Horngren's Financial & Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780133866292
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem 3.1CTCA
In 75 words or fewer, explain
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In the two-column general journal page below, each capital letter represents a part of a journal entry. Select the proper letter to the item in the list below to identify the proper part of the journal entry.
GENERAL JOURNAL
Page 1
GH
I
J
O
M
K
P
N
L
1.
Ledger account number of account credited
2.
Month
3.
Explanation
4.
Title of account debited
5.
Year
6.
Day of the month
7.
Title of account credited
8.
Amount of debit
9.
Amount of credit
10.
Ledger account number of account debited
3. Itco uses a perpetual inventory system. During the month of October the
following transactions took place:
10/1
10/5
10/10
10/12
10/15
10/22
A.
UTS
Balance: 2,000 uts. @ $6.00/ut
Purchased: 5,000 uts. @ $6.35/ut
Purchased: 8,000 uts. @ $6.50/ut
Sold 12,000 uts. for $10.00 ea.
Purchased: 4,000 uts. @ $6.75/ut
Sold 5,000 uts. for $10.00 ea.
I
Complete the perpetual inventory record (provided) for
the above transactions using the FIFO valuation system.
COST TOT
UTS
COST
TOT
UTS
COST
TOT
A compound journal entry is
Multiple Choice
A journal entry that has three or more debits and three or more credits
A journal entry that affects at least three account
A journal entry that affects at least four accounts
A journal entry involving at least two accounting periods
Chapter 3 Solutions
Horngren's Financial & Managerial Accounting (5th Edition)
Ch. 3 - Which of the following is true of accrual basis...Ch. 3 - Get Fit Now gains a client who prepays 540 for a...Ch. 3 - The revenue recognition principle requires a. time...Ch. 3 - Adjusting the accounts is the process of a....Ch. 3 - Which of the following is an example of a deferral...Ch. 3 - Assume that the weekly payroll of In the Woods...Ch. 3 - The adjusted trial balance shows a. amounts that...Ch. 3 - A D Window Cleaning performed 450 of services but...Ch. 3 - A worksheet a. is a journal used to record...Ch. 3 - On February 1, Clovis Wilson Law Firm contracted...
Ch. 3 - What is the difference between cash basis...Ch. 3 - Which method of accounting (cash or accrual basis)...Ch. 3 - Which accounting concept or principle requires...Ch. 3 - What is a fiscal year? Why might companies choose...Ch. 3 - Under the revenue recognition principle, when is...Ch. 3 - Prob. 6RQCh. 3 - When are adjusting entries completed, and what is...Ch. 3 - Prob. 8RQCh. 3 - Prob. 9RQCh. 3 - Prob. 10RQCh. 3 - Prob. 11RQCh. 3 - Prob. 12RQCh. 3 - Prob. 13RQCh. 3 - Prob. 14RQCh. 3 - Prob. 15RQCh. 3 - What is an accrued expense? Provide an example.Ch. 3 - What is an accrued revenue? Provide an example.Ch. 3 - Prob. 18RQCh. 3 - When is an adjusted trial balance prepared, and...Ch. 3 - If an accrued expense is not recorded at the end...Ch. 3 - What is a worksheet, and how is it used to help...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - Comparing cash and accrual basis accounting for...Ch. 3 - Comparing cash and accrual basis accounting for...Ch. 3 - Applying the revenue recognition principle South...Ch. 3 - Applying the matching principle Suppose on January...Ch. 3 - Identifying types of adjusting entries A select...Ch. 3 - Journalizing and posting adjusting entries for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Prob. 3.9SECh. 3 - Prob. 3.10SECh. 3 - Prob. 3.11SECh. 3 - Journalizing an adjusting entry for accrued...Ch. 3 - Prob. 3.13SECh. 3 - Determining the effects on financial statements In...Ch. 3 - Prob. 3.15SECh. 3 - Prob. 3.16SECh. 3 - Prob. 3.17SECh. 3 - Prob. 3.18ECh. 3 - Prob. 3.19ECh. 3 - Prob. 3.20ECh. 3 - Prob. 3.21ECh. 3 - Prob. 3.22ECh. 3 - Prob. 3.23ECh. 3 - Prob. 3.24ECh. 3 - Prob. 3.25ECh. 3 - Prob. 3.26ECh. 3 - Identifying the impact of adjusting entries on the...Ch. 3 - Journalizing adjusting entries and analyzing their...Ch. 3 - Prob. 3.29ECh. 3 - Prob. 3.30ECh. 3 - Understanding the alternative treatment of prepaid...Ch. 3 - Understanding the alternative treatment of...Ch. 3 - Journalizing adjusting entries and subsequent...Ch. 3 - Journalizing adjusting entries and identifying the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - A Using the worksheet to record the adjusting...Ch. 3 - Understanding the alternative treatment of prepaid...Ch. 3 - Journalizing adjusting entries and subsequent...Ch. 3 - Journalizing adjusting entries and identifying the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Prob. 3.43BPCh. 3 - Understanding the alternative treatment of prepaid...Ch. 3 - Prob. 3.45CPCh. 3 - Prob. 3.46PSCh. 3 - One year ago, Tyler Stasney founded Swift...Ch. 3 - Prob. 3.1CTEICh. 3 - XM, Ltd. was a small engineering firm that built...Ch. 3 - Prob. 3.1CTFSCCh. 3 - In 75 words or fewer, explain adjusting journal...
