Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 3, Problem 13PA
George Hoskin started his own business, Hoskin Hauling. The following transactions occurred in the first two weeks:
A. George Hoskin contributed cash of $12,000 and a truck worth $10,000 to start the business. He received Common Stock in return.
B. Paid two months’ rent in advance, $800.
C. Agreed to do a hauling job for a price of $1,200.
D. Performed the hauling job discussed in “C.” We will get paid later.
E. Received payment of $600 on the hauling job done in “D.”
F. Purchased gasoline on credit, $50.
G. Performed another hauling job. Earned $750, was paid cash.
Record the following transactions in T-accounts. Label each entry with the appropriate letter. Total the T-accounts when you are done.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Green Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company had the following transactions. 1. Issue 10,000 shares of common stock in exchange for $32,000 in cash. 2. Purchase land for $19,000. A note payable is signed for the full amount. 3. Purchase storage container equipment for $8,000 cash. 4. Hire three employees for $2,000 per month. 5. Receive cash of $12,000 in rental fees for the current month. 6. Purchase office supplies for $2,000 on account. 7. Pay employees $6,000 for the first month’s salaries. Required: For each transaction, describe the dual effect on the accounting equation. For example, in the first transaction, (1) assets increase and (2) stockholders’ equity increases.
George Hoskin started his own business, Hoskin Hauling. The following transactions occurred in the first two weeks:
A. George Hoskin contributed cash of $12,000 and a truck worth $10,500 to start the business. He received Common Stock in return.B. Paid two months' rent in advance, $600.C. Agreed to do a hauling job for a price of $1,200.D. Performed the hauling job discussed in "C." We will get paid later.E. Received payment of $800 on the hauling job done in "D."F. Purchased gasoline on credit, $50.G. Performed another hauling job. Earned $750, was paid cash.
Record the following transactions in T-accounts. Label each entry with the appropriate letter. Total the T-accounts when you are done.
George Hoskin started his own business, Hoskin Hauling. The following transactions occurred in the first two weeks:
A. George Hoskin contributed cash of $12,000 and a truck worth $10,500 to start the business. He received Common Stock in return.B. Paid two months' rent in advance, $600.C. Agreed to do a hauling job for a price of $1,200.D. Performed the hauling job discussed in "C." We will get paid later.E. Received payment of $800 on the hauling job done in "D."F. Purchased gasoline on credit, $50.G. Performed another hauling job. Earned $750, was paid cash.
Record the following transactions in T-accounts. Label each entry with the appropriate letter. Total the T-accounts when you are done.
Cash
fill in the blank 2
fill in the blank 4
fill in the blank 6
fill in the blank 8
Bal.
fill in the blank 9
Accounts Receivable
fill in the blank 11
fill in the blank 13
Bal.
fill in the blank 14
Prepaid Rent
fill in the blank 16…
Chapter 3 Solutions
Principles of Accounting Volume 1
Ch. 3 - That a business may only report activities on...Ch. 3 - That companies can present useful information in...Ch. 3 - The system of using a monetary unit, such as the...Ch. 3 - Which of the following terms is used when assuming...Ch. 3 - The independent, nonprofit organization that sets...Ch. 3 - The standards, procedures, and principles...Ch. 3 - These are used by the FASB, and it is a set of...Ch. 3 - This is the independent federal agency protecting...Ch. 3 - Which of the following is the principle that a...Ch. 3 - Which of the following is the principle that a...
