FINANCIAL ACCOUNTING 9TH
16th Edition
ISBN: 9781308821672
Author: Libby
Publisher: MCG/CREATE
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Chapter 3, Problem 3.1P
To determine
Indicate the accounts that should be debited and credited by entering the appropriate account numbers to the right of each transaction.
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1. Record the April 1, 20Y3, balance of each account in the appropriate balance column of a four-column account, type Balance in the item section, and select a check mark in the Posting Reference column. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. Post in chronological order. For transactions occurring on the same day, post in the order presented in the instructions. Insert the appropriate posting references in both the journal and the ledger as each item is posted.
How does grading work?
LEDGER
Score: 28/510
Account: Cash11Account No.
DATE
ITEM
POST. REF.
DEBIT
CREDIT
BALANCE
DEBIT
CREDIT
1
2
✔
3
4
5
6
7
✔
8
9…
Required:
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…
CREATE YOUR OWN FORM OF “CHART OF ACCOUNTS”
Chapter 3 Solutions
FINANCIAL ACCOUNTING 9TH
Ch. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Write the income statement equation and define...Ch. 3 - Explain the difference between a. Revenues and...Ch. 3 - Define accrual accounting and contrast it with...Ch. 3 - Prob. 6QCh. 3 - Explain the expense recognition principle.Ch. 3 - Explain why stockholders equity is increased by...Ch. 3 - Explain why revenues are recorded as credits and...Ch. 3 - Complete the following matrix by entering either...
Ch. 3 - Complete the following matrix by entering either...Ch. 3 - Prob. 12QCh. 3 - State the equation for the net profit margin ratio...Ch. 3 - Which of the following is not a specific account...Ch. 3 - Which of the following is not one of the criteria...Ch. 3 - The expense recognition principle controls a....Ch. 3 - Prob. 4MCQCh. 3 - Prob. 5MCQCh. 3 - Prob. 6MCQCh. 3 - Prob. 7MCQCh. 3 - Prob. 8MCQCh. 3 - Prob. 9MCQCh. 3 - Prob. 10MCQCh. 3 - Prob. 3.1MECh. 3 - Reporting Cash Basis versus Accrual Basis Income...Ch. 3 - Identifying Revenues The following transactions...Ch. 3 - Identifying Expenses The following transactions...Ch. 3 - Prob. 3.5MECh. 3 - Prob. 3.6MECh. 3 - Determining the Financial Statement Effects of...Ch. 3 - Prob. 3.8MECh. 3 - Prob. 3.9MECh. 3 - Identifying the Operating Activities in a...Ch. 3 - Prob. 3.11MECh. 3 - Prob. 3.1ECh. 3 - Reporting Cash Basis versus Accrual Basis Income...Ch. 3 - Identifying Revenues Revenues are normally...Ch. 3 - Identifying Expenses Revenues are normally...Ch. 3 - Prob. 3.5ECh. 3 - Determining Financial Statement Effects of Various...Ch. 3 - Recording Journal Entries Sysco, formed in 1969,...Ch. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Analyzing the Effects of Transactions in...Ch. 3 - Preparing an Income Statement Refer to E3-10....Ch. 3 - Prob. 3.12ECh. 3 - Analyzing the Effects of Transactions in...Ch. 3 - Prob. 3.14ECh. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Prob. 3.18ECh. 3 - Prob. 3.19ECh. 3 - Prob. 3.20ECh. 3 - Prob. 3.1PCh. 3 - Recording Journal Entries (AP3-2) Ryan Terlecki...Ch. 3 - Prob. 3.3PCh. 3 - Prob. 3.4PCh. 3 - Prob. 3.5PCh. 3 - Prob. 3.6PCh. 3 - Prob. 3.7PCh. 3 - Recording Nonquantitative Journal Entries (P3-1)...Ch. 3 - Prob. 3.2APCh. 3 - Prob. 3.3APCh. 3 - Prob. 3.4APCh. 3 - Prob. 3.5APCh. 3 - Prob. 3.6APCh. 3 - Accounting for Operating Activities in a New...Ch. 3 - Finding Financial Information Refer to the...Ch. 3 - Finding Financial Information Refer to the...Ch. 3 - Comparing Companies within an Industry Refer to...Ch. 3 - Analyzing a Company over Time Refer to the annual...Ch. 3 - Prob. 3.6CPCh. 3 - Evaluating an Ethical Dilemma Mike Lynch is the...
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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
- Domesticarrow_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_forwardOn July 31, 2025, Sheridan Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction began immediately and was completed on November 1, 2025. To help finance construction, on July 31 Sheridan issued a $296,400, 3-year, 12% note payable at Netherlands National Bank, on which interest is payable each July 31. $190,400 of the proceeds of the note was paid to Minsk on July 31. The remainder of the proceeds was temporarily invested in short-term marketable securities (trading securities) at 10% until November 1. On November 1, Sheridan made a final $106,000 payment to Minsk. Other than the note to Netherlands, Sheridan's only outstanding liability at December 31, 2025, is a $31,800, 8%, 6-year note payable, dated January 1, 2022, on which interest is payable each December 31. (a) Your answer is correct. Calculate weighted average accumulated expenditures, avoidable interest, and total interest cost to be capitalized during 2025.…arrow_forward
- Transactions 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 tostudy some ledger accounts and determine the journal entries that probably were made to producethese ledger entries. The following accounts show the first six transactions of Avenson InsuranceCompany. Prepare a journal entry (including a written explanation) for each transaction. Cash VehiclesNov. 1 120,000 Nov. 8 33,600 Nov. 30 9,400Nov. 25 12,000Nov. 30 1,400Land Notes PayableNov. 8 70,000 Nov. 25 12,000 Nov. 8 95,000Nov. 30 8,000Building Accounts PayableNov. 8 58,600 Nov. 21 480 Nov. 15 3,200Office Equipment Capital StockNov. 15 3,200 Nov. 21 480 Nov. 1 120,000arrow_forwardThe debits and credits from three related transactions are presented in the following customers account taken from the accounts receivable subsidiary ledger: Describe each transaction and identify the source of each posting.arrow_forwardPlease help mearrow_forward
- On December 31, 2023, Bridgeport Co. performed environmental consulting services for Indigo Co. Indigo was short of cash, and Bridgeport Co. agreed to accept a $165,000 zero-interest-bearing note due December 31, 2025, as payment in full. Indigo is somewhat of a credit risk and typically borrows funds at a rate of 11%. Bridgeport is much more creditworthy and has various lines of credit at 6%. Click here to view factor tables Prepare the journal entry to record the transaction of December 31, 2023, for Bridgeport Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 5,275.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Notes Receivable Discount on Notes Receivable Service Revenue Debit 165000…arrow_forwardOpen a general ledger account for each of the accounts listed in the chart of accounts above. Post the separate amounts on each line of the journals that need to be posted separately. Post the journal’s special amount column totals. Provided below are completed five-column journals, a chart of accounts, and the general ledger columns that will be filled out.arrow_forward.arrow_forward
- (a) On March 1, journalize the entry to record the write-off, assuming that the direct write-off method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12(b) On March 1, journalize the entry to record the write-off, assuming that the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12arrow_forward1. 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_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_forward
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