Horngren's Accounting (11th Edition)
11th Edition
ISBN: 9780133856781
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 2, Problem E2.19E
Posting
Learning Objective 3
2. 2. Cash Balance $52,050
Requirements
1. Open four-column account using the following account numbers: Cash, 110; Accounts Receivable, 120; Office Supplies, 130; Prepaid Advertising 140; Land 150; Building, 160; Accounts Payable 210; Unearned Revenue, 220; Wilke, Capital 310; Service Revenue, 410; Rent Expense, 510; and Salaries Expense, 520.
2. Post the journal entries to the four-column account, and determine the balance in the account after each transaction. Assume that the jounal entries were recorded on page 10 of the journal. Make sure to complete the Post Ref. columns in the journal and ledger.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
[The following information applies to the questions displayed below.]
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:
Accounts
Debit
Credit
$ 59,000
25,600
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
$ 2,500
Inventory
Notes Receivable (5%, due in 2 years)
36,600
15,600
Land
158,000
Accounts Payable
15,100
Common Stock
223,000
Retained Earnings
54,200
Totals
$294,800
$294,800
During January 2021, the following transactions occur:
January 1 Purchase equipment for $19,800. The company estimates a residual value of $1,800 and a six-year service life.
January 4 Pay cash on accounts payable, $9,800.
January 8 Purchase additional inventory on account, $85,900.
January 15 Receive cash on accounts receivable, $22,300.
January 19 Pay cash for salaries, $30,100.
January 28 Pay cash for January utilities, $16,800.
January 30 Sales for January total $223,000. All of these sales are on account. The cost of the units sold is $116,500.…
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:
Accounts
Debit
Credit
Cash
$ 23,700
Accounts Receivable
Allowance for Uncollectible Accounts
41,000
$ 4,900
39,000
Inventory
Land
75,100
Accounts Payable
Notes Payable (8%, due in 3 years)
Common Stock
Retained Earnings
27,900
39,000
65,000
42,000
Totals
$178,800 $178,800
The $39,000 beginning balance of inventory consists of 390 units, each costing $100. During January 2021, Big Blast
Fireworks had the following inventory transactions:
3 Purchase 1,800 units for $192, 600 on account ($107 each).
8 Purchase 1,900 units for $212,800 on account ($112 each).
January
January
January 12 Purchase 2, 000 units for $234,000 on account ($117 each).
January 15 Return 145 of the units purchased on January 12 because of defects.
January 19 Sell 5,800 units on account for $870,000. The cost of the units sold is determined using a FIFO perpetu
inventory system.
January 22 Receive $841,000 from…
Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes
bank deposits only once per week. The following provides information from the company's cash ledger for the month
ending February 28, 2021.
Date
Amount
No.
Date
Amount
$ 2,300 Checks:
1,900
2,800
3,700
1,200
$ 11,900
$ 4,300
600
321
322
323
324
Deposits:
2/4
2/11
2/18
2/25
2/26-2/28
2/2
2/8
2/12
2/19
2/27
2,100
1,800
400
Cash receipts:
325
326
2/28
900
1,500
$11,600
327
2/28
Balance on February 1
$ 6,400
Receipts
Disbursements
11,900
(11,600)
$ 6,700
Balance on February 28
Information from February's bank statement and company records reveals the following additional information:
a. The ending cash balance recorded in the bank statement is $10,390.
b. Cash receipts of $1,200 from 2/26-2/28 are outstanding.
c. Checks 325 and 327 are outstanding.
d. The deposit on 2/11 includes a customer's check for $400 that did not clear the bank (NSF check).
