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
Textbook Question
Chapter 2, Problem E2.14E
Identifying source documents
Learning Objective 3
For each trasaction, identy a possible source document.
a. The business received $20,000 cash a gave capital to the owner.
b. Purchased office supplies on account, $500.
c. Recorded $1,000 revenue for sevices rendered to customers.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Export PDF as long image without watermark
Export
FUNDAMENTALS OF ACCOUNTANCY BUSINESS AND MANAGEMENT 2
Self-Learning Activity 9
Name
Year/Block:
Date
Direction: Write your answers on the space provided at the back of this Self Learning Activity.
Learning Objective:
After reading the module, the learners shall be able to:
4. Describe the nature of a bank reconciliation statement.
5. Identify common reconciling items and describe each of them.
6. Analyze the effects of the identified reconciling items.
Reference: Quarter 1 Module 9 – Fundamentals of Accountancy, Business and Management 2
LEARNING ACTIVITY 9:1
Presented hereunder are the details of your Cash Receipts Journal, Cash Disbursements Journal and the Bank
Statement of Banco de Oro.
Cash Receipts Journal
O.R. Number
Amount
Payor
Odessa Alera
Date
0001
P 30,000
June 3
0002
0003
20,000
5,000
20
Arnold Navales
29
Juanita Nambatac
0004
10,000
30
Kyle Jamora
Cash Disbursements Journal
Check Number
Amount
Payee
Star 5 Grocery
DX…
Q
E-F:5-22 Journalizing purchase transactions (Learning Objective 2)
Howie Jewelers had the following purchase transactions. Journalize all
necessary transactions. Explanations are not required.
W
Jun. 20
20
Jul. 4
14
&
16
18
Received a $300 allowance from Southboro Diamonds for damaged but
usable goods.
24 Paid Southboro Diamonds, less allowance and discount.
4-
Purchased inventory of $5,100 on account from Sanders Diamonds, a
jewelry importer. Terms were 2/15, n/45, FOB shipping point.
Paid freight charges, $400.
Returned $600 of inventory to Sanders.
7
Paid Sanders Diamonds, less return.
Purchased inventory of $3,500 on account from Southboro Diamonds, a
jewelry importer. Terms were 2/10, n/EOM, FOB destination.
4+
8
144
(
F5-56
A
B
insert
←
prt sc
backspace
9:28 PM
9/21/2022
delete
hom
E-F:8-14 Defining common receivables terms (Learning Objective 1)
Match the terms with their correct definition.
Terms
1. Accounts receivable
2. Other receivables
3. Debtor
4. Notes receivable
5. Maturity date
6. Creditor
Definitions
a. The party to a credit transaction who takes on an
obligation/payable.
b. The party who receives a receivable and will collect cash in
the future..
c. A written promise to pay a specified amount of money at a
particular future date.
d. The date when the note receivable is due.
e. A miscellaneous category that includes any other type of
receivable where there is a right to receive cash in the
future.
f. The right to receive cash in the future from customers for
goods sold or for services performed.
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
- Learning Outcome 7. Answer the following question in a short answer of 100-150 words; provide comprehensive information and examples in applicable, to support your answer. How Financial Statements are Interconnected? Explain.arrow_forwardQHorngre X G horngre X End of Chapter: Accounting and the Business Environment d:course:7710589/products/79c3fa4c-a84f-42ba-b87a-e36a400bca00/pages/urn:pearson Problems Group A P-F:1-41A. Using the accounting equation for transaction analysis (Learning Objective 4) ASSETS Meg McKinney opened a public relations firm called Solid Gold on August 1, 2024. The following amounts summarize her business on August 31, 2024: TutorM X | G horngre Cash + Accounts + Office + Land Receivable Supplies $0 Bal. $1,900 + $3.200 + transactions: +$15,000 LIABILITIES + Contributed Capital + Accounts + Common Stock Payable $5,000 $11.900 - EQUITY During September 2024, the business completed the following Retained Earnings Dividends & Service Rent - Advertising Revenue Expense Expense + $3,200 a. Received contribution of $17,000 cash from Meg McKinney in exchange for common stock. b. Performed service for a client and received cash of $800. c. Paid off the beginning balance of accounts payable. d. Purchased…arrow_forward(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Hawkins and Harris, a CPAfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $104,000■ Allowance for Uncollectible Accounts, $12,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $695,000, all on accountb. Collections on account, $720,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $15,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Hawkins and Harris will report accounts receivable on its balance sheet atDecember 31, 2018.arrow_forward
- (Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Andrews and Johnson, a lawfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $100,000■ Allowance for Uncollectible Accounts, $14,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $697,000, all on accountb. Collections on account, $714,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $11,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Andrews and Johnson will report accounts receivable on its balance sheet atDecember 31, 2018.arrow_forwardlem Set: Modx * CengageNOWv2 | Onl X * Cengage Learning B Milestone Two Guideli x G module ow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=.. eBook Show Me How Quick ratio Adieu Company reported the following current assets and current liabilities for two recent years: Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $830 $1,090 Temporary investments 1,200 1,500 Accounts receivable 820 910 Inventory 2,100 2,500 Accounts payable 1,900 2,500 a. Compute the quick ratio on December 31 for each year. Round to one decimal place. 20Υ4 20Υ3 Quick Ratio b. Is the quick ratio improving or declining? Check My Work 56°F Mostly 39arrow_forward1. Journal all transactions in Part One 2. Using the chart of accounts, open ledger accounts and post journals to the ledger account. 