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 9EA
After recording the transactions in E6A, prepare a
- 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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cary signed up and paid $960 for a 6 month ceramics course on June 1st with Choplet Ceramics. As of August 1st, Choplet’s accounting records would indicate:
A. $320 of revenue, $640 of accounts receivable
B.$320 of revenue, $640 of deferred revenue
C. $960 of revenue, $960 of cash
D. $640 of revenue, $320 of accounts receivable
Prepare journal entries to record the following transactions.
a. Purchased $380 of supplies on credit.
b. Completed $580 of work for a client on credit.
c. Paid $380 cash towards the amount owed from transaction a.
d. Completed work for a client and immediately received $880 cash.
e. Collected $580 cash for the work previously performed in transaction b.
f. Received $1,080 cash in advance from a client for services to be performed next period
View transaction list
Journal entry worksheet
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1
2
3 4 5 6
Purchased $380 of supplies on credit.
Note: Enter debits before credits.
Date
a.
General Journal
Debit
Credit
Aggie Pool Guys, Inc. began operations on September 1, 2019 with an investment of $30,000 cash into the business. During the month of September, Aggie completed the following additional transactions:
Sept 2 Sold a customer pool equipment on account, $2,500.
Sept 4 Purchased supplies on credit for $1,000.
Sept 8 Repaired a customer’s pool and collected the fee of $1,800.
Sept 13 Received $500 from customers for payment on their account.
Sept 15 Paid employee wages of $800.
Sept 18 Repaired a customer’s pool and billed, but did not collect $2,200.
Sept 21 Collected $1,000 from a customer for a job to be performed in October.
What is the balance in the Accounts Receivable account on September 30, 2019? (hint: Use T account)
A.
$8,000
B.
$4,200
C.
$3,200
D.
$7,000
E.
$5,200
Do not give answer in image formate
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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