College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 3, Problem 3CE
Analyze the following transaction using the T accounts provided below. Robb Todd purchased equipment for $300 cash.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
is the answer to this question correct
If you received a check from Mr. Jones for $500 for work you performed last week, which journal would you use to record receipt of the amount they owed you? What would be recorded?
This transaction will be recorded in the Cash Receipts Journal. The receipt of cash from the sale of goods, as payment on accounts receivable or from other transactions, is recorded in a cash receipts journal with a debit to cash and a credit to the source of the cash, whether that is from sales revenue, payment on an account receivable, or some other account.
Chapter 7 Accounting Information Systems out of Principles of Accounting, Volume 1.
CASH RECEIPTS JOURNAL
Date
Account
Cash
DR
Accounts Receivable
CR
2022
Mar.13
Mr. Jones
$ 500
$ 500
What is double entry for the following transaction:
Paid MK20000 of the cash in hand into bank account
The company records a deposit of $34,956 as $33,956 in the book. What isthe entry to correct the cash balance?
Chapter 3 Solutions
College Accounting, Chapters 1-27
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. 4TFCh. 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. 5MCCh. 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. 2RQCh. 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. 1SEACh. 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...
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
- Mr. Khalid has a current account in a bank with a credit balance of RO 97,000. He has withdrawn cash of RO 1,000 through ATM machine and paid RO 24,400 to his creditor by cheque. After these transactions his current account balance will be: a. RO 71,600 b. RO 51,600 c. RO 71,400 d. RO 21,600arrow_forwardYou were hired by Mr. Juan Dela Cruz to prepare his sari-sari store's Statement of Financial Position. In order to prepare the statement, you identified the following assets and liabilities of Mr. Dela Cruz:arrow_forwardUse the information from the attached image to answer questions 10 – 14. This is Mason's monthly bank statement and check register. What is the ending balance on the statement? Answers A. $1,352.61 B. $1,257.23 C. $1,241.66 D. $747.61 Question11. What is the total of the outstanding deposits? Answers A. $20 B. $625 C. $605 D. $8 Question12. What is the total of the outstanding withdrawals? Answers A. $130.95 B. $87.38 C. $8.00 D. $43.57 Question13. What is the revised statement balance? Answers A. $1,241.66 B. $1,277.23 C. $1,233.66 D. $1,352.61 Question14. What is the revised balance of the check register? Answers A. $1,198.09 B. $1,257.23 C. $1,233.66 D. $1,291.66arrow_forward
- Bank Charged OMR 15 as bank charges to Mundher for replacing his lost credit card. Journalize the transaction in Mundher's cash book and show how the transaction is presented in the Bank statement.arrow_forwardRecord each of these transactions in Journal entries and prepare the Ledger for Cash & Cash Equivalents, Accounts Receivable and Accounts Payable: 1st Sunny Barcelona started the business by depositing $50,000 received from the sale of capital stock in the company bank account. 22nd Purchased a building for $36,000, paying $6,000 in cash and issuing a note payable for the remaining $30,000. 25th Purchased tools and equipment on account, $13,800. 27th Sold some of the tools at a price equal to their cost, $1,800, collectible within 45 days. 2nd Received $600 in partial collection of the account receivable from the sale of tools. 7th Paid $6,800 in partial payment of an account payable. 11th Received $2,200 of sales revenue in cash. 2oth Purchased radio advertising from RAC105 to be aired in March. The cost was $470, payable within 30 days. 22nd Purchased office equipment for $15,000 cash. 26th Performed repair services and billed clients $2,000. The entire amount will not…arrow_forwardYou were hired by Mr. Juan Dela Cruz to prepare his sari-sari store‘s Statement of Financial Position. In order to prepare the statement, you identified the following assets and liabilities of Mr. Dela Cruz: A. His sari-sari store has cash deposited in a bank account amounting to P50,000B. His sari-sari store had a lot of uncollected sales from customers amounting to P75,000C. The total amount of merchandise left inside the store is P30,000D. He already paid one year‘s rent in advance amounting to P12,000E. The value of all the company‘s furniture amounted to P100,000F. He bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment can be made 2 months after year-endG. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,000H. The sari-sari store had outstanding liabilities to utility companies amounting to P3,000I. He had a loan from the bank amounting to P50,000 to be paid in 3 years Prepare a Statement of Financial Position for the…arrow_forward
- You were hired by Mr. Juan Dela Cruz to prepare his sari-sari store’s Statement of Financial Position. In order to prepare the statement, you identified the following assets and liabilities of Mr. Dela Cruz:a. His sari-sari store has cash deposited in a bank account amounting to P50,000b. His sari-sari store had a lot of uncollected sales from customers amounting to P75,000c. The total amount of inventory left inside the store is P30,000d. He already paid one year’s rent in advance amounting to P12,000e. The value of all the company’s furniture amounted to P100,000f. He bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment can be made 2 months after.g. Salaries Payable for his one employee totaled P5,000h. The sari-sari store had outstanding liabilities to utility companies amounting to P3,000i. He had a loan from the bank amounting to P50,000 to be paid in 3 yearsarrow_forwardPlease prepare the journal entries. In journal entries, please provide description.arrow_forwardThomas's financial accounting records show Thomas's cash account with ending balance of $580. Thomas just received a bank statement from Wells Fargo, his bank, showing a $20 service charge and an NSF check in the amount of $180. Not included on the Wells Fargo bank statement are a $250 deposit in-transit and outstanding checks totaling $430. What amount of cash should Thomas report on the balance sheet? (Please prepare well-labeled computations supporting your answer.)arrow_forward
- Help Save & A company's bank statement shows a cash balance of $4,250. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $4,280, deposits outstanding of $1,230, NSF check of $390, and service fee of $54. Calculate the correct balance of cash. Cash balancearrow_forwardThe accountant of Jonathan Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company’s April 30, 2019 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company’s computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items:a. The bank statement showed bank service fee of P800.b. The bank collected P1,500 from a note receivable for Jonathan Manufacturing. Also, a collection fee of P250.00 was charged.c. Deposit in transit, P51,000.d. Checks outstanding on April 30, P79,100.e. The accountant found a check issued to Rhys Corp. for P4,500 that cleared the bank but was not in the cash ledger. Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries.arrow_forwardThe Umaasa Company included the following in its notes receivable as of December 31, 2022: Note receivable from sale of land. P1,320,000 Note receivable from consultation 1,800,000 Note receivable from sale of equipment 2,400,000 In connection with your audit, you were able to gather the following transactions during 2022 and other information pertaining to the company's notes receivable: On January 1, 2022, Umaasa Company sold a tract of land. The land, purchased 10 years ago, was carried on Umaasa Company's books at a value of P750,000. Umaasa received a noninterest-bearing note for P1,320,000. The note is due on December 31, 2024. There is no readily available market value for the land, but the current market rate of interest for comparable notes is 11%. On January 1, 2022, Umaasa Company finished consultation services and accepted in exchange a promissory note with a face value of P1,800,000, a due date of…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License