Record the adjusting entries for the given transactions on May 31, 2016. Adjusting Entries Adjusting entries indicates those entries, which are passed in the books of accounts at the end of one accounting period. These entries are passed in the books of accounts as per the revenue recognition principle and the expenses recognition principle to adjust the revenue, and the expenses of a business in the period of their occurrence. Rule of Debit and Credit: Debit - Increase in all assets, expenses & dividends, and decrease in all liabilities and stockholders’ equity . Credit - Increase in all liabilities and stockholders’ equity, and decrease in all assets & expenses. The following entry shows the adjusting entry for accrued fees unearned on May 31, 2016: Date Account Titles and Explanation Debit ($) Credit ($) May 31, 2016 Accounts Receivable 19,750 Fees earned 19,750 (To record the accounts receivable at the end of the year.) Table (1) The impact on the accounting equation for the above referred adjusting entry is as follows: { Assets(A) + $ 19 , 750 } = { Liabilities (L) + Equities (E) + $ 19 , 750 }

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Answer 1

Question

Chapter 3, Problem 1PB

1.

To determine

Record the adjusting entries for the given transactions on May 31, 2016.

Adjusting Entries

Adjusting entries indicates those entries, which are passed in the books of accounts at the end of one accounting period. These entries are passed in the books of accounts as per the revenue recognition principle and the expenses recognition principle to adjust the revenue, and the expenses of a business in the period of their occurrence.

Rule of Debit and Credit:

Debit - Increase in all assets, expenses & dividends, and decrease in all liabilities and stockholders’ equity.

Credit - Increase in all liabilities and stockholders’ equity, and decrease in all assets & expenses.

The following entry shows the adjusting entry for accrued fees unearned on May 31, 2016:

Date Account Titles and Explanation Debit ($) Credit ($)
May 31, 2016 Accounts Receivable 19,750
Fees earned 19,750
(To record the accounts receivable at the end of the year.)

Table (1)

The impact on the accounting equation for the above referred adjusting entry is as follows:

{Assets(A)+$19,750}={Liabilities (L) + Equities (E) +$19,750}

2.

To determine

Explain the difference between the adjusting entries and correcting entries.

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Answer 2

Question

Chapter 3, Problem 1PB

1.

To determine

Record the adjusting entries for the given transactions on May 31, 2016.

Adjusting Entries

Adjusting entries indicates those entries, which are passed in the books of accounts at the end of one accounting period. These entries are passed in the books of accounts as per the revenue recognition principle and the expenses recognition principle to adjust the revenue, and the expenses of a business in the period of their occurrence.

Rule of Debit and Credit:

Debit - Increase in all assets, expenses & dividends, and decrease in all liabilities and stockholders’ equity.

Credit - Increase in all liabilities and stockholders’ equity, and decrease in all assets & expenses.

The following entry shows the adjusting entry for accrued fees unearned on May 31, 2016:

Date Account Titles and Explanation Debit ($) Credit ($)
May 31, 2016 Accounts Receivable 19,750
Fees earned 19,750
(To record the accounts receivable at the end of the year.)

Table (1)

The impact on the accounting equation for the above referred adjusting entry is as follows:

{Assets(A)+$19,750}={Liabilities (L) + Equities (E) +$19,750}

2.

To determine

Explain the difference between the adjusting entries and correcting entries.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 3, Problem 1PB

1.

To determine

Record the adjusting entries for the given transactions on May 31, 2016.

Adjusting Entries

Adjusting entries indicates those entries, which are passed in the books of accounts at the end of one accounting period. These entries are passed in the books of accounts as per the revenue recognition principle and the expenses recognition principle to adjust the revenue, and the expenses of a business in the period of their occurrence.

Rule of Debit and Credit:

Debit - Increase in all assets, expenses & dividends, and decrease in all liabilities and stockholders’ equity.

Credit - Increase in all liabilities and stockholders’ equity, and decrease in all assets & expenses.

The following entry shows the adjusting entry for accrued fees unearned on May 31, 2016:

Date Account Titles and Explanation Debit ($) Credit ($)
May 31, 2016 Accounts Receivable 19,750
Fees earned 19,750
(To record the accounts receivable at the end of the year.)

Table (1)

The impact on the accounting equation for the above referred adjusting entry is as follows:

{Assets(A)+$19,750}={Liabilities (L) + Equities (E) +$19,750}

2.

To determine

Explain the difference between the adjusting entries and correcting entries.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem 1PB

1.

To determine

Record the adjusting entries for the given transactions on May 31, 2016.

Adjusting Entries

Adjusting entries indicates those entries, which are passed in the books of accounts at the end of one accounting period. These entries are passed in the books of accounts as per the revenue recognition principle and the expenses recognition principle to adjust the revenue, and the expenses of a business in the period of their occurrence.

Rule of Debit and Credit:

Debit - Increase in all assets, expenses & dividends, and decrease in all liabilities and stockholders’ equity.

Credit - Increase in all liabilities and stockholders’ equity, and decrease in all assets & expenses.

The following entry shows the adjusting entry for accrued fees unearned on May 31, 2016:

Date Account Titles and Explanation Debit ($) Credit ($)
May 31, 2016 Accounts Receivable 19,750
Fees earned 19,750
(To record the accounts receivable at the end of the year.)

Table (1)

The impact on the accounting equation for the above referred adjusting entry is as follows:

{Assets(A)+$19,750}={Liabilities (L) + Equities (E) +$19,750}

2.

To determine

Explain the difference between the adjusting entries and correcting entries.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem 1PB

1.

To determine

Record the adjusting entries for the given transactions on May 31, 2016.

Adjusting Entries

Adjusting entries indicates those entries, which are passed in the books of accounts at the end of one accounting period. These entries are passed in the books of accounts as per the revenue recognition principle and the expenses recognition principle to adjust the revenue, and the expenses of a business in the period of their occurrence.

Rule of Debit and Credit:

Debit - Increase in all assets, expenses & dividends, and decrease in all liabilities and stockholders’ equity.

Credit - Increase in all liabilities and stockholders’ equity, and decrease in all assets & expenses.

The following entry shows the adjusting entry for accrued fees unearned on May 31, 2016:

Date Account Titles and Explanation Debit ($) Credit ($)
May 31, 2016 Accounts Receivable 19,750
Fees earned 19,750
(To record the accounts receivable at the end of the year.)

Table (1)

The impact on the accounting equation for the above referred adjusting entry is as follows:

{Assets(A)+$19,750}={Liabilities (L) + Equities (E) +$19,750}

2.

To determine

Explain the difference between the adjusting entries and correcting entries.

Answer 6

Chapter 3, Problem 1PB

1.

To determine

Record the adjusting entries for the given transactions on May 31, 2016.

Adjusting Entries

Adjusting entries indicates those entries, which are passed in the books of accounts at the end of one accounting period. These entries are passed in the books of accounts as per the revenue recognition principle and the expenses recognition principle to adjust the revenue, and the expenses of a business in the period of their occurrence.

Rule of Debit and Credit:

Debit - Increase in all assets, expenses & dividends, and decrease in all liabilities and stockholders’ equity.

Credit - Increase in all liabilities and stockholders’ equity, and decrease in all assets & expenses.

The following entry shows the adjusting entry for accrued fees unearned on May 31, 2016:

Date Account Titles and Explanation Debit ($) Credit ($)
May 31, 2016 Accounts Receivable 19,750
Fees earned 19,750
(To record the accounts receivable at the end of the year.)

Table (1)

The impact on the accounting equation for the above referred adjusting entry is as follows:

{Assets(A)+$19,750}={Liabilities (L) + Equities (E) +$19,750}

Answer 7

Chapter 3, Problem 1PB

1.

To determine

Record the adjusting entries for the given transactions on May 31, 2016.

Adjusting Entries

Adjusting entries indicates those entries, which are passed in the books of accounts at the end of one accounting period. These entries are passed in the books of accounts as per the revenue recognition principle and the expenses recognition principle to adjust the revenue, and the expenses of a business in the period of their occurrence.

Rule of Debit and Credit:

Debit - Increase in all assets, expenses & dividends, and decrease in all liabilities and stockholders’ equity.

Credit - Increase in all liabilities and stockholders’ equity, and decrease in all assets & expenses.

The following entry shows the adjusting entry for accrued fees unearned on May 31, 2016:

Date Account Titles and Explanation Debit ($) Credit ($)
May 31, 2016 Accounts Receivable 19,750
Fees earned 19,750
(To record the accounts receivable at the end of the year.)

Table (1)

The impact on the accounting equation for the above referred adjusting entry is as follows:

{Assets(A)+$19,750}={Liabilities (L) + Equities (E) +$19,750}

Answer 8

2.

To determine

Explain the difference between the adjusting entries and correcting entries.

Answer 9

2.

To determine

Explain the difference between the adjusting entries and correcting entries.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 3 - How are revenues and expenses reported on the...Ch. 3 - Is the matching concept related to (a) the cash...Ch. 3 - Why are adjusting entries needed at the end of an...Ch. 3 - What is the difference between adjusting entries...Ch. 3 - Identify the four different categories of...Ch. 3 - If the effect of the debit portion of an adjusting...Ch. 3 - Prob. 7DQ Ch. 3 - Does every adjusting entry affect net income for a...Ch. 3 - Prob. 9DQ Ch. 3 - Prob. 10DQ

Solution Summary: The author records the adjusting entries for the given transactions on May 31, 2016. They are passed in the books of accounts at the end of one accounting period.

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Explain the difference between the adjusting entries and correcting entries.

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Chapter 3 Solutions

Date	Account Titles and Explanation	Debit ($)	Credit ($)
May 31, 2016	Accounts Receivable	19,750
	Fees earned		19,750
	(To record the accounts receivable at the end of the year.)