term basis. d.  The clinic purchased $550,000 of supplies on credit. e.  The clinic provided $8,400,000 of services on credit. f.  In the provision of these services, the clinic used $420,000 of supplies. g.  The clinic received $800,000 in advance to care for capitated patients. h.  The clinic incurred $4,500,000 in labor expenses and paid cash for them. i.  The clinic incurred $2,230,000 in general expenses and paid cash for them. j.  The clinic received $6,000,000 from patients and their 3rd party payers in payment of outstanding accounts. k.…
Create a balance sheet (in 000s) as of December 31, 20X1 for the Claymont Outpatient Clinic using the General Ledger transactions below.  You will enter balances for total current assets a.  The clinic received a $10,000,000 unrestricted cash contribution from the community. b.  The clinic purchased $4,500,000 of equipment using cash. c.  The clinic borrowed $2,000,000 from the bank on a long-term basis. d.  The clinic purchased $550,000 of supplies on credit. e.  The clinic provided $8,400,000 of services on credit. f.  In the provision of these services, the clinic used $420,000 of supplies. g.  The clinic received $800,000 in advance to care for capitated patients. h.  The clinic incurred $4,500,000 in labor expenses and paid cash for them. i.  The clinic incurred $2,230,000 in general expenses and paid cash for them. j.  The clinic received $6,000,000 from patients and their 3rd party payers in payment of outstanding accounts. k.  The clinic met $440,000 of its obligation to…
Required: • JOURNAL ENTRIES  • GENERAL LEDGER • TRIAL BALANCE   please ans

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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