Problem 2-2B (Part 1 Continued)
i. Accounts Receivable …………………………... 106 10,200
Fees Earned …………………………..…….. 402 10,200
Billed client for completed work.
Cash …………………………………………….. 101 6,230
Paid cash for dividends.
p. Wages Expense …………………………………… 601 1,800
Cash …………………………………………….. 101 1,800
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Solutions Manual, Chapter 2
105
Problem 2-2B (Continued)
Part 2
Cash No. 101
Accounts Payable No. 201
Date
PR
Credit
Balance
Date
PR
Debit
Credit
Balance
(a)
65,000
(h)
950
950
(b)
5,000
60,000
(j)
580
1,530
(c)
34,500
25,500
(m)
950
580
(d)
5,000
20,500
(e)
25,100
Notes Payable No. 250
(f)
800
24,300
Date
PR
Debit
Credit
Balance
(k)
29,400
(b)
17,000
17,000
(l)
1,800
27,600
(f)
3,700
20,700
(m)
950
26,650
(n)
608
26,042
(o)
6,230
19,812
Common Stock No. 307
(p)
1,800
18,012
Date
PR
Debit
Credit
Balance
(q)
750
17,262
(a)
100,750
100,750
Accounts Receivable No. 106
Dividends No. 319
Date
PR
Credit
Balance
Date
PR
Debit
Credit
Balance
(g)
4,250
(o)
6,230
6,230
(i)
14,450
(k)
5,100
9,350
Fees Earned No. 402
Date
PR
Debit
Credit
Balance
Prepaid Insurance No. 108
(e)
4,600
4,600
Date
PR
Credit
Balance
(g)
4,250
8,850
(d)
5,000
(i)
10,200
19,050
Office Equipment No. 163
Wages Expense No. 601
Date
PR
Credit
Balance
Date
PR
Debit
Credit
Balance
(a)
5,750
(l)
1,800
1,800
(h)
6,700
(p)
1,800
3,600
Computer Equipment No. 164
Computer Rental Expense No. 602
Date
PR
Credit
Balance
Date
PR
Debit
Credit
Balance
(a)
30,000
(j)
580
580
(f)
34,500
Building No. 170
Advertising Expense No. 603
Date
PR
Credit
Balance
Date
PR
Debit
Credit
Balance
(c)
34,500
(q)
750
750
Land No. 172
Repairs Expense No. 604
Date
PR
Credit
Balance
Date
PR
Debit
Credit
Balance
(b)
22,000
(n)
608
608
Problem 2-2B (Concluded)
Part 3
SOFTWORKS
Trial Balance
April 30
Debit Credit
Problem 2-3B (90 minutes)
Part 1
Nov. 1 Cash……………………………………………………. 101 30,000
Office Equipment …………………………..…….. 163 15,000
Common Stock …………………………….. 307 45,000
Owner invested cash and equipment for stock.
Accounts Payable …………………………. 201 3,100
Purchased equipment and supplies on credit.
8 Cash……………………………………………………. 101 3,400
Services Revenue …………………………. 403 3,400
Received cash for services.
Paid balance due on account.
19 Prepaid Insurance ……………………………….. 128 1,800
Cash …………………………………………….. 101 1,800
Paid premium for 24 months of insurance.
22 Cash……………………………………………………. 101 5,200
28 Dividends ……………………………………………. 319 5,300
Cash …………………………………………….. 101 5,300
Paid cash for dividends.
29 Office Supplies ……………………………………. 124 249
Accounts Payable …………………………. 201 249
Problem 2-3B (Continued)
Part 2
Cash
Acct. No. 101
Date
Explanation
PR
Debit
Credit
Balance
Nov.
1
G1
30,000
30,000
2
G1
4,500
25,500
8
G1
3,400
28,900
13
G1
3,100
25,800
19
G1
1,800
24,000
22
G1
5,200
29,200
28
G1
5,300
23,900
30
G1
831
23,069
Accounts Receivable
Acct. No. 106
Date
Explanation
PR
Debit
Credit
Balance
Nov.
12
G1
10,200
10,200
22
G1
5,200
5,000
24
G1
1,750
6,750
Office Supplies
Acct. No. 124
Date
Explanation
PR
Debit
Credit
Balance
Nov.
4
G1
600
600
29
G1
249
849
Prepaid Insurance
Acct. No. 128
Date
Explanation
PR
Debit
Credit
Balance
Nov.
19
G1
1,800
1,800
Prepaid Rent
Acct. No. 131
Date
Explanation
PR
Debit
Credit
Balance
Nov.
2
G1
4,500
4,500
Office Equipment
Acct. No. 163
Date
Explanation
PR
Debit
Credit
Balance
Nov.
1
G1
15,000
15,000
4
G1
2,500
17,500
Accounts Payable
Acct. No. 201
Date
Explanation
PR
Debit
Credit
Balance
Nov.
4
G1
3,100
3,100
13
G1
3,100
0
29
G1
249
249
Problem 2-3B (Continued)
Common Stock
Acct. No. 307
Date
Explanation
PR
Debit
Credit
Balance
Nov.
1
G1
45,000
45,000
Dividends
Acct. No. 319
Date
Explanation
PR
Debit
Credit
Balance
Nov.
28
G1
5,300
5,300
Services Revenue
Acct. No. 403
Date
Explanation
PR
Debit
Credit
Balance
Nov.
8
G1
3,400
3,400
12
G1
10,200
13,600
24
G1
1,750
15,350
Utilities Expense
Acct. No. 690
Date
Explanation
PR
Debit
Credit
Balance
Nov.
