12th Edition

ISBN: 9781133593102

Author: Belverd E., Jr, Ph.d. Needles, Marian, Ph.D. Powers, Susan V. Crosson

Publisher: Cengage Learning

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Textbook Question

Chapter 3, Problem 14AP

Scoop Consulting Service’s trial balance on December 31, 2014, is as follows.

Chapter 3, Problem 14AP, Scoop Consulting Services trial balance on December 31, 2014, is as follows. The following

The following information is also available:

a. Ending inventory of office supplies, $564
b. Prepaid rent expired, $470
c. Depreciation of office equipment for the period, $820
d. Accrued interest expense at the end of the period, $730
e. Accrued salaries at the end of the period, $630
f. Service revenue still unearned at the end of the period, $2,722
g. Service revenue earned but unrecorded, $2,500

REQUIRED

1. Open T accounts for the accounts in the trial balance plus the following: Interest Payable; Salaries Payable; Office Supplies Expense; Depreciation Expense—Office Equipment; and Interest Expense. Enter the balances shown on the trial balance.
2. Determine the adjusting entries and post them directly to the T accounts.
3. Prepare an adjusted trial balance.
4. ACCOUNTING CONNECTION ▶ Which financial statements do each of the above adjustments affect? Which financial statement is not affected by the adjustments?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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Chapter 3, Problem 13AP

Chapter 3, Problem 15AP

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Chapter 3 Solutions

Principles of Accounting: Chapters 1-13

Ch. 3 - Prob. 1DQ Ch. 3 - Will the carrying value of a long-term asset...Ch. 3 - If, at the end of the accounting period, you were...Ch. 3 - Prob. 4DQ Ch. 3 - Prob. 5DQ Ch. 3 - Prob. 6DQ Ch. 3 - Match the concepts of accrual accounting that...Ch. 3 - The Prepaid Insurance account began the year with...Ch. 3 - The Supplies account began the year with a balance...Ch. 3 - Prob. 4SE

Ch. 3 - Prob. 5SE Ch. 3 - During the month of August, deposits in the amount...Ch. 3 - Prob. 7SE Ch. 3 - Malesherbes Companys adjusted trial balance on...Ch. 3 - Prob. 9SE Ch. 3 - Prob. 10SE Ch. 3 - Carlos Companys accountant makes the assumptions...Ch. 3 - Four conditions must be met before revenue should...Ch. 3 - Prob. 3EA Ch. 3 - Prob. 4EA Ch. 3 - Prob. 5EA Ch. 3 - Prob. 6EA Ch. 3 - Prob. 7EA Ch. 3 - Prob. 8EA Ch. 3 - Prepare year-end adjusting entries for each of the...Ch. 3 - Prob. 10EA Ch. 3 - Prob. 11EA Ch. 3 - Wipro Companys income statement included the...Ch. 3 - At the end of the first three months of operation,...Ch. 3 - On November 30, the end of the current fiscal...Ch. 3 - Kinokawa Consultants Companys trial balance on...Ch. 3 - Hertz Limo Service was organized to provide...Ch. 3 - At the end of its fiscal year, Berwyn Cleaners...Ch. 3 - Brave Advisors Services trial balance on December...Ch. 3 - Prob. 7P Ch. 3 - Prob. 8P Ch. 3 - Prob. 9AP Ch. 3 - On March 31, the end of the current fiscal year,...Ch. 3 - Lee Technology Corporations trial balance on...Ch. 3 - Prob. 12AP Ch. 3 - Prob. 13AP Ch. 3 - Scoop Consulting Services trial balance on...Ch. 3 - Prob. 15AP Ch. 3 - Prob. 16AP Ch. 3 - Never Flake Company provided a rust-prevention...Ch. 3 - Prob. 2C Ch. 3 - Prob. 3C Ch. 3 - Prob. 4C Ch. 3 - Prob. 5C Ch. 3 - Prob. 6C

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Solution Summary: The author explains how to prepare an adjusted trial balance of Company "S" as on December 31, 2014.

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