Horngren's Accounting (11th Edition)
11th Edition
ISBN: 9780133856781
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 2, Problem P2.31APGA
pj-.U A f«>ornalizing transactions, posting
f inhuliv Monroe opened u law office on January I. 2017. During the first month of opti.scions, the business completed the following transactions:
Jan 1 Monroe contributed $62,000 cash to the business, Timothy Monroe, Attorney i'business gave capital to Monroe.
< Purchased office supplies, $500, and furniture, $2,000, on account.
4 Performed legal services for a client and received $ 1,600 cash Purchased a building with a market value ol $/0,000, and land with a market value ol $29,000. The business paid $35,000 cash and signed a note payable to the bank for the remaining amount.
11 Prepared legal documents for a client on account, $300
15 Paid assistant’s semimonthly salary, $ 1.180
16 P3id for the office supplies purchased on January 3 on account 1S Received $2,000 cash for helping a client sell real estate.
19 Defended a client in court and billed the client for $1,400
25 Received a bill for utilities, $550 The bill will be paid next month.
29 Received cash on account, S700.
30 Paid $840 cash for a 12-month insurance policy starting on February 1.
30 Paid assistant's semimonthly salary, $1,180.
31 Paid monthly rent expense, $1,300.
31 Monroe withdrew cash of $2,900.
Requirements
- Record each transaction in the journal, using the following account tides: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Furniture; Building; Land; Accounts Payable; Utilities Payable; Notes Payable; Monroe, Capital;
Monroe, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Tasks 8-9. Application. Prepare the journal entries of the transaction below and
post them to the necessary ledger books. Write your answer on a separate sheet of
paper.
Olson Sala Company completed the following sales transactions during the month of
June 2015. All credit sales have terms of 3/10, n/30 and all invoices are dated as at
the transaction date.
June 1 Olson Sala invested Php 52,000 of his funds in the business.
1
Sold merchandise on account to R. Bituin, Php 32,000. Invoice no. 377
Sold merchandise on account to A. Perdales, Php 54,000. Invoice no.
378
3
4
Sold merchandise for cash, Php 46,000.
7.
Received payment from R. Bltuin less discounts.
Received payment from A. Perdales less discounts.
9.
Required:
1. Record the transactions in the general journal.
2. Post to the accounts receivable ledger.
3. Prepare a schedule of accounts receivable.
1. OBJECTIVES: 1. prepare journal entries to record basic business transaction (ABM FABM12-Illa-b3) II. TOPIC: ACCOUNTING BOOKS-Journal and Ledgers III. Direction:a. Journalize the transactionsbelow. b. Post to ledger using the T-account format On April 1, 2019, Nels Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions: Nels Ferrer deposited Php500,000 cash in a bank account in the name of the business. Purchased for Php250,000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15, 2019 Paid rental for the month of April, Php 5,000 Earned and collected trucking income from Ryan, Php8,000 Earned trucking income from Jesper, Php 30,000 on account. Jesper will pay on May 8, 2019 Apr 1 Apr 1 Apr 1 Apr 5 Apr 8 Apr 10 Paid salaries of drivers, Php10,000 Apr 15 Rented the vehicle to Joshua for Php35,000, Joshua paid Php20,000 on that date and the balance on…
Corp. open up a business with an investment of P50,300 on November 1, 2022 from his saving account to a business checking account and made payment for a small space month-rent, P20,000 and merchandise for presentation worth P20,000. During the operating month, the business incurred various expenses, P7,500 of which 25% remains to be paid next month. Mr. Hamon made all sales deposits directly to the bank and paid wages during the month amounting to P55,000 and P15,000, respectively. At the end of the month, a total of P3,250 for the water, electric and phone consumption bills were received but did not immediately pay it. At this point, the balance of business checking account increased to P43,200.How much is the November 30 Owner’s Equity balance if Mr. Hamon was able to withdraw cash during for the purchase of merchandise for trading amounting to P15,000?
Chapter 2 Solutions
Horngren's Accounting (11th Edition)
Ch. 2 - The detailed record of the changes in a particular...Ch. 2 - Which of the following accounts is a liability?...Ch. 2 - The left side of an account is used to record...Ch. 2 - Which of the following statements is correct?...Ch. 2 - Your business purchased office supplies of $2,500...Ch. 2 - Sedlor Properties puchased office supplies on...Ch. 2 - Posting a $2,500 purchase of office supplies on...Ch. 2 - Pixel Copies recorded a cash collection on account...Ch. 2 - Which sequence correctly summarizes the accounting...Ch. 2 - Nathvile Laundry reported assets of $800 and...
