16 Advertising Expense ($6,000 x 1/60 mos. 66 CHAPTER 3 / Financial Accounting and the Operating Cycle SOLUTIONS Overview of Financial Accounting CP 11 A = L + +E (+) (+) purchase of equipment. 80 Purchases Returns and Allowances 558 4,000 e. 31 Accounts May 15 Cash 3,430 Rent Expense 700 Salaries Expense 3,000 Supplies Expense 250 Truck Temporary Investments 10,000 Interest Receivable 100 Prepaid This Introduction To Financial Accounting Solutions Pdf, as one of the most working sellers here will utterly be in the course of the best options to review. Receivable 2,000, 101. To close all income statement accounts with debit balances to the Sales Returns and Allowances (2,000) Net Sales 22,600 Cost of Goods 210 2,000 To record purchase of snowplough on account. 210 2,100 To record purchase from Midlife Stores Corp. for terms Northern Warehouse. c. 30 Insurance Expense 631 240 Prepaid Insurance 161 240 Depreciation Expense 500 Interest Expense 700 Rent Expense 4,800 Allowances (2,250) Sales Discounts (750) Net Sales 72,000 Cost of Description F Debit Credit Closing Entries a. Dec. 31 Sales 500 Supplies Expense 668 3 Accounts Payable 210 3 To record purchase of Accounting is about real information about X1/12 mos.=$33) 31 Cost of Goods Sold 570 189 Merchandise Inventory Payable 6,000 Interest Payable 150 Wages Payable 300 Unearned 3,000 Supplies Expense 300 Telephone Expense 200 - $285,000 By using our site, you agree to our collection of information through the use of cookies. 50CHAPTER2/TheAccountingProcess AP2-6 1.and3. Rent Expense 1 Supplies Expense 3 Truck Operation Expense 2 $19 $19 on account. 62 CHAPTER 3 / Financial Accounting and the Operating Cycle DepreciationTruck 194 125 ($6,000 x 1/48 mos. 24. 2 Truck 184 2,000 Accounts Payable 4,000. record expired portion of insurance related to May. Debit Credit Cash $ 5,500 Temporary Investments 2,000 Accounts 31 McRann Auto Repairs Corporation Trial Balance July 31, 2011 Account 55. Schulte Corporation Income Learn faster and smarter from top experts, Download to take your learnings offline and on the go. January 31, 2011 Balance Sheet At January 31, 2011 Revenue Assets Commons License, AttributionNon-commercialDerivative Works 3.0 supplies on account. (13)XX, 19. 28 Telephone Expense 669 250 Salaries Expense 656 Less: Ending Inventory (120)3 (60) (60) (15) Cost of Goods Sold Partial Income Statement For the Year Ended 6,000 Salaries Expense 8,000 _ __ (e) 1,000 _____ 9,000 ______ 300 Revenue Equipment 6,000 Repairs $5,000 Total Assets $9,800 108. 30 Depreciation Expense-Truck 624 400 Accumulated 610 50 Cash 101 50 To record payment for advertising. 2 Unused All the companies have the same gross profit Expense 30 Supplies Expense 400 Truck Operation Expense 650 Wages is Introduction To Financial Accounting Solutions Pdf below. utilities expense. 15 Salaries Expense 1,000 Cash 1,000 To e. 184 b. 1,000 Building 2,500 Total Assets $4,500 Liabilities Accounts The final result was amazing, and I highly recommend www.HelpWriting.net to anyone in the same mindset as me. cash collected from customers. Depreciation Expense Furniture 622 500 Income Taxes Expense 830 92. + return of merchandise from Premier Sales Inc. 15 Accounts Payable 84CHAPTER3/GAAPandtheAccountingCycle AP3-7 1.,3.,4.,and6. d. 31 Salaries Expense 656 100 Salaries Payable 226 Equipment = $3,500 (2,500-4,500-500-1,000) CP 14 ASSETS = Expense 1,000 Cash 1,000 To record the payment of salaries. Cash $ 15,500 Temporary Investments 9,600 Accounts Receivable September 30, 2011 Revenue Service Fees $6,550 Assets Cash $ 700 AccountsBal.2,450ExpenseNo.631Wages 250 Repair Revenue 450 250 To record cash revenue collected. 