Solution Manual for Financial Accounting 9th Edition-Harrison Horngren Thomas Test Bank All Chapters. The business owes $1,275, as shown in the Accounts Payable account.
Chapter 2 Transaction Analysis 2-3
(1015 min.) S 28
Req. 1
Journal
DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT
Accoun...
Solution Manual for Financial Accounting 9th-
Edition-Harrison Horngren Thomas Test Bank All Chapters Chapter 2
Transaction Analysis
Short Exercises (5 min.) S 2 1
Hooper’s payment was not an expense.
Hooper acquired an asset, Equipment, because the computer is an economic resource of the business.
(5 min.) S 2 2
a.$13,400 ($11,000 + $2,400 + $5,500 − $5,500)
b.$ 2,400
(5 10 min.) S 2 3
Cash 27,000 3,500 2,200
Bal. 25,700
(5 min.) S 2 4
Increased total assets: April 1(Cash) Chapter 2 Transaction Analysis 2-1 April 1(Medical supplies)
April 3(Cash, Accounts Receivable)
(5 10 min.) S 2 5
a.Purchase of asset for cash
Sale of asset for cash
Collection of an account receivable
b.Payment of dividends to owners
Expense transaction
c.Pay a liability
Return an asset purchased on account
d.Issuance of stock
Revenue transaction
e.Purchase of asset on account
Borrow money
(Answers may vary.)
(10 min.) S 2 6
Journal
DATEACCOUNT TITLES AND EXPLANATION DEBITCREDIT
Mar.15Cash…………………………………… 31,000
Note Payable……………………… 31,000
Borrowed money from the bank.
22Accounts Receivable………………. 8,900
Service Revenue…………………. 8,900
Performed service on account.
28Cash…………………………………… 5,600
Accounts Receivable……………. 5,600
Received cash on account. Financial Accounting 8/e Solutions Manual2-2 Full file at http://testbankscafe.eu/Solution-Manual-for-Financial-Accounting-9th-Edition-Harrison,-Horngren,-Thomas
29Utilities Expense……………………. 900
Accounts Payable……………….. 900
Received utility bill.
31Salary Expense……………………… 2,600
Cash………………………………… 2,600
Paid salary expense.
(10 15 min.) S 2 7
Req. 1
Journal
DATEACCOUNT TITLES AND EXPLANATION DEBITCREDIT
Supplies……………………………….. 1,700
Accounts Payable………………… 1,700
Purchased supplies on account.
Accounts Payable…………………… 425
Cash………………………………… 425
Paid cash on account.
Req. 2
Accounts Payable
425 1,700
Bal.1,275
Req. 3
The business owes $1,275, as shown in the Accounts Payable account. Chapter 2 Transaction Analysis 2-3
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