ACC120 Final: sm02 Answers 8

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greenmuskrat329

21 Jan 2019

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Solutions manual 2-108 chapter 2 2016 john wiley & sons canada, ltd. Solutions manual 2-109 chapter 2 2016 john wiley & sons canada, ltd. 2016 john wiley & sons canada, ltd. Whether we debit or credit an account depends on the type of account (asset, liability, or owner"s equity) and whether the account is increasing or decreasing. For example, if we buy equipment with cash, we debit an equipment account and credit a cash account. Just because this transaction reduces (credits) the cash account, it does not mean it is bad. It means a transaction has taken place that has used some of the cash of the entity and this needs to be reflected in the books. Solutions manual 2-111 chapter 2 2016 john wiley & sons canada, ltd. Weygandt, kieso, kimmel, trenholm, warren, novak accounting principles, seventh canadian edition (a) Aug. 1 cash 101 25,000: nguyen, capital 301.

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Alicia Hiram is a licensed dentist. During the first month ofthe operation of her business, the following events andtranscations occured.

April 1 Stock holders invested $40,000 cash in exchange forcommon stock.

April 1 Hired a secretary-receptionist at a salary of $600 perweek payable monthly.

April 2 Paid office rent for the month of $1,700

April 3 Purchased dental supplies on account from JenningsCompany $5,200

April 10 Performed dental services and billed insurancecompanies $6,600

April 11 Received $1,200 cash advance from Bob carow for animplant

April 20 Received $2,100 cash for dental services perfomed forRyan Banks

April 30 Paid secretary-receptionist for the month $2,400

April 30 Paid $2,200 to Jennings company for accounts payabledue

Alicia uses the following chart of accounts: No 101 cash No. 112Accounts receivable No. 126 Supplies No. 201 Accounts payable No.209 Unearned service revenue No. 311 Common stock,

No. 400 Services revenue, No. 726 Salaries and Wages expense andNo. 729 Rent expense.

Instructions:

Using a table like below:

A. Journalize thetranscations

B. Post to the ledger accoutns

C. Prepare a trial balance on April 30, 2015.

Date	Accounts and explanations	Post ref	Debit	Credit

indigosnail451

Assignment Template attached below

Linda Ace started her own consulting firm, Modine Consulting, on May 1, 2008. The trial balance at May 31 is as detailed below.

MODINE CONSULTING
Trial Balance
May 31, 2008

Account Number		Debit	Credit
101	Cash	$7,700
112	Accounts Receivable	4,000
126	Supplies	1,500
130	Prepaid Insurance	4,800
149	Office Furniture	9,600
201	Accounts Payable		$3,500
209	Unearned Service Revenue		$3,000
301	L. Ace, Capital		$19,100
400	Service Revenue		$6,000
726	Salaries Expense	3,000
729	Rent Expense	1,000

In addition to those accounts listed on the trial balance, the chart of accounts for Modine Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation â Office Furniture; No. 229 Travel Payable; No. 212 Salaries Payable; No. 717 Depreciation Expense; No. 722 Insurance Expense; No. 736 Travel Expense; and No. 631 Supplies Expense.

Other data:

1.$500 worth of supplies has been used during the month.

2.Travel expenses incurred, but not payed, on May 31, 2008 are $200.

3.The insurance policy is for two years.

4.$1,000 of the balance in the unearned service revenue account remains unearned at the end of the month.

5.May 31 is a Wednesday, and employees are paid on Fridays. Modine Consulting has two employees, who are paid $700 each for a five-day work week.

6.The office furniture has a five-year life with no salvage value. It is being depreciated at $160 per month for 60 months.

7.Invoices representing $1,000 of services performed during the month have not been recorded as of May 31.

Make journey entries and T accounts for 1 to 7 based on the information above.

redleopard119

PLEASE ANSWER ALL OF THESE QUESTIONSâ

Posting Journal Entries to General Ledger Accounts

Journalize and post business transactions for the following account:

General Ledger

101 Cash in Bank
102 Accounts Receivable
120 Grooming Supplies
130 Office Furniture
140 Grooming Equipment
205 Accounts Payable
301 Rex s Capital
305 Rex s Withdrawals
402 Boarding Revenue
410 Grooming Revenue
505 Salary Expenses

January 2005

Jan 1	Rex invested $5,000 in the business, Memorandum 10.
Jan 3	Rex transferred furniture valued at $2,000 to the business, Memorandum 11.
Jan 10	Issued check No. 501 for $400 for grooming supplies.
Jan 15	Bought grooming equipment on account for $2000 from Pets Inc.; Invoice 201.
Jan 17	Paid Pets, Inc. $500; check No. 105.
Jan 20	Rex withdrew $1,000 cash from business; check No. 59.
Jan 29	Salary paid to employee: $300 via check No. 60.
Jan 30	Deposited $2,000 received from client for rendering service; Receipt Nos. 124-130

Guidelines:

In your working paper, open an account in the general ledger for each of these accounts.

Record the January transactions on page 1 of the general journal.

Post each journal entry to the appropriate account.

Prove the ledger account by preparing a trial balance.

Cash in Bank
Debit	Credit
$5,000.00


Debit	Credit






Debit	Credit






Debit	Credit






Debit	Credit






Debit	Credit





Rexâs Capital
Debit	Credit
	$5, 000.00





Debit	Credit






Debit	Credit






Debit	Credit






Debit	Credit






Debit	Credit

General Journal
Date	Description	Post. Ref.	Debit	Credit
20- Jan. 1	Cash	101	$5,000.00
	Rexâs Capital	301		$5,000.00

General Ledger

Account Name: Cash Account No.101

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit
20- Jan. 1		J1	$5,000.00		$5,000.00

Account Name: Account No.102

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.120

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.130

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.140

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.205

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Rexâs Capital Account No.301

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit
20-- Jan. 1		J1		5000		5000

Account Name: Account No.305

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.402

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.410

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Account Name: Account No.505

Date	Particulars	Post ref.	Debit	Credit	Balance
Date	Particulars	Post ref.	Debit	Credit	Debit	Credit

Trial Balance

Account Number	Account Name	Trial Balance
Account Number	Account Name	Debit	Credit

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ACC120 Final: sm02 Answers 8

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