Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 2, Problem 13E
Assume the following T−accounts reflect Belle Co.’s general ledger and its first seven transactions a through g, which are posted to them. Identify the explanation from 1 through 7 below that best describes each transaction a through g reflected in the T−accounts, and enter that letter in the blank space in front of each numbered explanation.
____1. The company paid $4,800 cash in advance for prepaid insurance coverage.
____2. D. Belle created a new business and invested $6,000 cash, $7,600 of equipment, and $12,000 in web servers in exchange for common stock.
____3. The company purchased $900 of supplies on account.
____4. The company received $4,500 cash for services provided.
____5. The company paid $900 cash toward accounts payable.
____6. The company paid $3,400 cash for equipment.
____7. The company paid $800 cash for selling expenses.
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Complete this question by entering your answers in the tabs below.
Required A Required B
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<
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Record service revenue on credit card payment and credit card expenses.
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Transaction
1
General…
Record the following transactions for the Scott Company:
Transactions:
Nov.
4
Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account.
Dec.
31
Accrued interest on the Tim’s Co. note.
Feb.
2
Received the amount due from Tim’s Co. on the note.
Required:
Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest.
CHART OF ACCOUNTS
Scott Company
General Ledger
ASSETS
110
Cash
111
Petty Cash
121
Accounts Receivable-Batson Co.
122
Accounts Receivable-Bynum Co.
123
Accounts Receivable-Calahan Inc.
124
Accounts Receivable-Dodger Co.
125
Accounts Receivable-Fronk Co.
126
Accounts Receivable-Miracle Chemical
127
Accounts Receivable-Solo Co.
128
Accounts Receivable-Tim’s Co.
129
Allowance for Doubtful Accounts
131
Interest Receivable
132
Notes Receivable-Tim’s Co.
141…
Chapter 2 Solutions
Loose Leaf for Financial Accounting: Information for Decisions
Ch. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Should a transaction be recorded first in a...Ch. 2 - Prob. 7DQCh. 2 - Why does the recordkeeper prepare a trial balance?Ch. 2 - Prob. 9DQCh. 2 - Prob. 10DQ
Ch. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Review the Apple balance sheet in Appendix A....Ch. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Identify the items from the following list that...Ch. 2 - Prob. 2QSCh. 2 - Prob. 3QSCh. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Prob. 11QSCh. 2 - In a recent year’s financial statements, Home...Ch. 2 - Prob. 13QSCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Enter the number for the item that best completes...Ch. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prepare general journal entries for the following...Ch. 2 - Prob. 12ECh. 2 - Assume the following Taccounts reflect Belle Co.’s...Ch. 2 - Prob. 14ECh. 2 - A corporation had the following assets and...Ch. 2 - Prob. 16ECh. 2 - Use the information in Exercise 216 to prepare an...Ch. 2 - Prob. 18ECh. 2 - Compute the missing amount for each of the...Ch. 2 - Prob. 20ECh. 2 - You are told the column totals in a trial balance...Ch. 2 - a. Calculate the debt ratio and the return on...Ch. 2 - Prob. 23ECh. 2 - Prob. 24ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Nuncio Consulting complete the following...Ch. 2 - Prob. 5PSBCh. 2 - Prob. 6PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1GLPCh. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Using transactions from the following assignments,...Ch. 2 - Prob. 1FSACh. 2 - Prob. 2FSACh. 2 - Prob. 3FSACh. 2 - Assume that you are a cashier and your manager...Ch. 2 - Prob. 2BTNCh. 2 - Access EDGAR online (SEC.gov) and locate the 2016...Ch. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
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