College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 2, Problem 2PA
B. Kelso established Computer Wizards during November of this year. The accountant prepared the following chart of accounts:
The following transactions occurred during the month:
- a. Kelso deposited $45,000 in a bank account in the name of the business.
- b. Paid the rent for the current month, $1,800, Ck. No. 2001.
- c. Bought office desks and filing cabinets for cash, $790, Ck. No. 2002.
- d. Bought a computer and printer from Cyber Center for use in the business, $2,700, paying $1,700 in cash and placing the balance on account, Ck. No. 2003.
- e. Bought a neon sign on account from Signage Co., $1,350.
- f. Kelso invested her personal computer software with a fair market value of $600 in the business.
- g. Received a bill from Country News for newspaper advertising, $365.
- h. Sold services for cash, $1,245.
- i. Received and paid the electric bill, $345, Ck. No. 2004.
- j. Paid on account to Country News, a creditor, $285, Ck. No. 2005.
- k. Sold services for cash, $1,450.
- l. Paid wages to an employee, $925, Ck. No. 2006.
- m. Received and paid the bill for the city business license, $75, Ck. No. 2007.
- n. Kelso withdrew cash for personal use, $850, Ck. No. 2008.
- o. Kelso withdrew cash for personal use, $850, Ck. No. 2008.
Required
- 1. Record the owner’s name in the Capital and Drawing T accounts.
- 2. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts.
- 3. Record the transactions in T accounts. Write the letter of each entry to identify the transaction.
- 4. Foot the T accounts and show the balances.
- 5. Prepare a
trial balance , with a three-line heading, dated November 30, 20--.
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A company's Cash account shows a balance of $3,410 at the end of the month. Comparing the company's Cash account with the
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Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry
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View transaction list
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Record the entries that decrease cash.
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Note :
= journal entry has been entered
%3D
Record entry
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View general journal
EX:
You are the Accountant of Mr. Bean Trading, and you are given the following information relating to 31 August 2021 Financial year..
Cash Book closing balance as of 31 August 2021 Dr N$ 1 560
the following information was discovered after you closed off the cash book for 31 August 201.
Client Jone deposited N$ 2 000 directly in the bank account
Stop order was paid directly from the bank account N$ 4 500 to Ms. Van Wyk .
Service fee was charged against the bank account N$ 100
THe bank credited the bank account with interest on the credit balance with N$ 500.
Payment to Mr. Brix of N$ 750 was not on the bank statement.
Payment to Ms. Goal of N$ 250 was not on the bank statement
A deposit of 31 August 2021 was not on the bank statement: N$ 400
Prepare the following as of 31 August 2021
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Chapter 2 Solutions
College Accounting (Book Only): A Career Approach
Ch. 2 - Determine the balance of the following T account:
...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 3QYCh. 2 - R. Nelson invests his personal computer, with a...Ch. 2 - When preparing a trial balance, which of the...Ch. 2 - What would be the net income for Floress Catering?...Ch. 2 - On which financial statement(s) would R. Flores,...Ch. 2 - What is the amount of ending capital shown on the...Ch. 2 - Floress Catering purchased equipment that cost...Ch. 2 - Prob. 1DQ
Ch. 2 - Explain why the term debit doesnt always mean...Ch. 2 - Prob. 3DQCh. 2 - How are the three financial statements shown in...Ch. 2 - Prob. 5DQCh. 2 - List two reasons why the debits and credits in the...Ch. 2 - Prob. 7DQCh. 2 - What do we mean when we say that capital, drawing,...Ch. 2 - On a sheet of paper, draw the fundamental...Ch. 2 - List the classification of each of the following...Ch. 2 - R. Dalberg operates Dalbergs Tours. The company...Ch. 2 - During the first month of operation, Graham...Ch. 2 - Speedy Sewing Services, owned by T. Nguyen, hired...Ch. 2 - During the first month of operations, Landish...Ch. 2 - The following errors were made in journalizing...Ch. 2 - Would the following errors cause the trial balance...Ch. 2 - During December of this year, G. Elden established...Ch. 2 - B. Kelso established Computer Wizards during...Ch. 2 - S. Myers, a speech therapist, opened a clinic in...Ch. 2 - On May 1, B. Bangle opened Self-Wash Laundry. His...Ch. 2 - The financial statements for Daniels Custom...Ch. 2 - During February of this year, H. Rose established...Ch. 2 - J. Carrie established Carries Photo Tours during...Ch. 2 - D. Johnston, a physical therapist, opened...Ch. 2 - On July 1, K. Resser opened Ressers Business...Ch. 2 - The financial statements for Baker Custom Catering...Ch. 2 - Prob. 1ACh. 2 - A fellow accounting student has difficulty...Ch. 2 - What Would You Do? A new bookkeeper cant find the...
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