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Accounting 23rd Edition Carl S. Warren - Solutions
=+Post the journals to the accounts payable subsidiary ledger.30. Acquired land in exchange for field equipment having a cost of $6,500.30. Purchased field supplies on account from Hydro Supply Co., $5,100.30. Issued Check No. 6 to Baker Supply Co. in payment of invoice, $265.30. Purchased the
=+24. Issued Check No. 4 to Hydro Supply Co. in payment of invoice, $4,130.26. Issued Check No. 5 to Test-Rite Equipment Co. in payment of invoice,$15,400.
=+19. Issued Check No. 2 in payment of field supplies, $2,380, and office supplies,$275.Post the journals to the accounts payable subsidiary ledger.23. Purchased office supplies on account from Baker Supply Co., $400.23. Issued Check No. 3 to purchase land, $33,000.
=+17. Purchased office supplies on account from Baker Supply Co., $265.
=+16. Purchased field supplies on account from Hydro Supply Co., $4,130.16. Purchased field equipment on account from Test-Rite Equipment Co.,$15,400.
=+6. Determine that the subsidiary ledger agrees with the controlling account in the general ledger.246 Chapter 5 Accounting Systems Tellico Springs Water Testing Service was established on September 16, 2010. Tellico uses field equipment and field supplies (chemicals and other supplies) to
=+4. Using the two special journals and the two-column general journal, journalize the transactions for September. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customer’s account
=+PR 5-3B Purchases, accounts payable account, and accounts payable ledger objs. 2, 3✔ 3. Total accounts payable credit, $17,415 2. Insert the following balances in the accounts receivable subsidiary ledger as of September 1:Mendez Co. 8,420 Morton Co. —Pinnacle Co. 6,150 Shilo Co. —
=+b. What is the balance of the controlling account at May 31?
=+5.a. What is the sum of the balances in the subsidiary ledger at May 31?
=+3. Journalize the transactions for May, using a purchases journal similar to the one illustrated in this chapter. Prepare the purchases journal with columns for Accounts Payable, Field Supplies, Office Supplies, and Other Accounts. Post to the creditor accounts in the accounts payable subsidiary
=+2. Insert the following balances in the accounts payable subsidiary ledger as of May 1:Executive Office Supply Co. $390 Lawson Co. 775 Nickle Co. —Peach Computers Co. —Yamura Co. —
=+1. Insert the following balances in the general ledger as of May 1:14 Field Supplies $ 6,450 15 Office Supplies 890 18 Office Equipment 14,900 21 Accounts Payable 1,165
=+Green Thumb Landscaping designs and installs landscaping. The landscape designers and office staff use office supplies, while field supplies (rock, bark, etc.) are used in the actual landscaping. Purchases on account completed by Green Thumb Landscaping during May 2010 are as follows:May 2.
=+✔ 3. Total cash receipts, $33,210 Chapter 5 Accounting Systems 245
=+PR 5-2B Revenue and cash receipts journals;accounts receivable and general ledgers obj. 2
=+30. Recorded cash fees earned, $11,570.
=+25. Received $1,800 note receivable in partial settlement of the balance due on the Shilo Co. account.
=+15. Received cash from Pinnacle Co. for the balance owed on September 1.16. Issued Invoice No. 796 to Pinnacle Co., $6,000.Post revenue and collections to the accounts receivable subsidiary ledger.19. Received cash from Morton Co. for the balance due on invoice of September 2.20. Received cash
=+PR 5-1B Revenue journal;accounts receivable and general ledgers✔ 1. Revenue journal, total fees earned, $960 obj. 2 Transactions related to revenue and cash receipts completed by Bel-Aire Architects Co.during the period September 2–30, 2010, are as follows:Sept. 2. Issued Invoice No. 793 to
=+4. Assume that on February 1, the state in which Sage operates begins requiring that sales tax be collected on educational services. Briefly explain how the revenue journal may be modified to accommodate sales of services on account that require the collection of a state sales tax.
=+b. What is the balance of the controlling account at January 31?
=+3.a. What is the sum of the balances of the accounts in the subsidiary ledger at January 31?
=+2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings:12 Accounts Receivable 13 Supplies 41 Fees Earned
=+D. Bennett; J. Dunlop; F. Mintz; T. Morris; K. Todd.
=+1. Journalize the transactions for January, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger, and insert the balance immediately after recording each entry:
=+Sage Learning Centers was established on January 20, 2010, to provide educational services. The services provided during the remainder of the month are as follows:Jan. 21. Issued Invoice No. 1 to J. Dunlop for $75 on account.22. Issued Invoice No. 2 to K. Todd for $280 on account.24. Issued
=+6. Verify the agreement of each subsidiary ledger with its controlling account. The sum of the balances of the accounts in the subsidiary ledgers as of May 31 are as follows:Accounts Receivable $27,610 Accounts Payable 6,390 244 Chapter 5 Accounting Systems Problems Series B
=+5. Prepare a trial balance.
=+4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances.
=+3. Post the appropriate individual entries to the general ledger.
=+2. Journalize the transactions for May 2010, using the following journals similar to those illustrated in this chapter: single-column revenue journal, cash receipts journal, purchases journal (with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash
=+1. Enter the following account balances in the general ledger as of May 1:
=+30. Issued Check No. 216 in payment of driver salaries, $27,690.31. Issued Check No. 217 in payment of office salaries, $18,600.31. Issued Check No. 218 for office supplies, $450.31. Cash fees earned for May 17–31, $20,700.Instructions
=+25. Received check for $11,900 from Baker Co. in payment of invoice.25. Issued Invoice No. 95 to Trent Co., $5,030.26. Issued Check No. 214 to Office Mate Inc. in payment of $520 invoice.27. Issued Check No. 215 to J. Li as a personal withdrawal, $3,240.
=+20. Used maintenance supplies with a cost of $2,400 to repair vehicles.21. Purchased office supplies on account from Office City, $710.24. Issued Invoice No. 94 to Sanchez Co., $7,890.
=+18. Received check for rent revenue on office space, $2,000.19. Purchased the following on account from Master Supply Co.: maintenance supplies, $1,950, and office supplies, $2,050.20. Issued Check No. 213 in payment of advertising expense, $7,250.
=+16. Issued Check No. 211 for purchase of a vehicle, $22,400.17. Issued Check No. 212 for miscellaneous administrative expense, $4,100.18. Purchased maintenance supplies on account from Bastille Co., $1,680.
=+12. Received check for $5,200 from Martin Co. in payment of invoice.13. Issued Check No. 210 to McIntyre Sales Co. in payment of $22, 300 invoice.16. Cash fees earned for May 1–16, $18,900.
=+11. Issued Invoice No. 93 to Jarvis Co., $6,540.11. Issued Check No. 209 to Porter Co. in payment of $325 invoice.
=+53 Fuel Expense —61 Office Salaries Expense —62 Rent Expense —63 Advertising Expense —64 Miscellaneous Administrative Exp. —May 10. Issued Check No. 208 to Bastille Co. in payment of $1,350 invoice.
=+42 Rent Revenue —51 Driver Salaries Expense —52 Maintenance Supplies Expense —
=+16 Office Equipment 15,390 17 Accum. Depr.—Office Equip. 3,450 18 Vehicles 57,000 19 Accum. Depr.—Vehicles 15,460 21 Accounts Payable 2,165 31 J. Li, Capital 148,775 32 J. Li, Drawing —41 Fees Earned —
=+1. Journalize the transactions for March. Use a purchases journal and a cash payments journal, similar to those illustrated in this chapter, and a two-column general journal. Set debit columns for Field Supplies, Office Supplies, and Other Accounts in the purchases journal. Refer to the
=+Post the journals to the accounts payable subsidiary ledger.Instructions.
=+31. Rented building for one year in exchange for field equipment having a cost of $12,000.
=+30. Purchased field supplies on account from Culver Supply Co., $11,900.31. Issued Check No. 7 in payment of salaries, $26,000.
=+30. Issued Check No. 6 to A-One Office Supply Co. in payment of March 20 invoice.
=+30. Purchased the following from PMI Sales Inc. on account: field supplies,$22,340 and office equipment, $12,200.
