College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 2, Problem 3E
R. Dalberg operates Dalberg’s Tours. The company has the following chart of accounts:
Using the chart of accounts, record the following transactions in pairs of T accounts. Give the T account to be debited first and the account to be credited to the right. Show debit and credit and plus and minus signs. (Example: Received and paid the bill for the month’s rent, $480.)
- a. Received and paid the electric bill, $175.
- b. Bought supplies on account, $135.
- c. Paid for insurance for one year, $580.
- d. Made a payment on account to a creditor, $65.
- e. Received and paid the telephone bill, $186.
- f. Sold services on account, $1,375.
- g. Received and paid the gasoline bill for the van, $130.
- h. Received cash on account from customers, $1,458.
- i. Dalberg withdrew cash for personal use, $700.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
You are given the following list of accounts with dollar amounts:
Rent Expense- $450
Cash-$1,725
Service Revenue- $750
M. Powell, Withdrawals-$375
Accounts Payable-$600
M. Powell, Capital-$1,200
Insert each account name at the top of a corresponding T account as shown in the attached image, and enter the dollar amount as a normal balance in the account. Then show that the accounting equation is in balance.
c. and d. Enter a credit balance of $38,400 as of September 1, 20Y4 in the Accounts Payable general ledger account. Place a check mark (✓) in the
Posting Reference column. Post the September 18, 20Y4, transaction to the account. For those boxes in which no entry is required, leave the box
blank.
Account Accounts Payable
DATE
Sept. 1, 20Y4
ITEM
Balance ✔
GENERAL LEDGER
POST.
REF.
DEBIT CREDIT
Account No. 21
BALANCE
DEBIT CREDIT
Please see below. Please be sure to use exact terms and dates for this. Need asap please and thank you.
Selected transactions for Pharoah Company are presented below in journal form (without explanations).
Date
Account Title
Debit
Credit
May 5
Accounts Receivable
4,070
Service Revenue
4,070
12
Cash
1,340
Accounts Receivable
1,340
15
Cash
2,120
Service Revenue
2,120
Post the transactions to T-accounts. (Post entries in the order of journal entries presented in the question.)
Chapter 2 Solutions
College Accounting (Book Only): A Career Approach
Ch. 2 - Determine the balance of the following T account:
...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 3QYCh. 2 - R. Nelson invests his personal computer, with a...Ch. 2 - When preparing a trial balance, which of the...Ch. 2 - What would be the net income for Floress Catering?...Ch. 2 - On which financial statement(s) would R. Flores,...Ch. 2 - What is the amount of ending capital shown on the...Ch. 2 - Floress Catering purchased equipment that cost...Ch. 2 - Prob. 1DQ
Ch. 2 - Explain why the term debit doesnt always mean...Ch. 2 - Prob. 3DQCh. 2 - How are the three financial statements shown in...Ch. 2 - Prob. 5DQCh. 2 - List two reasons why the debits and credits in the...Ch. 2 - Prob. 7DQCh. 2 - What do we mean when we say that capital, drawing,...Ch. 2 - On a sheet of paper, draw the fundamental...Ch. 2 - List the classification of each of the following...Ch. 2 - R. Dalberg operates Dalbergs Tours. The company...Ch. 2 - During the first month of operation, Graham...Ch. 2 - Speedy Sewing Services, owned by T. Nguyen, hired...Ch. 2 - During the first month of operations, Landish...Ch. 2 - The following errors were made in journalizing...Ch. 2 - Would the following errors cause the trial balance...Ch. 2 - During December of this year, G. Elden established...Ch. 2 - B. Kelso established Computer Wizards during...Ch. 2 - S. Myers, a speech therapist, opened a clinic in...Ch. 2 - On May 1, B. Bangle opened Self-Wash Laundry. His...Ch. 2 - The financial statements for Daniels Custom...Ch. 2 - During February of this year, H. Rose established...Ch. 2 - J. Carrie established Carries Photo Tours during...Ch. 2 - D. Johnston, a physical therapist, opened...Ch. 2 - On July 1, K. Resser opened Ressers Business...Ch. 2 - The financial statements for Baker Custom Catering...Ch. 2 - Prob. 1ACh. 2 - A fellow accounting student has difficulty...Ch. 2 - What Would You Do? A new bookkeeper cant find the...
Additional Business Textbook Solutions
Find more solutions based on key concepts
This year, Prewer Inc. received a 160,000 dividend on its investment consisting of 16 percent of the outstandin...
PRINCIPLES OF TAXATION F/BUS.+INVEST.
Calculating certain information using the direct method (Learning Objective 4) 20-25 min. Trudeaus Marine, Inc....
Financial Accounting, Student Value Edition (5th Edition)
18. What is the calculation for return on assets (ROA)? Explain what ROA measures.
Horngren's Financial & Managerial Accounting, The Financial Chapters (6th Edition)
List five asset accounts, three liability accounts, and five expense accounts included in the acquisition and p...
Auditing And Assurance Services
How would the decision to dispose of a segment of operations using a split-off rather than a spin-off impact th...
Advanced Financial Accounting
What are assets limited as to use and how do they differ from restricted assets?
