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

Question

Want to see the full answer?

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

I need this question answer general Accounting

Need Accounting answer NO AI USE FOR YOUR KIND INFORMATION

Please need answer the general accounting question

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Want to see the full answer?

Check out a sample textbook solution

See solution

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 15

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...

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.

Want to see the full answer?

Chapter 3 Solutions