Century 21 Accounting Multicolumn Journal
11th Edition
ISBN: 9781337679503
Author: Gilbertson
Publisher: Cengage
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SUBJECT: Financial Accounting and Reporting
Instruction: Choose the Debit and Credit Accounts of the following transactions.
TRANSACTION: Withdrew cash for personal use1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation
2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation
TRANSACTION: Received cash for services not yet rendered3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation
4. Credit *a. Cash In Bankb.…
SUBJECT: Financial Accounting and Reporting
Instruction: Choose the Debit and Credit Accounts of the following transactions.
TRANSACTION: Opened an account with Bank and made initial deposit1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation
2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation
TRANSACTION: Bought Equipment on Account3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation
4. Credit *a. Cash In…
SUBJECT: Financial Accounting and Reporting
Instruction: Choose the Debit and Credit Accounts of the following transactions.
TRANSACTION: Purchased supplies on account1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation
2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation
TRANSACTION: Paid travelling expenses to pay business permit3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation
4. Credit *a. Cash In Bankb.…
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- Required information [The following information applies to the questions displayed below) The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $20,000 of common stock for cash. 2. Recognized $60,000 of service revenue earned on account. 3. Collected $54,000 from accounts receivable. 4. Paid operating expenses of $37,800. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account The following transactions apply to Jova for Year 2 1. Recognized $67,500 of service revenue on account. 2. Collected $62,000 from accounts receivable 3. Determined that $800 of the accounts receivable were uncollectible and wrote them off 4. Collected $300 of an account that had previously been written off. 5. Paid $47,500 cash for operating expenses. 6. Adjusted the accounts to recognize…arrow_forwardReview accounting terms by completing the following crossword puzzle. Across: Down: 5. Copy data from the journal to the ledger 7. Book of accounts 1. Amount collectible from a customer 2. Statement of financial position 3. An economic resource 4. Record of transactions 8. List of accounts with their balances 10. Revenue-net income 11. Records an increase in a liability 12. Left side of an account 6. "bottom line" of an income statement 9. Another word for liability 2B A 1R 4 J 6N N O AO A B |니 10 E X PENSE T 18 9 M E 12 AS SE T B 11arrow_forwardSUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Paid employees salaries1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid business permits3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb. Accounts Receivablec. Unused…arrow_forward
- Activity 5. My Own Accountin Equation Applying the accounting equation to your daily ife as a student and consumer, write your transactions made on a day to day basis and analyse the offects of each vansaction to the different accounting accounts TRANSACTION ASSETS LIABILITIES OWNER'S EQUITYarrow_forwardSales made to Ahmed on credit should be debited to? Select one: a. Cash A/C b. Account Receivable A/C c. Sales A/C d. Account Payable A/C hen the owner withdraws money from the business for personal use -Which of the following has correct effect on accounting equation? Select one: a. Expense increase and Cash decrease b. Cash increase and Capital increase c. Cash decrease and Capital decrease d. Income increase and Cash decreasearrow_forwardUse T-accounts to record all business transactions: The accounts and transactions of Conner McAllister, Counselor and Attorney at Law, follow. Instructions Analyze the transactions a - c (typed here) and d - s (in the image). Record each in the appropriate T accounts. Use plus and minus signs in front of the amounts to show the increases and decreases. Indentify each entry in the T accounts by writing the letter of the transaction next to the entry. Assets Cash Accounts Receivable Office Furniture Office Equipment Automobile Liabilities Accounts Payable Owner's Equity Conner McAllister, Capital Conner McAllister, Drawing Revenue Fees Income Expenses Automobile Expense Rent Expense Utilities Expense Salaries Expense Telephone Expense a. Conner McAllister invested $140,000 in cash to start the business. b. Paid $7,800 for the current month's rent c. Bought a used automobile for the firm for $38,500 in cash d. - s. in the image All of the transactions (typed a. - c. and…arrow_forward
- Directions: Choose the letter corresponding to the correct answer for each of the questionsprovided below.1. Accounts receivable or the amount to be received when a customer orders on accountis an example of what account?a. Asset c. Equityb. Liability d. All of the above2. Expenses incurred on paying utilities belong to what type of account?a. Asset c. Equityb. Liability d. All of the above3. If Company A borrows money from company B, the transaction results toa. Increase in asset of A and increase in asset in Bb. Increase in asset of A and decrease in equity of Bc. Increase in asset of A and no effect on assets of Bd. Both B and C4. Equity means assets minus liabilities. Other terms that can be used synonymously withequity are the following except :a. Capital c. Net worthb. Net assets d. Profit5. Sources of legal obligation are the following excepta. The law c. Debtsb. Contracts d. Other operation by lawarrow_forwardI. Multiple Choice Directions: Choose the letter corresponding to the correct answer for each of the questions provided below. 1. Accounts receivable or the amount to be received when a customer orders on account is an example of what account? b. Liability d. All of the above a. Asset c. Equity 2. Expenses incurred on paying utilities belong to what type of account? b. Liability d. All of the above a. Asset c. Equity 3. If Company A borrows money from company B, the transaction results to a. İncrease in asset of A and increase in asset in B b. Increase in asset of A and decrease in equity of B c. Increase in asset of A and no effect on assets of B d. Both B and C 4. Equity means assets minus liabilities. Other terms that can be used synonymously Q2with equity are the following except a. Capital b. Net assets d. Profit c. Net worth 5. Sources of legal obligation are the following except a. The law c. Debts • Source: Ferrer R.C. et.al. (2017). Fundamentals of Accountancy, Business and…arrow_forwardActivity 6: Problem Solving Directions: Make a table in your activity notebook by arranging the following asset, liability, and equity titles in the table: Cash; Accounts Receivable; Office Supplies; Office Equipment; Laundry Equipment; Accounts Payable; Dela Cruz, Capital; Dela Cruz, Withdrawals; Service Revenues; and Expenses. Use additions and subtractions or a () to show the effects of each transaction on the accounts in the accounting equation. Show the balances after each transaction. (See table on page 8 as your references) Feb. 1 Mr. Dela Cruz invested P50,000 cash in his laundry business. 1 Rented office space and paid P1,000 cash for the February rent. 2 Purchased laundry equipment for P25,000 with P10,000 as downpayment and the balances on equal installment for 5 months. Purchase office supplies by paying P1,000 cash. Completed laundry service and collected 550 cash. Purchased P1,550 office equipment on credit. 15 Completed laundry service on credit in the amount of P5,000.…arrow_forward
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