Solution Manual for Financial Accounting 9th Edition-Harrison Horngren Thomas Test Bank All Chapters

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 Accounts Receivable............................. 4,700 Service Revenue………………….. 4,700 Performed service on account. Cash 3,000 Accounts Receivable.................... 3,000 Received cash on account. Req. 2 Cash Accounts Receivable Service Revenue 3,000 4,700 3,000 4,700 Bal. 3,000 Bal. 1,700 Bal. 4,700 2-4 Financial Accounting 8/e Solutions Manual Full file at (10 min.) S 29 Old Harbor Trial Balance December 31, 2012 ACCOUNT DEBIT CREDIT Millions Cash……………………….…... $ 4 Other assets………………….. 10 Accounts payable…………… $ 3 Other liabilities………………. 1 Stockholders’ equity……….. 5 Revenues……………………... 19 Expenses……………………... 14 ___ Total……………………….…… $28 $28 Old Harbor’s net income: $5 million ($19 − $14) (10 min.) S 210 1. Total assets = $91,000 ($4,500 + $18,000 + $2,500 + $21,000 + $45,000) 2. Total liabilities = $47,000 ($25,000 + $22,000) 3. Net income = $18,000 ($53,600 − $25,000 − $9,000 − $1,600) Chapter 2 Transaction Analysis 2-5 (10 min.) S 211 1. Total debits = $ 86,100 ($126,600 + $4,500 − $45,000) Total credits = $126,600 Difference = $ 40,500 ($126,600 − $86,100); $40,500 / 9 = $4,500 (an integer), which suggests either a transposition or a slide. 2. Total debits = $189,600 ($126,600 + $81,000 − $18,000) Total credits = $126,600 Difference = $ 63,000 ($189,600 − $126,600); $63,000 / 9 = $7,000 (an integer), which suggests either a transposition or a slide. 3. Total debits = $108,600 ($126,600 − $18,000) Total credits = $144,600 ($126,600 + $18,000) Difference = $ 36,000 ($144,600 − $108,600) $36,000 / 2 = $18,000 (original amount of accounts receivable). (10 min.) S 212 I 1. Debit D 2. Expense G 3. Net income E 4. Ledger F 5. Posting B 6. Normal balance H 7. Payable C 8. Journal A 9. Receivable J 10. Owners’ equity 2-6 Financial Accounting 8/e Solutions Manual Full file at (5 min.) S 213 Cash Computer Equipment 100,000 60,000 Accounts Payable Common Stock 60,000 100,000 Total debits = $160,000 ($100,000 + $60,000) Total credits = $160,000 ($100,000 + $60,000) Chapter 2 Transaction Analysis 2-7 Exercises (1015 min.) E 214A TO: Home Office FROM: Store Manager During the first week, I used the store’s beginning cash to purchase equipment and supplies. I signed a note payable to buy land and a building. After all these transactions, the store’s balance sheet appears as follows: Casual Wear San Francisco Store Balance Sheet Date