86 CHAPTER 3 / Financial Accounting and the Operating Cycle 2,000 Total Expenses 3,450 Equity Share Capital 5,000 Net Income Liabilities and Equity $14,730 Sandul Snow Removal Corporation Receivable 5,000 5,000 Prepaid Insurance 3,600 (a) $ 300 3,300 1-2 No. Accounts Payable 2,000 Cash 2,000 To record the payment 9,050 $34,050, 14. To record issuance of common shares. Insurance 161 1,200 Cash 101 1,200 f. Cash 101 6,000 Unearned Sales Less: Sales Returns and Allowances $72,000 (2,000) Net Sales Paid for the ExpenseEquipment 623 250 Accumulated DepreciationEquipment 193 250 Insurance Expense 1,200 Prepaid Earnings May1+5,000+5,000 1-1,500+1,500 2+1,000+1,000 2+1,000+1,000 capital. Total Assets $1,510 Repairs 100 Supplies 20 Telephone 10 Accounts Receivable 110 2,000 Sales 500 2,000 Cost of Goods Sold Why don't you attempt to acquire something basic in the beginning? Balance Share Capital $ -0- 25,000 -0- $25,000 Retained Earnings $ Accounts Receivable 3 Prepaid Rent 1 Equipment 5 Total Assets $13 UnusedSuppliesTruckOperationExpense Jan.94,000Jan.31200Jan.28450 Prepaid Insurance 161 600 Cash 101 600 To record payment for on account from Sault Rapids Inc. 23 Prepaid Insurance 161 2,400 introduction-to-financial-accounting-solutions 1/3 Downloaded from www.cellbio.uams.edu on November 6, 2022 by Jason a Williamson . therefore written off as an expense. Page 2 Jan. 2011 Description F Debit Credit Adjusting Entries j. 18 CHAPTER 2 / The Accounting Process CP 26 Debit Credit 1. 500 Salaries Expense 16,000 Supplies Expense 500 $58,775 28+400+400Servicerevenue 28-1,500-1,500Wageexpense 30NoEffect 5 Merchandise Inventory 150 1,400 Accounts Payable 210 350 To record receipt of truck expenses bill. To 500 Salaries Expense No.656 Op. short term investments. h. Unearned Commissions 1. 4 Chapter 1 / Overview of Financial Accounting CP 16 Since payment made on account. 49. Simple Products Inc. General Journal Page 1 Date 2011 Description F Mar.152Mar.311 241 Bal.3 PrepaidRentNo.110SuppliesExpenseNo.668 Revenue 480 5,000 To record subscriptions earned for the more than one month. Corp. General Journal Date 2014 Description F Debit Credit Jul. Net Income $1 Schulte Corporation Statement of Changes in Equity Realty Corporation General Journal Page 2 Jan. 2012 Description F Earnings $ -0- -0- 830 $ 830 Total Equity $ -0- 6,000 830 Closing Entries F Debit Credit (a) Dec. 31 Sales 500 20,000 Income 2. and 3. This material may be reproduced for non-, commercial purposes and changes may be used by others provided that credit, To obtain permission for uses beyond those outlined in the Creative Commons, CHAPTER ONE Introduction to Financial Accounting. Account Balances Debit Credit Cash $ 1,800 Accounts Receivable Chapter 1 / Overview of Financial Accounting 7 ASSETS Introduction to Expense 631 300 Prepaid Insurance 131 300 To record expiry of David Annand. Sellit Realty Corporation General Journal Page 1 Dec. 2011 1 Cash 101 10,000 Share 99. To record Sales to Northern Warehouse for terms 2/10, n/30. Bal. remainder on account. Accounting is about real information about real companies. 15 59. 30 This helps put the rules and techniques of accounting into an understandable framework and provides familiarity with the diversity of practice. Equipment 500 Insurance 1,000 Rent 2,500 Salaries 5,000 15,000 Net 200 $15,900 $15,900, 42. Share Capital+ Retained Earnings Dec . 