Financial Accounting, Student Value Edition (4th Edition)
4th Edition
ISBN: 9780134114811
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem 10SE
Closing entries (Learning Objective 4) 5-10 min.
From the following list of accounts from the adjusted
- 1.
Depreciation Expense - 2. Sales Revenue
- 3. Building
- 4. Cash
- 5. Unearned Service Revenue
- 6. Prepaid Rent
- 7. Dividends
| Account | Type of Account | Permanent/Temporary | Closed |
| Supplies | Asset | Permanent | No |
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Students have asked these similar questions
Learning Task 1: Identify or classify the different account titles as to whether
they belong to Assets, Liabilities, Owners' Equity Revenue or Expense of the busi-
ness. Fill the amounts of the following SFP and SCI elements:
Sales
Current Assets
Noncurrent Assets
Current Liabilities
Noncurrent Liabilities
Expenses
Net Income (Loss)
Chart of Accounts
SCI ACCOUNTS
SFP ACCOUNTS
ASSETS
Account
INCOME
Acc.
No.
No.
410
Service Fees
110
Cash
420
Sales
120
Accounts Receivables
Interest Income
Gains
Allow for Bad debts
430
125
130
Notes Receivable
440
EXPENSES
140
Inventory
150
Prepayments
510
Cost of SAles
Freight-out
Building
Accum Depn-Bldg
160
515
165
520
Salaries Expense
LIABILITIES
210
Accounts payable
530
Utilities Expense
Notes Payable
Interest Payable
Salaries Payable
Utilities Payable
220
540
Bad Debts
Depreciation
Advertising Expense
230
545
240
550
250
560
Taxes and Licenses
Unearned Income
Interest Expense
Miscellaneous Expense
260
570
EQUITY
Owner's Capital
Owner's Drawing
580…
(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Hawkins and Harris, a CPAfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $104,000■ Allowance for Uncollectible Accounts, $12,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $695,000, all on accountb. Collections on account, $720,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $15,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Hawkins and Harris will report accounts receivable on its balance sheet atDecember 31, 2018.
Click to watch the Tell Me More Learning Objective 6 video and then answer the questions below.
1. Cost less accumulated depreciation equals
a. depreciable cost.
b. book value.
c. residual value.
d. accumulated value.
2. Accumulated depreciation would be shown on which financial statement?
a. Balance sheet
b. Income statement
c. Statement of cash flows
d. Statement stockholders' equity
Chapter 3 Solutions
Financial Accounting, Student Value Edition (4th Edition)
Ch. 3 - If XYZ Consulting performs a consulting service,...Ch. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - What kind of account is accumulated depreciation?...Ch. 3 - Prob. 10DQ
Ch. 3 - Prob. 1SCCh. 3 - Adjusting the accounts is the process of a....Ch. 3 - Which of the following terms describes the types...Ch. 3 - Assume the weekly payroll of ASR, Inc., is 4,500....Ch. 3 - Prob. 5SCCh. 3 - Prob. 6SCCh. 3 - Prob. 7SCCh. 3 - What do closing entries accomplish? a. Bring the...Ch. 3 - Prob. 9SCCh. 3 - Which correctly represents the flow of information...Ch. 3 - Prob. 11SCCh. 3 - Prob. 12SCCh. 3 - Prob. 1SECh. 3 - Prob. 2SECh. 3 - Prob. 3SECh. 3 - Adjusting journal entryprepaid rent (Learning...Ch. 3 - Prob. 5SECh. 3 - Prob. 6SECh. 3 - Prob. 7SECh. 3 - Adjusting journal entrysalaries, accrued revenue,...Ch. 3 - Prob. 9SECh. 3 - Closing entries (Learning Objective 4) 5-10 min....Ch. 3 - Prob. 11SECh. 3 - Prob. 12SECh. 3 - Prob. 13SECh. 3 - Exercises (Group A) E3-14A. Adjusting journal...Ch. 3 - Adjusting journal entry-prepaid insurance...Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 17AECh. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 19AECh. 3 - Prob. 20AECh. 3 - Prob. 21AECh. 3 - Prob. 22AECh. 3 - Prob. 23AECh. 3 - Prob. 24AECh. 3 - Prob. 25AECh. 3 - Prob. 26AECh. 3 - Prob. 27AECh. 3 - Prob. 28BECh. 3 - Prob. 29BECh. 3 - Prob. 30BECh. 3 - Analyzing errors (Learning Objective 2) 10-15 min....Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 33BECh. 3 - Prob. 34BECh. 3 - Prob. 35BECh. 3 - Prob. 36BECh. 3 - Prob. 37BECh. 3 - Prob. 38BECh. 3 - Prob. 39BECh. 3 - Prob. 40BECh. 3 - Prob. 41BECh. 3 - Problems (Group A) Common adjusting journal...Ch. 3 - Prob. 43APCh. 3 - Prob. 44APCh. 3 - Prob. 45APCh. 3 - Prob. 46APCh. 3 - Prob. 47APCh. 3 - Problems (Group B) Common adjusting journal...Ch. 3 - Prob. 49BPCh. 3 - Prob. 50BPCh. 3 - Effects of adjusting journal entries on income...Ch. 3 - Prob. 52BPCh. 3 - Prob. 53BPCh. 3 - Prob. 1CECh. 3 - Prob. 1CPCh. 3 - Prob. 1CFSAPCh. 3 - Prob. 1EIACh. 3 - Case 2. Brent Robertson and his banker were...Ch. 3 - Prob. 1FACh. 3 - Prob. 1IACh. 3 - Prob. 1SBACh. 3 - Written Communication You have received a letter...Ch. 3 - Prob. 1COP
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