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 P2.32APGA

Journalizing transactions, posting journal entries to four-column accounts and preparing a trial balance
Learning Objectives 3, 4
3. Cash Balance $12,500
The trial balance of Shawn Merry, CPA, I5 dated March 31, 2018:

    SHAWN MERRY, CPA
    Trial Balance
    March 31, 2018
    Balance
    Account Title Debit Credit
    Cash $11,000
    Accounts Receivable 16,500
    Office Supplies 400
    Land 30,000
    Furniture 0
    Automobile 0
    Accounts Payable $3,800
    Unearned Revenue 0
    Merry, Capital 52,300
    Merry, Withdrawals 0
    Service Revenue 82,000
    Salaries Expense 5,600
    Rent Expense 800
    Total $64,300
    $64,300

During April, the business completed the following transactions:

    Apr.4 Collected $2,500 cash from a client on account.
    8 Performed tax senrices for a client on account, $5,400.
    13 Paid $3,000 on account.
    14 Purchased furniture on account, $3,600.
    15 Merry contributed his personal automobile to the business in exchange for capital. The automobile had a market value of $9,500.
    18 Purchased office supplies on account, $900.
    19 Received $2,700 for tax services performed on April 8.
    20 Merry withdrew cash of $6,500.
    21 Received $5,700 cash for consulting work completed.
    24 Received $2,400 cash for accounting sen/ices to he completed next month.
    27 Paid office rent, $600.
    28 Paid employee salary, $1,700.

Requirements

  1. Record the April transactions in the journal. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Furniture; Automobile; Accounts Payable; Unearned Revenue; Merry; Capital; Merry; Withdrawals; Sen/ice Revenue; Salaries Expense; and Rent Expense. lnclude an explanation for each entry.
  2. Open the four-column ledger accounts listed in the trial balance; together with their balances as of March 31. Use the following account numbers: Cash; 11; Accounts Receivable, 12; Of?ce Supplies; 13; Land; 14; Furniture; 15; Automobile, 16; Accounts Payable; 21; Unearned Revenue; 22; Merry; Capital, 31; Merry; Withdrawals, 33; Service Revenue, 41; Salaries Expense, 51; and Rent Expense; 52.
  3. Post the joumal entries to four-column accounts in the ledger; using dates, account numbers; joumal references, and posting references. Assume the journal entries were recorded on page 5 of the journal.
  4. Prepare the trial balance of Shawn Merry; CPA; at April 30; 2018.

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Learning Objective 2 S9-3 Applying the direct write-off method to account for uncollectibles S Shawna Valley is an attorney in Los Angeles. Valley uses the direct write-off methoin account for uncollectible receivables. At April 30, 2018, Valley's accounts receivable totaled $19,000. During May, she eama revenue of $22,000 on account and collected $15,000 on account. She also wrote off uncollectible receivables of $1,100 on May 31, 2018. Requirements 1. Use the direct write-off method to journalize Valley's write-off of the uncollecihe receivables. 2. What is Valley's balance of Accounts Receivable at May 31, 2018?
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Question 33.

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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