=+PR 5-5A All journals and general ledger; trial balance obj. 2✔ 2. Total cash receipts, $73,230 Mar. 18. Issued Check No. 2 in payment of field supplies, $2,180, and office supplies,$450.20. Purchased office supplies on account from A-One Office Supply Co., $1,110.Post the journals to the
=+6. Received check for $5,610 from Baker Co. in payment of invoice.7. Issued Invoice No. 92 to Trent Co., $8,150.9. Issued Check No. 206 for fuel expense, $670.10. Received check for $8,920 from Sanchez Co. in payment of invoice.10. Issued Check No. 207 to Office City in payment of $490 invoice.
=+3. Purchased office equipment on account from Office Mate Inc., $520.5. Issued Invoice No. 91 to Martin Co., $5,200.
=+May 1. Issued Check No. 205 for May rent, $1,000.2. Purchased a vehicle on account from McIntyre Sales Co., $22,300.
=+4. Prepare an accounts payable subsidiary ledger.The transactions completed by Over-Nite Express Company during May 2010, the first month of the fiscal year, were as follows:
=+3. Total each of the columns of the purchases journal and the cash payments journal, and post the appropriate totals to the general ledger. (Because the problem does not include transactions related to cash receipts, the cash account in the ledger will have a credit balance.)
=+2. Post the individual entries (Other Accounts columns of the purchases journal and the cash payments journal; both columns of the general journal) to the appropriate general ledger accounts.
=+At the points indicated in the narrative of transactions, post to the following accounts in the accounts payable ledger:A-One Office Supply Co.Culver Supply Co.PMI Sales Inc.
=+242 Chapter 5 Accounting Systems✔ 1. Total cash payments, $243,460 11 Cash 18 Office Equipment 14 Field Supplies 19 Land 15 Office Supplies 21 Accounts Payable 16 Prepaid Rent 61 Salary Expense 17 Field Equipment 71 Rent Expense
=+Black Gold Tea Exploration Co. was established on March 15, 2010, to provide oildrilling services. Black Gold Tea uses field equipment (rigs and pipe) and field supplies(drill bits and lubricants) in its operations. Transactions related to purchases and cash payments during the remainder of
=+b. What is the balance of the controlling account at October 31?PR 5-4A Purchases and cash payments journals;accounts payable and general ledgers objs. 2, 3
=+5.a. What is the sum of the balances in the subsidiary ledger at October 31?
=+4. Post the purchases journal to the accounts in the general ledger.
=+3. Journalize the transactions for October, using a purchases journal similar to the one illustrated in this chapter. Prepare the purchases journal with columns for Accounts Payable, Field Supplies, Office Supplies, and Other Accounts. Post to the creditor accounts in the accounts payable ledger
=+2. Insert the following balances in the accounts payable subsidiary ledger as of October 1:Eskew Co. $3,400 J-Mart Co. 580 Lassiter Co. 395 Sure Measure Supplies —Wendell Co. —
=+21 Accounts Payable 4,375
=+PR 5-3A Purchases, accounts payable account, and accounts payable ledger objs. 2, 3✔ 3. Total accounts payable credit,$20,950 14 Field Supplies $ 5,100 15 Office Supplies 1,170 18 Office Equipment 17,200
=+1. Insert the following balances in the general ledger as of October 1:
=+30. Purchased field supplies on account from Sure Measure Supplies, $2,500.Instructions
=+23. Purchased field supplies on account from Sure Measure Supplies, $1,910.26. Purchased office supplies on account from J-Mart Co., $170.
=+15. Purchased office supplies on account from J-Mart Co., $375.19. Purchased office equipment on account from Eskew Co., $6,780.
=+Oct. 1. Purchased field supplies on account from Wendell Co., $2,505.3. Purchased office supplies on account from Lassiter Co., $260.8. Purchased field supplies on account from Sure Measure Supplies, $3,600.12. Purchased field supplies on account from Wendell Co., $2,850.
=+6. Determine that the subsidiary ledger agrees with the controlling account in the general ledger.GW Surveyors provides survey work for construction projects. The office staff use office supplies, while surveying crews use field supplies. Purchases on account completed by GW Surveyors during
=+5. Total each of the columns of the special journals, and post the individual entries and totals to the general ledger. Insert account balances after the last posting.
=+4. Using the two special journals and the two-column general journal, journalize the transactions for November. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customer’s account
=+3. Prepare a single-column revenue journal and a cash receipts journal. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees.Insert a check mark (✓) in the Post. Ref. column.
