Type
Solution Manual
Book Title
Financial Accounting Fundamentals 5th Edition
ISBN 13
978-0078025754

978-0078025754 Chapter 2 Solution Manual Part 4

March 26, 2020
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
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
(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
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
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)
30,000
(j)
580
580
(f)
34,500
Building No. 170
Advertising Expense No. 603
Date
PR
Credit
Balance
Date
PR
Debit
Credit
Balance
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
30
G1
831
23,069
Accounts Receivable
Acct. No. 106
Date
Explanation
PR
Debit
Credit
Balance
Nov.
12
G1
10,200
10,200
Nov.
4
G1
600
600
29
G1
249
849
Prepaid Insurance
Acct. No. 128
Date
Explanation
PR
Debit
Credit
Balance
Office Equipment
Acct. No. 163
Date
Explanation
PR
Debit
Credit
Balance
Nov.
1
G1
15,000
15,000
4
G1
2,500
17,500
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
Date
Explanation
PR
Debit
Credit
Balance
Nov.
8
G1
3,400
3,400
Utilities Expense
Acct. No. 690
Date
Explanation
PR
Debit
Credit
Balance
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
(j)
3,400
17,760
(i)
500
1,200
(l)
1,000
16,760
(m)
18,960
Notes Payable No. 250
(m)
2,200
2,000
Date
PR
Debit
Credit
Balance
Date
PR
Credit
Balance
(c)
500
Dividends No. 319
Office Equipment No. 163
Date
PR
Debit
Credit
Balance
(a)
11,000
(e)
12,200
Fees Earned No. 402
(j)
15,600
Date
PR
Debit
Credit
Balance
Automobiles No. 164
Salaries Expense No. 601
Date
PR
Credit
Balance
Date
PR
Debit
Credit
Balance
Building No. 170
Date
PR
Credit
Balance
Utilities Expense No. 602
(b)
40,000
Date
PR
Debit
Credit
Balance
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
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
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 ExpenseComputer ................. 684 805
Cash .................................................. 101 805
Paid for computer repairs.
Collected accounts receivable.

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