Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Textbook Question
Chapter 2, Problem 13EA
Record the transactions in E6A in the general journal.
- a. Collin Ferdinand opened Ferdinand Repair Service by investing $8,600 in cash and $3,200 in repair equipment.
- b. Paid $800 for the current month’s rent.
- c. Purchased repair supplies on credit, $1,000.
- d. Purchased additional repair equipment for cash, $600.
- e. Paid salary to an employee, $900.
- f. Paid $400 of amount purchased on credit in c.
- g. Accepted cash for repairs completed, $3,720.
- h. Withdrew $1,200 in cash.
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Prepare all the required Journal entries?
25 Paid utilities expense, P1,750.
26 Paid P20,000 on the bank loan.
27 Received cash from Ms. Ferrer, P10,000.
28 Paid salary of worker, P5,000
29 Paid Delta a portion of the amount owed for equipment, P5,000.
30 Withdrew cash for personal use, P3,500.
Prepare journal entries for the transactions listed below and post them to the T-accounts.
d. Bought $900 of supplies on account.e. Sold 1/2 acre of land for $5,000. Accepted a note to receive payment in one year.f. Purchased $10,000 of equipment in cash.
The following transactions relate to the business of Jacob’s Coffee Shop for the month of February 2022:
01/02/22: Owner deposited N$10,000 as capital contribution.
02/02/22: Bought a coffee machine paid by EFT – N$2,500.
04/02/22: Cash purchases paid by cheque – N$1,500.
10/02/22: Credit sales to Mrs. Hamutenya N$1,500.
15/02/22: Rendered catering services at EN Dorado for N$2,000. Received payment via EFT.
25/02/22: Purchased sugar and tea from Sweeteners cc on Credit N$500.
How much is the balance transferred to the profit and loss from the Purchases Ledger account?
a.
N$2,000
b.
N$6,500
c.
N$4,500
d.
N$1,500
Chapter 2 Solutions
Principles of Accounting
Ch. 2 - A company incurs a cost for a part that is needed...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - How are assets and expenses related, and why are...Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Tell whether each of the following accounts is an...Ch. 2 - Prob. 2SE
Ch. 2 - Prob. 3SECh. 2 - Prob. 4SECh. 2 - Prob. 5SECh. 2 - Prob. 6SECh. 2 - Prob. 7SECh. 2 - Prepare a general journal form like the one in...Ch. 2 - Prepare three ledger account forms like the one in...Ch. 2 - Prob. 10SECh. 2 - Prob. 11SECh. 2 - Prob. 12SECh. 2 - Which of the following events would be recognized...Ch. 2 - You are given the following list of accounts with...Ch. 2 - The following ledger accounts are for Afocentric...Ch. 2 - Prob. 4EACh. 2 - The accounts that follow are applicable to Harolds...Ch. 2 - Prob. 6EACh. 2 - Prob. 7EACh. 2 - Prob. 8EACh. 2 - After recording the transactions in E6A, prepare a...Ch. 2 - The list that follows presents Shah Companys...Ch. 2 - Which of the following errors would cause a trial...Ch. 2 - Prob. 12EACh. 2 - Record the transactions in E6A in the general...Ch. 2 - Prob. 14EACh. 2 - Prob. 15EACh. 2 - Prob. 16EACh. 2 - Highland Design Company creates radio and...Ch. 2 - The following accounts are applicable to Georges...Ch. 2 - Jennifer Lopez opened a school for administrative...Ch. 2 - Sid Patel bid for and won a concession to rent...Ch. 2 - Nordtown Company is a marketing firm. The companys...Ch. 2 - Prob. 6APCh. 2 - The following accounts are applicable to Raymonds...Ch. 2 - Prob. 8APCh. 2 - David Roberts began an upholstery cleaning...Ch. 2 - Prob. 10APCh. 2 - Prob. 1CCh. 2 - Prob. 2CCh. 2 - Prob. 3CCh. 2 - Prob. 4CCh. 2 - Prob. 5CCh. 2 - Prob. 6CCh. 2 - Prob. 7C
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