Journal entry to record the original receipt of cash of $150,000 in the books of S Magazine, as collection of cash in advance.

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Answer 1

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 3.9SE

1.

To determine

To prepare: Journal entry to record the original receipt of cash of $150,000 in the books of S Magazine, as collection of cash in advance.

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/adjusting 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: Adjusting entries to record the earnings of $9,000, for which collection was made in advance.

3.

To determine

To post: The above entries in respective accounts and determine their balances after adjustments.

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Answer 2

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 3.9SE

1.

To determine

To prepare: Journal entry to record the original receipt of cash of $150,000 in the books of S Magazine, as collection of cash in advance.

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/adjusting 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: Adjusting entries to record the earnings of $9,000, for which collection was made in advance.

3.

To determine

To post: The above entries in respective accounts and determine their balances after adjustments.

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Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 3.9SE

1.

To determine

To prepare: Journal entry to record the original receipt of cash of $150,000 in the books of S Magazine, as collection of cash in advance.

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/adjusting 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: Adjusting entries to record the earnings of $9,000, for which collection was made in advance.

3.

To determine

To post: The above entries in respective accounts and determine their balances after adjustments.

Expert Solution & Answer

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Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 3.9SE

1.

To determine

To prepare: Journal entry to record the original receipt of cash of $150,000 in the books of S Magazine, as collection of cash in advance.

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/adjusting 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: Adjusting entries to record the earnings of $9,000, for which collection was made in advance.

3.

To determine

To post: The above entries in respective accounts and determine their balances after adjustments.

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Answer 5

Chapter 3, Problem 3.9SE

1.

To determine

To prepare: Journal entry to record the original receipt of cash of $150,000 in the books of S Magazine, as collection of cash in advance.

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/adjusting 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: Adjusting entries to record the earnings of $9,000, for which collection was made in advance.

3.

To determine

To post: The above entries in respective accounts and determine their balances after adjustments.

Answer 6

Chapter 3, Problem 3.9SE

1.

To determine

To prepare: Journal entry to record the original receipt of cash of $150,000 in the books of S Magazine, as collection of cash in advance.

Answer 7

Chapter 3, Problem 3.9SE

1.

To determine

To prepare: Journal entry to record the original receipt of cash of $150,000 in the books of S Magazine, as collection of cash in advance.

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/adjusting 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: Adjusting entries to record the earnings of $9,000, for which collection was made in advance.

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/adjusting 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: Adjusting entries to record the earnings of $9,000, for which collection was made in advance.

Answer 10

3.

To determine

To post: The above entries in respective accounts and determine their balances after adjustments.

Answer 11

3.

To determine

To post: The above entries in respective accounts and determine their balances after adjustments.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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Journal entry to record the original receipt of cash of $150,000 in the books of S Magazine, as collection of cash in advance.

Solution Summary: The author explains how to prepare journal entries to record the original receipt of 150,000 in the books of S Magazine, as collection of cash in advance.

Concept explainers

To prepare: Journal entry to record the original receipt of cash of $150,000 in the books of S Magazine, as collection of cash in advance.

To post: The above entries in respective accounts and determine their balances after adjustments.

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Chapter 3 Solutions