Horngren's Financial & Managerial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)

5th Edition

ISBN: 9780134078908

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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Textbook Question

Chapter 3, Problem 3.28E

Journalizing adjusting entries and analyzing their effect on the income statement

The following data at July 31, 2016, are given for XYZ:

a. Depreciation, $400.

b. Prepaid rent expires, $800.

c. Interest expense accrued, $600.

d. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $13,000.

e. Unearned revenue earned, $ 1,600.

f. Office supplies used, $100.

Requirements

1. Journalize the adjusting entries needed on July 31, 2016.

2. Suppose the adjustments made in Requirement 1 were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments.

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Chapter 3, Problem 3.27E

Chapter 3, Problem 3.29E

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Chapter 3 Solutions

Horngren's Financial & Managerial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)

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Solution Summary: The author explains the accounting rules for journal entries, such as depreciation expense, and prepaid rent expense.

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