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- Use the following T-accounts to prepare the four journal entries required to close the books:arrow_forwardUse the following T-accounts to prepare the four journal entries required to close the books:arrow_forward19.The Post. Ref. column in the general journal is used to show that an account has been posted to the ledger when which of the following is placed in it? a. Journal page number b. Account number c. journal number d. check markarrow_forward
- While posting an entry in a ledger, the Post. Ref. column in the ledger account is filled with the number 96. It indicates that: a.the entry is related to account number 96. b.the entry came from page number 96 of the journal. c.this entry came from a source document numbered 96. d.the entry is the 96th entry in the ledger.arrow_forwardIn the following two-column journal, the capital letters represent where parts of a journal entry appear. Write the numbers 1 through 8 on a sheet of paper. After each number, match the capital letter where these items appear with the number of the item. (Not all letters will be used.) 1. Year 2. Month 3. Explanation 4. Title of account debited 5. Ledger account number of account credited 6. Amount of debit 7. Day of the month 8. Title of account creditedarrow_forwardSelect the best answer for the question 13. The process of transferring the information contained in the journal to the ledger is called A. cross-referencing OB. balancing the accounts OC. cross-adding D. posting. Mark for review (Will be highlighted on the review page) << Previous Question Next Quesmonarrow_forward
- Make adjustments on the Adjusting Journal Entries. Remember to include a description under each journal entry.arrow_forwardFont Paragraph Styles 4. Purchased Supplies for RO 150 and paid RO 100. Remaining amount will be paid after one montharrow_forwardCan I ask what is the journal entry for Aug 23arrow_forward
- Put the following steps in the accounting cycle in the correct order (1-9). Journalize transactions and events Three Journalize and post the adjusting journal entires Three Analyze transactions and events from source documents One Prepare the post-closing trial balance Nine Post the journal entires to the general ledger Choose. + Prepare the unadjusted trial balance Choose. Prepare the adjusted trial balance Choose. +arrow_forwardQUESTION 2 Study the following transactions that occurred during August 2022 for Renwick & Co. Aug 2 - Renwick & Co. sold 40 office desks costing $2,000 each, at a unit price of $4,500 to Shams Ltd. Terms: 2/10, n/30. Aug 7- Shams Ltd. Returned for full credit 6 of the desks acquired on August 2 because they were of the incorrect size and style. Aug 8 - Renwick & Co. returned the office desks to its inventory. Aug 9 - Renwick & Co. received payment by cheque from Shams Ltd. for 30 office desks. Aug 27 - Renwick & Co. received payment in cash from Shams Ltd. in full settlement for the remaining office desks acquired on August 2. Renwick & Co. uses the net method to record sales and cash discounts and the perpetual inventory system. You may copy and paste from this list: Accounts receivable Discount Interest income Bad debt expense Bank Cash Cost of Goods Sold COGS REQUIRED: Interest receivable Inventory Notes receivable Par Premium Sales discounts Sales discounts forfeited Sales returns…arrow_forwardUse the following Adjusted Trial Balance: Adjusted Trial Balance Debit Credit Cash $42,750 Prepaid Insurance 4,900 Equipment 36,000 Notes Payable $36,000 Common Stock 11,000 Retained Earnings 325 Dividends 26,000 Sales Revenue 245,400 Automobile Expense 28,575 Insurance Expense 23,000 Salaries Expense 140,000 Supplies Expense 10,500 $311,725 $311,725arrow_forward
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