Accounting For Governmental & Nonprofit Entities
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
- Journalize the entries for the following transactions. Refer to the Chart of Accounts for the exact wording of account titles. (Note: The company uses a clearinghouse to take care of all banks as well as non-bank credit cards used by its customers.) A. Sold merchandise for cash, $25,000. The cost of the goods sold was $17,500. B. Sold merchandise on account, $98,000. The cost of the goods sold was $58,800. C. Sold merchandise to customers who used MasterCard and VISA, $475,000. The cost of the goods sold was $280,000. D. Sold merchandise to customers who used American Express, $63,000. The cost of the goods sold was $39,000. E. Received an invoice from National Clearing House Credit Co. for $13,450, representing a service fee paid for processing MasterCard, VISA, and American Express sales. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140…arrow_forwarde. The unadjusted balance of the Supplies account is $3,000. The total cost of supplies on hand is $1,600. Journal Entry Accounts Debit Credit e. Choose from any list or enter any number in the input fields and then click Check Answer.arrow_forwardWindsor, Inc. had the following transactions. 1. Borrowed $ 6,184 from the bank by signing a note. 2. Paid $ 3,092 cash for a computer. 3. Purchased $ 557 of supplies on account. (a) Indicate what accounts are increased and decreased by each transaction. Debit Analysis Account Names Credit Analysis Account Names 1. select an effect on a basic account type enter a debit account title to record the first transaction select an effect on a basic account type enter a credit account title to record the first transaction 2. select an effect on a basic account type enter a debit account title to record the second transaction select an effect on a basic account type enter a credit account title to record the second transaction 3. select an effect on a basic account type enter a debit account title to record the third transaction select an effect on a basic…arrow_forward
- Pina Colada Corp. had the following transactions. 1. Borrowed $5,065 from the bank by signing a note. 2. Paid $2,533 cash for a computer. 3. Purchased $456 of supplies on account. (a) Indicate what accounts are increased and decreased by each transaction. Debit Analysis Account Names Credit Analysis Account Names 1. select an effect on a basic account type enter a debit account title to record the first transaction select an effect on a basic account type enter a credit account title to record the first transaction 2. select an effect on a basic account type enter a debit account title to record the second transaction select an effect on a basic account type…arrow_forwardA company had the following transactions: 1. Paid $220 for office supplies using a debit card. 2. Purchased office equipment costing $750 using a credit card. 3. Paid utilities bill of $480 by issuing a check. Record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Req field.) View transaction list ..... X: .... Record $220 purchase of office supplies using a debit card. 2 Record purchase of office equipment costing $750 using a credit card. 3 Record payment of $480 utilities bill by issuing a check. Credit Note: = journal entry has been enteredarrow_forwardIdentify the accounts and the debit/credit entries to be made in the ledger to record each of the following transactions.Debit CreditExample: Sold goods on credit to Sally Debit Sally, Credit Sales a. Bought office equipment on credit from Bakar.b. Received a cheque from Sally.c. Cash sales.d. Paid wages to workers by cheque.e. Bank loan from RHB.f. Paid personal computer with the company cheque.g. Returned goods to Ali.arrow_forward
- Meenen Company purchases equipment for OMR 1200 from Sanders Co. on account. The entry for this transaction will be Select one: O a. Debit Equipment A/C and Credit Bank A/C O b. Debit Equipment A/C and Credit Account Receivable A/C O c. Debit Equipment A/C and Credit Account Payable A/C O d. Debit Equipment A/C and Credit Cash A/C .arrow_forwardCreating a chart of accounts Raymond Autobody Shop has the following accounts: Accounts Payable Service Revenue Create a chart of accounts for Raymond Autobody Shop using the standard numbering system. Each account is separated by a factor of 10. For example, the first asset account will be 100 and the next asset account will 110.arrow_forwardCompanies recognize revenue as earned and record the revenue when __________. A. the customer's order is received B. the return period is over C. the order is delivered D. the order is shipped Miranda Corp. received an order from a customer on October 1. The toys were shipped on October 15. The customer sent a check for full payment on November 5. Miranda received the check on November 10 and deposited it in the bank account. Miranda should record sales revenue related to this series of transactions on ____arrow_forward
- Instructions: Prepare T accounts for each account. Analyze transactions into debit and credit parts. Write the amounts in the proper T account to show how each transaction changes account balances. Write the date of the transaction in parentheses before each amount Cash Joan Weber, Drawing Accounts Receivable-Central Properties Sales Accounts Receivable-Clifton Care Center Advertising Expense Miscellaneous Expense Rent Expense Supplies Prepaid Insurance Accounts Payable-Davis Office Supplies Accounts Payable-Huff Supplies Repair Expense Utilities Expense Joan Weber, Capital June 1: Joan Weber invested $8,000.00 cash in the business. 2: Bought supplies and paid $120.00 cash. 3: Paid cash for rent, $400.00 4: Sold services for cash, $800.00 5: Had mower repaired for $50.00 cash. 8: Performed $500.00 of services for Central Properties on account. 9: Bought supplies from Huff Supplies for $1,000.00 on account. 10. Paid insurance bill, $200.00 cash. 11. Joan Weber invested an additional…arrow_forwardJournalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers. ) A. Sold merchandise for cash, $27,700. The cost of the goods sold was $14,681. B. Sold merchandise on account, $250,000. The cost of the merchandise sold was $132,500. C. Sold merchandise to customers who used MasterCard and VISA, $161,700. The cost of the merchandise sold was $85,701. D. Sold merchandise to customers who used American Express, $72,000. The cost of the merchandise sold was $38,160. E. Received an invoice from National Clearing House Credit Co. for $8,610, representing a service fee paid for processing MasterCard, VISA, and American Express sales. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns…arrow_forwardWorking with T-accounts Draw a T-account and label the following: 1. Account title, use Cash 2. Debit side 3. Credit side Next, post the following amounts to the Cash T-account: a. $4,500, debit b. $3,000 credit c. $900 debit d. $450 credit Then, find and insert the ending balance of the T-account.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY