Chapter 2 Analyzing Transactions83b. Assuming that there have been no recording errors, will the balance sheet prepared at December 31 balance? Explain.EX 2-11Cash accountbalanceobjs. 1, 2, 3

During the month, Racoon Co. received $319,750 in cash and paid out $269,900 in cash. a. Do the data indicate that Racoon Co. earned $49,850 during the month? Explain.b. If the balance of the cash account is $72,350 at the end of the month, what was thecash balance at the beginning of the month?EX 2-12Account balancesobjs. 1, 2, 3c. $284,175

a. During July, $90,300 was paid to creditors on account, and purchases on account were $115,150. Assuming the July 31 balance of Accounts Payable was $39,000, de- termine the account balance on July 1.b. On May 1, the accounts receivable account balance was $36,200. During May,$315,000 was collected from customers on account. Assuming the May 31 balancewas $41,600, determine the fees billed to customers on account during May.c. On April 1, the cash account balance was $18,275. During April, cash receipts to-taled $279,100 and the April 30 balance was $13,200. Determine the cash paymentsmade during April.EX 2-13Transactionsobj. 2

Derby Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Terri Burell, Capital; Terri Burell, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.Journalize the following selected transactions for March 2009 in a two-column jour- nal. Journal entry explanations may be omitted.Mar. 1.Paid rent for the month, $3,000.2.Paid advertising expense, $1, 800.5.Paid cash for supplies, $900.6.Purchased office equipment on account, $12,300.10.Received cash from customers on account, $4,100.15.Paid creditor on account, $1,200.27.Paid cash for repairs to office equipment, $500.30.Paid telephone bill for the month, $180.31.Fees earned and billed to customers for the month, $26,800.31.Paid electricity bill for the month, $315.31.Withdrew cash for personal use, $ 2,000.EX 2-14Journalizing andpostingobjs. 2, 3

On August 7, 2010, Mainsail Co. purchased $2,190 of supplies on account. In Mainsail Co.s chart of accounts, the supplies account is No. 15, and the accounts payable ac- count is No. 21.a. Journalize the August 7, 2010, transaction on page 19 of Mainsail Co.s two-column journal. Include an explanation of the entry.b. Prepare a four-column account for Supplies. Enter a debit balance of $1,050 as ofAugust 1, 2010. Place a check mark () in the Posting Reference column.c. Prepare a four-column account for Accounts Payable. Enter a credit balance of$15,600 as of August 1, 2010. Place a check mark () in the Posting Reference column.d. Post the August 7, 2010, transaction to the accounts.EX 2-15Transactions andT accountsobjs. 2, 3

The following selected transactions were completed during February of the current year:1. Billed customers for fees earned, $41,730.2. Purchased supplies on account, $1,800.3. Received cash from customers on account, $39,150.4. Paid creditors on account, $1,100.