Ch. 2 - Identify the three categones of the accounting...Ch. 2 - What is the purpose of the chart of accounts?...Ch. 2 - What does a ledger show? What’s the difference...Ch. 2 - Accounng uses a double-entry system. Explain what...Ch. 2 - What is T-account? On which side is the debit? On...Ch. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Identify which types of accounts have a normal...Ch. 2 - What are source documents? Provide examples of...Ch. 2 - Prob. 10RQCh. 2 - Explain the five steps in journalizing and posting...Ch. 2 - What are the four parts of a journal entry?Ch. 2 - What is involved in the posting process?Ch. 2 - What is the purpose of the trial balance?Ch. 2 - What is the differnce between the trial balance...Ch. 2 - If total debits equal total credits on the trial...Ch. 2 - What is the calculation for the debt ratio?...Ch. 2 - Identifying accounts Learning Objective 1 Consider...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying normal balances Learning Objective 2...Ch. 2 - i Journalizing transactions Jack Davis opened a...Ch. 2 - Journalizing transactions Arkansas Sales...Ch. 2 - (atculaiing the balance of a r-accounl Ac< ounts P...Ch. 2 - Journalizing transactions and posting io I account...Ch. 2 - Preparing a trial balance Henderson Floor...Ch. 2 - Prob. S2.9SECh. 2 - Using accounting vocabulary Learning Objectives 1,...Ch. 2 - Creating a chart of accounts Learning Objective 1...Ch. 2 - Identifying accounts, increases in accounts, and...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying source documents Learning Objective 3...Ch. 2 - Analyzing and journalizing transactions Learing...Ch. 2 - Prob. E2.16ECh. 2 - Prob. E2.17ECh. 2 - Analyzing and journalizing transactions Learning...Ch. 2 - Posting journal entries to four-column accounts...Ch. 2 - Analyzing transactions from T-accounts Learning...Ch. 2 - Prob. E2.21ECh. 2 - Prob. E2.22ECh. 2 - Prob. E2.23ECh. 2 - Journalizing transactions, posting journal entries...Ch. 2 -
i 25 \nalyzing accounting errors
- lime ii is i...Ch. 2 - Prob. E2.26ECh. 2 - Prob. E2.27ECh. 2 - Prob. E2.28ECh. 2 - Prob. P2.29APGACh. 2 - Prob. P2.30APGACh. 2 - pj-.U A f«ornalizing transactions, posting journal...Ch. 2 - P2 U \ Jornn-d./lng i. KK.U lions, polling journal...Ch. 2 - Prob. P2.33APGACh. 2 - Prob. P2.34APGACh. 2 - P2-351' jf n,»l« *ng transaction’., posting...Ch. 2 - Prob. P2.36BPGBCh. 2 - Prob. P2.37BPGBCh. 2 - Prob. P2.38BPGBCh. 2 - Prob. P2.39BPGBCh. 2 - Prob. P2.40BPGBCh. 2 - Prob. P2.41CPCh. 2 - Prob. P2.42PSCh. 2 - Prob. 2.1DCCh. 2 - Prob. 2.1EICh. 2 - Prob. 2.1FCCh. 2 - Prob. 2.1FSC
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
- Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.arrow_forwardJournalise the following transactions in the journal of Mr.Jesu and Mr.Ravi. 2004, as partners they started business, October 1 with 25,000 and 15,000 respectively. Oct 5-Opened a current account with BOI 40,000 Oct-10paid rent by cheque for 2,500 Oct-15 Machinery purchased for 20,000 by cheque Oct-20 Amount withdrawn from bank 3,000arrow_forwardPrepare the JOURNAL ENTRY to record the transactions of DALISAY Tailoring Shop for the month of January 2017 and POST IT TO THE LEDGER. 1 Mr. Dalisay made the following investment: i. Cash ii. SEWING Machine P80,000 20,000 Purchased furniture for cash , P10,000. Purchased supplies for cash,P3,000. Paid the January 2017 rent, P2,000. Acquired additional equipment (two sewing machine @ P15,000 each). Terms: P10,000 down,the balance 3 5 7 8 On six monthly installment. 15 Paid the semi-monthly payroll,P2,000 with the following deductions; SSS Premium Payable,P66.00, Medicare Payable,P12,00, With holding Taxes Payable,P14.00. 15 Received cash for services rendered,P15,000. 20 Sent a bill to customer for services rendered,P5,000. 22 Received a note for a customer for services rendered,P5,000. 27 Purchased supplies for cash,P500. 31 Paid salaries for two weeks,P2,000. (use same deductions on January 15,2017) 31 Withdrew cash for personal use, P500.00.arrow_forward
- Sammi started her business on 1 January 2021 called Trendy. You are required to prepare the GENERAL JOURNAL for the following transactions of Trendy for the first month of operations. Jan 01Sammi invested RM50, 000 cash into the business.Jan 02Trendy purchased used motor vehicle for RM20,000.Jan 08Trendy paid rent for RM4, 000.Jan 08Trendy completed work for a client and immediately received RM15, 000.Jan 12Sammi signed a RM50,000 small business loans with CIMB Bank under Trendy’s name.Jan 15Ideal Homes renovated and installed fixtures and fittings at a cost of RM3, 000. Trendy will pay the bill at a later date.Jan 15Trendy paid RM1, 000 cash for advertisement in a local magazine.Jan 28Trendy completed work for another client on credit and invoiced the client RM5, 000. The client is allowed to settle the bill within 30 days.Jan 30Trendy paid Ideal Homes that installed the fixtures and fittings earlier.Jan 30Trendy paid RM150 for usage of electricity for the month.arrow_forwardconstruct the Journal Entry of the transaction: Date/# Account Title Debit Credit Oct-01 Garcia invested P30,000 cash to start his business. 