Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Chapter 3, Problem 13E
Reversing Entries On December 31, 2019, Kellams Company made the following
Required:
Prepare whatever reversing entries are appropriate.
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On December 31, 2019, Mason Company made following proper year-end adjusting entries:
1. Prepare journal entries to record whatever reversing entries you think appropriate. 2. Explain your reasoning for each reversing entry.
Use the following information to provide the adjusting journal entry that Chipotle should have made on December 31, 2020which was the end of the fiscal year 2020. Assume that Chipotle makes adjusting entries once a year at fiscal year end.
At the end of fiscal year 2020, Chipotle owed employees $203 million related to work completed (but not yet paid) during fiscal year 2020. What adjusting journal entry should Chipotle make on December 31, 2020 related to these wages owed to employees?
Account Title
Debit
Credit
Salary expense
203
Salary payable
203
At the end of fiscal year 2020, Chipotle calculates that it has $105 million in sales on account that have not yet been received or recorded. What adjusting journal entry should Chipotle make on December 31, 2020 related to the sales on account?
Account Title
Debit
Credit
Accounts receivable
105
Sales revenue
105
Chipotle receives a utility bill every four weeks…
What are the adjusting entries?
Chapter 3 Solutions
Intermediate Accounting: Reporting And Analysis
Ch. 3 - What is the primary purpose of an accounting...Ch. 3 - What is the relationship between the accounting...Ch. 3 - Show the expanded accounting equation using the 10...Ch. 3 - Explain and distinguish between a transaction; an...Ch. 3 - Explain how the accounting equation organizes...Ch. 3 - What is the difference between a permanent and a...Ch. 3 - Prob. 7GICh. 3 - Why is it advantageous to a company to initially...Ch. 3 - What is a perpetual inventory accounting system?...Ch. 3 - Give examples of transactions that: a. Increase an...
Ch. 3 - Give examples of transactions that: a. Increase...Ch. 3 - Prob. 12GICh. 3 - Prob. 13GICh. 3 - Prob. 14GICh. 3 - Prob. 15GICh. 3 - Explain and provide examples of deferrals,...Ch. 3 - Prob. 17GICh. 3 - Prob. 18GICh. 3 - Prob. 19GICh. 3 - Prob. 20GICh. 3 - Prob. 21GICh. 3 - What are the major financial statements of a...Ch. 3 - Prob. 23GICh. 3 - Prob. 24GICh. 3 - Prob. 25GICh. 3 - Prob. 26GICh. 3 - Prob. 27GICh. 3 - Prob. 28GICh. 3 - Prob. 29GICh. 3 - What is cash-basis accounting? What must a company...Ch. 3 - On May 1, Johnson Corporation purchased inventory...Ch. 3 - On January 1, Tolson Company purchased a building...Ch. 3 - On July 1, Friler Company purchased a 1-year...Ch. 3 - Prob. 4RECh. 3 - Garcia Company rents out a portion of its building...Ch. 3 - Prob. 6RECh. 3 - Goldfinger Corporation had account balances at the...Ch. 3 - Prob. 8RECh. 3 - For the current year, Vidalia Company reported...Ch. 3 - Use the information in RE3-6, (a) assuming Ringo...Ch. 3 - (Appendix 3.1) Vickelly Company uses cash-basis...Ch. 3 - Financial Statement Interrelationship Draw a...Ch. 3 - Journal Entries Mead Company uses a perpetual...Ch. 3 - Journal Entries The following are selected...Ch. 3 - Adjusting Entries Your examination of Sullivan...Ch. 3 - Adjusting Entries The following are several...Ch. 3 - Adjusting Entries The following partial list of...Ch. 3 - Basic Income Statement The following are selected...Ch. 3 - Periodic Inventory System Raynolde Company uses a...Ch. 3 - Closing Entries Lloyd Bookstore shows the...Ch. 3 - Financial Statements Turtle Company has prepared...Ch. 3 - Worksheet for Service Company Whitaker Consulting...Ch. 3 - Worksheet, Including Inventory Surian Motors...Ch. 3 - Reversing Entries On December 31, 2019, Kellams...Ch. 3 - Special Journals The following are several...Ch. 3 - (Appendix 3.1) Cash-Basis Accounting Puntarelli...Ch. 3 - Adjusting Entries The following information is...Ch. 3 - Prob. 2PCh. 3 - Adjusting Entries Sarah Companys trial balance on...Ch. 3 - Prob. 4PCh. 3 - Errors in Financial Statements At the end of the...Ch. 3 - Journal Entries, Posting, and Trial Balance Luke...Ch. 3 - Effects of Errors: During the current accounting...Ch. 3 - Financial Statements Mackenzie Inc. uses a...Ch. 3 - Prob. 9PCh. 3 - Worksheet Victoria Company has the following...Ch. 3 - Worksheet Devlin Company has prepared the...Ch. 3 - Comprehensive On November 30, 2019. Davis Company...Ch. 3 - Reversing Entries Thomas Company entered into two...Ch. 3 - Reversing Entries On December 31, 2019, Mason...Ch. 3 - Adjusting Entries At the end of 2019, Richards...Ch. 3 - Prob. 16PCh. 3 - Comprehensive (Appendix 3.1) Dawson OConnor is the...
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