New Semester Started Get 50% OFF Study Help! --h --m --s Claim Now

Question Answers

Textbooks

Find textbooks, questions and answers

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Study Help
Tutors
AI Study Planner NEW
Sell Books

Search
Sign In
Register

study help
business
public accounting

Accounting 23rd Edition Carl S. Warren - Solutions

=+29. Paid miscellaneous expenses, $500.30. Received cash from customers on account, $3,500.30. Paid wages of employees, $3,000.30. Paid creditor a portion of the amount owed for equipment purchased on April 6, $2,500.
=+10. Purchased supplies for cash, $1,200.12. Received cash for job completed, $8,500.15. Paid annual premiums on property and casualty insurance, $1,800.23. Recorded jobs completed on account and sent invoices to customers, $6,000.24. Received an invoice for truck expenses, to be paid in April,
=+2. Paid rent for period of April 2 to end of month, $2,350.6. Purchased office equipment on account, $10,000.8. Purchased a used truck for $21,000, paying $2,000 cash and giving a note payable for the remainder.
=+Designs. During the month, Jose completed the following transactions related to the business:Apr. 1. Jose transferred cash from a personal bank account to an account to be used for the business, $15,000.
=+column: $49,625 92 Chapter 2 Analyzing Transactions On April 1, 2010, Jose Guadalupe established an interior decorating business, Lodge
=+2010.PR 2-1B Entries into T accounts and trial balance objs. 1, 2, 3, 4✔ 3. Total of Debit
=+Instructions 1. Record the above transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles;Equipment; Notes Payable; Accounts Payable; Brandy Corbin, Capital; Professional Fees; Rent Expense; Salary Expense;
=+k. Received invoice for blueprint service, due in August, $800.l. Recorded fee earned on plans delivered, payment to be received in August, $3,150.m. Paid salary of assistant, $1,500.n. Paid gas, oil, and repairs on automobile for July, $410.
=+i. Paid cash to creditors on account, $2,500.j. Paid installment due on note payable, $300.
=+g. Received cash from client for plans delivered, $4,175.h. Paid cash for miscellaneous expenses, $240.
=+for the remainder.d. Purchased office and computer equipment on account, $7,000.e. Paid cash for supplies, $1,200.f. Paid cash for annual insurance policies, $2,400.
=+a. Transferred cash from a personal bank account to an account to be used for the business, $20,000.b. Paid July rent for office and workroom, $2,500.c. Purchased used automobile for $22,300, paying $5,000 cash and giving a note payable
=+Newsome, Drawing; Sales Commissions; Office Salaries Expense; Rent Expense;PR 2-2B Journal entries and trial balance objs. 1, 2, 3, 4✔ 4.c. $11,025 Problems Series B Brandy Corbin, an architect, opened an office on July 1, 2010. During the month, she completed the following transactions
=+Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Cheryl Newsome, Capital; Cheryl
=+g. Paid office salaries, $2,150.h. Determined that the cost of supplies used was $575.i. Withdrew cash for personal use, $2,000.
=+d. Paid creditor on account, $400.e. Earned sales commissions, receiving cash, $18,100.f. Paid automobile expenses (including rental charge) for month, $1,000, and miscellaneous expenses, $600.
=+a. Cheryl Newsome transferred cash from a personal bank account to an account to be used for the business, $25,000.b. Paid rent on office and equipment for the month, $2,750.c. Purchased supplies on account, $950.
=+7. Prepare a new unadjusted trial balance.Chapter 2 Analyzing Transactions 91 On August 1, 2010, Cheryl Newsome established Titus Realty, which completed the following transactions during the month:
=+6. Journalize as of May 31 the payment of $120 for gas and electricity. The bill had been paid on May 31 but was inadvertently omitted from the journal. Post to the ledger. (Revise any amounts necessitated by posting this entry.)
=+ Verify the accuracy of the balance of each account in the ledger, and list the errors in the space provided in the working papers.5. Trace the postings in the ledger back to the journal, using small check marks to identify items traced. Correct any amounts in the ledger that may be necessitated
=+✔ 1. Total of Debit column: $475,000 2. Compute the difference between the trial balance totals.3. Compare the listings in the trial balance with the balances appearing in the ledger, and list the errors in the space provided in the working papers.
=+h. A debit of $2,500 for a withdrawal by the owner was posted as a debit to Chea Wynn, Capital.i. The balance of $18,900 in Advertising Expense was entered as $19,800 in the trial balance.j. Miscellaneous Expense, with a balance of $3,060, was omitted from the trial balance.Instructions 1.
