Horngren's Accounting, The Financial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText - Access Card Package (12th Edition)
12th Edition
ISBN: 9780134642949
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem P2.32APGA
Journalizing transactions, posting
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 | |
| 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
- 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.
- 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.
- 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.
- Prepare the trial balance of Shawn Merry; CPA; at April 30; 2018.
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Chapter 2 Solutions
Horngren's Accounting, The Financial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText - Access Card Package (12th Edition)
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 - 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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