西方财务会计课后习题答案(3)

Salary expense……………… 8,000 Utilities expense……………. 1,400

Delivery expense…………… 300 Total…………………………...

$109,450 $109,450

*Total debits………………………………………… $109,450 Total credits, excluding retained earnings…… (88,100) Retained earnings………………………………… $ 21,350

(continued) E 2-10

Req. 2

Whirlpool Appliance Service

Income Statement

Month Ended June 30, 20X6

Service revenue………………... $22,000 Salary expense………………… $8,000 Utilities expense……………….. 1,400 Delivery expense………………. 300

Total expenses…………………. 9,700 Net income………………………

$12,300

(15-25 min.) E 2-11

Car Connection, Inc.

Trial Balance December 31, 20X3

ACCOUNT

DEBIT CREDIT

Cash…………………………... $ 4,600* Accounts receivable……….. 12,600* Inventory……………………... 17,000 Supplies……………………… 600 Land…………………………... 55,000

Accounts payable………….. $13,100* Common stock……………… 48,300* Sales revenue………………..

35,700

Cost of goods sold…………. 3,900 Salary expense……………… 1,700 Rent expense……………….. 800

Utilities expense……………. 900* _______ Total…………………………...

$97,100 $97,100

_____

*Explanations:

Cash: $4,200 + $400 = $4,600

Accounts Receivable: $13,000 – $400 = $12,600

Accounts Payable: $12,000 + $1,000 – $100 + $200 = $13,100 Common Stock: $47,900 + $400 = $48,300 Utilities Expense: $700 + $200 = $900

Chapter 2 Transaction Analysis 67

(5-15 min.) E 2-12

(a) Bal. (c) Bal. (e) (g) Bal.

Cash 12,500 (b) (d) (e) (g) 6,800 Office Supplies 800 800 Accounts Payable 400 (c) Bal. Dividends 2,000 2,000 Salary Expense 1,800 1,800 1,500 1,800 400 2,000

(f) Bal.

Accounts Receivable 8,300 8,300 Office Furniture 9,000 9,000 Common Stock (a) Bal. Service Revenue (f) Bal. Rent Expense 1,500 1,500

800 400

(a) Bal. 21,500 21,500 8,300 8,300 (d) Bal. (10-20 min.) E 2-13

Req. 1

(b) Bal. LaVell Oxford, Attorney

Trial Balance July 31, 20X8

ACCOUNT

Cash…………………………... Accounts receivable……….. Office supplies……………… Office furniture……………… Accounts payable………….. Common stock……………… Dividends…………………….. Service revenue…………….. Salary expense……………… Rent expense……………….. Total…………………………...

Req. 2

DEBIT $ 6,800 8,300 800 9,000

2,000

1,800 1,500 $30,200 CREDIT

$ 400 21,500

8,300

$30,200 68 Financial Accounting 6/e Solutions Manual

The business performed well during July. The result of operations was net income of $5,000, as shown by the income statement accounts:

Service revenue…………………. $ 8,300 Salary expense……….. $1,800 Rent expense…………. 1,500 Total expenses……………….. (3,300) Net income……………………….. $ 5,000

(20-30 min.) E 2-14

Reqs. 1 and 3

Cash Accounts Receivable Dec. 2 7,000 Dec. 2 500 Dec. 18 1,700 9 800 3 3,000 12 200 Bal. 4,100 Supplies Equipment Dec. 5 300 Dec. 3 3,000 Furniture Accounts Payable Dec. 4 3,600 Dec. 4 3,600 5 300 Bal. 3,900

Common Stock Dividends Dec. 2 7,000 Service Revenue Rent Expense Dec. 9 800 Dec. 2 500 18 1,700 Bal. 2,500 Utilities Expense Salary Expense Dec. 12 200 (continued) E 2-14

Req. 2

Journal

DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT

Dec. 2 Cash…………………………………….. 7,000 Common Stock…………………….. 7,000 2 Rent Expense…………………………. 500 Cash…………………………………. 500 3 Equipment……………………………... 3,000 Cash…………………………………. 3,000

Chapter 2 Transaction Analysis 69

4 Furniture……………………………….. 3,600

Accounts Payable…………………. 5 Supplies………………………………... 300

Accounts Payable…………………. 9 Cash…………………………………….. 800

Service Revenue…………………... 12 Utilities Expense……………………… 200

Cash…………………………………. 18 Accounts Receivable………………… 1,700

Service Revenue…………………...

(continued) E 2-14

Req. 4

Matthew Rogers, Certified Public Accountant, P.C.

Trial Balance December 18, 20XX

ACCOUNT

DEBIT CREDIT Cash…………………………... $ 4,100 Accounts receivable……….. 1,700 Supplies……………………… 300 Equipment…………………… 3,000 Furniture……………………... 3,600

Accounts payable………….. $ 3,900 Common stock……………… 7,000

Dividends…………………….. — Service revenue…………….. 2,500

Rent expense……………….. 500 Utilities expense……………. 200

Salary expense……………… — Total…………………………...

$13,400 $13,400

(20-40 min.) E 2-15

a. Net income for March – Given as follows:

Retained Earnings

Feb. 28 Bal. 7,000 March March dividends 15,800 net income X = $19,300 Mar. 31 Bal. 10,500

$7,000 + X – $15,800 = $10,500

X = $19,300

b. Total cash paid during March:

Cash

Feb. 28 Bal. 11,600

70 Financial Accounting 6/e Solutions Manual

3,600

300

800

200

1,700

March receipts Mar. 31 Bal.

81,200 March payments 5,000 X = $87,800

$11,600 + $81,200 – X = $ 5,000 X = $87,800

(continued) E 2-15

c. Cash collections from customers during March:

Accounts Receivable

Feb. 28 Bal. 24,300 March sales on account 49,400 March collections X = $47,000 Mar. 31 Bal. 26,700

$24,300 + $49,400 – X = $26,700 X = $47,000

d. Cash paid on a note payable during March:

Note Payable Feb. 28 Bal. 13,900 March March X =17,500 payments on note X new borrowing 25,000 Mar. 31 Bal. 21,400

$13,900 + $25,000 – X = $21,400 X = $17,500

(20-30 min.) E 2-16

Req. 1

Road Runner, Inc. Trial Balance December 31, 20X5

Cash…………………………... Accounts receivable……….. Supplies……………………… Land…………………………... Accounts payable………….. Note payable………………… Common stock……………… Retained earnings………….. Service revenue…………….. Salary expense……………… Advertising expense………. Totals………………………….

Out of balance by $3,300

Chapter 2 Transaction Analysis 71

$ 4,200 7,200 800 34,000

3,400 900 $50,500

$ 5,800 5,000 20,000 7,300 9,100

_______ $47,200

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