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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The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD CORPORATION Balance Sheet At December 31, 2024 Assets Buildings Land Cash Accounts receivable (net) Inventory Machinery Patent (net) Investment in equity securities Total assets Accounts payable $ 763,000 289,000 73,000 146,000 266,000 293,000 113,000 86,000 Liabilities and Shareholders' Equity Accumulated depreciation Notes payable Appreciation of inventory Common stock (authorized and issued 113,000 shares of no par stock) $ 2,029,000 $ 228,000 268,000 526,000 93,000 452,000 Retained earnings 462,000 Total liabilities and shareholders' equity $ 2,029,000 Additional information: 1. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $63,000 but, due to a significant increase in market value, is listed at $146,000. The increase in the land account was credited to retained earnings. 2. The…

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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.

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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.

Want to see the full answer?

Chapter 3 Solutions