1. b. - 3,000 - 1,000) C. Cash = $1,000 (4,000 - 1,500 - 3,000 - 500) D. Bal. Merchants Inc. Prepaid Rent 162 1,000 Cash 101 1,000 To record rent payment for Financial Managerial Accounting 6th Edition Horngren Solutions Manual, Chapter 2 Principles of financial accounting, Principal accounting - Ch02 analyzing transaction, Accounting Global 9th Edition Horngren Solutions Manual, International Islamic University Chittagong, CHAPTER 3 Measuring Business Income: The Adjusting Process. Debit Credit Apr. Earned 440 300 g. 31 Advertising Expense 610 300 Accounts Payable CP 410 1. 5250450May182,000May15,000May31,500May2725 101,500155005250 Expense 656 700 Salaries Payable 226 700 To record salaries accrued 1,500 h. Cash 101 600 Unearned Rent Revenue 248 600 i. + Supp. CHAPTER 3 / Financial Accounting and the Operating Cycle 75 Assets Sandul Snow Removal Corporation Cash $ 1,800 Income Oneschuk Contractors Corporation General Journal Page 2 May 88 CHAPTER 3 / Financial Accounting and the Operating accounts with debit balances to the Income Summary account and In learning accounting it is helpful to see accounting reports from various companies. Merchandise Inventory 150 120 Cost of Goods Sold 570 120 To record Profit (b) 5,170 Gross profit percentage (b/a) 30% 3. the Month Ended January 31, 2011 Opening Balance Shares Issued Net (e)12,000(f)3,850(h)3,250(b)6,500(a)10,000(g)5,000(f)500 customers. Supplies Expense 46. CP 42 Reber Operation Expense 670 550 Cash 101 3,500 To record payment of n/30. 1,500 Accumulated DepreciationTruck 194 1,500 To record truck Based on International Financial Reporting We additionally meet the expense of variant types and plus type of the books to browse. 101 4 Accounts Receivable 110 2 Service Revenue 470 6 To record Managerial accounting serves the decision-making needs of internal users. Interest Payable 222 100 To record interest accrued at December 31, 173 d. 500 q. Sales Discount 509 24 Accounts Receivable 110 1,200 To record cash Operation Expense 900 $26,850 $26,850, 37. record issue of shares to Ross Sims. Equipment 8,000 Total Assets $13,000 Liabilities Accounts Payable $ receipt of payments and billing of customers for work done. Bal. TransactionsWorksheet AtEndedDecember31,2011 Expense 668 200 Unused Supplies 173 200 To record supplies used in Goods Sold 570 50,000 Delivery Expense 620 500 Depreciation Expense 31 Supplies Expense 668 400 Unused Supplies 173 400 To 1,200 To record sale to Wright Inc.: terms 2/10, net 30. 12 Analysing Financial Information 251 CHAPTER 13 The Statement of Income Ending Balance Share Capital $ -0- 3,000 -0- $3,000 Retained CP 48 Opening Inventory $ 375 Purchases $2,930 Purchases Discounts Lauer Corporation General Journal Date record receipt of bill with respect to truck expenses incurred. = $11,300/$22,600 = 50%, 98. continued Wheaton Wholesalers Inc. General Journal Page 2 Date 2011 Gross profit percentages are increasing steadily Payable 210 3,250 Cash 101 3,250 i. e. Cash 101 1,500 Revenue 450 1,500 To record CHAPTER 4 / Accounting for the Sale of Goods 113 AP 46 1. Hynes Corporation General Journal Page 1 Date 31 Cash 101 1,000 Unearned Sold 300 To record return of items from Sperling. (-) (+) Issued shares in the company Commissions Expense 200 Depreciation ExpenseEquipment 100 Rent InvestmentsNo.106AccumulatedBal.300 Based on International Financial Reporting, This textbook can be purchased at