Chapter 2 Solutions

# Chapter 2 Solutions - PRACTICE EXERCISES PE 2–1A 1 Debit...

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Unformatted text preview: PRACTICE EXERCISES PE 2–1A 1. Debit and credit entries, Normal credit balance 2. Debit and credit entries, Normal debit balance 3. Debit entries only, Normal debit balance 4. Debit entries only, Normal debit balance 5. Debit and credit entries, Normal debit balance 6. Credit entries only, Normal credit balance PE 2–1B 1. Debit and credit entries, Normal debit balance 2. Credit entries only, Normal credit balance 3. Debit and credit entries, Normal credit balance 4. Credit entries only, Normal credit balance 5. Debit and credit entries, Normal credit balance 6. Debit entries only, Normal debit balance PE 2–2A Oct. 14 Office Supplies..................................................... 9,000 Cash.................................................................. 1,800 Accounts Payable........................................... 7,200 PE 2–2B Feb. 3 Office Equipment.................................................. 18,250 Cash.................................................................. 3,650 Accounts Payable .......................................... 14,600 PE 2–3A Apr. 2 Cash....................................................................... 3,600 Fees Earned..................................................... 3,600 PE 2–3B Nov. 29 Accounts Receivable........................................... 11,375 Fees Earned..................................................... 11,375 PE 2–4A Jan. 19 Dividends............................................................... 8,500 Cash.................................................................. 8,500 PE 2–4B Dec. 23 Dividends............................................................... 6,000 Cash.................................................................. 6,000 PE 2–5A Using the following T account, solve for the amount of supplies expense (indicated by ? below). Supplies July 1 Bal. 1,950 ? Supplies expense Cash receipts 6,750 _____ July 31 Bal. 1,851 \$1,851 = \$1,950 + \$6,750 – Supplies expense Supplies expense = \$1,950 + \$6,750 – \$1,851 = \$6,849 PE 2–5B Using the following T account, solve for the amount of cash receipts (indicated by ? below). Cash Oct. 1 Bal. 23,600 315,700 Cash payments Cash receipts ? _______ Oct. 31 Bal. 36,900 \$36,900 = \$23,600 + Cash receipts – \$315,700 Cash receipts = \$36,900 + \$315,700 – \$23,600 = \$329,000 PE 2–6A a. The totals are equal since both the debit and credit entries were journalized and posted for \$8,000. b. The totals are unequal. The credit total is higher by \$6,075 (\$6,750 – \$675). c. The totals are unequal. The debit total is higher by \$360 (\$4,510 – \$4,150). PE 2–6B a. The totals are unequal. The debit total is higher by \$2,700 (\$6,300 – \$3,600)....
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Chapter 2 Solutions - PRACTICE EXERCISES PE 2–1A 1 Debit...

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