Financial Accounting, Student Value Edition (12th Edition)

12th Edition

ISBN: 9780134727066

Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.

Publisher: PEARSON

See similar textbooks

Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…

Final Accounts

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…

Videos

Textbook Question

Chapter 3, Problem 3.21AE

LO 3

(Learning Objective 3: Adjust the accounts) Jenkins Rentals Company faced the following situations. Journalize the adjusting entry needed at December 31, 2020, for each situation. Consider each fact separately.

a. The business has interest expense of $3,100 that it must pay early in January 2021.
b. Interest revenue of $4,400 hoe been earned but not yet received.
c. On July 1, 2020, when the business collected $14,200 rent in advance, it debited cash and credited unearned Rent Revenue The tenant was paying for two years rent.
d. Salary expense is $5,700 per day—Monday through Friday—and the business pays employees each Friday This year. December 31 falls on a Thursday.
e. The unadjusted balance of the Supplies account is $3,100. The total cost of supplies on hand s $1.200.
f. Equipment was purchased on January 1 of this year at a cost of $140,000. The equipment’s useful life is five years. There is no residual value. Record depreciation for this year and then determine the equipment's bock value.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 3, Problem 3.20AE

Chapter 3, Problem 3.22AE

Students have asked these similar questions

Solve ths quation Accounting question

General Accounting

The inventory of 3t Company on December 31, 2014, consists of the following items: Part No. Quantity Cost per Unit Cost to Replace per Unit 110 650 $ 135 $ 150 111 1,040 90 78 112 540 120 114 113 220 255 270 120 500 308 312 121* 1,600 24 21 122 390 360 353 (* - Part No. 121 is obsolete and has a realizable value of $0.75 each as scrap) a. Determine the inventory as of December 31, 2014, by the lower-of- cost-or-market method, applying this method directly to each item.

Chapter 3 Solutions

Financial Accounting, Student Value Edition (12th Edition)

Ch. 3 - If Oxbow Corporation dees not record a sale mace...Ch. 3 - Which of the following transactions would be...Ch. 3 - A physician performs medical services for a...Ch. 3 - The Animal Adventure zoo gift shop sells stuffed...Ch. 3 - According to U S GAAP, when should revenue be...Ch. 3 - Prob. 6QC Ch. 3 - Prob. 7QC Ch. 3 - Prob. 8QC Ch. 3 - What data flows from the statement of retained...Ch. 3 - Which financial statement reports assets,...

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Solution Summary: The author explains the rules of debiting and crediting different accounts while they occur in business transactions.

Concept explainers

Videos

Want to see the full answer?

Chapter 3 Solutions