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. Accounting rules for journal entries : To record increase balance of account : Debit assets, expenses, losses and credit liabilities, capital, revenue and gains. To record decrease balance of account : Credit assets, expenses, losses and debit liabilities, capital, revenue and gains. To prepare: The adjusting entries needed as at December 31.

Question

Want to see the full answer?

Answer 1

Question

Chapter 3, Problem 3.22E

(a)

To determine

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.

Accounting rules for journal entries:

To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.

To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains.

To prepare: The adjusting entries needed as at December 31.

(b)

To determine

To prepare: The adjusting entries needed as of December 31.

(c)

To determine

To prepare: The adjusting entries needed as of December 31 for supplies.

(d)

To determine

To prepare: The adjusting entries needed as of December 31 for depreciation on equipment.

(e)

To determine

To prepare: The adjusting entries needed as of December 31 for adjusting prepaid insurance.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

What is the net income for the year?

What is the return on equity roe?

Baxter Sports Ltd. of Australia manufactures sporting equipment. One of the company's products, a rugby helmet for the European market, requires a special plastic. During the quarter ending September 30, the company manufactured 3,500 helmets, using 2,350 kilograms of plastic. The plastic cost the company $19,975. According to the standard cost card, each helmet should require 0.65 kilograms of plastic, at a cost of $8.25 per kilogram. According to the standards, what cost for plastic should have been incurred to make 3,500 helmets? How much greater or less is this than the cost that was incurred?

Answer 2

Question

Chapter 3, Problem 3.22E

(a)

To determine

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.

Accounting rules for journal entries:

To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.

To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains.

To prepare: The adjusting entries needed as at December 31.

(b)

To determine

To prepare: The adjusting entries needed as of December 31.

(c)

To determine

To prepare: The adjusting entries needed as of December 31 for supplies.

(d)

To determine

To prepare: The adjusting entries needed as of December 31 for depreciation on equipment.

(e)

To determine

To prepare: The adjusting entries needed as of December 31 for adjusting prepaid insurance.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 3, Problem 3.22E

(a)

To determine

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.

Accounting rules for journal entries:

To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.

To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains.

To prepare: The adjusting entries needed as at December 31.

(b)

To determine

To prepare: The adjusting entries needed as of December 31.

(c)

To determine

To prepare: The adjusting entries needed as of December 31 for supplies.

(d)

To determine

To prepare: The adjusting entries needed as of December 31 for depreciation on equipment.

(e)

To determine

To prepare: The adjusting entries needed as of December 31 for adjusting prepaid insurance.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem 3.22E

(a)

To determine

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.

Accounting rules for journal entries:

To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.

To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains.

To prepare: The adjusting entries needed as at December 31.

(b)

To determine

To prepare: The adjusting entries needed as of December 31.

(c)

To determine

To prepare: The adjusting entries needed as of December 31 for supplies.

(d)

To determine

To prepare: The adjusting entries needed as of December 31 for depreciation on equipment.

(e)

To determine

To prepare: The adjusting entries needed as of December 31 for adjusting prepaid insurance.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem 3.22E

(a)

To determine

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.

Accounting rules for journal entries:

To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.

To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains.

To prepare: The adjusting entries needed as at December 31.

(b)

To determine

To prepare: The adjusting entries needed as of December 31.

(c)

To determine

To prepare: The adjusting entries needed as of December 31 for supplies.

(d)

To determine

To prepare: The adjusting entries needed as of December 31 for depreciation on equipment.

(e)

To determine

To prepare: The adjusting entries needed as of December 31 for adjusting prepaid insurance.

Answer 6

Chapter 3, Problem 3.22E

(a)

To determine

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.

Accounting rules for journal entries:

To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.

To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains.

To prepare: The adjusting entries needed as at December 31.

Answer 7

Chapter 3, Problem 3.22E

(a)

To determine

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.

Accounting rules for journal entries:

To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.

To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains.

To prepare: The adjusting entries needed as at December 31.

Answer 8

(b)

To determine

To prepare: The adjusting entries needed as of December 31.

Answer 9

(b)

To determine

To prepare: The adjusting entries needed as of December 31.

Answer 10

(c)

To determine

To prepare: The adjusting entries needed as of December 31 for supplies.

Answer 11

(c)

To determine

To prepare: The adjusting entries needed as of December 31 for supplies.

Answer 12

(d)

To determine

To prepare: The adjusting entries needed as of December 31 for depreciation on equipment.

Answer 13

(d)

To determine

To prepare: The adjusting entries needed as of December 31 for depreciation on equipment.

Answer 14

(e)

To determine

To prepare: The adjusting entries needed as of December 31 for adjusting prepaid insurance.

Answer 15

(e)

To determine

To prepare: The adjusting entries needed as of December 31 for adjusting prepaid insurance.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 19

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...

Solution Summary: The author explains how to prepare adjusting entries to record the unearned revenue earned for 6 months (from July 1 to December 31).

Concept explainers

Videos

To prepare: The adjusting entries needed as of December 31.

To prepare: The adjusting entries needed as of December 31 for supplies.

To prepare: The adjusting entries needed as of December 31 for depreciation on equipment.

To prepare: The adjusting entries needed as of December 31 for adjusting prepaid insurance.

Want to see the full answer?

Chapter 3 Solutions