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Concept explainers
COACHED PROBLEMS
Recording Nonquantitative Journal Entries
The following list includes a series of accounts for B-ball Corporation, which has been operating for three years. These accounts are listed alphabetically and numbered for identification. Following the accounts is a series of transactions. For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. If no
TIP: In transaction (h), remember what the expense recognition principle says.
TIP: Think of transaction (j) as two transactions: (1) incur expenses and liability and (2) pay part of the liability.
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Chapter 3 Solutions
Fundamentals Of Financial Accounting
- Maddie Inc. has the following transactions for its first month of business. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?arrow_forwardJournalize the entries to record the transactions of Amsterdam Supply Co. Refer to the Chart of Accounts for exact wording of account titles. please journalize it from numbers #1-32 with titles. 2. Continue journalizing from numbers #1-18arrow_forwardRequired: 1. Journalize each transaction, in chronological order, in a two-column journal starting on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. If there is more than one entry on the same date, be sure to enter the transactions in the exact order as presented in the data. (Do not insert the account numbers in the journal at this time.) For a compound transaction, if an amount box does not require an entry, leave it blank. 11 Cash 31 Jeff Horton, Capital 12 Accounts Receivable 32 Jeff Horton, Drawing 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Supplies Expense 18 Office Equipment 53 Rent Expense 19 Accumulated Depreciation 54 Depreciation Expense 21 Accounts Payable 55 Insurance Expense 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees You will use the attached spreadsheet to complete several of the remaining…arrow_forward
- 1. Journalize each transaction in a two-column journal starting on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Note: Scroll down to access pages 2 through 4 of the journal. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16…arrow_forwardfinalacial accounting please give me the answer of this question thanksarrow_forward.arrow_forward
- 2. Journalize the transactions for April in a two-column journal beginning on Page 18. Refer to the Chart of Accounts for exact wording of account titles. Insert the appropriate posting references in both the journal and the ledger as each item is posted. PAGE 18PAGE 19 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16…arrow_forwardanswer the followingarrow_forwardPost these transactions from each General Journal into the General Ledger accounts. When posting transactions to the general ledger, use the transaction letters a, b, c, d, or e as the description for each entry. Also, the dates must be entered in the format dd/mmm (ie, 15/Jan).arrow_forward
- Question to creating a journal and t account for accounting.arrow_forwardJournalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles. journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. journals will automatically indent a credit entry when a credit amount is entered. Assume a 360-day year when calculating interest. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14…arrow_forwardTransactions are first journalized and then posted to ledger accounts. In this exercise, however, your understanding of the relationship between the journal and the ledger is tested by asking you to study some ledger accounts and determine the journal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson Insurance Company. Prepare a journal entry (including a written explanation) for each transaction. Cash Vehicles 144,000 Nov. 8 40,320 Nov. 30 11,280 Nov. 1 Nov. 25 14,400 Nov. 30 1,680 Land Notes Payable Nov. 8 84,000 Nov. 25 14,400 Nov. 8 114,000 Nov. 30 9,600 Building Accounts Payable Nov. 8 70,320 Nov. 21 576 Nov. 15 3,840 Office Equipment Capital Stock Nov. 15 3,840 Nov. 21 576 Nov. 1 144,000 Using the information in the ledger accounts presented in Exercise 3.3, prepare a trial balance for Avenson Insurance Company dated November 30.arrow_forward
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