Adjusted Trial Balance : Adjusted trial balance is a trial balance prepared at the end of a financial period, after all the adjusting entries are journalized and posted. It is prepared to prove the equality of the total debit and credit balances. Adjusting Entries: Adjusting entries indicates those entries, which are passed in the books of accounts at the end of one accounting period. These entries are passed in the books of accounts as per the revenue recognition principle and the expenses recognition principle to adjust the revenue, and the expenses of a business in the period of their occurrence. To indicate: The errors made that would cause the trial balance totals to be unequal.

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Answer 1

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Chapter 3, Problem 3.9APE

(a)

To determine

Adjusted Trial Balance:

Adjusted trial balance is a trial balance prepared at the end of a financial period, after all the adjusting entries are journalized and posted. It is prepared to prove the equality of the total debit and credit balances.

Adjusting Entries:

Adjusting entries indicates those entries, which are passed in the books of accounts at the end of one accounting period. These entries are passed in the books of accounts as per the revenue recognition principle and the expenses recognition principle to adjust the revenue, and the expenses of a business in the period of their occurrence.

To indicate: The errors made that would cause the trial balance totals to be unequal.

(b)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

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Please provide the correct answer to this general accounting problem using valid calculations.

Grayson Industrial Ltd., which owes Opal Tech Inc. $620,000 in notes payable with accrued interest of $40,000, is experiencing financial difficulties. To settle the debt, Opal Tech agrees to accept from Grayson machinery with a fair value of $580,000, an original cost of $750,000, and accumulated depreciation of $190,000. Requirements: Compute the gain or loss on the transfer of machinery.

Answer 2

Question

Chapter 3, Problem 3.9APE

(a)

To determine

Adjusted Trial Balance:

Adjusted trial balance is a trial balance prepared at the end of a financial period, after all the adjusting entries are journalized and posted. It is prepared to prove the equality of the total debit and credit balances.

Adjusting Entries:

Adjusting entries indicates those entries, which are passed in the books of accounts at the end of one accounting period. These entries are passed in the books of accounts as per the revenue recognition principle and the expenses recognition principle to adjust the revenue, and the expenses of a business in the period of their occurrence.

To indicate: The errors made that would cause the trial balance totals to be unequal.

(b)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 3.9APE

(a)

To determine

Adjusted Trial Balance:

Adjusted trial balance is a trial balance prepared at the end of a financial period, after all the adjusting entries are journalized and posted. It is prepared to prove the equality of the total debit and credit balances.

Adjusting Entries:

Adjusting entries indicates those entries, which are passed in the books of accounts at the end of one accounting period. These entries are passed in the books of accounts as per the revenue recognition principle and the expenses recognition principle to adjust the revenue, and the expenses of a business in the period of their occurrence.

To indicate: The errors made that would cause the trial balance totals to be unequal.

(b)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

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Answer 4

Question

Chapter 3, Problem 3.9APE

(a)

To determine

Adjusted Trial Balance:

Adjusted trial balance is a trial balance prepared at the end of a financial period, after all the adjusting entries are journalized and posted. It is prepared to prove the equality of the total debit and credit balances.

Adjusting Entries:

Adjusting entries indicates those entries, which are passed in the books of accounts at the end of one accounting period. These entries are passed in the books of accounts as per the revenue recognition principle and the expenses recognition principle to adjust the revenue, and the expenses of a business in the period of their occurrence.

To indicate: The errors made that would cause the trial balance totals to be unequal.

(b)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 3.9APE

(a)

To determine

Adjusted Trial Balance:

Adjusted trial balance is a trial balance prepared at the end of a financial period, after all the adjusting entries are journalized and posted. It is prepared to prove the equality of the total debit and credit balances.

Adjusting Entries:

Adjusting entries indicates those entries, which are passed in the books of accounts at the end of one accounting period. These entries are passed in the books of accounts as per the revenue recognition principle and the expenses recognition principle to adjust the revenue, and the expenses of a business in the period of their occurrence.

To indicate: The errors made that would cause the trial balance totals to be unequal.

(b)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

Answer 6

Chapter 3, Problem 3.9APE

(a)

To determine

Adjusted Trial Balance:

Adjusted trial balance is a trial balance prepared at the end of a financial period, after all the adjusting entries are journalized and posted. It is prepared to prove the equality of the total debit and credit balances.

Adjusting Entries:

Adjusting entries indicates those entries, which are passed in the books of accounts at the end of one accounting period. These entries are passed in the books of accounts as per the revenue recognition principle and the expenses recognition principle to adjust the revenue, and the expenses of a business in the period of their occurrence.

To indicate: The errors made that would cause the trial balance totals to be unequal.

Answer 7

Chapter 3, Problem 3.9APE

(a)

To determine

Adjusted Trial Balance:

Adjusted trial balance is a trial balance prepared at the end of a financial period, after all the adjusting entries are journalized and posted. It is prepared to prove the equality of the total debit and credit balances.

Adjusting Entries:

Adjusting entries indicates those entries, which are passed in the books of accounts at the end of one accounting period. These entries are passed in the books of accounts as per the revenue recognition principle and the expenses recognition principle to adjust the revenue, and the expenses of a business in the period of their occurrence.

To indicate: The errors made that would cause the trial balance totals to be unequal.

Answer 8

(b)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

Answer 9

(b)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 3 - How are revenues and expenses reported on the...Ch. 3 - Is the matching concept related to (A) the cash...Ch. 3 - Why are adjusting entries needed at the end of an...Ch. 3 - What is the difference between adjusting entries...Ch. 3 - Identify the four different categories of...Ch. 3 - If the effect of the debit portion of an adjusting...Ch. 3 - If the effect of the credit portion of an...Ch. 3 - Does every adjusting entry have an effect on...Ch. 3 - Prob. 9DQ Ch. 3 - (A) Explain the purpose of the two accounts:...

Solution Summary: The author explains that an adjusted trial balance is prepared at the end of a financial period, after all the adjusting entries are journalized and posted.

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To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

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