Explanation Adjusting entries: Adjusting entries are those entries which are made at the end of the accounting period, to record the revenues in the period of which they have been earned and to record the expenses in the period of which have been incurred, as well as to update all the balances of assets and liabilities accounts on the balance sheet, and to ascertain accurate amount of net income (loss) on the income statement to maintain the records according to the accrual basis principle. Prepare the adjusting entries. a. Adjusting entry for salaries expense: Date Accounts title and explanation Ref. Debit ($) Credit ($) November 30 Salaries expense 7,500 Salaries payable 7,500 (To record the adjusting entry for salaries expense) Table (1) Salaries expense is an expense account which is a component of stockholders’ equity . There is an increase in the expense account which increases the stockholders’ equity account. Hence, debit salaries expense with $7,500. Salaries payable is a liability. There is an increase in the liability account. Hence, credit salaries payable with $7,500. b. Adjusting entry for service revenue: Date Accounts title and explanation Ref. Debit ($) Credit ($) November 30 Unearned service revenue 1,250 Service revenue 1,250 (To record the adjusting entry for service revenue) Table (2) Unearned service revenue is a liability. There is a decrease in the liability account. Hence, debit unearned service revenue with $1,250. Service revenue is a revenue account which is a component of stockholders’ equity. There is an increase in the revenue account which increases the stockholders’ equity account. Hence, credit service revenue with $1,250. c. Adjusting entry for depreciation expense: Date Accounts title and explanation Ref. Debit ($) Credit ($) November 30 Depreciation expense 1,800 Accumulated depreciation 1,800 (To record the adjusting entry for depreciation expense) Table (3) Depreciation expense is an expense account which is a component of stockholders’ equity...

Financial Accounting, Student Value Edition (4th Edition)

4th Edition

ISBN: 9780134114811

Author: Robert Kemp, Jeffrey Waybright

Publisher: PEARSON

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Chapter 3, Problem 30BE

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Journalize the adjusting entries for the given adjustments at 30^th November.

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Chapter 3 Solutions

Financial Accounting, Student Value Edition (4th Edition)

Ch. 3 - If XYZ Consulting performs a consulting service,...Ch. 3 - Prob. 2DQ Ch. 3 - Prob. 3DQ Ch. 3 - Prob. 4DQ Ch. 3 - Prob. 5DQ Ch. 3 - Prob. 6DQ Ch. 3 - Prob. 7DQ Ch. 3 - Prob. 8DQ Ch. 3 - What kind of account is accumulated depreciation?...Ch. 3 - Prob. 10DQ

Ch. 3 - Prob. 1SC Ch. 3 - Adjusting the accounts is the process of a....Ch. 3 - Which of the following terms describes the types...Ch. 3 - Assume the weekly payroll of ASR, Inc., is 4,500....Ch. 3 - Prob. 5SC Ch. 3 - Prob. 6SC Ch. 3 - Prob. 7SC Ch. 3 - What do closing entries accomplish? a. Bring the...Ch. 3 - Prob. 9SC Ch. 3 - Which correctly represents the flow of information...Ch. 3 - Prob. 11SC Ch. 3 - Prob. 12SC Ch. 3 - Prob. 1SE Ch. 3 - Prob. 2SE Ch. 3 - Prob. 3SE Ch. 3 - Adjusting journal entryprepaid rent (Learning...Ch. 3 - Prob. 5SE Ch. 3 - Prob. 6SE Ch. 3 - Prob. 7SE Ch. 3 - Adjusting journal entrysalaries, accrued revenue,...Ch. 3 - Prob. 9SE Ch. 3 - Closing entries (Learning Objective 4) 5-10 min....Ch. 3 - Prob. 11SE Ch. 3 - Prob. 12SE Ch. 3 - Prob. 13SE Ch. 3 - Exercises (Group A) E3-14A. Adjusting journal...Ch. 3 - Adjusting journal entry-prepaid insurance...Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 17AE Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 19AE Ch. 3 - Prob. 20AE Ch. 3 - Prob. 21AE Ch. 3 - Prob. 22AE Ch. 3 - Prob. 23AE Ch. 3 - Prob. 24AE Ch. 3 - Prob. 25AE Ch. 3 - Prob. 26AE Ch. 3 - Prob. 27AE Ch. 3 - Prob. 28BE Ch. 3 - Prob. 29BE Ch. 3 - Prob. 30BE Ch. 3 - Analyzing errors (Learning Objective 2) 10-15 min....Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 33BE Ch. 3 - Prob. 34BE Ch. 3 - Prob. 35BE Ch. 3 - Prob. 36BE Ch. 3 - Prob. 37BE Ch. 3 - Prob. 38BE Ch. 3 - Prob. 39BE Ch. 3 - Prob. 40BE Ch. 3 - Prob. 41BE Ch. 3 - Problems (Group A) Common adjusting journal...Ch. 3 - Prob. 43AP Ch. 3 - Prob. 44AP Ch. 3 - Prob. 45AP Ch. 3 - Prob. 46AP Ch. 3 - Prob. 47AP Ch. 3 - Problems (Group B) Common adjusting journal...Ch. 3 - Prob. 49BP Ch. 3 - Prob. 50BP Ch. 3 - Effects of adjusting journal entries on income...Ch. 3 - Prob. 52BP Ch. 3 - Prob. 53BP Ch. 3 - Prob. 1CE Ch. 3 - Prob. 1CP Ch. 3 - Prob. 1CFSAP Ch. 3 - Prob. 1EIA Ch. 3 - Case 2. Brent Robertson and his banker were...Ch. 3 - Prob. 1FA Ch. 3 - Prob. 1IA Ch. 3 - Prob. 1SBA Ch. 3 - Written Communication You have received a letter...Ch. 3 - Prob. 1COP

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