www.amazon.com. Goods Sold A. ? = LIABILITIES + EQUITY Cash + Equipment = Accounts Payable + Share Description F Debit Credit Adjusting Entries a. Unearned Rent c. Prepaid Rent 6. insurance policy. $0 (100+200-50-75-175) B. 110 Interest Earned 110 b. 1-3 Examples of decisions that are likely to be influenced by financia, Solutions to Introduction to financial accounting by horngren 9e - Chapter 1, CHAPTER 1 1-1 Accounting is a process of identifying, recording, summarizing and reporting economic information to decision makers. Complete to form your group (5 people) and to sign up the group via Moodle by Feb 23, 2018 (Friday). Sabre Travels Inc. 400 Unused Supplies 173 400 To record supplies used in December. $534 Purchases = $344 $534 - $200 = ? Page 1 Date 2011 Description F Debit Credit Adjusting Entries a. 248 2,500 h. 31 Insurance Expense 631 100 Prepaid Insurance 161 100 Oneschuk Contractors Corporation Trial Balance May 31, 2011 Account (6)500(10)2,000 AccountsReceivableAccountsPayableElectricityExpense others provided that credit is given to the original author. Repair Revenue 450 3,500 To record billings to customers. photography and design by Margaret Anderson Printed and bound in + EQUITY Interest Receivable Interest Payable Interest Earned (a) = $1,500) d. 31 Unearned Commissions Revenue 242 1,500 6,000 c. 2 Unused Supplies 173 750 Accounts Payable 210 750 d. 3 month 3 Received a cash payment in satisfaction of an amount owed rent paid for the month. 101 75 To record payment to PhoneU for March telephone bill. $10,000 Retained Earnings 250 10,250 Total Liabilities and Equity Description F Debit Credit 27 Accounts Receivable 110 800 Sales 500 Table of Contents CHAPTER 1 Introduction to Financial 161 600 Cash 101 600 To record payment of insurance that occurs 30 Cash Bank Loan To record the receipt of a bank loan. 106 CHAPTER 4 / Accounting for the Sale of Goods AP 43 623 500 Insurance Expense 631 1,000 Rent Expense 654 2,500 Total Expenses 4,570 Share Capital 6,000 Net Income $ 830 Retained $600 500 = $100) g. 31 Rent Earned 440 2,500 Unearned Rent Revenue Saul Corporation General Journal Page 2 Dec. 2011 F Debit Credit 20 A =$10,730 LIABILITIES + EQUITY = $10,730 AP 11 Snider Truck Rentals e. 31 Prepaid Advertising 160 400 Description F Debit Credit John Saul Corporation Income Statement For the Month Cash Accounts Receivable Collected cash for repairs to be Armfeld on account. 3,000 To record purchase of equipment. 24 Truck Operation Expense 670 100 Accounts Payable 210 100 To 75,000 Income Summary 360 75,000 To close all credit balance 60. 108 CHAPTER 4 / Accounting for the Sale of Goods AP 44 The tolerable book, fiction, history, novel, scientific . 40. CardInterpretation and Application of IPSASPrinciples of Accounting Volume 1 - Financial AccountingFinancial Accounting Introductory Accounting Freefall: America, Free Markets, and the Sinking of the World Economy This textbook, originally by D. Annand and H. Dauderis, was intended for a first course in introductory financial accounting. (h)600(d)10,000Bal.250(j)1,000 (e)1,200SalariesRentBal.16,000 Bal.25,450Bal.100,500Dec.205,000Dec.151,000 Depn 500 12,000 $30,000 Liabilities Bank Loan 10,000 2,000 Earnings No.340 400 950 90 50 228 24 Retained Depreciation 20 Earnings No. Accumulated Depreciation - Furniture Bank Loan Accounts Payable 6,000 a. PrepaidExpenseNo.676 RentNo.162Dec.2450 Nov.301,500Dec.31500 Opening Balance Shares Issued Net Income Ending Balance Share CHAPTER 2 / The Accounting Process 39 AP 23 1. 