College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 14, Problem 11SPB
WORKING BACKWARD FROM ADJUSTED
REQUIRED
- 1. Determine the adjusting entries by analyzing the difference between the adjusted trial balance and the trial balance.
- 2. Journalize the adjusting entries in a general journal.
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CLOSING ENTRIES AND POST-CLOSING TRIAL BALANCE Refer to thework sheet in Problem 6-7A for Megaffin's Repairs. The trial balanceamounts (before adjustments) have been entered in the ledger accountsprovided in the working papers. If you are not using the working papersthat accompany this book, set up ledger accounts and enter thesebalances as of January 31, 20--. A chart of accounts is provided attached.
REQUIRED
1. Journalize (page 10) and post the adjusting entries.2. Journalize (page 11) and post the closing entries.3. Prepare a post-closing trial balance.
WORK SHEET AND ADJUSTING ENTRIES A partial work sheet for Jim Jacobs’Furniture Repair is shown as follows. Indicate by letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet, properly matching each debit and credit. Complete the Adjustments columns.
From the adjusting entries below, prepare the reversing entry(ies) that would be needed for January 1.
GENERAL JOURNALPage 1
DateDescriptionPostRef.
DebitCreditAdjusting EntriesDec.31Work in Process Inventory17,333.00Factory Overhead17,333.0031Interest Receivable2,367.00Interest Revenue2,367.0031Office Supplies Expense6,319.00Office Supplies6,319.0031Factory Overhead15,841.00Factory Supplies15,841.0031Bad Debt Expense4,320.00Allowance for Bad Debts4,320.0031Factory Overhead1,927.00Prepaid Insurance1,927.0031Factory Overhead6,210.00Accumulated Depreciation—FactoryBuilding6,210.0031Factory Overhead14,253.00Accumulated Depreciation—FactoryEquipment14,253.00
Chapter 14 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 14 - Under the periodic inventory system, the beginning...Ch. 14 - Under the periodic inventory system, the ending...Ch. 14 - The cash received in advance before delivering a...Ch. 14 - Unearned revenue is adjusted into an expense...Ch. 14 - Sales Returns and Allowances is classified as a...Ch. 14 - Prob. 1MCCh. 14 - Prob. 2MCCh. 14 - Prob. 3MCCh. 14 - Prob. 4MCCh. 14 - Prob. 5MC
Ch. 14 - Prepare the cost of goods sold section for Josephs...Ch. 14 - The Venice Theatre sold and collected cash of...Ch. 14 - Prob. 3CECh. 14 - Using the partial work sheet provided below,...Ch. 14 - Prob. 5CECh. 14 - A firm is preparing to make adjusting entries at...Ch. 14 - Prob. 2RQCh. 14 - Prob. 3RQCh. 14 - What is an unearned revenue?Ch. 14 - Give three examples of unearned revenue.Ch. 14 - Prob. 6RQCh. 14 - Prob. 7RQCh. 14 - A firm is preparing to make adjusting entries at...Ch. 14 - ADJUSTMENT FOR MERCHANDISE INVENTORY USING T...Ch. 14 - CALCULATION OF COST OF GOODS SOLD: PERIODIC...Ch. 14 - ADJUSTMENT FOR UNEARNED REVENUES USING T ACCOUNTS...Ch. 14 - WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY...Ch. 14 - DETERMINING THE BEGINNING AND ENDING INVENTORY...Ch. 14 - JOURNALIZE ADJUSTING ENTRIES FOR A MERCHANDISING...Ch. 14 - JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY...Ch. 14 - Prob. 8SEACh. 14 - COMPLETION OF A WORK SHEET SHOWING A NET INCOME...Ch. 14 - COMPLETION OF A WORK SHEET SHOWING A NET LOSS The...Ch. 14 - WORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO...Ch. 14 - Prob. 12SPACh. 14 - ADJUSTMENT FOR MERCHANDISE INVENTORY USING T...Ch. 14 - CALCULATION OF COST OF GOODS SOLD: PERIODIC...Ch. 14 - ADJUSTMENT FOR UNEARNED REVENUES USING T ACCOUNTS...Ch. 14 - WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY...Ch. 14 - Prob. 5SEBCh. 14 - Prob. 6SEBCh. 14 - JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY...Ch. 14 - JOURNALIZE ADJUSTING ENTRY FOR A MERCHANDISING...Ch. 14 - COMPLETION OF A WORK SHEET SHOWING A NET INCOME A...Ch. 14 - Prob. 10SPBCh. 14 - WORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO...Ch. 14 - WORKING BACKWARD FROM THE INCOME STATEMENT AND...Ch. 14 - A friend of yours recently opened Abracadabra, a...Ch. 14 - Jason Tierro, an inventory clerk at Lexmar...Ch. 14 - John Neff owns and operates Waikiki Surf Shop. A...Ch. 14 - Block Foods, a retail grocery store, has agreed to...