30
G1
831
831
Part 3
ZUCKER MANAGEMENT SERVICES
Trial Balance
November 30
Debit Credit
Cash ………………………………………………………… $23,069
Accounts receivable ………………………………… 6,750
Office supplies …………………………………………. 849
Problem 2-4B (90 minutes)
Part 1
a. Cash …………………………………………………. 101 35,000
Office Equipment ………………………………. 163 11,000
Common Stock …………………………... 307 46,000
Owner invested cash and equipment for stock.
note payable.
c. Office Supplies …………………………………. 108 500
Accounts Payable ………………………. 201 500
Purchased office supplies on account.
d. Automobiles ……………………………………… 164 8,000
Purchased office equipment on account.
Paid assistant’s salary.
Provided services for cash.
Problem 2-4B (Part 1 Continued)
i. Accounts Payable …………………………….. 201 500
Cash ………………………………………….. 101 500
Paid cash on account.
Problem 2-4B (Continued) Part 2
Cash No. 101
Land No. 172
Date
PR
Credit
Balance
Date
PR
Debit
Credit
Balance
(a)
35,000
(b)
7,500
7,500
(b)
15,000
20,000
(f)
1,000
19,000
Accounts Payable No. 201
(g)
22,200
Date
PR
Debit
Credit
Balance
(h)
540
21,660
(c)
500
500
(i)
500
21,160
(e)
1,200
1,700
(j)
3,400
17,760
(i)
500
1,200
(l)
1,000
16,760
(m)
18,960
Notes Payable No. 250
(n)
1,100
17,860
Date
PR
Debit
Credit
Balance
(b)
32,500
32,500
Accounts Receivable No. 106
Date
PR
Credit
Balance
(k)
4,200
Common Stock No. 307
(m)
2,200
2,000
Date
PR
Debit
Credit
Balance
(a)
46,000
46,000
Office Supplies No. 108
(d)
8,000
54,000
Date
PR
Credit
Balance
(c)
500
Dividends No. 319
Office Equipment No. 163
Date
PR
Debit
Credit
Balance
Date
PR
Credit
Balance
(n)
1,100
1,100
(a)
11,000
(e)
12,200
Fees Earned No. 402
(j)
15,600
Date
PR
Debit
Credit
Balance
(g)
3,200
3,200
(k)
4,200
7,400
Automobiles No. 164
Salaries Expense No. 601
Date
PR
Credit
Balance
Date
PR
Debit
Credit
Balance
(d)
8,000
(f)
1,000
1,000
(l)
1,000
2,000
Building No. 170
Date
PR
Credit
Balance
Utilities Expense No. 602
(b)
40,000
Date
PR
Debit
Credit
Balance
(h)
540
540
Problem 2-4B (Concluded)
Part 3
NUNCIO CONSULTING
Trial Balance
June 30
Debit Credit
Problem 2-5B (60 minutes)
Part 1
TAMA CO.
Balance Sheet
December 31, 2014
Assets
Liabilities
Cash ……………………………..
$ 20,000
Accounts payable …………..………………
$ 4,000
Accounts receivable ……...
35,000
Office supplies ……………...
8,000
Office equipment…………...
40,000
Equity
Machinery ……………………..
28,500
Total equity …………………….…….
127,500
Total assets …………………..
$131,500
Total liabilities & equity …..………………………
$131,500
TAMA CO.
Balance Sheet
December 31, 2015
Assets
Liabilities
Cash ……………………………..
$ 5,000
Accounts payable …………..………………
$ 12,000
Accounts receivable ……...
25,000
Note payable …………………..………
250,000
Office supplies ……………...
13,500
Total liabilities ………………..…………
262,000
Office equipment…………...
40,000
Machinery ……………………..
28,500
Building ………………………...
250,000
Equity
Land ………………………….....
50,000
Total equity …………………….…….
150,000
Total assets …………………..
$412,000
Total liabilities & equity …..………………………
$412,000
Part 2
Calculation of 2015 net income:
Equity, December 31, 2014 …………………………………………………. $127,500
Equity, December 31, 2015 …………………………………………………. (150,000)
Increase in equity during 2015 ……………………………………………. $ 22,500
Part 3
Problem 2-6B (35 minutes)
Part 1
GOULD SOLUTIONS
Trial Balance
April 30
Debit Credit
Cash ……………………………………………………………. $19,982
Office supplies …………………………………………….. 760
Part 2: Likely transactions (following order of trial balance).
1. Purchased $760 of office supplies for cash.
2. Paid $1,800 cash for prepaid rent.
Part 3
Report of Cash Received and Paid
Cash received
Owner investment ……………………………… $15,000
Consulting fees ………………………………… 20,400
Total cash received …………………………... $35,400
Serial Problem — SP 2
Part 1 (120 minutes) Serial Problem, Business Solutions
2015
Oct. 1 Cash …………………………………………………. 101 45,000
Office Equipment ………………………………. 163 8,000
Computer Equipment ………………………… 167 20,000
Common Stock…………………………... 307 73,000
Owner invests cash and equipment for stock.
2 Prepaid Rent …………………………………….. 131 3,300
Cash …………………………..……………… 101 3,300
Paid four months’ rent in advance.
Paid balance due on account payable.
Accounts Receivable …………………. 106 4,800
Collected accounts receivable.
17 Repairs Expense—Computer …………….. 684 805
Cash …………………………..……………… 101 805
Paid for computer repairs.
Collected accounts receivable.