Financial Accounting
5th Edition
ISBN: 9781259914898
Author: SPICELAND
Publisher: MCG
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Chapter 3, Problem 13BE
(1)
To determine
Prepare the
(2)
To determine
Prepare the
(3)
To determine
Calculate the year-end adjusted balances of interest revenue and interest receivable.
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D'Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of
dry cleaning is done by another company at wholesale rates. The assets, liabilities, and common stock of the business on July 1, 20Y4, are as follows: Cash, $45,000;
Accounts Receivable, $93,000; Supplies, $7,000; Land, $75,000; Accounts Payable, $40,000; Common Stock, $60,000. Business transactions during July are
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a. Joel Palk invested additional cash in exchange for common stock with a deposit of $35,000 in the business bank account.
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Colleen Company has gathered the following data pertaining to activities it performed for two of its major customers.
Jerry,
Incorporated Kate Company
Number of orders
Units per order
sales returns:
Number of returns
Total units returned
Number of sales calls.
3
2,000
60
360
1
60
5
140
4
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Order processing
Deliveries
Sales returns
Sales salary
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$ 700 per visit
460 per order
100 per order
210 per return and $5 per unit returned
80,000 per month
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Journal Entries
Rocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, are
indicated in the following T accounts:
Cash
(1) 40,000 (2) 4,000
(7) 13,100 (3) 5,000
(4) 6,175
(6) 6,000
(9) 1,500
Equipment
(3) 15,000
Dividends
(9) 1,500
Accounts Receivable
Accounts Payable
Service Revenue
(5) 20,500 (7) 13,100
(6) 6,000 (3) 10,000
(5) 20,500
Supplies
(2) 4,000 (8) 2,200
Common Stock
(1) 40,000
Operating Expenses
(4) 6,175
(8) 2,200
Prepare the nine journal entries from which the postings were made. Journal entry explanations may be omitted. If an amount box does not require an
entry, leave it blank.
Chapter 3 Solutions
Financial Accounting
Ch. 3 - Prob. 1SSQCh. 3 - 2. On January 17, Papa’s Pizza signs a contract...Ch. 3 - 3. Refer to the information in Self-Study Question...Ch. 3 - 4. Refer to the information in Self-Study...Ch. 3 - 5. Which of the following is not a characteristic...Ch. 3 - d. Are recorded at the end of the accounting...Ch. 3 - 7. A company owes employee salaries of $5,000 on...Ch. 3 - Prob. 8SSQCh. 3 - 9. An adjusted trial balance
Lists all accounts...Ch. 3 - Prob. 10SSQ
Ch. 3 - Prob. 11SSQCh. 3 - Prob. 12SSQCh. 3 - Prob. 13SSQCh. 3 - Prob. 14SSQCh. 3 - Prob. 15SSQCh. 3 - After completing each requirement, check your...Ch. 3 - Applying Excel #3-2
A company reports the...Ch. 3 - 1. Discuss the major principle that describes...Ch. 3 - Prob. 2RQCh. 3 - Prob. 3RQCh. 3 - Prob. 4RQCh. 3 - LO3–2
Rip Side of Question 7
5. Executive Lawn...Ch. 3 - Prob. 6RQCh. 3 - Prob. 7RQCh. 3 - Prob. 8RQCh. 3 - Prob. 9RQCh. 3 - Prob. 10RQCh. 3 - Prob. 11RQCh. 3 - Prob. 12RQCh. 3 - Prob. 13RQCh. 3 - Prob. 14RQCh. 3 - Prob. 15RQCh. 3 - Prob. 16RQCh. 3 - LO3–3
17. Global Printing publishes several types...Ch. 3 - Prob. 18RQCh. 3 - Prob. 19RQCh. 3 - Prob. 20RQCh. 3 - Prob. 21RQCh. 3 - Prob. 22RQCh. 3 - Prob. 23RQCh. 3 - Prob. 24RQCh. 3 - Prob. 25RQCh. 3 - Prob. 26RQCh. 3 - Prob. 27RQCh. 3 - Prob. 28RQCh. 3 - Determine revenues to be recognized (LO3–1)
BE3–1...Ch. 3 - BE3–2 Below are transactions for Bronco...Ch. 3 - BE3–3 Hoya Corporation reports the following...Ch. 3 - Analyze the impact of transactions on the balance...Ch. 3 - Determine accrual-basis and cash-basis net Income...Ch. 3 - BE3–6 At the beginning of May, Golden Gopher...Ch. 3 - Record the adjusting entry for prepaid rent...Ch. 3 - BE3–8 Mountaineer Excavation operates in a...Ch. 3 - Record the adjusting entry for depreciation...Ch. 3 - Record the adjusting entry for deferred revenue...Ch. 3 - Prob. 11BECh. 3 - Prob. 12BECh. 3 - Prob. 13BECh. 3 - BE3-14 For each of the following accounts,...Ch. 3 - Prob. 15BECh. 3 - Prob. 16BECh. 3 - Prob. 17BECh. 3 - Prob. 18BECh. 3 - Prob. 19BECh. 3 - BE3–20 The year-end adjusted trial balance of...Ch. 3 - E3–1 Consider the following...Ch. 3 - E3–2 Consider the following...Ch. 3 - E3–3 Refer to the situations discussed in...Ch. 3 - Differentiate cash-basis expenses from...Ch. 3 - E3-5 During the course of your examination of the...Ch. 3 - E3–6 Listed below are all the steps in the...Ch. 3 - Record adjusting entries (LO3-3)
E3-7 Golden Eagle...Ch. 3 - E3-8 Consider the following transactions for...Ch. 3 - Calculate the effects on net income of not...Ch. 3 - E3-10 Consider the following situations for...Ch. 3 - Calculate the effects on the accounting equation...Ch. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - E3-14 The December 31, 2021, unadjusted trial...Ch. 3 - Prob. 15ECh. 3 - E3-16 The December 31, 2021, adjusted trial...Ch. 3 - E3-17 Seminoles Corporation’s fiscal year-end is...Ch. 3 - 2. Calculate the ending balance of Retained...Ch. 3 - E3-19 Refer to the adjusted trial balance in...Ch. 3 - Prob. 20ECh. 3 - Prob. 21ECh. 3 - Prob. 1PACh. 3 - Convert cash-basis accounting to accrual-basis...Ch. 3 - Record adjusting entries (LO3-3)
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AP3-2 Financial...Ch. 3 - The Buckle, Inc.
AP3-3 Financial information for...Ch. 3 - Prob. 4APCh. 3 - AP3-5 You have recently been hired as the...Ch. 3 - Prob. 7AP
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