Accounting Chapter 2 Homework Received cash for services performed

subject Type Homework Help
subject Pages 11
subject Words 1355
subject Textbook Accounting Principles 12th Edition
subject Authors Donald E. Kieso, Jerry J. Weygandt, Paul D. Kimmel
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page-pf1
EXERCISE 2-10
(a)
General Journal
Date
Account Titles and Explanation
Ref.
Debit
Credit
Apr. 1
Cash ....................................................
Owner’s Capital ..............................
12,000
12,000
12
Cash ....................................................
Service Revenue ............................
(Received cash for
services performed)
900
900
15
Salaries and Wages Expense ............
Cash ................................................
(Paid salaries to date)
1,300
1,300
25
Accounts Payable ...............................
Cash ................................................
(Paid creditors on account)
1,500
1,500
29
Cash ....................................................
Accounts Receivable .....................
(Received cash in payment
of account)
400
400
30
Cash ....................................................
1,000
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EXERCISE 2-10 (Continued)
(b) DAGGETT LANDSCAPING COMPANY
Trial Balance
April 30, 2017
Debit Credit
Cash .......................................................................... $11,500
Accounts Receivable ............................................... 2,800
Supplies .................................................................... 1,800
EXERCISE 2-11
(a) Oct. 1 Cash ............................................................. 3,000
Owner’s Capital .................................... 3,000
(Owner’s investment of cash in
business)
10 Cash ............................................................. 750
10 Cash ............................................................. 4,000
Notes Payable....................................... 4,000
(Obtained loan from bank)
20 Cash ............................................................. 500
20 Accounts Receivable .................................. 940
Service Revenue .................................. 940
(Billed clients for services
performed)
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EXERCISE 2-11 (Continued)
(b) SHUMWAY CO.
Trial Balance
October 31, 2017
Debit Credit
Cash ..................................................................... $ 7,200
Accounts Receivable .......................................... 1,240
Supplies .............................................................. 400
EXERCISE 2-12
(a)
General Journal J1
Date
Account Titles and Explanation
Ref.
Debit
Credit
Sept. 1
Cash ...................................................
Owner’s Capital .........................
101
301
10,000
10,000
5
Equipment .........................................
Cash ...........................................
157
101
12,000
4,000
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EXERCISE 2-12 (Continued)
(b)
Cash No. 101
Date
Explanation
Ref.
Debit
Credit
Balance
Sept. 1
J1
10,000
10,000
5
J1
4,000
6,000
Equipment No. 157
Date
Explanation
Ref.
Debit
Credit
Balance
Sept. 5
J1
12,000
12,000
Accounts Payable No. 201
Date
Explanation
Ref.
Debit
Credit
Balance
Sept. 5
J1
8,000
8,000
Owner’s Capital No. 301
Date
Explanation
Ref.
Debit
Credit
Balance
Sept. 1
J1
10,000
10,000
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EXERCISE 2-13
Error
(a)
In Balance
(b)
Difference
(c)
Larger Column
1.
No
$525
Debit
2.
Yes
—
—
EXERCISE 2-14
OVERNITE DELIVERY SERVICE
Trial Balance
July 31, 2017
Debit Credit
Cash ($78,821 – Debit total without Cash
$66,340) ................................................................... $12,481
Accounts Receivable ................................................. 7,642
Prepaid Insurance ...................................................... 1,968
Equipment................................................................... 49,360
Notes Payable ............................................................. $17,000
Accounts Payable ...................................................... 8,396
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SOLUTIONS TO PROBLEMS
PROBLEM 2-1A
J1
Date
Account Titles and Explanation
Ref.
Debit
Credit
Mar. 1
Cash ........................................................
20,000
Owner’s Capital ..............................
20,000
(Owner’s investment of cash
in business)
3
Land .........................................................
12,000
Buildings .................................................
2,000
5
Advertising Expense ..............................
900
Cash ................................................
900
(Paid for advertising)
6
Prepaid Insurance ..................................
600
10
Equipment ...............................................
1,050
Accounts Payable ..........................
1,050
(Purchased equipment on
account)
18
Cash ........................................................
1,100
19
Cash ........................................................
1,500
Unearned Service Revenue ...........
1,500
(Received cash for coupon
books sold)
page-pf7
PROBLEM 2-1A (Continued)
Date
Account Titles and Explanation
Ref.
Debit
Credit
Mar. 25
Owner’s Drawings ...............................
Cash .............................................
(Withdrew cash for personal
