Adjusted trial balance lists all accounts with their adjusted balances. These adjustments generally include prepayments and accruals and certain year-end adjustments like depreciation , prepared at the end of the year act as a basis for the preparation of financial statements. The adjustment entry and ascertain the adjusted trial balance.

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Answer 1

Question

Chapter 3, Problem 3.30E

1.

To determine

Concept Introduction: Adjusted trial balance lists all accounts with their adjusted balances. These adjustments generally include prepayments and accruals and certain year-end adjustments like depreciation, prepared at the end of the year act as a basis for the preparation of financial statements.

The adjustment entry and ascertain the adjusted trial balance.

2.

To determine

Concept Introduction: Adjusted trial balance lists all accounts with their adjusted balances. These adjustments generally include prepayments and accruals and certain yearend adjustments like depreciation, prepared at the end of the year act as a basis for the preparation of financial statements.

The explanation for each adjustment entry.

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Problem No. 1 On January 1, 2025, Manuel Cruz and Sherimae Diasalo agreed to form a partnership that will manufacture and sell biscuits. The partnership agreement specified that Cruz is to invest cash of P1,000,000 and Diasalo is to contribute land and building to serve as the office and factory of the business. The following amounts are applicable to the property of Diasalo: Acquisition Cost Fair Market Value Land Building P1,000,000 500,000 P1,500,000 850,000 During the formation, it was found out that Cruz has accounts receivable amounting to P70,000 and the partners agreed that it will be assumed by the partnership. The name of the partnership will be Fita Pan. Required: 1. Prepare journal entry to record: a. The investment of Cruz to the partnership b. The investment of Diasalo to the partnershipood relay ni 000,219 2. Prepare the statement of financial position of the partnership as of January 1, 2025 Problem No. 2 The trial balance of Cleint Lumanao Nacho Supplies on February…

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Answer 2

Question

Chapter 3, Problem 3.30E

1.

To determine

Concept Introduction: Adjusted trial balance lists all accounts with their adjusted balances. These adjustments generally include prepayments and accruals and certain year-end adjustments like depreciation, prepared at the end of the year act as a basis for the preparation of financial statements.

The adjustment entry and ascertain the adjusted trial balance.

2.

To determine

Concept Introduction: Adjusted trial balance lists all accounts with their adjusted balances. These adjustments generally include prepayments and accruals and certain yearend adjustments like depreciation, prepared at the end of the year act as a basis for the preparation of financial statements.

The explanation for each adjustment entry.

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Answer 3

Question

Chapter 3, Problem 3.30E

1.

To determine

Concept Introduction: Adjusted trial balance lists all accounts with their adjusted balances. These adjustments generally include prepayments and accruals and certain year-end adjustments like depreciation, prepared at the end of the year act as a basis for the preparation of financial statements.

The adjustment entry and ascertain the adjusted trial balance.

2.

To determine

Concept Introduction: Adjusted trial balance lists all accounts with their adjusted balances. These adjustments generally include prepayments and accruals and certain yearend adjustments like depreciation, prepared at the end of the year act as a basis for the preparation of financial statements.

The explanation for each adjustment entry.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 3.30E

1.

To determine

Concept Introduction: Adjusted trial balance lists all accounts with their adjusted balances. These adjustments generally include prepayments and accruals and certain year-end adjustments like depreciation, prepared at the end of the year act as a basis for the preparation of financial statements.

The adjustment entry and ascertain the adjusted trial balance.

2.

To determine

Concept Introduction: Adjusted trial balance lists all accounts with their adjusted balances. These adjustments generally include prepayments and accruals and certain yearend adjustments like depreciation, prepared at the end of the year act as a basis for the preparation of financial statements.

The explanation for each adjustment entry.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 3.30E

1.

To determine

Concept Introduction: Adjusted trial balance lists all accounts with their adjusted balances. These adjustments generally include prepayments and accruals and certain year-end adjustments like depreciation, prepared at the end of the year act as a basis for the preparation of financial statements.

The adjustment entry and ascertain the adjusted trial balance.

2.

To determine

Concept Introduction: Adjusted trial balance lists all accounts with their adjusted balances. These adjustments generally include prepayments and accruals and certain yearend adjustments like depreciation, prepared at the end of the year act as a basis for the preparation of financial statements.

The explanation for each adjustment entry.

Answer 6

Chapter 3, Problem 3.30E

1.

To determine

Concept Introduction: Adjusted trial balance lists all accounts with their adjusted balances. These adjustments generally include prepayments and accruals and certain year-end adjustments like depreciation, prepared at the end of the year act as a basis for the preparation of financial statements.

The adjustment entry and ascertain the adjusted trial balance.

Answer 7

Chapter 3, Problem 3.30E

1.

To determine

Concept Introduction: Adjusted trial balance lists all accounts with their adjusted balances. These adjustments generally include prepayments and accruals and certain year-end adjustments like depreciation, prepared at the end of the year act as a basis for the preparation of financial statements.

The adjustment entry and ascertain the adjusted trial balance.

Answer 8

2.

To determine

Concept Introduction: Adjusted trial balance lists all accounts with their adjusted balances. These adjustments generally include prepayments and accruals and certain yearend adjustments like depreciation, prepared at the end of the year act as a basis for the preparation of financial statements.

The explanation for each adjustment entry.

Answer 9

2.

To determine

Concept Introduction: Adjusted trial balance lists all accounts with their adjusted balances. These adjustments generally include prepayments and accruals and certain yearend adjustments like depreciation, prepared at the end of the year act as a basis for the preparation of financial statements.

The explanation for each adjustment entry.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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