Working Papers, Chapters 18-26 for Warren/Reeve/Duchacâs Accounting, 27E

27th Edition

ISBN: 9781337272162

Author: Reeve, James M., Duchac, Jonathan, WARREN, Carl S.

Publisher: South-Western College Pub

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Chapter 3, Problem 3.12EX

Determining supplies purchased

The supplies and supplies expense accounts at February 28, after adjusting entries have been posted at the end of the first year of operations, are shown in the following T accounts:

supplies			Supplies Expenses
Bal.	690		Bal.	4,110

Determine the amount of supplies purchased during the year.

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Chapter 3 Solutions

Working Papers, Chapters 18-26 for Warren/Reeve/Duchacâs Accounting, 27E

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 - If the effect of the credit portion of an...Ch. 3 - Does every adjusting entry affect net income for...Ch. 3 - Prob. 9DQ Ch. 3 - (a) Explain the purpose of the two accounts:...

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Solution Summary: The author explains that deferrals are classified into two types: prepaid expenses and unearned revenues. The expense recognition principle refers to the expenses that should match with revenue.

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Chapter 3 Solutions