Chapter 2 - Chapter 2 BE2-3 Correct Transactions for the...

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Chapter 2 BE2-3 Correct. Transactions for the Hank Norris Company for the month of June are presented below. Journalize the transactions. Jun e 1 Hank Norris invests $5,000 cash in a small welding business of which he is the sole proprietor. 2 Purchases equipment on account for $900. 3 $800 cash is paid to landlord for June rent. 12 Bills J. Kronsnoble $300 for welding work done on account. Date Account/Description Debit Credit June 1 Cash 5000 Hank Norris, Capital 5000 2 Equipment 900 Accounts Payable 900 3 Rent Expense 800 Cash
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800 12 Accounts Receivable 300 Service Revenue 300
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BE2-6 Correct. T.J. Carlin has the following transactions during August of the current year. Journalize the transactions based on the data below. Aug. 1 Opens an office as a financial advisor, investing $8,000 in cash. 4 Pays insurance in advance for 6 months, $1,800 cash. 16 Receives $800 from clients for service provided. 27 Pays secretary $1,000 salary. Date Description/Account Debit Credit Aug 1 Cash 8000 T.J. Carlin. Capital 8000 4 Prepaid Insurance 1800 Cash 1800 16 Cash 800 Service Revenue 800 27 Salaries Expense 1000 Cash 1000
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BE2-7 Correct. Selected transactions for the Finney Company are presented in journal from below. Post the transactions to T accounts. Make one T account for each item and determine each account's ending balance. Date Account Titles and Explanation Ref. Debit Credit May 5 Accounts Receivable 5,000 Service Revenue 5,000 (Billed for services provided) 12 Cash 2,400 Accounts Receivable 2,400 (Received cash in payment of account)
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15 Cash 3,000 Service Revenue 3,000 (Received cash for service provided) Cash 5/12 2400 5/15 3000 Ending Balance 5400 Accounts Receivable 5/5 5000 5/12 2400 Ending Balance 2600 Service Revenue 5/5 5000 5/15 3000
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Ending Balance 8000
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BE2-8 Correct. Selected journal entries for the Finney company are presented below. Post the transactions using the standard form of account. (If answer is zero please enter 0, do not leave any answer blank.) Date Account Titles and Explanation Ref. Debit Credit May 5 Accounts Receivable 5,000 Service Revenue 5,000 (Billed for services provided) 12 Cash 2,400 Accounts Receivable 2,400 (Received cash in payment of account) 15
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Cash 3,000 Service Revenue 3,000 (Received cash for service provided) General Ledger Cash Date Explanation Ref. Debit Credit Balance May 12 J1 2400 0 2400 15 J1 3000 0 5400 Accounts Receivable Date
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Explanation Ref. Debit Credit Balance May 5 J1 5000 0 5000 12 J1 0 2400 2600 Service Revenue Date Explanation Ref. Debit Credit Balance May 5 J1 0 5000 5000 15 J1 0
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3000 8000
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E2-5 Correct. Presented below is information related to Hanshew Real Estate Agency. Oct.
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Chapter 2 - Chapter 2 BE2-3 Correct Transactions for the...

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