Horngren's Accounting, Student Value Edition (12th Edition)
Horngren's Accounting, Student Value Edition (12th Edition)
12th Edition
ISBN: 9780134487151
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 2, Problem P2.30APGA

Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance
Leaming Objectives 3, 4
4. Total Debits $58,300
Ann Simpson started her practice as a design consultant on September 1, 2018. During the first month of operations, the business completed the following transactions:

    Sep. 1 Received $48,000 cash and gave capital to Simpson.
    4 Purchased office supplies, $1,200, and furniture, $1,300, on account.
    6 Performed services for a law firm and received $1,900 cash.
    7 Paid $18,000 cash to acquire land to be used in operations.
    10 Performed services for a hotel and received its promise to pay the $1,200 within one week.
    14 Paid for the furniture purchased on September 4 on account.
    15 Paid assistants semimonthly salary, $1,500.
    17 Received cash on account, $1,000.
    20 Prepared a design for a school on account, $650.
    25 Received $2,100 cash for design services to be performed in October.
    28 Received $2,900 cash for consulting with Plummer & Gordon.
    29 Paid $600 cash for a 12-month insurance policy starting on October 1.
    30 Paid assistants semimonthly salary, $1,500.
    30 Paid monthly rent expense, $600.
    30 Received a bill for utilities, $350. The bill will be paid next month.
    30 Simpson withdrew cash of $3,700.

Requirements
1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable; Of?ce Supplies; Prepaid Insurance; Land; Furniture; Accounts Payable; Utilities Payable; Unearned Revenue; Simpson, Capital; Simpson; Withdrawals; Service Revenue; Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required.
2. Open a T-account for each of the accounts.
3. 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.
4. Prepare the trial balance of Ann Simpson, Designer, as of September 30, 2018.

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Chapter 2 Solutions

Horngren's Accounting, Student Value Edition (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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