Worksheet Worksheet is an internal document, which helps to use the summarized data to prepare the financial statements. To complete: The adjustments column of the worksheet.

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Answer 1

Question

Chapter 3, Problem 3.43BP

(1)

To determine

Worksheet

Worksheet is an internal document, which helps to use the summarized data to prepare the financial statements.

To complete: The adjustments column of the worksheet.

(2)

To determine

Adjusting entries

Adjusting entries are those entries which are made at the end of the accounting period, to record the revenues in the period of which they have been earned and to record the expenses in the period of which have been incurred, as well as to update all the balances of assets and liabilities accounts on the balance sheet, and to ascertain accurate amount of net income (loss) on the income statement to maintain the records according to the accrual basis principle.

Accounting rules for journal entries:

To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.

To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains.

To prepare: The adjusting entries at December 30, 2016.

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Answer 2

Question

Chapter 3, Problem 3.43BP

(1)

To determine

Worksheet

Worksheet is an internal document, which helps to use the summarized data to prepare the financial statements.

To complete: The adjustments column of the worksheet.

(2)

To determine

Adjusting entries

Adjusting entries are those entries which are made at the end of the accounting period, to record the revenues in the period of which they have been earned and to record the expenses in the period of which have been incurred, as well as to update all the balances of assets and liabilities accounts on the balance sheet, and to ascertain accurate amount of net income (loss) on the income statement to maintain the records according to the accrual basis principle.

Accounting rules for journal entries:

To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.

To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains.

To prepare: The adjusting entries at December 30, 2016.

Expert Solution & Answer

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See solution

Answer 3

Question

Chapter 3, Problem 3.43BP

(1)

To determine

Worksheet

Worksheet is an internal document, which helps to use the summarized data to prepare the financial statements.

To complete: The adjustments column of the worksheet.

(2)

To determine

Adjusting entries

Adjusting entries are those entries which are made at the end of the accounting period, to record the revenues in the period of which they have been earned and to record the expenses in the period of which have been incurred, as well as to update all the balances of assets and liabilities accounts on the balance sheet, and to ascertain accurate amount of net income (loss) on the income statement to maintain the records according to the accrual basis principle.

Accounting rules for journal entries:

To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.

To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains.

To prepare: The adjusting entries at December 30, 2016.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 3.43BP

(1)

To determine

Worksheet

Worksheet is an internal document, which helps to use the summarized data to prepare the financial statements.

To complete: The adjustments column of the worksheet.

(2)

To determine

Adjusting entries

Adjusting entries are those entries which are made at the end of the accounting period, to record the revenues in the period of which they have been earned and to record the expenses in the period of which have been incurred, as well as to update all the balances of assets and liabilities accounts on the balance sheet, and to ascertain accurate amount of net income (loss) on the income statement to maintain the records according to the accrual basis principle.

Accounting rules for journal entries:

To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.

To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains.

To prepare: The adjusting entries at December 30, 2016.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 3.43BP

(1)

To determine

Worksheet

Worksheet is an internal document, which helps to use the summarized data to prepare the financial statements.

To complete: The adjustments column of the worksheet.

(2)

To determine

Adjusting entries

Adjusting entries are those entries which are made at the end of the accounting period, to record the revenues in the period of which they have been earned and to record the expenses in the period of which have been incurred, as well as to update all the balances of assets and liabilities accounts on the balance sheet, and to ascertain accurate amount of net income (loss) on the income statement to maintain the records according to the accrual basis principle.

Accounting rules for journal entries:

To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.

To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains.

To prepare: The adjusting entries at December 30, 2016.

Answer 6

Chapter 3, Problem 3.43BP

(1)

To determine

Worksheet

Worksheet is an internal document, which helps to use the summarized data to prepare the financial statements.

To complete: The adjustments column of the worksheet.

Answer 7

Chapter 3, Problem 3.43BP

(1)

To determine

Worksheet

Worksheet is an internal document, which helps to use the summarized data to prepare the financial statements.

To complete: The adjustments column of the worksheet.

Answer 8

(2)

To determine

Adjusting entries

Adjusting entries are those entries which are made at the end of the accounting period, to record the revenues in the period of which they have been earned and to record the expenses in the period of which have been incurred, as well as to update all the balances of assets and liabilities accounts on the balance sheet, and to ascertain accurate amount of net income (loss) on the income statement to maintain the records according to the accrual basis principle.

Accounting rules for journal entries:

To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.

To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains.

To prepare: The adjusting entries at December 30, 2016.

Answer 9

(2)

To determine

Adjusting entries

Adjusting entries are those entries which are made at the end of the accounting period, to record the revenues in the period of which they have been earned and to record the expenses in the period of which have been incurred, as well as to update all the balances of assets and liabilities accounts on the balance sheet, and to ascertain accurate amount of net income (loss) on the income statement to maintain the records according to the accrual basis principle.

Accounting rules for journal entries:

To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.

To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains.

To prepare: The adjusting entries at December 30, 2016.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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Worksheet Worksheet is an internal document, which helps to use the summarized data to prepare the financial statements. To complete: The adjustments column of the worksheet.

Solution Summary: The author explains how to complete the adjustments column of the worksheet. Accrued revenues are the revenues that have been earned, but the cash has not yet been collected.

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Worksheet

Worksheet is an internal document, which helps to use the summarized data to prepare the financial statements.

To complete: The adjustments column of the worksheet.

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Chapter 3 Solutions