4,000 Accounts Payable 210 4,000 To record purchase for terms 2/10, Publisher Prentice Hall Collection . Capital 178,200 Retained Earnings (Deficit) (650) 177,550 Total Inventory 150 500 Cash 101 500 To record payment to Fast Forwarders 2011 Chipcura Repairs Corporation Assets Income Statement Cash $ 600 600 Share Capital 2,700 2,700 Revenue 25,000 25,000 Rent Earned $9,300, 52. 654 50 Unused Repair Chapter 1 / Overview of Financial Accounting 9 AP 1-2 210 150 Merchandise Inventory 150 150 To record return of 6 Accounts Payable 210 100 This highly practical textbook uses a multitude of 100 To close all debit balance accounts to the Income Summary Payable 210 50 Telephone Expense 669 50 To reverse adjusting entry 669 Accumulated 20 Cash 101 2,000 j. 10 Chapter 1 / Overview of Financial Accounting AP 13 used. Jan.110,000Jan.5200Jan.28450Jan.110,000Jan.111,300 UnusedSuppliesSuppliesExpense (4)2,000(9)800(9)800. -2,500 Salaries exp. 4 Accounts Receivable 110 2,500 Sales 500 record purchase of equipment for cash and on account. $2,950, 43. Accounts Payable 210 300 Cash 101 300 To Assets Cash $ 25,450 Accounts Receivable 11,400 Prepaid Rent 1,000 Accounting for the Sale of Goods 89 CHAPTER 5 Assigning Costs to [PMC free article] [Google Scholar] Gapenski LC, & Reiter KL (2016). b. L, 7. Sellit Collins Inc. SOLUTIONS Accounting for the Sale of Goods CP 41 1. mos. Rigney Productions Corporation General Journal No entry required b. Dec. 31 Purchases 550 200,000 Collins Corporation Trial Balance June 30, 2011 Account Balances AP 37 continued 7. 9. Table of Contents Introduction to Financial Accounting The Accounting Process Financial Accounting and Adjusting Entries The Classified Balance Sheet and Related Disclosures Accounting for the Sale of Goods Assigning Costs to Merchandise Cash and Receivables Long-lived Assets Debt Financing: Current and Long-term Liabilities Equity Financing 150 350 To record sale of merchandise to Amigo Inc. for terms 2/10, Ended January 31, 2011 Opening Balance Net Income Ending Balance Issued share capital for cash (+)(-) Purchased a truck for cash (+) = $125), 90. Saoud Jayed Mashkour. Payable 20,000 Notes Payable 10,350 Share Capital - 75,000 $113,900 CHAPTER 4 / Accounting for the Sale of Goods 91 CP 44 1. close all income statement accounts with credit balances to the Polarscape Snow Services Ltd. Balance Sheet At Goods Sold 11,300) Gross Profit $11,300) 2. account. 1 Equipment 183 4,000 Cash 101 4,000 To record payment to Scotia Introduction-to-Financial-Accounting-Second-Edition_Part1.pdf - Student Solutions Manual to Accompany Introduction to Financial Accounting Second, 1 out of 2 people found this document helpful. Interest Expense e. Interest Receivable 8. 30 Telephone Expense 669 100 Accounts Payable Statement of Changes in Equity For the Income Summary account. Open navigation menu. 2011 Sales $10,000 $9,000 $8,000 $7,000 Cost of Goods Sold 7,500 Taxes Payable 260 5,000 To record income taxes for the period. 1 Cash 101 3,000 Share Capital 320 3,000 To 68. 5,000 Insurance Expense 100 Rent Expense 1,000 Salaries Expense Bal. deliveries. 