FUND OF ACCT PRIN(LOOSE-LEAF)+ACCESS
25th Edition
ISBN: 9781264753277
Author: Wild
Publisher: MCG
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Chapter 3, Problem 15E
To determine
Introduction: The financial statements of a company include the
The adjusting amount for all missing figures in the income statement.
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Enter all the stuff in the journal
For each of the above independent situations, prepare the adjusting entries that must be made on the December 31, 20X1, worksheet.
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Chapter 3 Solutions
FUND OF ACCT PRIN(LOOSE-LEAF)+ACCESS
Ch. 3 - Periodic reporting C1 Choose from the following...Ch. 3 - Prob. 2QSCh. 3 - Identifying accounting adjustments Classify the...Ch. 3 - Concepts 0f adjusting entries During the year, a...Ch. 3 - Prepaid (deferred) expenses adjustments Pl For...Ch. 3 - Prepaid (deferred) expenses adjustments For each...Ch. 3 - Prob. 7QSCh. 3 - Accumulated depreciation adjustments Pl For each...Ch. 3 - Adjusting for depreciation P1 For each separate...Ch. 3 - Unearned (deferred) revenues adjustments For each...
Ch. 3 - Adjusting for unearned (deferred) revenues P2 For...Ch. 3 - Accrued expenses adjustments Pl For each separate...Ch. 3 - Prob. 13QSCh. 3 - Accrued revenues adjustments P4 For each separate...Ch. 3 - Recording and analysing adjusting entries A1...Ch. 3 - QS3-16
Determining effects of adjusting...Ch. 3 - Preparing an adjusted trial balance P5 Following...Ch. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Preparing adjusting entries P4 Garcia Company had...Ch. 3 - Preparing adjusting entries P4 Cal Consulting...Ch. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Exercise 3-6 Preparing adjusting entries P1 P2 P3...Ch. 3 - Prob. 7ECh. 3 - Prob. 8ECh. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Exercise 3-14 Preparing adjusting entries P1 P2 P3...Ch. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Prob. 16ECh. 3 - Prob. 17ECh. 3 - Prob. 18ECh. 3 - Prob. 19ECh. 3 - Prob. 20ECh. 3 - Problem 3-1A Identifying adjusting entries with...Ch. 3 - Problem 3-2B Preparing adjusting and subsequent...Ch. 3 - Problem 3-3A Preparing adjusting entries, adjusted...Ch. 3 - Problem 3-5A Preparing financial statements from...Ch. 3 - Problem 3-6A
Recording prepaid expenses and...Ch. 3 - Prob. 1PSBCh. 3 - Problem 3-2B Preparing adjusting and subsequent...Ch. 3 - Problem 3-3B Preparing adjusting entries, adjusted...Ch. 3 - Problem 3-5B Preparing financial statements from...Ch. 3 - Problem 3-6B Recording prepaid expenses and...Ch. 3 - Prob. 3SPCh. 3 - Prob. 1GLPCh. 3 - Using transactions from the following assignments,...Ch. 3 - Using transactions from the following assignments,...Ch. 3 - Prob. 4GLPCh. 3 - Prob. 5GLPCh. 3 - Prob. 1AACh. 3 - Key figures for the recent two years of both Apple...Ch. 3 - Key comparative figures for Samsung. Apple, and...Ch. 3 - Prob. 1DQCh. 3 - Why is the accrual basis of accounting generally...Ch. 3 - Prob. 3DQCh. 3 - What is a prepaid expense and where is it reported...Ch. 3 - What type of assets requires adjusting entries to...Ch. 3 - 6. What contra account is used when recording and...Ch. 3 - What is an accrued revenue? Give an example..Ch. 3 - 8. If a company initially records prepaid expenses...Ch. 3 - Prob. 1BTNCh. 3 - Prob. 2BTNCh. 3 - Access EDGAR online (SEC.gov) and locate the...Ch. 3 - Prob. 4BTN
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- POSTING ADJUSTING ENTRIES Two adjusting entries are 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: 141, Supplies; 219, Wages Payable; 511, Wages Expense; and 523, Supplies Expense. If you are not using the working papers that accompany this text, enter the following balances before posting the entries: Supplies, 200 Debit; and Wages Expense, 1,200 Debit.arrow_forwardThe balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co. failed to record the adjusting entry for $600 of rent earned during December, the effect on the balance sheet and income statement for December would 1w: A. Assets understated by $600; net income overstated by $600. B. Liabilities understated by $600; net income understated by $600. C. Liabilities overstated by $600; net income understated by $600. D. Liabilities overstated by $600; net income overstated by $600.arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on buildings and equipment, $17,500 B. advertising still prepaid at year end, $2,200 C. interest due on notes payable, $4,300 D. unearned rental revenue, $6,900 E. interest receivable on notes receivable, $1,200arrow_forward
- Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Adjustments needed: Physical count of supplies inventory remaining at end of period, $2,150 Taxes payable at end of period, $3,850arrow_forwardi need the answer for question number 2arrow_forwardAdjusting Entry for Accrued Fees At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank. fill in the blank bde46203f010050_2 fill in the blank bde46203f010050_3 fill in the blank bde46203f010050_5 fill in the blank bde46203f010050_6 b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?arrow_forward
- Journalize the six December 31 adjusting entries for Cole Designs that adjusted the accounts to arrive at the financial statements in the Adjusted Financial Statements panel. Refer to the Chart of Accounts for exact wording of account titles. Journalize each adjustment as a separate entry. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3 4 5 6 7 8 9 10 11 12 13 Adjusted financial statement Cole Designs Income…arrow_forwardesc Reversing Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period. Required: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date Description Debit Credit Reversing entry Reversing entry necessary not necessary Dec. 31 Interest Receivable 1,200 1,200 31 Rent Expense 1,000 O 1,000 31 Interest Expense 31 Supplies Expense Supplies ! Explanation 1 *; F1 Q A Interest Revenue Prepaid Rent. L Interest Payable N @ 2 Check F2 W S #3 X 3 800 520 80 F3 E D 800 520 $ 4 C F4 R O O O X FL Cr dº % 5 F5 T V ? MacBook Air F6 A 6 G Y B & 7 H F7 U 8 N Ⓒ2022 McGraw Hill LLC. All Rights Reser DII DD FB J - ( 9 F9 K M 0 O Carrow_forwardAdjusting entries for unearned and accrued fees The balance in the unearned fees account, before adjustment at the end of the year, is $108,680. Of these fees, $67,380 have been earned. In addition, $13,040 of fees have been earned but have not been billed. a. Journalize the adjusting entry to adjust the unearned fees account. If an amount box does not require an entry, leave it blank. 88 b. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank.arrow_forward
- Adjusting Entries for Unearned and Accrued Fees The balance in the unearned fees account, before adjustment at the end of the year, is $119,790. Of these fees, $74,270 have been earned. In addition, $14,370 of fees have been earned but have not been billed. a. Journalize the adjusting entry to adjust the unearned fees account. If an amount box does not require an entry, leave it blank. fill in the blank 6f7618f8bf96fcf_2 fill in the blank 6f7618f8bf96fcf_3 fill in the blank 6f7618f8bf96fcf_5 fill in the blank 6f7618f8bf96fcf_6 b. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank. fill in the blank 509adef84fd6009_2 fill in the blank 509adef84fd6009_3 fill in the blank 509adef84fd6009_5 fill in the blank 509adef84fd6009_6arrow_forwardPOSTING ADJUSTING ENTRIES Two adjusting entries are 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: 141, Supplies; 219, Wages Payable; 511, Wages Expense; and 523, Supplies Expense. If you are not using the working papers that accompany this text, enter the following balances before posting the entries: Supplies, $200 Debit; and Wages Expense, $1,200 Debit.arrow_forwardCurrent Attempt in Progress The ledger of Kingbird, Inc. at the end of the current year shows Accounts Receable $112,000; Sales Revenue $833,000; and Sales Returns and Allowances $20,000. (a) (b) (c) If Kingbird, uses the direct write-off method to account for uncollectib accounts, journalize the adjusting entry at December 31, assuming Kingbird, determines that L. Dole's $1,800 balance is uncollectible. (a) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (b) If Allowance for Doubtful Accounts has a credit balance of $2,200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. No. Account Titles and Explanation If Allowance for Doubtful Accounts has a debit balance of $199 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable. (c) Debit Creditarrow_forward
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