e. Check 323 was written for…
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
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalarrow_forwardSCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-12B, prepare a schedule of accounts receivable for Paul Jackson as of April 30, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forwardPrepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $37,400. A. May 12, collected balance due from customers on account, $16,000 B. June 10, purchased supplies for cash, $4,444arrow_forward
- CASH SHORT AND OVER ENTRIES Based on the following information, prepare the weekly entries for cash receipts from service fees and cash short and over. A change fund of 100 is maintained.arrow_forward[The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts Debit Credit $ 59,000 25,600 Cash Accounts Receivable Allowance for Uncollectible Accounts $ 2,500 Inventory Notes Receivable (5%, due in 2 years) 36,600 15,600 Land 158,000 Accounts Payable 15,100 Common Stock 223,000 Retained Earnings 54,200 Totals $294,800 $294,800 During January 2021, the following transactions occur: January 1 Purchase equipment for $19,800. The company estimates a residual value of $1,800 and a six-year service life. January 4 Pay cash on accounts payable, $9,800. January 8 Purchase additional inventory on account, $85,900. January 15 Receive cash on accounts receivable, $22,300. January 19 Pay cash for salaries, $30,100. January 28 Pay cash for January utilities, $16,800. January 30 Sales for January total $223,000. All of these sales are on account. The cost of the units sold is $116,500.…arrow_forwardengageNOWv2 | Online teachir X * CengageNOWv2| Online teachir x .com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. * A eBook Show Me How Accounts Receivable Analysis A company reports the following: Sales $671,600 Average accounts receivable (net) 67,160 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 Previous Next Check My Work 11:16 AM 67°F Sunny A O E D a ) 12/3/2021 n sc hone backsocearrow_forward
- J. Providing services for casn. On OLGE IRIO1 911 23 Identify journals OBJ. 2 of sunsyon sill inton Assuming the use of a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded: a. Payment of six months' rent in advance. b. Purchase of an office computer on account. 09 c. Purchase of office supplies on account. d. Adjustment to record depreciation at the end of the month. e. Adjustment to record accrued salaries at the end of the period. f. Purchase of services on account. g. Adjustment to prepaid rent at the end of the month. h. Purchase of office equipment for cash. i. Adjustment to prepaid insurance at the end of the month. j. Purchase of office supplies for cash. k. Advance payment of a one-year fire insurance policy on the office. worla voolarrow_forwardCreate at least 3 transactions in one month for each specialized journalsi. Sales Journalii. Purchase journaliii. Return inwards journaliv. Return outward journalsv. Cash receipts journalsvi. Cash payment journalvii. General journalarrow_forwardOn May 31, XYZ Company received the bank account statement which showed a cash balance of $960. The company's accounting records showed a cash balance of $930. Additional information related to bank account activity is given below: - Outstanding Checks: Deposits in Transit: - Bank Service charges: $10 - Interest earned on the bank balance: $30 $600 $590 Required: (a) Prepare a bank reconciliation for the month of May. NOTE: Use a negative number if the adjustment is a subtraction. Cash balance as per Bank Statement $ Cash balance as per accounting books $ 2$ Adjusted Cash balance as per Bank $ Adjusted Cash balance as per books (b) Prepare the journal for the following adjustments. Bank Service Charges: DATE ACCOUNT TITLES DEBIT CREDIT May 31 Interest Earned: DATE ACCOUNT TITLES DEBIT CREDITarrow_forward
- 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…arrow_forwardPA5. 7.4 Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. Oct.1 Purchased inventory on account from Price Inc. for $2,000 Oct.1 Purchased inventory on account from Cabrera Inc. for $3,000 Oct.8 Returned half of the inventory to Price Inc. Oct.9 Purchased inventory on account from Price Inc. for $4,200arrow_forwardA ezto.mheducation.com Question 46 - Exam 1- Connect M MHE Reader * Start Page Exam 1 360/500 Total points awarded Submitted Help Exit 46 In QuickBooks Online, if the Deposit to: Undeposited Funds account is selected on the Invoice, then funds are recorded directly in the 0/10 Multiple Choice points awarded Scored Company owner's checking account. Petty Funds account. Checking Account. Undeposited Funds account. Mc Graw Hillarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:CengagePrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
College Accounting, Chapters 1-27 (New in Account...AccountingISBN:9781305666160Author:James A. Heintz, Robert W. ParryPublisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
College Accounting, Chapters 1-27 (New in Account...
Accounting
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:Cengage Learning
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License