At the end of the accounting period, adjustments are made to record revenues in the period they are earned and expenses in the period they occur. Adjustment entries also update assets and liabilities. Adjustment entries are also required to present true and fair financial statements. The T-accounts using unadjusted trial balance .

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Answer 1

Question

Chapter 3, Problem 3.25E

1.

To determine

Concept Introduction: At the end of the accounting period, adjustments are made to record revenues in the period they are earned and expenses in the period they occur. Adjustment entries also update assets and liabilities. Adjustment entries are also required to present true and fair financial statements.

The T-accounts using unadjusted trial balance.

2.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The posting of adjustment entries to the accounts involved and show the balances.

3.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The account balances for T-accounts.

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Question: Quill Corp. shows the following information on its 2007 income statement: Sales Costs Other expenses $145,000 $86,000 $4,900 Depreciation expense $7,000 Interest expense Taxes Dividends $25,720 $12,840 $8,700 In addition, you're told that the firm issued $6,450 in new equity during 2007 and redeemed $8,770 in outstanding long-term debt. What is the 2007 cash flow to creditors?

Swansea Finishing produces and sells a decorative pillow for $103.00 per unit. In the first month of operation, 2,300 units were produced and 1,800 units were sold. Actual fixed costs are the same as the amount budgeted for the month. Other information for thee month includes: Variable manufacturing costs Variable marketing costs $23.00 per unit $8.00 per unit $14 per unit Fixed manufacturing costs Administrative expenses, all fixed Ending inventories: $20.00 per unit Direct materials WIP -0- -0- 500 units Finished goods What is cost of goods sold per unit using variable costing? a. $31.00 b. $45.00 c. $23.00 d. $65.00

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Answer 2

Question

Chapter 3, Problem 3.25E

1.

To determine

Concept Introduction: At the end of the accounting period, adjustments are made to record revenues in the period they are earned and expenses in the period they occur. Adjustment entries also update assets and liabilities. Adjustment entries are also required to present true and fair financial statements.

The T-accounts using unadjusted trial balance.

2.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The posting of adjustment entries to the accounts involved and show the balances.

3.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The account balances for T-accounts.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 3.25E

1.

To determine

Concept Introduction: At the end of the accounting period, adjustments are made to record revenues in the period they are earned and expenses in the period they occur. Adjustment entries also update assets and liabilities. Adjustment entries are also required to present true and fair financial statements.

The T-accounts using unadjusted trial balance.

2.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The posting of adjustment entries to the accounts involved and show the balances.

3.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The account balances for T-accounts.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 3.25E

1.

To determine

Concept Introduction: At the end of the accounting period, adjustments are made to record revenues in the period they are earned and expenses in the period they occur. Adjustment entries also update assets and liabilities. Adjustment entries are also required to present true and fair financial statements.

The T-accounts using unadjusted trial balance.

2.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The posting of adjustment entries to the accounts involved and show the balances.

3.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The account balances for T-accounts.

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Answer 5

Chapter 3, Problem 3.25E

1.

To determine

Concept Introduction: At the end of the accounting period, adjustments are made to record revenues in the period they are earned and expenses in the period they occur. Adjustment entries also update assets and liabilities. Adjustment entries are also required to present true and fair financial statements.

The T-accounts using unadjusted trial balance.

2.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The posting of adjustment entries to the accounts involved and show the balances.

3.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The account balances for T-accounts.

Answer 6

Chapter 3, Problem 3.25E

1.

To determine

Concept Introduction: At the end of the accounting period, adjustments are made to record revenues in the period they are earned and expenses in the period they occur. Adjustment entries also update assets and liabilities. Adjustment entries are also required to present true and fair financial statements.

The T-accounts using unadjusted trial balance.

Answer 7

Chapter 3, Problem 3.25E

1.

To determine

Concept Introduction: At the end of the accounting period, adjustments are made to record revenues in the period they are earned and expenses in the period they occur. Adjustment entries also update assets and liabilities. Adjustment entries are also required to present true and fair financial statements.

The T-accounts using unadjusted trial balance.

Answer 8

2.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The posting of adjustment entries to the accounts involved and show the balances.

Answer 9

2.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The posting of adjustment entries to the accounts involved and show the balances.

Answer 10

3.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The account balances for T-accounts.

Answer 11

3.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The account balances for T-accounts.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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