Ch. 3 - Also known as the historical cost principle,...Ch. 3 - Which of the following principles matches expenses...Ch. 3 - Which of the following does not accurately...Ch. 3 - Which of these statements is false? A. B. C. D.Ch. 3 - Which of these accounts is an asset? A. Common...Ch. 3 - Which of these accounts is a liability? A....Ch. 3 - If equity equals $100,000, which of the following...Ch. 3 - Which process of the accounting cycle often...Ch. 3 - The step-by-step process to record business...Ch. 3 - One operating cycle of a business, which could be...Ch. 3 - ________ takes all transactions from the journal...Ch. 3 - Which of these events will not be recognized? A. A...Ch. 3 - A company purchased a building twenty years ago...Ch. 3 - What is the impact on the accounting equation when...Ch. 3 - What is the impact on the accounting equation when...Ch. 3 - What is the impact on the accounting equation when...Ch. 3 - What is the impact on the accounting equation when...Ch. 3 - What is the impact on the accounting equation when...Ch. 3 - Which of the following accounts is increased by a...Ch. 3 - Which of the following accounts does not increase...Ch. 3 - Which of the following pairs increase with credit...Ch. 3 - Which of the following pairs of accounts are...Ch. 3 - Which of the following accounts will normally have...Ch. 3 - What type of account is prepaid insurance? A....Ch. 3 - Unearned service revenue occurs when which of the...Ch. 3 - Which set of accounts has the same type of normal...Ch. 3 - Which of these transactions requires a debit entry...Ch. 3 - Which of these transactions requires a credit...Ch. 3 - Which of these accounts commonly requires both...Ch. 3 - Which of the following accounting records is the...Ch. 3 - Which of the following financial statements should...Ch. 3 - Explain what conservatism means, and give an...Ch. 3 - State the accounting equation, and explain what...Ch. 3 - How do revenues and expenses affect the accounting...Ch. 3 - Does every transaction affect both sides of the...Ch. 3 - Which is the book of original entry?Ch. 3 - What is the effect on the accounting equation when...Ch. 3 - What is the effect on the accounting equation when...Ch. 3 - Is it still necessary to record a transaction if...Ch. 3 - Why does the combined total of the companys...Ch. 3 - What do the terms debit and credit mean?Ch. 3 - Will an accounts receivable balance increase with...Ch. 3 - What types of accounts will increase with a...Ch. 3 - What is a journal?Ch. 3 - Why is a journal referred to as the book of...Ch. 3 - What does the term recognize mean?Ch. 3 - What are the rules you should follow when...Ch. 3 - What is the general ledger?Ch. 3 - Explain the steps in posting.Ch. 3 - What is a T-account? When would we use T-accounts?Ch. 3 - Explain normal balances. Give three examples of...Ch. 3 - What is a prepaid account? What type of account is...Ch. 3 - What is an unearned account? What type of account...Ch. 3 - Explain what a T-account is and what purpose it...Ch. 3 - Can a credit entry be described as a generally...Ch. 3 - What types of accounts are increased with a debit?Ch. 3 - What types of accounts are increased with a...Ch. 3 - What does an accounts normal balance indicate?Ch. 3 - Does the order in which financial statements are...Ch. 3 - Answer the following questions about the trial...Ch. 3 - Match the correct term with its definition. A....Ch. 3 - Consider the following accounts, and determine if...Ch. 3 - Provide the missing amounts of the accounting...Ch. 3 - Identify the financial statement on which each of...Ch. 3 - Cromwell Company has the following trial balance...Ch. 3 - From the following list, identify which items are...Ch. 3 - Indicate what impact the following transactions...Ch. 3 - For the following accounts please indicate whether...Ch. 3 - Indicate what impact the following transactions...Ch. 3 - Identify the normal balance for each of the...Ch. 3 - Identify whether each of the following...Ch. 3 - Identify whether each of the following...Ch. 3 - Identify whether ongoing transactions posted to...Ch. 3 - Determine whether the balance in each of the...Ch. 3 - Journalize for Harper and Co. each of the...Ch. 3 - Discuss how each of the following transactions for...Ch. 3 - For each item that follows, indicate whether a...Ch. 3 - Indicate whether each account that follows has a...Ch. 3 - A business has the following transactions: The...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Post the following February transactions to...Ch. 3 - Post the following November transactions to...Ch. 3 - Prepare an unadjusted trial balance, in correct...Ch. 3 - Match the correct term with its definition. A....Ch. 3 - Consider the following accounts and determine if...Ch. 3 - Provide the missing amounts of the accounting...Ch. 3 - From the following list, identify which items are...Ch. 3 - Indicate what impact the following transactions...Ch. 3 - For the following accounts indicate whether the...Ch. 3 - Which two accounts are affected by each of the...Ch. 3 - Identify the normal balance for each of the...Ch. 3 - Identify whether each of the following...Ch. 3 - Identify whether each of the following...Ch. 3 - Identify whether ongoing transactions posted to...Ch. 3 - West End Inc., an auto mechanic shop, has the...Ch. 3 - State whether the balance in each of the following...Ch. 3 - Journalize each of the following transactions or...Ch. 3 - Discuss how each of the following transactions...Ch. 3 - For each of the following items, indicate whether...Ch. 3 - Indicate whether each of the following accounts...Ch. 3 - Krespy Corp. has a cash balance of $7,500 before...Ch. 3 - A business has the following transactions: A. The...