Adjusting entries : The adjusting entries are recorded at the end to each accounting period to adjust the account as per the accrual concept of accounting. The adjusting entries include adjustment of depreciation , adjustment of payable expenses, and adjustment of receivable revenue. To Prepare: The adjusting entries

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Answer 1

Question

Chapter 3, Problem 3.2P

To determine

Adjusting entries:

The adjusting entries are recorded at the end to each accounting period to adjust the account as per the accrual concept of accounting. The adjusting entries include adjustment of depreciation, adjustment of payable expenses, and adjustment of receivable revenue.

To Prepare:

The adjusting entries

Expert Solution & Answer

Answer to Problem 3.2P

The adjusting entries are as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000

5	Wages expense	$ 2,900
	Wages payable		$ 2,900

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000

The adjusting entries are explained as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900
	(Being adjustment made for prepaid Insurance)

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000
	(Being adjustment made for Supplies used)

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300
	(Being adjustment made for depreciation)

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000
	(Being adjustment made for revenue earned)

5	Wages expense	$ 2,900
	Wages payable		$ 2,900
	(Being adjustment made for the wages accrued)

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000
	(Being adjustment made for the revenue earned)

Explanation of Solution

The adjusting entries are explained as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900
	(Being adjustment made for prepaid Insurance)

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000
	(Being adjustment made for Supplies used)

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300
	(Being adjustment made for depreciation)

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000
	(Being adjustment made for revenue earned)

5	Wages expense	$ 2,900
	Wages payable		$ 2,900
	(Being adjustment made for the wages accrued)

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000
	(Being adjustment made for the revenue earned)

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Phoenix Industries has twelve million shares outstanding, generates free cash flows of $75 million each year, and has a cost of capital of 12%. It also has $50 million of cash on hand. Phoenix wants to decide whether to repurchase stock or invest the cash in a project that generates free cash flows of $3 million each year. Should Phoenix invest or repurchase the shares? A) Repurchase B) Invest C) Indifferent between options D) Cannot say for sure

general accounting

Answer 2

Question

Chapter 3, Problem 3.2P

To determine

Adjusting entries:

The adjusting entries are recorded at the end to each accounting period to adjust the account as per the accrual concept of accounting. The adjusting entries include adjustment of depreciation, adjustment of payable expenses, and adjustment of receivable revenue.

To Prepare:

The adjusting entries

Expert Solution & Answer

Answer to Problem 3.2P

The adjusting entries are as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000

5	Wages expense	$ 2,900
	Wages payable		$ 2,900

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000

The adjusting entries are explained as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900
	(Being adjustment made for prepaid Insurance)

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000
	(Being adjustment made for Supplies used)

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300
	(Being adjustment made for depreciation)

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000
	(Being adjustment made for revenue earned)

5	Wages expense	$ 2,900
	Wages payable		$ 2,900
	(Being adjustment made for the wages accrued)

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000
	(Being adjustment made for the revenue earned)

Explanation of Solution

The adjusting entries are explained as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900
	(Being adjustment made for prepaid Insurance)

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000
	(Being adjustment made for Supplies used)

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300
	(Being adjustment made for depreciation)

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000
	(Being adjustment made for revenue earned)

5	Wages expense	$ 2,900
	Wages payable		$ 2,900
	(Being adjustment made for the wages accrued)

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000
	(Being adjustment made for the revenue earned)

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Answer 3

Question

Chapter 3, Problem 3.2P

To determine

Adjusting entries:

The adjusting entries are recorded at the end to each accounting period to adjust the account as per the accrual concept of accounting. The adjusting entries include adjustment of depreciation, adjustment of payable expenses, and adjustment of receivable revenue.

To Prepare:

The adjusting entries

Expert Solution & Answer

Answer to Problem 3.2P

The adjusting entries are as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000

5	Wages expense	$ 2,900
	Wages payable		$ 2,900

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000

The adjusting entries are explained as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900
	(Being adjustment made for prepaid Insurance)

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000
	(Being adjustment made for Supplies used)

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300
	(Being adjustment made for depreciation)

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000
	(Being adjustment made for revenue earned)

5	Wages expense	$ 2,900
	Wages payable		$ 2,900
	(Being adjustment made for the wages accrued)

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000
	(Being adjustment made for the revenue earned)

Explanation of Solution

The adjusting entries are explained as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900
	(Being adjustment made for prepaid Insurance)

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000
	(Being adjustment made for Supplies used)

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300
	(Being adjustment made for depreciation)

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000
	(Being adjustment made for revenue earned)

5	Wages expense	$ 2,900
	Wages payable		$ 2,900
	(Being adjustment made for the wages accrued)

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000
	(Being adjustment made for the revenue earned)

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Answer 4

Question

Chapter 3, Problem 3.2P

To determine

Adjusting entries:

The adjusting entries are recorded at the end to each accounting period to adjust the account as per the accrual concept of accounting. The adjusting entries include adjustment of depreciation, adjustment of payable expenses, and adjustment of receivable revenue.

To Prepare:

The adjusting entries

Expert Solution & Answer

Answer to Problem 3.2P

The adjusting entries are as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000

5	Wages expense	$ 2,900
	Wages payable		$ 2,900

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000

The adjusting entries are explained as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900
	(Being adjustment made for prepaid Insurance)

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000
	(Being adjustment made for Supplies used)

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300
	(Being adjustment made for depreciation)

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000
	(Being adjustment made for revenue earned)

5	Wages expense	$ 2,900
	Wages payable		$ 2,900
	(Being adjustment made for the wages accrued)

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000
	(Being adjustment made for the revenue earned)

Explanation of Solution

The adjusting entries are explained as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900
	(Being adjustment made for prepaid Insurance)

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000
	(Being adjustment made for Supplies used)

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300
	(Being adjustment made for depreciation)

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000
	(Being adjustment made for revenue earned)

5	Wages expense	$ 2,900
	Wages payable		$ 2,900
	(Being adjustment made for the wages accrued)

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000
	(Being adjustment made for the revenue earned)

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Answer 5

Chapter 3, Problem 3.2P

To determine

Adjusting entries:

The adjusting entries are recorded at the end to each accounting period to adjust the account as per the accrual concept of accounting. The adjusting entries include adjustment of depreciation, adjustment of payable expenses, and adjustment of receivable revenue.

To Prepare:

The adjusting entries

Expert Solution & Answer

Answer to Problem 3.2P

The adjusting entries are as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000

5	Wages expense	$ 2,900
	Wages payable		$ 2,900

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000

The adjusting entries are explained as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900
	(Being adjustment made for prepaid Insurance)

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000
	(Being adjustment made for Supplies used)

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300
	(Being adjustment made for depreciation)

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000
	(Being adjustment made for revenue earned)

5	Wages expense	$ 2,900
	Wages payable		$ 2,900
	(Being adjustment made for the wages accrued)

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000
	(Being adjustment made for the revenue earned)

Explanation of Solution

The adjusting entries are explained as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900
	(Being adjustment made for prepaid Insurance)

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000
	(Being adjustment made for Supplies used)

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300
	(Being adjustment made for depreciation)

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000
	(Being adjustment made for revenue earned)

5	Wages expense	$ 2,900
	Wages payable		$ 2,900
	(Being adjustment made for the wages accrued)

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000
	(Being adjustment made for the revenue earned)

Answer 6

Chapter 3, Problem 3.2P

To determine

Adjusting entries:

The adjusting entries are recorded at the end to each accounting period to adjust the account as per the accrual concept of accounting. The adjusting entries include adjustment of depreciation, adjustment of payable expenses, and adjustment of receivable revenue.

To Prepare:

The adjusting entries

Expert Solution & Answer

Answer to Problem 3.2P

The adjusting entries are as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000

5	Wages expense	$ 2,900
	Wages payable		$ 2,900

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000

The adjusting entries are explained as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900
	(Being adjustment made for prepaid Insurance)

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000
	(Being adjustment made for Supplies used)

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300
	(Being adjustment made for depreciation)

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000
	(Being adjustment made for revenue earned)

5	Wages expense	$ 2,900
	Wages payable		$ 2,900
	(Being adjustment made for the wages accrued)

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000
	(Being adjustment made for the revenue earned)

Explanation of Solution

The adjusting entries are explained as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900
	(Being adjustment made for prepaid Insurance)

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000
	(Being adjustment made for Supplies used)

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300
	(Being adjustment made for depreciation)

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000
	(Being adjustment made for revenue earned)

5	Wages expense	$ 2,900
	Wages payable		$ 2,900
	(Being adjustment made for the wages accrued)

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000
	(Being adjustment made for the revenue earned)

Answer 7

Chapter 3, Problem 3.2P

To determine

Adjusting entries:

The adjusting entries are recorded at the end to each accounting period to adjust the account as per the accrual concept of accounting. The adjusting entries include adjustment of depreciation, adjustment of payable expenses, and adjustment of receivable revenue.

To Prepare:

The adjusting entries

Answer 8

Expert Solution & Answer

Answer to Problem 3.2P

The adjusting entries are as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000

5	Wages expense	$ 2,900
	Wages payable		$ 2,900

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000

The adjusting entries are explained as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900
	(Being adjustment made for prepaid Insurance)

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000
	(Being adjustment made for Supplies used)

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300
	(Being adjustment made for depreciation)

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000
	(Being adjustment made for revenue earned)

5	Wages expense	$ 2,900
	Wages payable		$ 2,900
	(Being adjustment made for the wages accrued)

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000
	(Being adjustment made for the revenue earned)

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

The adjusting entries are explained as follows:

San Mateo Care Inc.
Adjusting entries
#	Account Title	Debit	Credit
1	Insurance Expense	$ 900
	Prepaid Insurance		$ 900
	(Being adjustment made for prepaid Insurance)

2	Supplies Expense	$ 1,000
	Supplies		$ 1,000
	(Being adjustment made for Supplies used)

3	Depreciation Expense- Building	$ 2,300
	Accumulated Depreciation- Building		$ 2,300
	(Being adjustment made for depreciation)

4	Unearned Service Revenue	$ 3,000
	Service Revenue		$ 3,000
	(Being adjustment made for revenue earned)

5	Wages expense	$ 2,900
	Wages payable		$ 2,900
	(Being adjustment made for the wages accrued)

6	Accounts Receivables	$ 5,000
	Service Revenue		$ 5,000
	(Being adjustment made for the revenue earned)

Answer 12

Ch. 3 - Assume that a lawyer bills her clients $15000 on...Ch. 3 - On January 24, 20Y8, Niche Consulting collected...Ch. 3 - Prob. 3SEQ Ch. 3 - If the supplies account indicated a balance of...Ch. 3 - The balance in the unearned rent account for Jones...Ch. 3 - Would AT&T and Microsoft Use the cash basis or the...Ch. 3 - How are revenues and expenses reported on the...Ch. 3 - Fees for services provided are billed to a...Ch. 3 - Employees performed services in 20Y8, but the...Ch. 3 - Prob. 5CDQ

Answer to Problem 3.2P

Explanation of Solution

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