use)
800
800
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PROBLEM 2-2A
(a)
J1
Date
Account Titles and Explanation
Ref.
Debit
Credit
1
No entry—not a transaction.
2
Rent Expense .........................................
729
1,100
Cash ...............................................
101
1,100
(Paid monthly office rent)
10
Accounts Receivable .............................
112
5,100
Service Revenue ............................
400
5,100
(Billed clients for services
performed)
20
Cash ........................................................
101
2,100
Service Revenue ............................
400
2,100
(Received cash for services
performed)
page-pf9
PROBLEM 2-2A (Continued)
Date
Account Titles and Explanation
Ref.
Debits
Credit
Apr. 30
Accounts Payable ..............................
201
2,400
(b)
Cash No. 101
Date
Explanation
Ref.
Debit
Credit
Balance
Apr. 1
J1
20,000
20,000
2
J1
1,100
18,900
Accounts Receivable No. 112
Date
Explanation
Ref.
Debit
Credit
Balance
Apr. 10
J1
5,100
5,100
Supplies No. 126
Accounts Payable No. 201
Date
Explanation
Ref.
Debit
Credit
Balance
Unearned Service Revenue No. 209
Date
Explanation
Ref.
Debit
Credit
Balance
Apr. 11
J1
1,000
1,000
page-pfa
PROBLEM 2-2A (Continued)
Owner’s Capital No. 301
Date
Explanation
Ref.
Debit
Credit
Balance
Apr. 1
J1
20,000
20,000
Service Revenue No. 400
Date
Explanation
Ref.
Debit
Credit
Balance
Salaries and Wages Expense No. 726
Date
Explanation
Ref.
Debit
Credit
Balance
Apr. 30
J1
2,800
2,800
(c) EMILY VALLEY, DENTIST
Trial Balance
April 30, 2017
Debit
Credit
Cash .................................................................... $16,800
Accounts Receivable ......................................... 5,100
Supplies .............................................................. 4,000
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PROBLEM 2-3A
(a)
Trans.
Account Titles and Explanation
Debit
Credit
1.
Cash ....................................................
40,000
Owner’s Capital .........................
40,000
2.
No entry—Not a transaction.
3.
Prepaid Rent .......................................
24,000
Cash ...........................................
24,000
5.
Prepaid Insurance ..............................
1,800
Cash ...........................................
1,800
6.
Supplies ..............................................
420
Cash ...........................................
420
8.
Cash ....................................................
8,000
Accounts Receivable .........................
12,000
Service Revenue .......................
20,000
10.
Cash ....................................................
3,000
Accounts Receivable ................
3,000
11.
Utilities Expense ................................
380
Accounts Payable .....................
380
page-pfc
PROBLEM 2-3A (Continued)
Trans.
Account Titles and Explanation
Debit
Credit
12.
Salaries and Wages Expense ..........
6,100
Cash ..........................................
6,100
(b)
Cash
(1) 40,000
(8) 8,000
(9) 400
(10) 3,000
(12) 6,100
8,280
Supplies
(6) 420
(7) 1,500
1,920
Prepaid Rent
(3) 24,000
24,000
Equipment
(4) 30,000
(4) 20,000
(7) 1,500
(9) 400
(11) 380
21,480
Service Revenue
(8) 20,000
20,000
Utilities Expense
(11) 380
380
page-pfd
PROBLEM 2-3A (Continued)
(c) MAQUOKETA SERVICES
Trial Balance
May 31, 2017
Debit
Credit
Cash ................................................................. $ 8,280
Accounts Receivable ...................................... 9,000
Supplies .......................................................... 1,920
page-pfe
PROBLEM 2-4A
AVTAR SANDHU CO.
Trial Balance
June 30, 2017
Debit
Credit
Cash ($3,340 + $270) ................................................. $ 3,610
Accounts Receivable ($2,812 – $270) ...................... 2,542
page-pff
PROBLEM 2-5A
(a) & (c)
Cash No. 101
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 1
Balance
3,000
2
J1
1,500
1,500
9
J1
4,300
5,800
Accounts Receivable No. 112
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 31
J1
450
450
Land No. 140
Buildings No. 145
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 1
Balance
10,000
Equipment No. 157
page-pf10
PROBLEM 2-5A (Continued)
Accounts Payable No. 201
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 1
Balance

7,000
Owner’s Capital No. 301
Date
Explanation
Ref.
Debit
Credit
Balance
Service Revenue No. 400
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 9
J1
4,300
4,300
Rent Revenue No. 429
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 31
J1
900
900
Advertising Expense No. 610
Date
Explanation
Ref.
Debit
Credit
Balance
Salaries and Wages Expense No. 726
Date
Explanation
Ref.
Debit
Credit
Balance
page-pf11
PROBLEM 2-5A (Continued)
Rent Expense No. 729
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 2
J1
3,500
3,500
20
J1
2,000
5,500
(b)
J1
Date
Account Titles and Explanation
Ref.
Debit
Credit
Mar. 2
Rent Expense .......................................
729
3,500
3
No entry.
9
Cash ......................................................
101
4,300
Service Revenue ..........................
400
4,300
(Received cash for services
performed)
10
Accounts Payable ($2,000 + $2,100) ......
201
4,100
11
No entry.
12
Advertising Expense ............................
610
900
Cash .............................................
101
900
(Paid advertising expense)

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