FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Question
Chapter 2, Problem 11E
To determine
Journal entries are the basic entries recoded as per the transactions being entered into by the business in its day to day operations in a chronological order.
Accounting rules regarding journal entries:
- Balance increases when: assets, losses and expenses are debited and liabilities, gains and incomes get credited.
- Balance decreases when: assets, losses and expenses get credited and liabilities, gains and incomes are debited
1.
To prepare: Journal entries.
2.
To determine
Reasons for not recording transactions a, c, and e as an expense.
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how do i do a journal entry for the following.
received cash from clients on account 21,000.00
recorded revenue earned billed to clients during the 1st half of the month 20,900.00
returned a portion of office supplies 50.00
owner withdrawls 10,000 for personal use
Answer the questions below list of transactions:
Jan 1 - Owner transferred cash by check from personal bank account to new business account, $30,000
Jan 2 - Paid in cash by check rent for the month of January, $2,000
Jan 5 - Purchased supplies (Asset) on account, $1,600
Jan 6 - Paid by check marketing expenses, $1,150
Jan 18 - Earned fees invoice sent to client to be paid next month, $9,125
Jan 25 - Paid by check office salaries, $2,500
Jan 30 - Paid cash for office supplies purchased on Jan 5, $1,600
Jan 31 - Owner withdrew cash by check for personal use, $1,000
Based on the above transactions, answer the following for the end of the month:
1. Total revenue recorded: $ (revenue)
2. Total expenses recorded: $ (expenses)
3. Total net income/loss for the month: $ (net)
4. Total assets at end of month: $ (assets)
5. Total liabilities at end of month: $ (liabilities)
6. Owner's equity balance at end of month: $ (equity)
7. Cash Flow from Operating: $
8. Cash Flow from Investments: $
9.…
Read through the transactions impacting JumpStart Co. and answer the question below:
On November 10, JumpStart Co. provides $2,900 in services to clients. At the time of service, the clients paid $600 in cash
and put the balance on account.
On November 20, JumpStart Co. clients paid an additional $900 on their accounts due.
Document the journal entries that reflect the November 10 and 20th transactions.
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Chapter 2 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
Ch. 2 - Amalia Company received its utility bill for the...Ch. 2 - On May 1, Mattingly Lawn Service collected $2,500...Ch. 2 - Liang Shue contributed $250,000 cash and land...Ch. 2 - A trial balance prepared at year-end shows total...Ch. 2 - Bonaventure Company has total assets of...Ch. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQ
Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 16DQCh. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Prob. 1QSCh. 2 - Prob. 2QSCh. 2 - Prob. 3QSCh. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Analyzing account entries and balances A1 Use the...Ch. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Identifying effects of posting errors on the trial...Ch. 2 - Prob. 21ECh. 2 - Prob. 22ECh. 2 - Prob. 23ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 7PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Prob. 5PSBCh. 2 - Prob. 6PSBCh. 2 - Prob. 7PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1GLPCh. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Using transactions from the following assignments,...Ch. 2 - Prob. 7GLPCh. 2 - Prob. 8GLPCh. 2 - Prob. 1AACh. 2 - Prob. 2AACh. 2 - Prob. 3AACh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTNCh. 2 - Prob. 7BTN
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