Recording Transactions Journal Entry Grid
a List of Accounts for Harding

question 75

Essay

Recording transactions journal entry grid
A list of accounts for Harding Company is given below, followed by a series of transactions. Indicate the accounts that would be debited and credited in recording each transaction by placing the appropriate number (or numbers) in the space provided.
$$\begin{array} { | r | l | r | l | } \hline 1 & \text { Cash } & 5 & \text { Office Equipment } \\\hline 2 & \text { Accounts Receivable } & 6 & \text { Notes Payable } \\\hline 3 & \text { Land } & 7 & \text { Accounts Payable } \\\hline 4 & \text { Building } & 8 & \text { Capital Stock } \\\hline & & 9 & \text { Retained Earnings } \\\hline\end{array}$$ $$\begin{array} { | l | c | c | } \hline { \text { Transaction } } & \begin{array} { c } \text { Account(s) } \\\text { Debited }\end{array} & \begin{array} { c } \text { Account(s) } \\\text { Credited }\end{array} \\\hline \begin{array} { l } \text { Example: Purchased office equipment, paying part } \\\text { cash, with the balance due on account }\end{array} & 5 & 1,7 \\\hline \begin{array} { l } \text { A. Purchased land and a building paying part cash } \\\text { and issuing a note payable for the balance of the } \\\text { purchase price }\end{array} & & \\\hline \begin{array} { l } \text { B. Sold a piece of the company's office equipment at } \\\text { cost, received part of the proceeds in cash, with } \\\text { the balance due in } 30 \text { days }\end{array} & & \\\hline \text { C. Collected an account receivable } & & \\\hline \begin{array} { l } \text { D. Borrowed money from a bank and signed a note } \\\text { payable due in one year }\end{array} & & \\\hline \text { E. Paid an account payable } & & \\\hline \text { F. Issued capital stock in exchange for cash } & & \\\hline\end{array}$$

Understand the basic components and calculations involved in determining the cost of goods sold for a manufacturing company.

Identify and differentiate between product costs and period costs.

Understand the cost flow in a manufacturing company, including the concepts of direct materials, direct labor, and manufacturing overhead.

Calculate the total manufacturing costs incurred during a period.

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Definitions:

Cultural Group

A collection of individuals who share common cultural symbols, traditions, languages, or beliefs that distinguish them from other groups.

Relational Orientation

A person's tendency or preference in how they interact with and relate to others, focusing on the importance of interpersonal relationships.

Ethos

A dimension of culture that refers to the basic values, assumptions, and beliefs that are held within a cultural group and that guide social interactions.

Collective Personality

The personality structure and dynamics of individuals who live in collective social systems and families, tend to be motivated by group rather than personal goals, contextually rather than dispositionally oriented, and other-focused emotionally rather than ego-focused.