23rd Edition

ISBN: 9781337794787

Author: HEINTZ, James A.

Publisher: Cengage Learning,

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Textbook Question

Chapter 3, Problem 13SPB

T ACCOUNTS AND TRIAL BALANCE Sue Jantz started a business in August 20-- called Jantz Plumbing Service. Jantz hired a part-time college student as an administrative assistant. Jantz has decided to use the following accounts:

Chapter 3, Problem 13SPB, T ACCOUNTS AND TRIAL BALANCE Sue Jantz started a business in August 20-- called Jantz Plumbing

The following transacrions occurred during August:

(a) Invested cash in the business, $30,000.
(b) Purchased a used van for cash, $8,000.
(c) Purchased plumbing equipment on account, $4,000.
(d) Received cash for services rendered, $3,000.
(e) Paid cash on account owed from transaction (c), $1,000.
(f) Paid rent for the month, $700.
(g) Paid phone bill, $100.
(h) Earned revenue on account, $4,000.
(i) Purchased office supplies for cash, $300.
(j) Paid wages to student, $500.
(k) Purchased a one-year insurance policy, $800.
(l) Received cash from services performed in transaction (h), $3,000.
(m) Paid cash for advertising expense, $2,000.
(n) Purchased additional plumbing equipment for $2,000, paying $500 cash and spreading the remaining payments over the next six months.
(o) Earned revenue from services for the remainder of the month of $2,800: $1,100 in cash and $1,700 on account.
(p) Withdrew cash at the end of the month, $3,000.

REQUIRED

1. Enter the transactions in T accounts, identifying each transaction with its responding letter.
2. Foot and balance the accounts where necessary.
3. Prepare a trial balance as of August 31, 20--.

Expert Solution & Answer

Chapter 3 Solutions

College accounting, chapters 1-9

Ch. 3 - LO3 To debit an account is to enter an amount on...Ch. 3 - Liability accounts normally have debit balances.Ch. 3 - LO3 Increases in owners equity are entered as...Ch. 3 - Prob. 4TF Ch. 3 - LO3 To credit an account is to enter an amount on...Ch. 3 - LO3 A debit to an asset account will decrease it.Ch. 3 - A common example of an asset is (a) Professional...Ch. 3 - The accounting equation may be expressed as (a)...Ch. 3 - LO3 Liability, owners equity, and revenue accounts...Ch. 3 - LO4 To record the payment of rent expense, an...

Ch. 3 - Prob. 5MC Ch. 3 - Foot and balance the accounts receivable T account...Ch. 3 - LO3 Complete the following questions using either...Ch. 3 - Analyze the following transaction using the T...Ch. 3 - The following accounts have normal balances....Ch. 3 - What are the three major parts of a T account?Ch. 3 - Prob. 2RQ Ch. 3 - What is a footing?Ch. 3 - What is the relationship between the revenue and...Ch. 3 - What is the function of the trial balance?Ch. 3 - Prob. 1SEA Ch. 3 - DEBIT AND CREDIT ANALYSIS Complete the following...Ch. 3 - ANALYSIS OF T ACCOUNTS Richard Gibbs began a...Ch. 3 - NORMAL BALANCE OF ACCOUNT Indicate the normal...Ch. 3 - TRANSACTION ANALYSIS Linda Kipp started a business...Ch. 3 - TRANSACTION ANALYSIS Linda Kipp starred a business...Ch. 3 - ANALYSIS OF TRANSACTIONS Charles Chadwick opened a...Ch. 3 - ANALYSIS OF TRANSACTIONS Charles Chadwick opened a...Ch. 3 - TRIAL BALANCE The following accounts have normal...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - T ACCOUNTS AND TRIAL BALANCE Wilhelm Kohl started...Ch. 3 - NET INCOME AND CHANGE IN OWNERS EQUITY Refer to...Ch. 3 - FINANCIAL STATEMENTS Refer to the trial balance in...Ch. 3 - FOOT AND BALANCE A T ACCOUNT Foot and balance the...Ch. 3 - DEBIT AND CREDIT ANALYSIS Complete the following...Ch. 3 - ANALYSIS OF T ACCOUNTS Roberto Alvarez began a...Ch. 3 - NORMAL BALANCE OF ACCOUNT Indicate the normal...Ch. 3 - TRANSACTION ANALYSIS George Atlas started a...Ch. 3 - TRANSACTION ANALYSIS George Atlas started a...Ch. 3 - ANALYSIS OF TRANSACTIONS Nicole Lawrence opened a...Ch. 3 - ANALYSIS OF TRANSACTIONS Nicole Lawrence opened a...Ch. 3 - TRIAL BALANCE The following accounts have normal...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - T ACCOUNTS AND TRIAL BALANCE Sue Jantz started a...Ch. 3 - NET INCOME AND CHANGE IN OWNERS EQUITY Refer to...Ch. 3 - FINANCIAL STATEMENTS Refer to the trial balance in...Ch. 3 - Craig Fisher started a lawn service called Craigs...Ch. 3 - Your friend Chris Stevick started a part-time...

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