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.

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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.

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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.

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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.

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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.

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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

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Answer 17

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Answer 18

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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).

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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.

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Chapter 3 Solutions