FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 2, Problem 3GLP
To determine
Journal entry is an entry of accounting transactions recorded in journal account happened as per the date.
1.
To prepare: journal entry for transactions.
2.
To determine
To prepare: General ledgers.
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For each of the three independent situations determine the amount of cash received from the customers and
prepare journal entries that summarize the selling and collection activities for the reporting period. All dollars are in
millions.
Complete this question by entering your answers in the tabs below.
Cash Recd
General
from Cust
Journal
Determine the amount of cash received from the customers. (Enter your answers in millions (i.e., 10,000,000 should be
entered as 10).)
Sales
Accounts Receivable
Cash Received from
Situation
Revenue
Increase (Decrease)
Customers
1
170
2
170
23
3
170
(23)
Cash Recd from Cust
General Journal
1.Journalize and post transactions on account to the cash payments j ournal
2.Complete the petty cash report by classifying each expense to compute the actual cash on hand.
3.Print the cash paymentsjournal and petty cash report.
The cash paymentsjournal and a petty cash report for Electronic Source are given in the Worlting Papers.
Instructions:
Use page 9 of a cash payments journa l tojourna lize the following transactions completed during September of the cun-ent year.Source documents are abbreviated as follows check,C;purchase invoice,P.Save your work to complete Problem 9-S.
Transactions: Sept
2.Paid cash for advertising, $125.00.C388.
5.Paid cash on account to Henson Audio, $2,489.00, covering P346,less 2% discount. C389.
8.Paid cash for heating bill, $240.00.C390 .
10.Paid cash on account to Peterson Electronics,$3,484.00 covering P349,less 2% discount.C391.
12.Paid cash for office supplies,$43.00.C392$.
15.Paid cash to KLP Mfg.for merchandise with a list…
Han's Supplies's bank statement contained a $430 NSF check that one of its customers had written to pay for supplies purchased.
Required:
a. Show the effects of recognizing the NSF check on the financial statements by recording the appropriate amounts in a horizontal
financial statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA),
investing activities (IA), or financing activities (FA).
b. Suppose the customer redeems the check by giving Han $290 cash in exchange for the bad check.
The additional $20 paid a service fee charged by Han. Show the effects on the financial statements.
c. Is the recognition of the NSF check on Han's books an asset source, use, or exchange transaction?
d. Select which of the following is the correct answer.
Complete this question by entering your answers in the tabs below.
Req A and C
Req B
Reg D
a. Show the effects of recognizing the NSF check on the financial statements by recording the…
Chapter 2 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
Ch. 2 - Amalia Company received its utility bill for the...Ch. 2 - On May 1, Mattingly Lawn Service collected $2,500...Ch. 2 - Liang Shue contributed $250,000 cash and land...Ch. 2 - A trial balance prepared at year-end shows total...Ch. 2 - Bonaventure Company has total assets of...Ch. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQ
Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 16DQCh. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Prob. 1QSCh. 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 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Analyzing account entries and balances A1 Use the...Ch. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Identifying effects of posting errors on the trial...Ch. 2 - Prob. 21ECh. 2 - Prob. 22ECh. 2 - Prob. 23ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 7PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Prob. 5PSBCh. 2 - Prob. 6PSBCh. 2 - Prob. 7PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1GLPCh. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Using transactions from the following assignments,...Ch. 2 - Prob. 7GLPCh. 2 - Prob. 8GLPCh. 2 - Prob. 1AACh. 2 - Prob. 2AACh. 2 - Prob. 3AACh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTNCh. 2 - Prob. 7BTN
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