2 Purchased medical Supplies on account, P10,000 2 Paid monthly office rent of P4,000. 3 Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder. 15 Borrowed P50,000 from the bank, signing a note payable 22 Performed service for patients on account, P3,600 30 Received cash from patients billed on September 3, P2,000 31 Received and paid a utility bill, P200 31 Paid monthly salary to nurses, P3,000 31 Paid interest expense of P200arrow_forward.ComDino takeASSignmenu takeASsigmentMain.do?invoker=assignments&takeAssignmentSessionLocator%=Dassignment-take&inpro. Q < Show oie riow Entries for Receipt and Dishonor of Notes Receivable Journalize the following transactions in the accounts of Safari Games Co., which operates a riverboat casino. Assume 30O days in a year. For a compound transaction, I an amount box does not require an entry, leave it blank. Apr. 18. Received a $60,000, 30-day, 7% note dated April 18 from Glenn Cross on account. 30. Received a $42,000, 60-day, 8% note dated April 30 from Rhoni Melville on account. May 18 The note dated April 18 from Glenn Cross is dishonored, and the customer's account is charged for the note, including interest. June 29. The note dated April 30 from Rhoni Melville is'dishonored, and the customer's 'account is charged for the note, including interest. Aug. 16. Cash is received for the amount due on the dishonored note dated April 18 plus Interest for 90 days at 8% on the total amount…arrow_forward
- T Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…arrow_forwardYi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…arrow_forwardB. Mr. Abdullah formed Al-Noor Enterprises on February 2021. During the month, the following financial transactions occurred: Review and find the mistake of the following transactions which is recorded in general journal and rewrite them. 2021, February 10 Paid the month's rent OR 700 16 Withdrew OR 10,000 for personal use. 23 Collected OR 9,000 from Bahwan Company. 28 Sold goods for cash - OMR 15,000 Al-Noor Enterprises for January Date Particulars Ref. Debit Credit 2020 Feb. 11 Rent Expense 700 Cash 700 16 Abdullah, Withdrawal 10,000 Expense 10,000 10,000 Cash Accounts Payable 23 10,000 30 Sales 15,000 Cash 15,000arrow_forward
- 1. A newly founded business performed in their first days of operations, the six transactions that you can find below. The business was founded on the 20th of July, by a young entrepreneur, Mr Grey, who wanted to provide typing, copying, and printing services to the university students in his home city: a) 20/07/2019: In exchange for his investment of $200,000 cash, the business issued to Mr Grey 1,000 shares of capital stock. b) 21/07/2019: Purchased a small building and land for $450,000, paying $165,000 cash and signing a note payable for the balance. The building $210,000 and the land was considered to be worth $240,000. c) 22/07/2019: Purchased office equipment for $30,000 from Office Furniture Co. Paid $17,000 cash and agreed to pay the balance within 60 days. d) 26/7/2019: Purchased from Auto Ltd. a motorcycle on credit for $3,400 to be used for making deliveries to customers. Mr Grey agreed to make payment to Auto Ltd. within 10 days. e) 27/7/2019 Signed a note payable due in…arrow_forwardQ1. Given below is a list of transactions relating to the stationery business of Aryan & Co. for the year ending March 31, 2020. You are required to journalize the transactions, create the ledger accounts and prepare the trial balance. Date Particulars Amount 1t Apr, 19 Capital contributed by Aryan 1,00,000 3rd Apr,19 Purchases from Kabir & Co. 200 pens of Rs. 80 each 100 copies of Rs. 40 each 5th Apr, 19 Purchased Furniture 30,000 7ih Apr, 19 Deposited in Bank 50,000 10h Apr, 19 Paid Salaries 15,000 15 Apr, 19 Cash purchases made 20,000 |20 Apr, 19 Sold goods to Mr. Rohit & Co. 500 pens of Rs. 125 each; 250 copies of Rs 110 each 22nd Apr, 19 Returned to Kabir & Co. 20 pens 15 copies 30 Apr, 19 Issued a cheque to Kabir & Co. in full settlement of their ассount 5th May, 19 Received cash Rs 5,000 and cheque for Rs 10,000 from Rohit & Co. The cheque was deposited in bank immediately. 25 May, 19 Sold to Gaurav & Co., 80 pens at Rs 130 each less 10% trade discount 31t May, 19 Gaurav & Co.,…arrow_forwardRead through the transactions impacting JumpStart Co. and answer the question below: On November 10, JumpStart Co. provides $2,900 in services to clients. At the time of service, the clients paid $600 in cash and put the balance on account. On November 20, JumpStart Co. clients paid an additional $900 on their accounts due. Document the journal entries that reflect the November 10 and 20th transactions. Edit View Insert Format Tools Table 12pt v Paragraph v BIUAY O wordsarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY