Horngren's Financial & Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780133866292
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem 3.37AP
A Using the worksheet to record the adjusting
Ganville Theater Production Company’s partially completed worksheet as of December 31, 2016, follows.
Requirements
- 1. Analyze the worksheet to determine the
adjusting entries that account for the differences between the unadjustedtrial balance and the adjusted trial balance. Complete the worksheet. Use letters a through e to label the five adjustments. - 2. Journalize the adjusting entries.
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From the adjusting entries below, prepare the reversing entry(ies) that would be needed for January 1.
GENERAL JOURNALPage 1
DateDescriptionPostRef.
DebitCreditAdjusting EntriesDec.31Work in Process Inventory17,333.00Factory Overhead17,333.0031Interest Receivable2,367.00Interest Revenue2,367.0031Office Supplies Expense6,319.00Office Supplies6,319.0031Factory Overhead15,841.00Factory Supplies15,841.0031Bad Debt Expense4,320.00Allowance for Bad Debts4,320.0031Factory Overhead1,927.00Prepaid Insurance1,927.0031Factory Overhead6,210.00Accumulated Depreciation—FactoryBuilding6,210.0031Factory Overhead14,253.00Accumulated Depreciation—FactoryEquipment14,253.00
Using your corrected adjusting journal entries from Assignment #2, post your adjusting entries into the General Ledger included in the Workpaper file for Assignments #2 and #3.
Prepare an Adjusted Trial Balance on the adjusted trial balance sheet included in the Workpaper file for Assignment #3.
Prepare an income statement, statement of owner's equity, and a classified balance sheet in the Workpaper file on the financial statement sheet included for Assignment #3. Note, you will be "creating" these financials on your own. You can use the following financial statements template as a guide:
Financial Statement Template.pdf Download Financial Statement Template.pdf
Journalize the required closing entries in the General Journal included in the Workpaper file for Assignment #3.
Post your closing entries to the General Ledger included in the Workpaper file for Assignments #2 and #3.
Prepare a Post-Closing Trial Balance in the post-closing trial balance sheet included in the Workpaper…
POSTING ADJUSTING ENTRIES Two adjusting entries are shown in the following general journal. Post these adjusting entries to the four general ledger accounts. The following account numbers were taken from the chart of accounts: 145, Prepaid Insurance; 183.1, Accumulated Depreciation—Cleaning Equipment; 541, Depreciation Expense—Cleaning Equipment; and 535, Insurance Expense. If you are not using the working papers that accompany this text, enter the following balances before posting the entries: Prepaid Insurance, $960 Debit; Accumulated Depreciation—Cleaning Equipment, $870 Credit.
Chapter 3 Solutions
Horngren's Financial & Managerial Accounting (5th Edition)
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...
Ch. 3 - What is the difference between cash basis...Ch. 3 - Which method of accounting (cash or accrual basis)...Ch. 3 - Which accounting concept or principle requires...Ch. 3 - What is a fiscal year? Why might companies choose...Ch. 3 - Under the revenue recognition principle, when is...Ch. 3 - Prob. 6RQCh. 3 - When are adjusting entries completed, and what is...Ch. 3 - Prob. 8RQCh. 3 - Prob. 9RQCh. 3 - Prob. 10RQCh. 3 - Prob. 11RQCh. 3 - Prob. 12RQCh. 3 - Prob. 13RQCh. 3 - Prob. 14RQCh. 3 - Prob. 15RQCh. 3 - What is an accrued expense? Provide an example.Ch. 3 - What is an accrued revenue? Provide an example.Ch. 3 - Prob. 18RQCh. 3 - When is an adjusted trial balance prepared, and...Ch. 3 - If an accrued expense is not recorded at the end...Ch. 3 - What is a worksheet, and how is it used to help...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - Comparing cash and accrual basis accounting for...Ch. 3 - Comparing cash and accrual basis accounting for...Ch. 3 - Applying the revenue recognition principle South...Ch. 3 - Applying the matching principle Suppose on January...Ch. 3 - Identifying types of adjusting entries A select...Ch. 3 - Journalizing and posting adjusting entries for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Prob. 3.9SECh. 3 - Prob. 3.10SECh. 3 - Prob. 3.11SECh. 3 - Journalizing an adjusting entry for accrued...Ch. 3 - Prob. 3.13SECh. 3 - Determining the effects on financial statements In...Ch. 3 - Prob. 3.15SECh. 3 - Prob. 3.16SECh. 3 - Prob. 3.17SECh. 3 - Prob. 3.18ECh. 3 - Prob. 3.19ECh. 3 - Prob. 3.20ECh. 3 - Prob. 3.21ECh. 3 - Prob. 3.22ECh. 3 - Prob. 3.23ECh. 3 - Prob. 3.24ECh. 3 - Prob. 3.25ECh. 3 - Prob. 3.26ECh. 3 - Identifying the impact of adjusting entries on the...Ch. 3 - Journalizing adjusting entries and analyzing their...Ch. 3 - Prob. 3.29ECh. 3 - Prob. 3.30ECh. 3 - Understanding the alternative treatment of prepaid...Ch. 3 - Understanding the alternative treatment of...Ch. 3 - Journalizing adjusting entries and subsequent...Ch. 3 - Journalizing adjusting entries and identifying the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - A Using the worksheet to record the adjusting...Ch. 3 - Understanding the alternative treatment of prepaid...Ch. 3 - Journalizing adjusting entries and subsequent...Ch. 3 - Journalizing adjusting entries and identifying the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Prob. 3.43BPCh. 3 - Understanding the alternative treatment of prepaid...Ch. 3 - Prob. 3.45CPCh. 3 - Prob. 3.46PSCh. 3 - One year ago, Tyler Stasney founded Swift...Ch. 3 - Prob. 3.1CTEICh. 3 - XM, Ltd. was a small engineering firm that built...Ch. 3 - Prob. 3.1CTFSCCh. 3 - In 75 words or fewer, explain adjusting journal...
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- WORK SHEET AND ADJUSTING ENTRIES A partial work sheet for Jasmine Kahs Auto Detailing is shown below. Indicate by letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet, properly matching each debit and credit. Complete the Adjustments columns. JOURNALIZING ADJUSTING ENTRIES From the Adjustments columns in Exercise 5-9B, journalize the four adjusting entries as of June 30, in proper general journal format.arrow_forwardWORK SHEET AND ADJUSTING ENTRIES A partial work sheet for Jim Jacobs Furniture Repair is shown as follows. Indicate by letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet, properly matching each debit and credit. Complete the Adjustments columns.arrow_forwardREVERSING ENTRIES From the work sheet used in Exercise 15-5A, identify the adjusting entry(ies) that should be reversed and prepare the reversing entry(ies).arrow_forward
- Requirements 1. and 2. Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments. Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. The account names and unadjusted trial balance amounts as provided in the question have been entered into the worksheet for you. Finish the partial worksheet by completing the adjustments and adjusted trial balance columns. Complete the Adjustments columns by using the letters a through d to label the four adjustments. Account Names Cash Accounts Receivable Office Supplies Equipment Accumulated Depreciation-Equipment Salaries Payable Common Stock Dividends Service Revenue Salaries Expense Rent Expense Depreciation Expense-Equipment Supplies Expense Total $ Work Today Employment Service Worksheet April 30, 2024 Unadjusted Trial Balance Debit 1,200 4,200 800 32,800 4,500 2,300 1.400 Credit $ 14,200 23,900 9,100 $ 47,200 $ 47,200 Adjustments…arrow_forwardRequirements 1. and 2. Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments. Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. The account names and unadjusted trial balance amounts as provided in the question have been entered into the worksheet for you. Finish the partial worksheet by completing the adjustments and adjusted trial balance columns. Complete the Adjustments columns by using the letters a through d to label the four adjustments.arrow_forward“I don’t understand,” complained Chris, who responded to your bulletin board posting in your responsibilities asa tutor. The complaint was in response to your statements that recording adjusting entries is a critical step in theaccounting processing cycle, and the two major classifications of adjusting entries are prepayments and accruals.Required:Respond to Chris.1. When do prepayments occur? Accruals?2. Describe the appropriate adjusting entry for prepaid expenses and for deferred revenues. What is the effecton net income, assets, liabilities, and shareholders’ equity of not recording a required adjusting entry forprepayments?3. Describe the required adjusting entry for accrued liabilities and for accrued receivables. What is the effect onnet income, assets, liabilities, and shareholders’ equity of not recording a required adjusting entry for accruals?arrow_forward
- POSTING ADJUSTING ENTRIES Two adjusting entries are shown in the following general journal. Post these adjusting entries to the four general ledger accounts. The following account numbers were taken from the chart of accounts: 145, Prepaid Insurance; 183.1, Accumulated DepreciationCleaning Equipment; 541, Depreciation ExpenseCleaning Equipment; and 535, Insurance Expense. If you are not using the working papers that accompany this text, enter the following balances before posting the entries: Prepaid Insurance, 960 Debit; Accumulated DepreciationCleaning Equipment, 870 Credit.arrow_forwardThe trial balance of The New Decors for the month ended September 30 is as follows: Data for the adjustments are as follows: a. Expired or used-up insurance, 425. b. Depreciation expense on equipment, 2,750. c. Wages accrued or earned since the last payday, 475 (owed and to be paid on the next payday). d. Supplies remaining at end of month, 215. Required 1. Complete a work sheet. (Skip this step if using GL.) 2. Journalize the adjusting entries. If you are using CLGL, use the year 2020 when recording transactions.arrow_forwardAdjusting Entries At the end of 2019, Richards Company prepared a trial balance, recorded and posted its adjusting entries, and then prepared an adjusted trial balance. Selected accounts and account balances from the trial balance and adjusted trial balance are as follow: Required: 1. Next Level By comparing the partial trial balance to the partial adjusted trill balance, determine the adjusting; entries that the company made on December 31, 2019 Prepare your answer in general journal form. 2. Assuming that the company uses reversing entries, indicate which adjusting entries should be reversed.arrow_forward
- Hello! I need some help with accounting. I need to jurnalize the adjusting entries. Journalism the adjustments in the order given in the question. General Jurnal Date description. Post debit credit 20-- adjusting entries Mar.31 ______ ______ Mar.31 ______ ______ Mar.31 ______ ______ Mar31 ______ ______ Mar.31 ______ ______ Mar.31 ______ ______ Then I must prepare an income statementarrow_forwardMake adjustments on the Adjusting Journal Entries. Remember to include a description under each journal entry.arrow_forwardCLOSING ENTRIES AND POST-CLOSING TRIAL BALANCE Refer to thework sheet in Problem 6-7A for Megaffin's Repairs. The trial balanceamounts (before adjustments) have been entered in the ledger accountsprovided in the working papers. If you are not using the working papersthat accompany this book, set up ledger accounts and enter thesebalances as of January 31, 20--. A chart of accounts is provided attached. REQUIRED 1. Journalize (page 10) and post the adjusting entries.2. Journalize (page 11) and post the closing entries.3. Prepare a post-closing trial balance.arrow_forward
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