FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 2, Problem 6PSB
1.
To determine
Introduction:The
To prepare: The trial balance as of end of April.
2.
To determine
Introduction:The T-accounts are prepared with the help of
To prepare: The cash T-account for the stated transactions and calculate the ending cash balance.
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Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1. As of August 31, the bank statement shows a balance of $13,250. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $9,564. A review of the bank statement revealed the following information:
A deposit of $1,250 on August 31, Year 1, does not appear on the August bank statement.
It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $1,750 but was recorded on the books as $2,650.
When checks written during the month were compared with those paid by the bank, three checks amounting to $4,095 were found to be outstanding.
A debit memo for $59 was included in the bank statement for the purchase of a new supply of checks.
A manager at Thocc, a business retailing and servicing custom keyboards, needs help with interpreting some of the accounting transactions that took place during the month of January 2022. The manager has provided you with a list of those transactions below.
Required:
Underneath each transaction in the space provided, write a brief narration describing the economic event that corresponds to that transaction.
Date
Account titles (Details)
Dr ($)
Cr ($)
2/1/2022
Cash
3,000
Accounts Receivable
2,500
GST Collected
500
Service Revenue
5,000
Answer here:
15/1/2022
Inventory
10,000
GST Paid
1,000
Accounts Payable
5,500
Cash
5,500
Answer here:
30/1/2022
Accounts Payable
15,000
Bank Loan
15,000
Answer here:
31/1/2022
Rent Expense
2,000
Prepaid…
-5
After returning from a three-day business trip, the accountant for Southeast Sales, Johanna Estrada, checked bank activity in the
company's checking account online. The activity for the last three days follows:
Business Checking
Type
09/24/20X1 Loan Payment
09/24/20X1 Deposit
09/23/20X1 Check
09/23/20X1 Bill Payment
09/22/20X1 Check
09/22/20X1 Check
09/22/20X1 ACH Credit
09/22/20X1 ATM
Date
Account #123456-987
transactions:
Description
Online Transfer to HMG XXX
DEPOSIT ID NUMBER 8888
CHECK #1554 (view)
Online Payment
CHECK #1553 (view)
CHECK #1551 (view)
Edwards UK AP PAYMENT
ATM WITHDRAWAL
Additions
$ 2,329.60
$9,500.00
Payments
$ 4,600.00
$ 4,100.00
$ 32.05
$ 300.00
$ 4,100.00
Prepare the journal entries in a general journal to record the four transactions above.
Note: Round your answers to 2 decimal places.
$ 300.00
After matching these transactions to the company's Cash account in the general ledger, Johanna noted the following unrecorded
Balance
$ 12,811.06
$ 17,411.06
$…
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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