=+Insurance.f. The balance of Notes Payable was overstated by $9,000.g. A credit of $1,450 in Accounts Payable was overlooked when the balance of the account was determined.
=+d. A return of $415 of defective supplies was erroneously posted as a $451 credit to Supplies.e. An insurance policy acquired at a cost of $800 was posted as a credit to Prepaid
=+The debit and credit totals are not equal as a result of the following errors:a. The balance of cash was overstated by $10,000.b. A cash receipt of $6,100 was posted as a debit to Cash of $1,600.c. A debit of $3,500 to Accounts Receivable was not posted.
=+Debit Credit Balances Balances Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,000 Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,100 Supplies . . . . . . . . . . . . . . . . . . . .
=+Yin & Yang Video Unadjusted Trial Balance January 31, 2010
=+4. Prepare an unadjusted trial balance of the ledger as of August 31, 2010.90 Chapter 2 Analyzing Transactions Yin & Yang Video has the following unadjusted trial balance as of January 31, 2010:
=+3. Post to the ledger, extending the account balance to the appropriate balance column after each posting.
=+2. Journalize the transactions for August in a two-column journal. Journal entry explanations may be omitted.
=+Instructions 1. Record the August 1 balance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark (✔)in the Posting Reference column.
=+31. Purchased land for a future building site for $75,000, paying $10,000 in cash and giving a note payable for the remainder.31. Withdrew cash for personal use, $5,000.31. Rented land purchased on August 31 to a local university for use as a parking lot during football season (September,
=+31. Discovered an error in computing a commission; received cash from the salesperson for the overpayment, $1,000.31. Paid salaries and commissions for the month, $27,800.31. Recorded revenue earned and billed to clients during the month,$83,000.
=+29. Paid miscellaneous expenses, $500.30. Paid automobile expense (including rental charges for an automobile),$1,500.
=+✔ 7. Total of Credit column: $43,338.10 The following business transactions were completed by Dodge City Realty during August 2010:Aug. 1. Purchased office supplies on account, $2,100.2. Paid rent on office for month, $4,000.3. Received cash from clients on account, $44,600.5. Paid annual
=+1. Verify the totals of the preliminary trial balance, inserting the correct amounts in the schedule provided in the working papers.PR 2-5A Errors in trial balance obj. 4
=+balance according to the following instructions. The balances recorded in the accounts as of May 1 and the entries in the journal are correctly stated. If it is necessary to correct any posted amounts in the ledger, a line should be drawn through the erroneous figure and the correct amount
=+• Journal containing entries for the period May 1–31.• Ledger to which the May entries have been posted.• Preliminary trial balance as of May 31, which does not balance.Locate the errors, supply the information requested, and prepare a corrected trial
=+✔ 4. Total of Debit column: $560,750 Chapter 2 Analyzing Transactions 89 If the working papers correlating with this textbook are not used, omit Problem 2-5A.The following records of Hallmark Electronic Repair are presented in the working papers:
=+3. Prepare an unadjusted trial balance for Photogenic Designs as of July 31, 2010.Dodge City Realty acts as an agent in buying, selling, renting, and managing real estate.The unadjusted trial balance on July 31, 2010, is shown below.Dodge City Realty Unadjusted Trial Balance July 31, 2010 Debit
=+2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted.
=+16 Equipment 53 Rent Expense 18 Truck 54 Utilities Expense 21 Notes Payable 55 Truck Expense 22 Accounts Payable 59 Miscellaneous Expense
=+12 Accounts Receivable 32 Jessie Halverson, Drawing 13 Supplies 41 Fees Earned 14 Prepaid Insurance 51 Wages Expense
=+1. Journalize each transaction in a two-column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted.11 Cash 31 Jessie Halverson, Capital
=+27. Paid utilities expense, $900.27. Paid miscellaneous expenses, $315.29. Received cash from customers on account, $3,600.30. Paid wages of employees, $2,400.31. Withdrew cash for personal use, $2,000.Instructions
=+15. Received cash for job completed, $7,500.21. Paid creditor a portion of the amount owed for equipment purchased on July 13, $2,500.24. Recorded jobs completed on account and sent invoices to customers,$8,600.26. Received an invoice for truck expenses, to be paid in August, $800.
=+PR 2-3A Journal entries and trial balance objs. 1, 2, 3, 4✔ 3. Total of Credit column: $53,400 88 Chapter 2 Analyzing Transactions July 13. Purchased equipment on account, $7,000.14. Purchased supplies for cash, $1,200.15. Paid annual premiums on property and casualty insurance, $2,700.
=+10. Purchased a truck for $15,000, paying $1,000 cash and giving a note payable for the remainder.
=+4. Paid rent for period of July 4 to end of month, $1,750.
=+July 1. Jessie transferred cash from a personal bank account to an account to be used for the business, $18,000.
=+3. Prepare an unadjusted trial balance for Travis Fortney, Architect, as of April 30, 2010.On July 1, 2010, Jessie Halverson established an interior decorating business, Photogenic Designs. During the month, Jessie Halverson completed the following transactions related to the business:
=+2. Determine account balances of the T accounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance.
=+Miscellaneous Expense. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction.
=+1. Record the above transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles;Equipment; Notes Payable; Accounts Payable; Travis Fortney, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint
=+n. Paid installment due on note payable, $250.o. Paid gas, oil, and repairs on automobile for April, $400.Instructions
=+PR 2-2A Journal entries and trial balance objs. 1, 2, 3, 4✔ 4.c. $2,725 l. Paid salary of assistant, $1,600.m. Paid cash for miscellaneous expenses, $325.
=+c. Amount of net income for October.
=+b. Amount of total expenses recorded in the ledger.
=+a. Amount of total revenue recorded in the ledger.
=+3. Prepare an unadjusted trial balance as of October 31, 2010.4. Determine the following:
=+2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not
=+Cash; Supplies; Accounts Payable; Cody Doerr, Capital; Cody Doerr, Drawing;Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense;Supplies Expense; Miscellaneous Expense. Journal entry explanations may be omitted.
=+g. Paid automobile expenses (including rental charge) for month, $1,500, and miscellaneous expenses, $400.h. Paid office salaries, $3,100.i. Determined that the cost of supplies used was $725.Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles:
=+f. Withdrew cash for personal use, $3,000.
=+d. Paid rent on office and equipment for the month, $3,800.e. Paid creditor on account, $600.
=+b. Purchased supplies on account, $1,000.c. Earned sales commissions, receiving cash, $12,250.
=+Chapter 2 Analyzing Transactions 87 On October 1, 2010, Cody Doerr established Banyan Realty, which completed the following transactions during the month:a. Cody Doerr transferred cash from a personal bank account to an account to be used for the business, $17,500.
=+Entries into T accounts and trial balance objs. 1, 2, 3, 4✔ 3. Total of Debit column: $62,700 C
=+i. Paid cash for miscellaneous expenses, $500.j. Received invoice for blueprint service, due in May, $1,000.k. Recorded fee earned on plans delivered, payment to be received in May, $5,200.PR 2-1A
=+e. Purchased office and computer equipment on account, $6,000.f. Paid cash for annual insurance policies on automobile and equipment, $2,000.g. Received cash from a client for plans delivered, $7,500.h. Paid cash to creditors on account, $1,750.
=+b. Purchased used automobile for $19,500, paying $4,500 cash and giving a note payable for the remainder.c. Paid April rent for office and workroom, $3,000.d. Paid cash for supplies, $1,450.
=+a. Transferred cash from a personal bank account to an account to be used for the business, $30,000.
=+Travis Fortney, an architect, opened an office on April 1, 2010. During the month, he completed the following transactions connected with his professional practice:
=+EX 2-19 Effect of errors on trial balance obj. 4(3) a payment of $1,800 made to a creditor on account was not posted to the accounts payable account; (4) the balance of the unearned rent account is $4,250; (5) the correct balance of the equipment account is $75,000; and (6) each account has a
=+b. A $1,500 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable.Journalize the entries to correct the errors. Omit explanations.The following errors took place in journalizing and posting transactions:
=+EX 2-23 Horizontal analysis of income statement
=+b. What conclusions can you draw from your analysis of the net sales and the total operating expenses?
=+a. For Williams-Sonoma, comparing 2007 with 2006, determine the amount of change in millions and the percent of change for:1. Net sales (revenues)2. Total operating expenses
=+Total operating expenses 3,400 3,194
=+EX 2-24 Horizontal analysis of income statement The following data (in millions) is taken from the financial statements of WilliamsSonoma for years ending 2007 and 2006:_______ _______ 2007 2006 Net sales (revenues) $3,728 $3,539
=+a. Prepare a horizontal analysis for the income statement showing the amount and percent of change in each of the following:1. Sales 2. Cost of sales 3. Selling, general, and administative expenses 4. Operating income (loss)b. Comment on the results of your horizontal analysis in part (a).
=+The following data were adapted from the financial statements of Kmart Corporation, prior to its filing for bankruptcy:In millions For years ending January 31 2000 1999 Sales $ 37,028 $ 35,925 Cost of sales (expense) (29,658) (28,111)Selling, general, and administrative expenses (7,415) (6,514)
=+Effect of errors on trial balance obj. 4(3) a payment of $1,800 made to a creditor on account was not posted to the accounts payable account; (4) the balance of the unearned rent account is $4,250; (5) the correct balance of the equipment account is $75,000; and (6) each account has a normal
=+example:(a) (b) (c)Error Out of Balance Difference Larger Total 1. yes $6,150 debit EX 2-19
=+and (c) whether the Debit or Credit column of the trial balance would have the larger total. Answers should be presented in the following form, with error (1) given as an
=+7. A debit of $1,150 to Supplies was posted twice.Considering each case individually (i.e., assuming that no other errors had occurred), indicate: (a) by “yes” or “no” whether the trial balance would be out of balance; (b)if answer to (a) is “yes,” the amount by which the trial
=+6. A debit of $900 to Accounts Payable was posted as a credit.
=+1. A credit of $6,150 to Accounts Payable was not posted.2. A debit of $1,500 to Cash was posted to Miscellaneous Expense.3. A credit of $270 to Cash was posted as $720.4. A debit of $4,520 to Wages Expense was posted as $4,250.5. An entry debiting Accounts Receivable and crediting Fees Earned
=+EX 2-20 Errors in trial balance obj. 4✔ Total of Credit column: $1,500,000 The following errors occurred in posting from a two-column journal:
=+Unadjusted Trial Balance For the Month Ending March 31, 2010 Debit Credit Balances Balances Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000 Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
=+EX 2-21 Entries to correct errors obj. 4 Identify the errors in the following trial balance. All accounts have normal balances.Burgoo Co.
=+b. A withdrawal of $18,000 by Juanita Jacobsen, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash.Journalize the entries to correct the errors. Omit explanations.
=+a. Rent of $6,000 paid for the current month was recorded as a debit to Rent Expense and a credit to Prepaid Rent.
=+a. Cash of $3,750 received on account was recorded as a debit to Fees Earned and a credit to Cash.EX 2-22 Entries to correct errors obj. 4 The following errors took place in journalizing and posting transactions:
=+EX 2-18 Errors in trial balance obj. 4✔ Total of Credit column: $181,600a. Journalize the above transactions in a two-column journal, using the appropriate number to identify the transactions. Journal entry explanations may be omitted.b. Post the entries prepared in (a) to the following T
=+Miscellaneous Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,425 ________ ________ 176,570 151,055 ________ ________ ________ ________ When the ledger and other records are reviewed, you discover the following: (1) the debits and credits in the cash account
=+EX 2-16 Trial balance obj. 4✔ Total of Credit column: $696,350 The following preliminary unadjusted trial balance of Nevada-For-You Co., a sports ticket agency, does not balance:Nevada-For-You Co.Unadjusted Trial Balance December 31, 2010 Debit Credit Balances Balances Cash . . . . . . . . . .
=+Prepare an unadjusted trial balance, listing the accounts in their proper order and inserting the missing figure for cash.
=+X 2-17 Effect of errors on trial balance obj. 4 The accounts in the ledger of Aznar Co. as of October 31, 2010, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted.Accounts Payable $ 28,000 Notes Payable
=+e. Payment of a cash withdrawal of $15,000 was journalized and posted as a debit of$5,000 to Salary Expense and a credit of $15,000 to Cash.

Showing 3500 - 3600 of 7256

First
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
Last

Step by Step Answers

Services

Sitemap
Fun
Definitions
Become Tutor
Used Textbooks
Study Help Categories
Recent Questions
Expert Questions
Campus Wear
Sell Your Books

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship
Online Quiz
Give Feedback, Get Rewards

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Student Discount
Campus Ambassador

Secure Payment

Download Our App

© 2026 SolutionInn. All Rights Reserved