College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 2, Problem 2E
List the classification of each of the following accounts as A (asset), L (liability), OE (owner’s equity), R (revenue), or E (expense). Write Debit or Credit to indicate the increase side, the decrease side, and the normal balance side.
PART 1: The Accounting Cycle for a Service Business: Analyzing Business Transactions
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Identify the items from the following list that are likely to serve as source
documents.
Is this a
Item
source
document?
a. Invoice from supplier
b. Ledger
c. Statement of cash flows
d. Company revenue account
e. Sales receipt
f. General journal
g. Prepaid insurance account
h. Employee time clock record
i. Credit card receipt
An area of information that shows a company's ability to manage its assets, such as inventory and accounts receivable.
Select one:
O a. Solvency
b. Liquidity
c. Profitability
d. Operations Management
O
Directions: THE EVENTS COMMON TO THE ACCOUNTING FUNCTION OF A BUSINESS ENTITY ARE LISTED BELOW. ON THE NUMBERED SPACES PROVIDED, PLACE THE LETTERS OF THE EVENTS IN THE SEQUENCE IN WHICH THEY WOULD LOGICALLY OCCUR, 1 BEING THE FIRST, AND 10 THE LAST. ACCOUNTING FUNCTIONS
A – Determining ledger account balances F – Posting from the journal to the ledger
B – Analyzing the transactions G – Preparing a business document
C – Preparing the Statement of Financial H – Preparing a Statement of Comprehensive
Position Income
D – Preparing the trial balance I - Journalizing the transactions
E – Occurrence of a business transactions J - Preparing the statement of owner’s equity
Chapter 2 Solutions
College Accounting (Book Only): A Career Approach
Ch. 2 - Determine the balance of the following T account:
...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 3QYCh. 2 - R. Nelson invests his personal computer, with a...Ch. 2 - When preparing a trial balance, which of the...Ch. 2 - What would be the net income for Floress Catering?...Ch. 2 - On which financial statement(s) would R. Flores,...Ch. 2 - What is the amount of ending capital shown on the...Ch. 2 - Floress Catering purchased equipment that cost...Ch. 2 - Prob. 1DQ
Ch. 2 - Explain why the term debit doesnt always mean...Ch. 2 - Prob. 3DQCh. 2 - How are the three financial statements shown in...Ch. 2 - Prob. 5DQCh. 2 - List two reasons why the debits and credits in the...Ch. 2 - Prob. 7DQCh. 2 - What do we mean when we say that capital, drawing,...Ch. 2 - On a sheet of paper, draw the fundamental...Ch. 2 - List the classification of each of the following...Ch. 2 - R. Dalberg operates Dalbergs Tours. The company...Ch. 2 - During the first month of operation, Graham...Ch. 2 - Speedy Sewing Services, owned by T. Nguyen, hired...Ch. 2 - During the first month of operations, Landish...Ch. 2 - The following errors were made in journalizing...Ch. 2 - Would the following errors cause the trial balance...Ch. 2 - During December of this year, G. Elden established...Ch. 2 - B. Kelso established Computer Wizards during...Ch. 2 - S. Myers, a speech therapist, opened a clinic in...Ch. 2 - On May 1, B. Bangle opened Self-Wash Laundry. His...Ch. 2 - The financial statements for Daniels Custom...Ch. 2 - During February of this year, H. Rose established...Ch. 2 - J. Carrie established Carries Photo Tours during...Ch. 2 - D. Johnston, a physical therapist, opened...Ch. 2 - On July 1, K. Resser opened Ressers Business...Ch. 2 - The financial statements for Baker Custom Catering...Ch. 2 - Prob. 1ACh. 2 - A fellow accounting student has difficulty...Ch. 2 - What Would You Do? A new bookkeeper cant find the...
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- Explain how the accounting equation organizes financial information using T-accounts and debits and credits.arrow_forwardACCOUNTING PROCESS Match the following steps of the accounting process with their definitions. Analyzinga. Telling the results Recordingb. Looking at events that have taken place and thinking about how they affect the business Classifying Summarizingc. Deciding the importance of the various reports Reportingd. Aggregating many similar events to provide information that is easy to understand Interpretinge. Sorting and grouping like items together f. Entering financial information into the accounting systemarrow_forwardUsing the following revenue journal for Zeta Services Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts:arrow_forward
- In the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)arrow_forwardList the three basic questions that must be answered when analyzing the effects of a business transaction on the accounting equation.arrow_forwardThe step-by-step process to record business activities and events to keep financial records up to date is ________. A. day-to-day cycle B. accounting cycle C. general ledger D. journalarrow_forward
- On a sheet of paper, draw the fundamental accounting equation with T accounts under each of the account classifications, with plus and minus signs and debit and credit on the appropriate side of each account. Under each of the classifications, draw T accounts, again with the correct plus and minus signs and debit and credit, for each of the following accounts of Davie Engine Repair.arrow_forwardAn accounting clerk would take first which of the following steps? A. Post individual amounts to the subsidiary ledgers. B. File source documents C. Journalize the business transaction D. Post to the general ledgers.arrow_forwardAnalyze typical business transactions and choose suitable account headings for your income statement.arrow_forward
- Th e collection of all business transactions sorted by account in an accounting system is referred to as: B . a general ledger.arrow_forwardListed below are several terms and phrases associated with the measurement process for external transactions. List A List B _______1. Account a. Record of all transactions affecting a company. _______2. Analyze transactions b. Determine the dual effect of business events on the accounting equation. _______3. Journal c. List of accounts and their balances. _______4. Post d. Summary of the effects of all transactions related to a particular item over a period of time _______5. Trial balance e. Transfer balances from the journal to the general ledger. Required:Pair each item from List A with the item from List B to which it is most appropriately associated.arrow_forwardof economic events is the part of the accounting process that involves Communication O a. preparing accounting reports Ob.identifying economic events Oc. quantifying transactions into dollars and cents O d. recording and classifying informationarrow_forward
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