Horngren's Accounting (11th Edition)
11th Edition
ISBN: 9780133856781
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 6QC
Sedlor Properties puchased office supplies on account for $800. Which
records the payment on account of those office supplies?
Learnmg Objective 3
| Date | Accounts and Explanation | Debit | Credit |
| a. | Accounts Payable | 800 | |
| |
800 | ||
| b. | Accounts Payable | 800 | |
| Cash | 800 | ||
| c. | Cash | 800 | |
| Accounts Payable | 800 | ||
| d. | Office Supplies | 800 | |
| Cash | 800 |
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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
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Create a Ledger for the Journal Entry
General Journal
Page 1
Date
Description
Post Ref.
Dr
Cr
2023
Mar.
2
Cash
750
Account Receivables
750
To record payment for AR
4
Cash
170
Account Receivables
170
To record payment for AR
6
Account Receivables
1755
Sales
1755
To record Sales
7
Account Receivables
620
Sales
620
To record Sales
Cash
875
Sales
875
To record Sales
Promotion
690
Cash
690
To record payment for promotion
8
Cash
215
Account Receivables
215
To record payment for AR
Promotion
215
Cash
215
To record payment for promotion
Purchase
2017
Cash
2017
To record purchase of tshirts w/df
9
Promotion
700
Cash
700
To record payment for promotion
10
Account…
ACTIVITY 1
PROBLEM SOLVING
Directions: Read and analyze the problem, Journalize and post the following transactions of the
merchandising business. After posting to the general and subsidiary ledgers, prepare the trial balance.
The transactions of Karen Carpenter for December 2018 were the following:
December - Began business with the following investments:
P150,000
40,000
50,000
Cash
Merchandise
Furniture
- Paid rent for December, P5,000. Check No. 1001
Purchased a delivery truck from Dimasalang Motor Co. for cash, P30,000. Check No. 1002
5 - Sold merchandise for cash to R. Castro, P2,500.
Purchased merchandise for cash from Henry and Sons, P5,700. Check No. 1003
Sold merchandise on account to R. Castro, P50,000. Terms: 2/10, n/30. Invoice No. 2001
Paid general expenses, P7,200. Check No. 1004
Purchased merchandise on account from Danilo Liwanag, P75,000. Terms: 2/10, n/30.
- Ms. Carpenter withdrew cash for personal use, P5,000. Check No. 1005
17 - Sold on account to Rey Aloña, P5,000.…
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
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