=+4. Assume that on September 1, the state in which Guardian operates begins requiring that sales tax be collected on accounting services. Briefly explain how the revenue journal may be modified to accommodate sales of services on account requiring the collection of a state sales tax.Chapter 5
=+b. What is the balance of the controlling account at August 31?
=+3.a. What is the sum of the balances of the accounts in the subsidiary ledger at August 31?
=+2. Post the revenue journal to the following accounts in the general ledger, inserting the account balances only after the last postings:12 Accounts Receivable 14 Supplies 41 Fees Earned
=+1. Journalize the transactions for August, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger, and insert the balance immediately after recording each entry:Bower Co.; Carson Co.; Hawke Co.; Jacob Co.;
=+Aug. 28. Issued Invoice No. 5 to Bower Co. for $100 on account.28. Provided security services, $80, to Qwik-Mart Co. in exchange for supplies.30. Issued Invoice No. 6 to Qwik-Mart Co. for $115 on account.31. Issued Invoice No. 7 to Hawke Co. for $230 on account.Instructions
=+2. Insert the following balances in the accounts receivable subsidiary ledger as of November 1:AGI Co. $1,340 Phoenix Development Co. 680 Ridge Communities —Yee Co. —✔ 1. Revenue journal, total fees earned, $2,025
=+1. Insert the following balances in the general ledger as of November 1:11 Cash $17,240 12 Accounts Receivable 2,020 18 Office Equipment 31,500 41 Fees Earned —
=+Post revenue and collections to the accounts receivable subsidiary ledger.Instructions
=+30. Received office equipment of $1,500 in partial settlement of balance due on the Ridge Communities account.
=+30. Recorded cash fees earned, $3,400.
=+20. Received cash from Phoenix Development Co. for invoice of November 7.23. Issued Invoice No. 721 to AGI Co., $670.
=+16. Issued Invoice No. 720 to Phoenix Development Co., $275.Post revenue and collections to the accounts receivable subsidiary ledger.19. Received cash from Yee Co. for the balance due on invoice of November 2.
=+14. Received cash from Phoenix Development Co. for the balance owed on November 1.
=+Transactions related to revenue and cash receipts completed by Sterling Engineering Services during the period November 2–30, 2010, are as follows:Nov. 2. Issued Invoice No. 717 to Yee Co., $810.3. Received cash from AGI Co. for the balance owed on its account.7. Issued Invoice No. 718 to
=+Problems Series A Guardian Security Services was established on August 15, 2010, to provide security services. The services provided during the remainder of the month are listed below.Aug. 18. Issued Invoice No. 1 to Jacob Co. for $325 on account.20. Issued Invoice No. 2 to Qwik-Mart Co. for $260
=+b. Are the revenues of News Corporation diversified or concentrated within a product segment? Explain.
=+a. Provide a vertical analysis of the product segment revenues.
=+Total revenues $28,655 _______ _______
=+For the Year Ended June 30, 2007 Major Product Segments (in millions)Filmed Entertainment $ 6,734 Television 5,705 Cable Network Programming 3,902 Direct Broadcast Satellite Television 3,076 Magazines and Inserts 1,119 Newspapers 4,486 Book Publishing 1,347 Other 2,286 _______
=+c. What conclusions can be drawn from your analyses?News Corporation is one of the world’s largest entertainment companies that includes Twentieth Century Fox films, Fox Broadcasting, Fox News, the FX, and various satellite, cable, and publishing properties. The company provided revenue
=+b. Prepare a vertical analysis of the segment data.
=+a. Prepare a horizontal analysis of the segment data using 2006 as the base year.
=+Starbucks Corporation reported the following geographical segment revenues for fiscal years 2007 and 2006:2007 2006(in millions) (in millions)United States $7,679 $6,478 Other countries 1,733 1,309 ______ ______ Total revenues $9,412 $7,787 ______ ______ ______ ______
=+For each of the following companies, determine if their e-commerce strategy is primarily business-to-consumer (B2C), business-to-business (B2B), or both. Use the Internet to investigate each company’s site in conducting your research.a. Amazon.comb. Dell Inc.c. W.W. Grainger, Inc.d. L.L. Bean,
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