3. Prepare a trial balance 4. Prepare the following statements: 1. Income Statement 2. Retained Earnings Statements 3. Balance Sheet You need to use Microsoft Excel. Do not use Google Docs or Apple’s numbers. Place your submission in the appropriate journal labeled final project in the learning modules tab in Blackboard. The project is due in Module 15. Three points extra credit to final grade if submitted during Module 14. Part One A. The following transaction occurred for Scrooge Inc. for the month of December 31, 1820. B. Ebenezer Scrooge invested $50,000 cash along in the company in exchange for common stock. C. The company prepaid $500 for 12 month’s rent. D. The company purchased $100 in office supplies. Payment due withing 10 days E. Scrooge Inc. completed services for a client and immediately received $2,000. F. The company completed $1,500…arrow_forward
- NTEGRATE FABM1 21-22 WEEK 4 TASK Learning Competency • The learners shall be able to illustrate the accounting equation (ABM_FABM11-llb-c-8); Perform operations involving simple cases with the use of the accounting equation (ABM_FABM11-Illb-c-9) S.Y. 2021-2022 ARISTOTLE PARMENIDES EPICURUS WEEK 4- LEARNING TASK 3 PAGE 21 Learning Task 3: The following transactions were made during the first month of a single proprietor's business operation. 1. Mr. Y started a grocery store. He invested P 200,00 as initial investment. 2. He registered his business paying P 1,500 for registration. 3. He paid P 20,000 for store rent applicable for one year. 4. He incurred and paid P25,000 for the repair of the grocery store. 5. He purchased merchandise for sale amounting to P 300,000, paying P 200,000 with the balance to be paid after 60 days. 6. He paid P2,000 for the transportation of the merchandise purchased. 7. He hired a saleslady for a contract of P 5,000 per month salary. 8. He sold P100,000 worth…arrow_forwardokmarks Window Help A v2.cengagenow.com Tech. B Learning Module 8 - ACCT1105: Financial Acc. X CengageNOWw2 | Ontine teaching and learnin Cengage Learning еВook Show Me How Accounts Receivable Analysis A company reports the following: Sales $1,460,000 Average accounts receivable (net) 100,000 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days Previous Next Check My Work Save and Exit Submit Assignment for Grading All work saved. tv 16 MacBook Air DII DD F9 80 F8 F7 F5 F6 F4 F3 * & 2# $ 7 8 4 Y [ E T J K ....arrow_forwardLearning Objective 2 S9-3 Applying the direct write-off method to account for uncollectibles S Shawna Valley is an attorney in Los Angeles. Valley uses the direct write-off methoin account for uncollectible receivables. At April 30, 2018, Valley's accounts receivable totaled $19,000. During May, she eama revenue of $22,000 on account and collected $15,000 on account. She also wrote off uncollectible receivables of $1,100 on May 31, 2018. Requirements 1. Use the direct write-off method to journalize Valley's write-off of the uncollecihe receivables. 2. What is Valley's balance of Accounts Receivable at May 31, 2018?arrow_forward
- 1-9a44-40e8-b949-939756270518/pages/urn:pearson:entity:6def11ed-9afb-4e88-94c3-91... A End of Chapter: Merchandising Options E-F:5-24 Journalizing purchase and sales transactions (Learning Objectives 2, 3) Journalize the following transactions for Soul Art Gift Shop. Explanations are not required. Feb. 3 & 7 9 10 12 28 7 Purchased $3,300 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from Still Waters Herbs. Returned $900 of defective merchandise purchased on February 3. Paid freight bill of $400 on February 3 purchase. Sold merchandise inventory on account for $4,700 to Trybe Yoga Studio. Payment terms were 2/15, n/30. These goods cost the company $2,350. Paid amount owed on credit purchase of February 3, less the return and the discount. Received cash from Trybe Yoga Studio in full settlement of their debt. E-F:5-25 Journalizing adjusting entries including estimating sales returns (Learning Objective 4) hp 44 8 ► 11 F5-57 ▶ + insert prt sc ←…arrow_forwardE5-57 O E-F:5-23 Journalizing sales transactions (Learning Objective 3) Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns at the end of each month. Jan. 4 & 4 7 8 13 20 20 29 Sold $16,000 of antiques on account, credit terms are n/30, to Cavalli Designs. Cost of goods is $8,000. Received a $300 sales return on damaged goods from Cavalli Designs. Cost of goods damaged is $150. Antique Mall received payment from Cavalli Designs on the amount due from Jan. 4, less the return. Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination, to White Furniture. Cost of goods is $2,450. Antique Mall paid $70 on freight out to White Furniture. Received payment from White Furniture on the amount due from Jan. 20, less the discount. 4+ 8 144 9 ▶|| F5-57 U A لا insert ← prt sc backspace 9:28 PM 9/21/2022 delete homarrow_forwardLearning Task 2.1: SCI Preparation Account titles Balance Account titles Balance Sales return P 5,555 Sales P 800,050 Purchases Purchase return and allowances Sales discount 13,300 470,650 20,000 Depreciation Expense Amortization Expense 5.465 10,500 Gain on sale of PPE 5,500 Advertising Expense 35,000 Interest Income 4,256 2% of Purchases Freight Out Salaries Expense Rent Expense Purchase discount 4,275 9,080 Freight In Utilities Expense 55,000 4,570 80,000 60,000 Decrease in Inventory Bad Debts 3% of gross sales Additional information: a) Depreciation of P5,000 is for computer equipment used in the Sales Department. b) Amortization is attributed to office leasehold improvements. c) 30% of salaries are attributed to office personnel. d) Utilities for the store represents 70% of utilities expense. e) Rent for the office space is P20,000 Requirements: Determine the following: 1) Net sales 2) Net Purchases 3) Cost of Goods Sold 4) Bad Debts Expense 5) Function of Step SCIarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License