College accounting, chapters 1-9
College accounting, chapters 1-9
23rd Edition
ISBN: 9781337794787
Author: HEINTZ, James A.
Publisher: Cengage Learning,
Question
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Chapter 4, Problem 10SPB

1.

To determine

Set up general ledger accounts by entering the balances as of November 1.

1.

Expert Solution
Check Mark

Explanation of Solution

General ledger:

General ledger is a record of all accounts of assets, liabilities, and stockholders’ equity, necessary to prepare financial statements.

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  1

(Figure 1)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  2

(Figure 2)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  3

(Figure 3)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  4

(Figure 4)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  5

(Figure 5)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  6

(Figure 6)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  7

(Figure 7)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  8

(Figure 8)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  9

(Figure 9)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  10

(Figure 10)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  11

(Figure 11)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  12

(Figure 12)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  13

(Figure 13)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  14

(Figure 14)

2.

To determine

Prepare journal entry to record the given transactions.

2.

Expert Solution
Check Mark

Explanation of Solution

Prepare journal entry to record the given transactions.

DateAccounts title and explanation

Post.

Ref.

Debit

($)

Credit

($)

November 1Rent Expense521300 
      Cash101 300
 (To record the payment on  November )   
     
November 2Tailoring supplies141150 
      Accounts payable202 150
 (To record the purchase of tailoring supplies on account)   
     
November 3Tailoring Equipment183300 
      Accounts payable202 300
 (To record the  purchase machine on account)   
     
November 5Cash101100 
      Accounts Receivable122300 
      Tailoring fees 401 400
 (To record the amount earned on tailoring fees)   
     
November 8Advertising expense51213 
      Cash101 13
 (To record the payment made on the  newspaper ad)   
     
November 9Phone Expense52528 
      Cash101 28
 (To record the payment of phone bill)    
     
November 10Electricity Expense53321 
      Cash101 21
 (To record the payment of electricity bill)    
     
November 11Cash101200 
      Accounts Receivable122 200
 (To record the cash to be received on account)   
     
November 12Cash101200 
 Accounts receivable122250 
      Tailoring Fees401 450
 (To  record the cash on tailoring fees)   
     
November 15Wages Expense511400 
      Cash101 400
 (To record the payment made  to the employee)   
     
November 16Accounts Payable202100 
      Cash101 100
 (To record the payment of cash on account)    
     
November 17Miscellaneous Expense54912 
      Cash101 12
 (To record the payment made for magazine subscription)   
     
November 19Cash101300 
 Accounts receivable122150 
      Tailoring Fees401 450
 (To  record the cash on tailoring fees)   
     
November 23Cash101300 
      Accounts Receivable122 300
 (To record the amount of cash received on account)   
     
November 24Advertising expense51213 
      Cash101 13
 (To record the payment made on the  newspaper ad)   
     
November 26Miscellaneous Expense54912 
      Cash101 12
 (To record the payment made for magazine subscription)   
     
November 27Cash101200 
 Accounts receivable122400 
      Tailoring Fees401 600
 (To  record the cash on tailoring fees)   
November 30Cash 101400 
      Accounts Receivable122 400
 (To record the cash received on account)    

(Table 1)

3.

To determine

Post the entries to the general ledger.

3.

Expert Solution
Check Mark

Explanation of Solution

Post the entries to the general ledger.

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  15

(Figure 18)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  16

(Figure 19)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  17

(Figure 20)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  18

(Figure 21)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  19

(Figure 22)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  20

(Figure 23)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  21

(Figure 24)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  22

(Figure 25)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  23

(Figure 26)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  24

(Figure 27)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  25

(Figure 28)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  26

(Figure 29)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  27

(Figure 30)

College accounting, chapters 1-9, Chapter 4, Problem 10SPB , additional homework tip  28

(Figure 31)

4.

To determine

Prepare a trial balance.

4.

Expert Solution
Check Mark

Explanation of Solution

Prepare a trial balance.

Company T
Trial balance
November 31, 20..
AccountsAccount No.Debit ($)Credit ($)
Cash1017,012 
Accounts Receivable122684 
Tailoring Supplies1411,150 
Tailoring Equipment1834,100 
Accounts Payable202 4,475
Person A’s, Capital311 6,130
Person A’s, Drawing312800 
Tailoring Fees401 5,500
Wages Expense5111,200 
Advertising Expense51260 
Rent Expense521900 
Phone Expense52588 
Electricity Expense53365 
Miscellaneous Expense54946 
Total 16,10516,105

(Table 2)

Therefore, the total of the debit and credit column of the trial balance reported an amount of $16,105.

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Chapter 4 Solutions

College accounting, chapters 1-9

Ch. 4 - Prob. 1CECh. 4 - Prob. 2CECh. 4 - Prob. 3CECh. 4 - Prob. 4CECh. 4 - Trace the flow of accounting information through...Ch. 4 - Name a source document that provides information...Ch. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Where is the first formal accounting record of a...Ch. 4 - Describe the four steps required to journalize a...Ch. 4 - In what order are the accounts customarily placed...Ch. 4 - Explain the primary advantage of a general ledger...Ch. 4 - Explain the five steps required when posting the...Ch. 4 - Prob. 10RQCh. 4 - Explain why the ledger can still contain errors...Ch. 4 - Prob. 12RQCh. 4 - What is a transposition error?Ch. 4 - What is a correcting entry?Ch. 4 - Prob. 1SEACh. 4 - GENERAL JOURNAL ENTRIES For each of the following...Ch. 4 - GENERAL LEDGER ACCOUNTS Set up T accounts for each...Ch. 4 - GENERAL JOURNAL ENTRIES Diane Bernick has opened...Ch. 4 - GENERAL LEDGER ACCOUNTS; TRIAL BALANCE Set up...Ch. 4 - FINANCIAL STATEMENTS From the information in...Ch. 4 - Prob. 7SEACh. 4 - FINDING AND CORRECTING ERRORS On May 25, after the...Ch. 4 - SERIES A PROBLEMS JOURNALIZING AND POSTING...Ch. 4 - JOURNALIZING AND POSTING TRANSACTIONS Jim Andrews...Ch. 4 - CORRECTING ERRORS Assuming that all entries have...Ch. 4 - Prob. 1SEBCh. 4 - GENERAL JOURNAL ENTRIES For each of the following...Ch. 4 - GENERAL LEDGER ACCOUNTS Set up T accounts for each...Ch. 4 - GENERAL JOURNAL ENTRIES Sengel Moon opened The...Ch. 4 - GENERAL LEDGER ACCOUNTS; TRIAL BALANCE Set up...Ch. 4 - FINANCIAL STATEMENTS From the information in...Ch. 4 - Prob. 7SEBCh. 4 - FINDING AND CORRECTING ERRORS On April 25, after...Ch. 4 - JOURNALIZING AND POSTING TRANSACTIONS Benito...Ch. 4 - Prob. 10SPBCh. 4 - CORRECTING ERRORS Assuming that all entries have...Ch. 4 - MANAGING YOUR WRITING You are a public accountant...Ch. 4 - MASTERY PROBLEM Barry Bird opened the Barry Bird...Ch. 4 - CHALLENGE PROBLEM Journal entries and a trial...
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