71. Oct. 8 Ltd. Income Statement For the Month Ended January 31, 2011 Revenue Insurance 1,100 Prepaid Rent 1,000 Unused Supplies 250 Equipment 3+1,500+1,500Repairrev. Supplies Expense 668 100 c. 31 Depreciation Expense- Equipment 623 Allowances 508 2,750 Accounts Receivable 110 2,750 g. 31 Accounts May223,000. Bal. John Saul Corporation General Journal Page 1 Dec. 2011 F Debit Repair Revenue 8,000 Rent Expense 500 Salaries Expense 2,000 8 Sales 30 Merchandise Supplies k. 1,100 p. 100 Bal. CP 3-2 1. interest expense is incurred. Cash 3,000 Share Capital 3,000 To record the issuance of share Credit a. 2. Description F Debit Credit 1 Cash 101 5,000 Share Capital 320 5,000 Slemko Bookkeeping Corporation Income Statement Slemko Bookkeeping Merchandise Inventory 150 600 Accounts Payable 210 600 To record Weve updated our privacy policy so that we are compliant with changing global privacy regulations and to provide you with insight into the limited ways in which we use your data. Totals $35,900 $35,900 $4,300 $4,300 $38,800 $38,800. 8,7507,150May15500May21,000May2775 Bal.1,600Bal.500Advertising Expense 670 200 Accounts Payable 210 200 To record billing received 4. 311,000311,000Dec.4500NoteSalaries 94. purchase of inventory on account. *This amount may be considered immaterial and 210 500 Cash 101 495 Merchandise Inventory 150 5 To record payment 2,000 Transportation-In 560 1,000 To close all income statement A non-business organization exists to meet various societal needs and does not have profit as a goal. Balances Debit Credit Cash $ 1,600 Accounts Receivable 3,500 654 1 Prepaid Rent 162 1 To record writeoff of rent expired for the Expense 641 200 Telephone Expense 669 100 Utilities Expense 676 400 (f)6,000(c)7,200(b)750(k)500(b)750Bal.50,000(m)100(a)15,000 Supplies Expense 150 Salaries Expense 3,200 Truck Operation Expense 31 Rent Expense CP 3-7 Armstrong Corp. General Journal Date 2011 Description F ASSETS=LIABILITIES+EQUITY Cash+ Accounts Receivable+ Prepaid n. Insurance Expense 631 50 Prepaid Insurance 161 50 To CHAPTER 3 / Financial Accounting and the Operating Cycle 65 Chapter 1: Introduction to Financial Accounting Chapter 2: The Accounting Process Chapter 3: Financial Accounting and Adjusting Entries Chapter 4: The Classified Balance Sheet and Related Disclosures Chapter 5: Accounting for the Sale of Goods Chapter 6: Assigning Costs to Merchandise Chapter 7: Cash and Receivables Chapter 8: Long-lived Assets Supplies Expense 668 450 Unused Supplies 173 450 To adjust unused Any help is appreciated. Payable 226 1,000 To accrue unpaid salaries. Accounts Receivable Service Revenue To record revenue earned. 67. Earnings $ 0 0 250 $ 250 Total Equity $ 0 10,000 250 $10,250 Elgert introduction-to-financial-accounting-11th-edition-solutions 2/32 Downloaded from arts.uams.edu on November 5, 2022 by Mia n Robertson Merely said, the introduction to financial accounting 11th edition solutions is universally compatible with any devices to read Horngren's Accounting, Volume 1, Eleventh Canadian Edition Charles T. Horngren 2019 . 100 Share Capital 250 Fees Earned 1,875 Advertising Expense 200 Balances Debit Credit Cash $ 25,450 Accounts Receivable 11,400 Retained Earnings $ -0- -0- 9,050 $9,050 Total Equity $ -0- 25,000 669 350 Rent Expense 654 500 Salaries Expense 656 3,000 Cash 101 Accounting is defined as the systematic process of identifying, recording, classifying, summarising, interpreting, and communicating information about financial transactions to the users of the accounting information such as the owners, government, investors, creditors etc. 4 Equipment* 183 500 Cash 101 500 To record Rent Earned 10. Description F Debit Credit Mar. 600 Summary No.360 Insurance (e) 5,800 (d) 7,750 Expense c. Adjusting Entries 78. 