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- WORK SHEET AND ADJUSTING ENTRIES A partial work sheet for Jim Jacobs Furniture Repair is shown as follows. Indicate by letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet, properly matching each debit and credit. Complete the Adjustments columns.arrow_forwardWORK SHEET AND ADJUSTING ENTRIES A partial work sheet for Jasmine Kahs Auto Detailing is shown below. Indicate by letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet, properly matching each debit and credit. Complete the Adjustments columns. JOURNALIZING ADJUSTING ENTRIES From the Adjustments columns in Exercise 5-9B, journalize the four adjusting entries as of June 30, in proper general journal format.arrow_forwardJOURNALIZE AND POST ADJUSTING ENTRIES FROM THE WORK SHEET Refer to Problem 5-15A and the following additional information: REQUIRED 1. Journalize the adjusting entries on page 5 of the general journal. 2. Post the adjusting entries to the general ledger. (If you are not using the working papers that accompany this text, enter the balances provided in this problem before posting the adjusting entries.)arrow_forward
- WORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO DETERMINE ADJUSTING ENTRIES The partial spreadsheet shown below is taken from the books of Albers Pet Supply, a business owned by Carm Albers, for the year ended December 31, 20--. Albers is on the periodic inventory system. REQUIRED 1. Determine the adjusting entries by analyzing the difference between the adjusted trial balance and the trial balance. 2. Journalize the adjusting entries in a general journal.arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. amount due for employee salaries, $4,800 B. actual count of supplies inventory, $ 2,300 C. depreciation on equipment, $3,000arrow_forwardWORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO DETERMINE ADJUSTING ENTRIES The partial work sheet shown below is taken from the books of Stark Street Computers, a business owned by Logan Cowart, for the year ended December 31, 20--. REQUIRED 1. Determine the adjusting entries by analyzing the difference between the adjusted trial balance and the trial balance. 2. Journalize the adjusting entries in a general journal.arrow_forward
- The trial balance of Clayton Cleaners for the month ended September 30 is as follows: Data for the adjustments are as follows: a. Expired or used-up insurance, 800. b. Depreciation expense on equipment, 2,700. c. Wages accrued or earned since the last payday, 585 (owed and to be paid on the next payday). d. Supplies remaining at the end of month, 230. Required 1. Complete a work sheet. (Skip this step if using CLGL.) 2. Journalize the adjusting entries. If you are using CLGL, use the year 2020 when recording transactions.arrow_forwardThe trial balance of The New Decors for the month ended September 30 is as follows: Data for the adjustments are as follows: a. Expired or used-up insurance, 425. b. Depreciation expense on equipment, 2,750. c. Wages accrued or earned since the last payday, 475 (owed and to be paid on the next payday). d. Supplies remaining at end of month, 215. Required 1. Complete a work sheet. (Skip this step if using GL.) 2. Journalize the adjusting entries. If you are using CLGL, use the year 2020 when recording transactions.arrow_forwardPOSTING ADJUSTING ENTRIES Two adjusting entries are shown in the following general journal. Post these adjusting entries to the four general ledger accounts. The following account numbers were taken from the chart of accounts: 145, Prepaid Insurance; 183.1, Accumulated Depreciation—Cleaning Equipment; 541, Depreciation Expense—Cleaning Equipment; and 535, Insurance Expense. If you are not using the working papers that accompany this text, enter the following balances before posting the entries: Prepaid Insurance, $960 Debit; Accumulated Depreciation—Cleaning Equipment, $870 Credit.arrow_forward
- Working Backward From Adjusted Trial Balance To Determine Adjusting Entries The partial spreadsheet shown below is taken from the books of Sunstate Computer Supply, a business owned by Michelle Thibeault, for the year ended December 31, 20--. Sunstate is on the periodic inventory system. Required: 1. Determine the adjusting entries by analyzing the difference between the adjusted trial balance and the trial balance. Sunstate Computer Supply End-of-Period Spreadsheet For Year Ended December 31, 20-- TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 22,000 22,000 Accounts Receivable 15,400 15,400 Merchandise Inventory 82,500 93,500 Estimated Returns Inventory 3,520 4,730 Supplies 8,800 3,630 Prepaid Insurance 5,940 4,180 Land 143,000 143,000 Building 275,000 275,000 Accumulated Depreciation-Building 110,000 123,750 Store Equipment 110,000 110,000 Accumulated Depreciation-Store Equipment 44,000 49,500 Accounts Payable 10,560 10,560…arrow_forwardUse the following excerpts from the year-end Adjusted Trial Balance to prepare the four journal entries required to close the books:arrow_forwardADJUSTING, CLOSING, AND REVERSING ENTRIES A partial work sheet for Baldwin Company is shown on the next page. Data for adjusting the accounts are as follows: REQUIRED 1. Prepare the December 31 adjusting journal entries for Baldwin Company. 2. Prepare the December 31 closing journal entries for Baldwin Company. 3. Prepare the reversing journal entries as of January 1, 20-2, for Baldwin Company.arrow_forward
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