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 9QC
Which sequence correctly summarizes the accounting process?
Learning Obectves 3,4
a. Journalize transactions, post to the accounts, prepare a
b. Journalize transactions, prepare a trial balance, post to the accounts
c. Post to the accounts journalize transactions, prepare a trial balance
d. Prepare a trial balance, journalize transactions, post to the accounts
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(Learning Outcome 2) Which of the following is a collection of all the accounts, the changes in those accounts, and
their balances?
source document
journal
ledger
trial balance
Balance off the accounts in the ledger and extract a trial balance
Linzee Liners estimates that its manufacturing overhead will be $1,761,800 in Year 1. It further estimates that direct labor costs will
amount to $766,000. During March, Linzee worked on four jobs with actual direct labor costs of $36,600 for Job 0301, $24,100 for Job
0302, $33,600 for Job 0303, and $17,600 for Job 0304. Actual manufacturing overhead costs for the year were $1,750,000. Actual
direct labor costs for the year were $751,000. Manufacturing overhead is applied to jobs based on direct labor costs using
predetermined rates.
The amount of overhead applied in each of the inventory accounts at the end of Year 1 is as follows
Work-in-process inventory
Finished goods Inventory
Cost of goods sold
$ 34,546
$ 276,368
$ 1,416,386
Required:
Prepare an entry to allocate the over-or underapplied overhead.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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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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- Posting: involves transferring the information in journal entries to the general ledger. is an optional step in the accounting cycle. is performed after a trial balance is prepared. involves transferring information to the trial balance.arrow_forwardWhich of the following types of transactions can be uploaded into QBO using the Receipt action. Select all that apply. Select one or more: a. Credit card receipts b. Bills c. Checks d. Invoices e. Depositsarrow_forwardKindly prepare the following: Ledgers Balancing off the accounts Trial balancearrow_forward
- Why are transactions recorded in the journal? Group of answer choices To ensure that total debit equal total credits To help prepare the financial statements To ensure that all transactions are posted to the ledger To have a chronological record of all transactionsarrow_forwardWP NWP Assessment Player UI Applic Question 17 of 42 View Policies Current Attempt in Progress Credits decrease both assets and liabilities. increase both assets and liabilities. decrease assets and increase liabilities. O increase assets and decrease liabilities. Save for Laterarrow_forwardINSTRUCTIONS: • Use MS Excel • Before you start journalizing, enter the appropriate columnar headings: Date, Description, P/R, Debit, Credit. • Journalize the transactions, including the appropriate description and source documents for each transaction. • Use compound entry for entries with multiple debit and credit accounts. • In the posting reference (P/R) column encode the account numbers. • Leave a space after every journal entry. Required: - JOURNAL ENTRIESarrow_forward
- which of the following actions update/ record is: a master file, transactions file, special journal, general journal, general ledger or subsidiary ledger: a. record sales transactions on a manual accounting system. b. record adjusting journal entry on a manual accounting systemarrow_forwardTransferring information from the journal to the ledger is called a. preparing the financial statements. b. journalizing. c. posting. d. tracking.arrow_forwardPosting of transaction from General Journal to T-Accounts Prepare trial Balancearrow_forward
- Exercise 7-37 (Algo) Prorate Over- or Underapplied Overhead (LO 7-3) Marian Manufacturing (2M) applies manufacturing overhead to jobs based on direct labor costs, For Year 2, 2M estimates its manufacturing overhead to be $422,760 and its direct labor costs to be $813,000. 2M worked on three jobs for the year. Job 2M-1, which was sold during Year 2, had actual direct labor costs of $536,250. Job 2M-2, which was completed but not sold at the end of the year, had actual direct labor costs of $360,750. Job 2M-3, which is still in work-in-process inventory, had actual direct labor costs of $78,000. Actual manufacturing overhead for Year 2 was $540,400. Required: Prepare an entry to allocate over- or underapplied overhead to Work in Process, Finished Goods and Cost of Goods Sold. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.arrow_forwardIn June 2021, Chan Lee opened a photography studio that provides services to public and private schools. His firm's Chart of Accounts and financial activities for the first month of operations appear below: Chan Lee Photography Studio Chart of Accounts ASSETS REVENUE 101 Cash 404 Service Fees 111 Accounts Receivable EXPENSES Rent Expense Salaries Expense Telephone Expense Utilities Expense Miscellaneous Expense Supplies Office Furniture 121 511 141 512 Office Equipment Photographic Equipment LIABILITIES 142 513 151 514 531 202 Accounts Payable OWNER’S EQUITY Chan Lee, Capital Chan Lee, Drawing 301 302 Date Transactions June 1 Chan Lee invested P300,000 cash in the business. 2 Issued Check # 1001 for P30,000 to pay the June rent. 5 Purchased desks and other office furniture for P50,000 from Office Plus; received Invoice # 5312, payable in 60 days. 6 Issued Check # 1002 for P150,000 to purchase photographic equipment. 7 Purchased photography supplies for P40,000, paid with Check # 1003.…arrow_forwardQuestion Completion Status: QUESTION 2 Posting: transfers journal entries to ledger accounts. a. transfers ledger transaction data to the journal. Ob. is an optional step in the recording process. c. normally occurs before journalizing. d. QUESTION 3 Q5. All statement are limitations of trial balance Except: Click Save and Submit to save and submit. Click Save AlZ Answers to save all answers.arrow_forward
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