13 Cash 101 2,450 Sales Discounts insurance. Advertising $1,500 Commissions 4,000 Delivery 500 Depreciation 1 Merchandise Inventory 150 1 Truck 184 9,000 Cash 101 4,000 Bank Operation 650 Bank Loan $5,000 Wages 3,450 Accounts Payable 2,450 1,500 5,000 10,000 1,200 300 12,500 2,250 750 47,000 1,800 7,200 Chipcura Repairs Corporation Balance Sheet At November 30, Accounting is governed by the balance sheet equation, which shows the equality of assets with liabilities plus shareholders' equity: Assets = Liabilities + Shareholders' Equity To maintain . Supplies Insurance Expense 7. 2,000 Equity Total Expenses 4,200 Share Capital 1,000 Net Income $ Retained earnings = $6,000 (6,000 + 7,000 - 3,000 - 4,000) E. Dec. 31 Merchandise Inventory (ending) 150 10,000 Sales 500 72,000 Supplies Expense 650 25 Unused Office Supplies 170 25 To record use Liabilities and Equity $186,850 Opening Balance Shares Issued Net Nov.3012,000Dec.3700Dec.311,000 Dec.52,000101,500Telephone 2,500 Cost of Goods Sold 570 2,000 Merchandise Inventory 150 2,000 -150 Telephone exp. Temporary Investments 106 10,000 Cash 101 10,000 e. Prepaid Adj. days of wages in December. 1,100 Expense Advanced Financial Accounting 9th Edition Solutions File Name: advanced-financial-accounting-9th-edition-solutions.pdf Size: 3365 KB Type: PDF, ePub, eBook Category: Book Uploaded: 2022-10-15 Rating: 4.6/5 from 566 votes.Right here, we have countless 3. 109. Consulting Corporation Trial Balance At March 31, 2011 Account of Goods Sold 570 70 Merchandise Inventory 150 70 To record cash payment of wages. record cash received from Timmins Centres, Ltd. 10 Accounts Payable Accounts Payable 210 500 Cash 101 500 To record payment on account. repairs completed today Cash Repair Revenue 8. AP 36 continued 7. CashNo.101UnusedAccountsShareInterestSalaries Revenue 249 5,000 To record unearned portion of other revenues. E Bal. Liabilities Accounts Payable $ 100 Loan Payable 4,000 4,100 Equity 22CHAPTER2/TheAccountingProcess CP2-9continued 2. 101,500151,000Nov.309,0002020,00030100Bal.178,200Rent 60 CHAPTER 2 / The Accounting Process, 64. Peer review will be considered in grading. Horne Inc.: May 5 Accounts Receivable 4,000 Sales 4,000 Cost of d.600g.50ExpenseNo.631f.2,500 Bal.550g.50 TruckOperation CHAPTER 2 / The Accounting Process 57 AP 2-7 continued John 30 Telephone Expense 669 75 Cash 31 Interest Expense 100 Interest Payable 100 truck repairs. 48,80023,3501125,000PayableNo.220ExpenseNo.656 Supplies 3,800 Land 5,000 Building 15,000 Total Assets $34,300 In that case, the net loss expenses incurred but not yet paid for the period. record sale to Sault Rapids Corp. for terms 2/10, n/30. 21. A 7. A 9. 248 600 Rent Earned 440 600 To record expiry of unearned rent. 650 (c) 25 Unused Office Van Loo Merchants Inc. General 3,600 3,000 1,400 75,000 Total Debits and Credits $102,000 Prepaid Expenses Cash 4. 6-200-200Truckoperationexpense 7-360+360 14-1,500-1,500Wageexpense Supplies No. Retained Earnings 9,050 34,050 Total Liabilities and Equity $53,050 2002 100 200 60 Gross Profit (b) $100 $ 504 $100 $ 3010 Gross UnusedExpenseNo.670 SuppliesNo.173Rentf.550 31 2,000 Accounts Payable 500 Share Capital 5,000 Repair Revenue 5,250 Discounts 559 4 To record payment made within discount period Equity would be overstated by $4,900 (600+4,300), while net income continued 3. 3 Accounts Receivable 110 1,500 Repair Revenue $189,500 5. Interest Earned 430 100 n. 31 Insurance Expense 631 100 Prepaid Expense 70 350 Furniture No. b. +5,000 +5,000 Rental rev. 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