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Post the following August transactions to...Ch. 3 - Post the following July transactions to T-accounts...Ch. 3 - Prepare an unadjusted trial balance, in correct...Ch. 3 - For each of the following situations write the...Ch. 3 - Assuming the following account balances, what is...Ch. 3 - Assuming the following account balance changes for...Ch. 3 - Assuming the following account balance changes for...Ch. 3 - Identify the financial statement on which each of...Ch. 3 - Indicate what impact ( for increase; for decrease)...Ch. 3 - Indicate how changes in the following types of...Ch. 3 - Identify the normal balance (Dr for Debit; Cr for...Ch. 3 - Indicate the net effect ( for increase; for...Ch. 3 - Identify whether the following transactions would...Ch. 3 - The following information is provided for the...Ch. 3 - Sewn for You had the following transactions in its...Ch. 3 - George Hoskin started his own business, Hoskin...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Post the following July transactions to T-accounts...Ch. 3 - Post the following November transactions to...Ch. 3 - Prepare an unadjusted trial balance, in correct...Ch. 3 - Prepare an unadjusted trial balance, in correct...Ch. 3 - Assuming the following account balances, what is...Ch. 3 - Assuming the following account balance changes for...Ch. 3 - Assuming the following account balance changes for...Ch. 3 - Identify the financial statement on which each of...Ch. 3 - Indicate what impact ( for increase; for decrease)...Ch. 3 - Indicate how changes in these types of accounts...Ch. 3 - Identify the normal balance (Dr for Debit; Cr for...Ch. 3 - Indicate the net effect ( for increase; for...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Post the following November transactions to...Ch. 3 - Post the following July transactions to T-accounts...Ch. 3 - Prepare an unadjusted trial balance, in correct...Ch. 3 - Prepare an unadjusted trial balance, in correct...Ch. 3 - Prepare an unadjusted trial balance, in correct...Ch. 3 - Prepare an unadjusted trial balance, in correct...Ch. 3 - Is it possible to be too conservative? Explain...Ch. 3 - Why is it important to learn all of this...Ch. 3 - Assume that you are the controller of a business...Ch. 3 - Is the order in which we place information in the...Ch. 3 - Analyze Trusty Companys trial balance and the...
Additional Business Textbook Solutions
Find more solutions based on key concepts
Create an Excel spreadsheet on your own that can make combination forecasts for Problem 18. Create a combinatio...
Operations Management: Processes and Supply Chains (12th Edition) (What's New in Operations Management)
5. Which inventory costing method results in the lowest net income during a period of rising inventory costs?
W...
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
Preference for current ratio and quick ratio. Introduction: Current ratio explains the liquidity position of a ...
Gitman: Principl Manageri Finance_15 (15th Edition) (What's New in Finance)
E6-14 Using accounting vocabulary
Learning Objective 1, 2
Match the accounting terms with the corresponding d...
Horngren's Accounting (12th Edition)
Whether Country E’s option with a later exercise date is less worthy compared to the identical Country E’s opti...
Corporate Finance (4th Edition) (Pearson Series in Finance) - Standalone book
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Harris Welding Company had the following transactions for June. June 1 Tyler Harris invested $9550 cash in a small welding business June 2 Bought used welding equipment on account for $3050 June 5 Hired an employee to start work on July 15. Agreed on a salary of $3390 per month June 17 Billed P. White $2230 for welding work done. June 27 Received $1220 cash from P.White for work billed on June 17. For each transaction, indicate the basic type of account debited/credited, specific account debited/credited on the account and the amountarrow_forwardGeorge Hoskin started his own business, Hoskin Hauling on July 1, 2021. The following transactions occurred in the first two weeks:⦁ George Hoskin contributed cash of $12,000 and a truck worth $10,000 to start the business. He received Common Stock in return.⦁ Paid two months' rent in advance, $800.⦁ Agreed to do a hauling job for a price of $1,200.⦁ Performed the hauling job discussed in “C.” We will get paid later.⦁ Received payment of $600 on the hauling job done in “D.”⦁ Purchased gasoline on credit, $50.⦁ Performed another hauling job. Earned $750, was paid cash.Required:⦁ Record the following transactions (journal entries or T-accounts). Label each entry with the appropriate letter. Total the transactions when you are done.⦁ Prepare an unadjusted trial balance as at July 31, 2021. Avoid images in Solutions thanksarrow_forwardhow to fill in the boxesarrow_forward
