Connect Access Card For Fundamental Accounting Principles

24th Edition

ISBN: 9781260158526

Author: John J Wild

Publisher: McGraw-Hill Education

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…

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Textbook Question

Chapter 3, Problem 1APSA

Problem 3-1A
Identifying adjusting entries with explanations

C3 P 1

For each of the following journal entries 1 through 12, enter the letter of the explanation that most closely describes it in the space beside each entry. (You can use letters more than once.)

To record receipt of unread revenue.
To record period’s earning of prior unread revenue.
To record payment of an accrued expense.
To record receipt of an accrued revenue.
To record an accrued expense.
To record an accrued revenue.
To record this period’s use of a prepaid expense.
To record payment of prepaid expense.

Chapter 3, Problem 1APSA, Problem 3-1A Identifying adjusting entries with explanations C3 P 1 For each of the following

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Chapter 3, Problem 14E

Chapter 3, Problem 2APSA

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Entry 4 5 6 7 8 CO 3 2 9 1 10 Explanation Interest Expense Interest Payable Depreciation Expense Accumulated Depreciation Unearned Revenue Services Revenue Insurance Expense Prepaid Insurance Salaries Payable Cash Prepaid Rent Cash Salaries Expense Salaries Payable Interest Receivable Interest Revenue Cash Journal Entries Cash expense. Accounts Receivable (from consulting) Unearned Revenue Cash Debit 1,300 4,400 3,600 3,700 2,000 4,500 5,600 5,400 8,200 7,100 2,200 Credit 1,300 4,400 3,600 3,700 2,000 4,500 5,600 5,400 8,200 7,100

Revisit Choose the best option Question 38 O An accrued revenue In performing an audit, you encounter an adjusting journal entry recorded at year-end that contains a debit to rental revenue and a credit to defered renta revenue. The purpose of this journal entry is to record An unexpired expense. An expired expense. A liability.

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Chapter 3 Solutions

Connect Access Card For Fundamental Accounting Principles

Ch. 3 - Prob. 1DQ Ch. 3 - Why is the accrual basis of accounting generally...Ch. 3 - Prob. 3DQ Ch. 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 - Review the balance sheet of Apple in Appendix À....Ch. 3 - Prob. 10DQ

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