- Doug Allen has decided to go into the insect extermination business and to operate as Doug's Extermination Service. The following transactions were completed during the first month of operations, May, 20--. 1. Doug invested $35,000 cash in the business. 2. Purchased extermination equipment for $17,000 in cash. 3. Paid $700 rent for garage and office quarters. 4. Purchased chemicals (expense) for $1,100 from Low Glow Chem Co. on account. 5. Received $1,600 revenue for extermination service. 6. Paid telephone bill, $120 7. Paid assistant's salary, $700. 8. Earned $980 revenue for extermination service, on account. 9. Paid electric bill, $230. 10. Paid for truck repairs (expense), $145. 11. Paid $600 to Low Glow Chem Co., on account. 12. Paid $131 for gas and oil for truck (expense). 13. Received $1,400 revenue for extermination service. 14. Received $500 for services previously earned on account in transaction (8). 15. Paid assistant's salary, $900.…arrow_forwardHarris Welding Company had the following transactions for June. June 1 Tyler Harris invested $9550 cash in a small welding business June 2 Bought used welding equipment on account for $3050 June 5 Hired an employee to start work on July 15. Agreed on a salary of $3390 per month June 17 Billed P. White $2230 for welding work done. June 27 Received $1220 cash from P.White for work billed on June 17. Journalize the transactionsarrow_forwardConsider each of the transaction below independently. All expenditures were made in cash In march, the Cleanway Laundromat bought equipment. Cleanway paid $5,000 down and signed a noninterest-bearing note requiring the payment of $30,000 in nine months. The cash price for the equipment was $34,000. Prepare all necessary journal entries to record each the transaction. Use this format: Date Account Titles DR CRarrow_forward
- The following are the transactions relating to the formation of Gray Mowing Services Inc. and its first month of operations. A. The firm was organized and the initial stockholders invested cash of $12,000. B. The company borrowed $18,000 from a relative of one of the initial stockholders; a short-term note was signed. C. Two zero-turn lawn mowers costing $7,600 each and a professional trimmer costing $2,600 were purchased for cash. The original list price of each mower was $10,200, but a discount was received because the seller was having a sale. D. Gasoline, oil, and several packages of trash bags were purchased for cash of $1,800. E. Advertising flyers announcing the formation of the business and a newspaper ad were purchased. The cost of these items, $3,400, will be paid in 30 days. F. During the first two weeks of operations, 94 lawns were mowed. The total revenue for this work was $14,100; $9,300 was collected in cash, and the balance will be received within 30 days. G. Employees…arrow_forwardMarlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year: V. Hoffman (general office worker) $1,700 per month A. Drugan (saleswoman) $15,000 per year G. Beiter (stock clerk) $180 per week S. Egan (deliveryman) $220 per week B. Lin (cleaning and maintenance, part-time) $160 per week Grady and Monroe are each paid a weekly salary allowance of $950. The doll shop is located in a state that requires unemployment compensation contributions of employers of one or more individuals. The company is subject to state contributions at a rate of 3.1% for wages not in excess of $8,100. Compute each of the following amounts based upon the 41st weekly payroll period for the week ending October 11. Round your intermediate calculations and final answers to the nearest cent. Use rounded answers in subsequent computations. If an amount is zero, enter "0". a. Amount of FICA taxes…arrow_forwardA. A corporation is started with an investment of $53,000 in exchange for stock. B. Equipment worth $4,800 is ordered. C. Office supplies worth $850 are purchased on account. D. A part-time worker is hired. The employee will work 15- 20 hours per week starting next Monday at a rate of $18 per hour. E. The equipment is received along with the invoice. Payment is due in three equal monthly installments, with the first payment due in sixty days. Journalize for Harper and Co. each of these transactions. If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. А. В. С. D. Е. II II II I B.arrow_forward
- Donato Menorca was a service advisor in a car dealership. He supervised a team of mechanics that keeps and restores the customers’ cars to good operating condition. Tired of being an employee, he decided to put up Express Repair Shop. During the month of January 2020, Menorca completed the following transactions: Started his business by transferring Php 90,000 of his personal money to the business bank account; Paid rent for the month, Php 12,000; Purchased several equipment for Php 40,000; made a down payment of Php 20,000 and arranged to pay the balance the following month; Bought supplies for cash amounting to Php 6,000; Performed services amounting to Php 70,000 of which Php 40,000 was received in cash; Paid the following cash expenses: wages, Php 20,000; utilities, Php 6,000. REQUIRED: Use the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; D. Menorca, Capital; Service Revenue; Wages Expense; Rent Expense; Utilities Expense Record the…arrow_forwardThe following are the transactions of Spotlighter, Incorporated, for the month of January. a. Borrowed $3.990 from a local bank on a note due in six months. b. Received $4,680 cash from investors and issued common stock to them. C. Purchased $1,100 in equipment, paying $250 cash and promising the rest on a note due in one year. d. Paid $350 cash for supplies. e. Bought and received $750 of supplies on account. Required: Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero.arrow_forwardEna Sharples opened a retail shop on January 1. She invested $10,000 of her own money. She rented a store for $2,000 per month, paying first and last month’s rent on January 1. She bought store fittings for $5,000 in cash. She bought goods for resale at a cost of $10,000, on credit, payable on February 15. She incurred other expenses of $1,000 in January, all of which were paid for in cash. Her cash sales were $15,000, and she also sold $2,000 on credit, which she expects to collect by the end of February. At the end of January her inventory had a cost of $3,000. Amortization on the store fittings is estimated at $100 for the month. What is The operating profit as % of sales for January?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY