FINANCIAL & MANAGERIAL ACCOUNTING
7th Edition
ISBN: 9781260368192
Author: Wild
Publisher: MCG CUSTOM
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Chapter 3, Problem 3PSB
1.
To determine
To prepare: T-account with balances of unadjusted
1.
Expert Solution
Explanation of Solution
| Cash Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 60,000 | Balance c/f | 60,000 | |
| 60,000 | 60,000 | |||
The ending balance is $60,000.
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 0 | Balance c/f | 0 | |
| 0 | 0 | |||
The ending balance is $0.
| Teaching Supplies Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 70,000 | Balance c/f | 70,000 | |
| 70,000 | 70,000 | |||
The ending balance is $70,000.
| Prepaid Insurance Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 19,000 | Balance c/f | 19,000 | |
| 19,000 | 19,000 | |||
The ending balance is $19,000.
| Prepaid Rent Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 3,800 | Balance c/f | 3,800 | |
| 3,800 | 3,800 | |||
The ending balance is $3,800.
| Professional Library Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 12,000 | Balance c/f | 12,000 | |
| 12,000 | 12,000 | |||
The ending balance is $12,000.
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance c/f | 2,500 | Balance b/f | 2,500 | |
| 2,500 | 2,500 | |||
The ending balance is $2,500.
| Equipment Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 40,000 | Balance c/f | 40,000 | |
| 40,000 | 40,000 | |||
The ending balance is $40,000.
| Accumulated Depreciation-Equipment Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance c/f | 20,000 | Balance b/f | 20,000 | |
| 20,000 | 20,000 | |||
The ending balance is $20,000.
| Accounts Payable Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance c/f | 11,200 | Balance b/f | 11,200 | |
| 11,200 | 11,200 | |||
The ending balance is $11,200.
| Salaries Payable Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance c/f | 0 | Balance b/f | 0 | |
| 0 | 0 | |||
The ending balance is $0.
| Unearned Training Fees Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance c/f | 28,600 | Balance b/f | 28,600 | |
| 28,600 | 28,600 | |||
The ending balance is $28,600.
| Common Stock Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance c/f | 11,000 | Balance b/f | 11,000 | |
| 11,000 | 11,000 | |||
The ending balance is $11,000.
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance c/f | 60,500 | Balance b/f | 60,500 | |
| 60,500 | 60,500 | |||
The ending balance is $60,500.
| Dividends Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 20,000 | Balance c/f | 20,000 | |
| 20,000 | 20,000 | |||
The ending balance is $20,000.
| Tuition Fees Earned Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance c/f | 129,200 | Balance b/f | 129,200 | |
| 129,200 | 129,200 | |||
The ending balance is $129,200.
| Training Fees Earned Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance c/f | 68,000 | Balance b/f | 68,000 | |
| 68,000 | 68,000 | |||
The ending balance is $68,000.
| Depreciation expense-Professional Library Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 0 | Balance c/f | 0 | |
| 0 | 0 | |||
The ending balance is $0.
| Depreciation expense-Equipment Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 0 | Balance c/f | 0 | |
| 0 | 0 | |||
The ending balance is $0.
| Salaries Expense Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 44,200 | Balance c/f | 44,200 | |
| 44,200 | 44,200 | |||
The ending balance is $44,200.
| Insurance Expense Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 0 | Balance c/f | 0 | |
| 0 | 0 | |||
| Rent Expense Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 29,600 | Balance c/f | 29,600 | |
| 29,600 | 29,600 | |||
The ending balance is $33,000.
| Teaching Supplies Expense Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 0 | Balance c/f | 0 | |
| 0 | 0 | |||
The ending balance is $0.
| Advertising Expense Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 19,000 | Balance c/f | 19,000 | |
| 19,000 | 19,000 | |||
The ending balance is $19,000.
| Utilities Expense Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 13,400 | Balance c/f | 13,400 | |
| 13,400 | 13,400 | |||
The ending balance is $13,400.
2.
To determine
To prepare:
2.
Expert Solution
Explanation of Solution
a.
| Date | Particulars | Post ref | Debit ($) | Credit ($) |
| Dec 31 | Insurance Expenses | 9,500 | ||
| Prepaid Insurance | 9,500 | |||
| (Being insurance coverage worth $9,500 has expired.) |
3.
To determine
To prepare: Ledger account and trial balance.
3.
Expert Solution
Explanation of Solution
To update T-accounts for the adjusting entries.
| Cash Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 60,000 | Balance c/f | 60,000 | |
| 60,000 | 60,000 | |||
The ending balance is $60,000.
| Accounts Receivable Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 0 | Balance c/f | 5,750 | |
| Tuition fees earned | 5,750 | |||
| 5,750 | 5,750 | |||
The ending balance is $5,750.
| Teaching Supplies Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 70,000 | Teaching supplies expense | 50,000 | |
| Balance c/f | 20,000 | |||
| 70,000 | 70,000 | |||
The ending balance is $70,000.
| Prepaid Insurance Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 9,500 | Insurance expense | 9,500 | |
| Balance c/f | 9,500 | |||
| 19,000 | 19,000 | |||
The ending balance is $9,500.
| Prepaid Rent Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 3,800 | Rent expense | 3,800 | |
| Balance c/f | 0 | |||
| 3,800 | 3,800 | |||
The ending balance is $0.
| Professional Library Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 12,000 | Balance c/f | 12,000 | |
| 12,000 | 12,000 | |||
The ending balance is $12,000.
| Accumulated | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance c/f | 4,900 | Balance b/f | 2,500 | |
| Depreciation | 2,400 | |||
| 4,900 | 4,900 | |||
The ending balance is $4,900.
| Equipment Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 40,000 | Balance c/f | 40,000 | |
| 40,000 | 40,000 | |||
The ending balance is $40,000.
| Accumulated Depreciation-Equipment Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance c/f | 25,000 | Balance b/f | 20,000 | |
| Depreciation | 5,000 | |||
| 25,000 | 25,000 | |||
The ending balance is $25,000.
| Accounts Payable Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance c/f | 11,200 | Balance b/f | 11,200 | |
| 11,200 | 11,200 | |||
The ending balance is $11,200.
| Salaries Payable Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance c/f | 450 | Balance b/f | 0 | |
| Salaries expense | 450 | |||
| 450 | 450 | |||
The ending balance is $450.
| Unearned Training Fees Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Training fees earned | 28,600 | Balance b/f | 28,600 | |
| Balance c/f | 0 | |||
| 28,600 | 28,600 | |||
The ending balance is $0.
| Common Stock Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance c/f | 11,000 | Balance b/f | 11,000 | |
| 11,000 | 11,000 | |||
The ending balance is $11,000.
| Retained Earnings Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance c/f | 60,500 | Balance b/f | 60,500 | |
| 60,500 | 60,500 | |||
The ending balance is $60,500.
| Dividends Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 20,000 | Balance c/f | 20,000 | |
| 20,000 | 20,000 | |||
The ending balance is $20,000.
| Tuition Fees Earned Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance c/f | 134,950 | Balance b/f | 129,200 | |
| Accounts receivable | 5,750 | |||
| 134,950 | 134,950 | |||
The ending balance is $134,950.
| Training Fees Earned Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance c/f | 96,600 | Balance b/f | 68,000 | |
| Unearned training fees | 28,600 | |||
| 96,600 | 96,600 | |||
The ending balance is $96,600.
| Depreciation Expense-Professional Library Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 0 | Balance c/f | 2,400 | |
| Accumulated Depreciation-Professional Library Account | 2,400 | |||
| 2,400 | 2,400 | |||
The ending balance is $2,400.
| Depreciation expense-Equipment Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 0 | Balance c/f | 5,000 | |
| Accumulated Depreciation | 5,000 | 0 | ||
| 5,000 | 5,000 | |||
The ending balance is $5,000.
| Salaries Expense Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 44,200 | Balance c/f | 44,650 | |
| Salaries payable | 450 | |||
| 44,650 | 44,650 | |||
The ending balance is $44,650.
| Insurance Expense Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 0 | Balance c/f | 9,500 | |
| Prepaid insurance | 9,500 | |||
| 9,500 | 9,500 | |||
The ending balance is $9,500.
| Rent Expense Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 29,600 | Balance c/f | 33,400 | |
| Prepaid rent | 3,800 | |||
| 33,400 | 33,400 | |||
The ending balance is $33,400.
| Teaching Supplies Expense Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 0 | Balance c/f | 50,000 | |
| Teaching supplies | 50,000 | |||
| 50,000 | 50,000 | |||
The ending balance is $50,000.
| Advertising Expense Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 19,000 | Balance c/f | 19,000 | |
| 19,000 | 19,000 | |||
The ending balance is $19,000.
| Utilities Expense Account | ||||
| Particulars | Debit ($) | Particulars | Credit ($) | |
| Balance b/f | 13,400 | Balance c/f | 13,400 | |
| 13,400 | 13,400 | |||
The ending balance is $13,400.
Prepare adjusted trial balance.
| A Institute | ||
| Adjusted Trial Balance | ||
| For the year ended on December 31, 2017 | ||
| Particulars | Debit ($) | Credit ($) |
| Cash | 60,000 | |
| Account Receivable | 5,750 | |
| Teaching Supplies | 20,000 | |
| Prepaid Insurance | 9,500 | |
| Prepaid rent | 0 | |
| Professional Library | 12,000 | |
| Accumulated Depreciation-Professional Library | 4,900 | |
| Equipment | 40,000 | |
| Accumulated Depreciation-Equipment | 25,000 | |
| Accounts payable | 11,200 | |
| Salaries payable | 450 | |
| Unearned training fees | 0 | |
| Common stock | 11,000 | |
| Retained earning | 60,500 | |
| Dividends | 20,000 | |
| Tuition Fees Earned | 134,950 | |
| Training fees earned | 96,600 | |
| Depreciation expense-Professional Library | 2,400 | |
| Depreciation expense-Equipment | 5,000 | |
| Salaries Expense | 44,650 | |
| Insurance Expense | 9,500 | |
| Rent expense | 33,400 | |
| Teaching supplies expense | 50,000 | |
| Advertising expense | 19,000 | |
| Utilities expense | 13,400 | |
| Totals | 344,600 | 344,600 |
Conclusion
4.
To determine
To prepare: Income statement and statement of retained earnings and
4.
Expert Solution
Explanation of Solution
| A Institute | ||
| Income Statement | ||
| For year ended December 31, 2017 | ||
| Particulars | Amount ($) | Amount ($) |
| Revenue: | ||
| Service Revenue | 231,550 | |
| Total Revenue | 231,550 | |
| Expenses: | ||
| Insurance Expense | 9,500 | |
| Salaries Expense | 44,650 | |
| Teaching Supplies Expense | 50,000 | |
| Rent expenses | 33,400 | |
| Advertising Expense | 19,000 | |
| Utility Expense | 13,400 | |
| Depreciation Expense-Professional Library | 2,400 | |
| Depreciation Expense-Equipment | 5,000 | |
| Total Expense | 177,350 | |
| Net income | 54,200 | |
Net income of A Institute is $54,200.
Working note:
Prepare Retained Earnings Statement:
| A Institute | ||
| Retained Earnings Statement | ||
| As on December 31, 2017 | ||
| Particulars | Amount ($) | |
| Opening balance | 60,500 | |
| Net income | 54,200 | |
| Dividends | (20,000) | |
| Retained earnings | 94,700 | |
Therefore, Retained earnings of A.I are $94,700.
Prepare balance sheet:
| A Institute | ||
| Balance Sheet | ||
| As on December 31, 2017 | ||
| Particulars | Amount ($) | |
| Assets | ||
| Cash | 60,000 | |
| Account Receivable | 5,750 | |
| Teaching Supplies | 20,000 | |
| Prepaid Insurance | 9,500 | |
| Prepaid rent | 0 | |
| Professional Library | 12,000 | |
| Less: Accumulated Depreciation | (4,900) | 7,100 |
| Equipment | 40,000 | |
| Less: Accumulated depreciation | (25,000) | 15,000 |
| Total Assets | 117,350 | |
| Liabilities and | ||
| Liabilities | ||
| Accounts Payable | 11,200 | |
| Salaries Payable | 450 | |
| Unearned training Fees | 0 | |
| Stockholder’s Equity | ||
| Common Stock | 11,000 | |
| Retained earnings | 94,700 | |
| Total stockholders’ equity | 105,700 | |
| Total Liabilities and Stockholder’s equity | 117,350 | |
Balance sheet total is $117,350.
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Chapter 3 Solutions
FINANCIAL & MANAGERIAL ACCOUNTING
Ch. 3 - Prob. 1MCQCh. 3 - Prior to recording adjusting entries, the Supplies...Ch. 3 - On May 1, 2017, a two-year insurance policy was...Ch. 3 - On November 1, 2017, Stockton Co. receives $3,600...Ch. 3 - If a company had $ 15,000 in net income for the...Ch. 3 - What is the difference between the cash basis and...Ch. 3 - Why is the accrual basis of accounting generally...Ch. 3 - What type of business is most likely to select a...Ch. 3 - Prob. 4DQCh. 3 - Prob. 5DQ
Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - A If a company initially records prepaid expenses...Ch. 3 - Prob. 9DQCh. 3 - Prob. 10DQCh. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - Prob. 13DQCh. 3 - Prob. 14DQCh. 3 - Prob. 15DQCh. 3 - Prob. 16DQCh. 3 - Prob. 17DQCh. 3 - Prob. 18DQCh. 3 - Prob. 19DQCh. 3 - Prob. 20DQCh. 3 - Prob. 21DQCh. 3 - Prob. 22DQCh. 3 - Prob. 23DQCh. 3 - Prob. 24DQCh. 3 - Prob. 25DQCh. 3 - Prob. 26DQCh. 3 - Prob. 27DQCh. 3 - Prob. 28DQCh. 3 - Prob. 29DQCh. 3 - Periodic reporting C1 Choose from the following...Ch. 3 - Computing accrual and cash income C1 In its first...Ch. 3 - Identifying accounting adjustments P1 Classify the...Ch. 3 - Prob. 4QSCh. 3 - Prepaid (deferred) expenses adjustments P1 For...Ch. 3 - Prepaid (deferred) expense adjustments P1 For each...Ch. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - Prob. 9QSCh. 3 - Prob. 10QSCh. 3 - Prob. 11QSCh. 3 - Prob. 12QSCh. 3 - Prob. 13QSCh. 3 - Prob. 14QSCh. 3 - Recording and analyzing adjusting entries P1...Ch. 3 - Prob. 16QSCh. 3 - Prob. 17QSCh. 3 - Prob. 18QSCh. 3 - Preparing adjusting entries P6 Garcia Company had...Ch. 3 - A preparing adjusting entries P4 Cal Consulting...Ch. 3 - Preparing closing entries from the ledger P4 The...Ch. 3 - Identifying post-closing accounts P5 Identify...Ch. 3 - identifying the accounting cycle C2 List the...Ch. 3 - Classifying balance sheet items C3 The following...Ch. 3 - Identifying current accounts and computing the...Ch. 3 - Prob. 26QSCh. 3 - Prob. 27QSCh. 3 - Prob. 28QSCh. 3 - Exercise 3-1 Adjusting and paying accrued wages P1...Ch. 3 - Exercise 3-2 Adjusting and paying accrued expenses...Ch. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Exercise 3-8 Preparing closing entries...Ch. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Exercise 3-16 Preparing a balance sheet following...Ch. 3 - Prob. 1PSACh. 3 - Prob. 2PSACh. 3 - Prob. 3PSACh. 3 - Prob. 4PSACh. 3 - Prob. 5PSACh. 3 - Prob. 6PSACh. 3 - Prob. 7PSACh. 3 - Prob. 8PSACh. 3 - Prob. 1PSBCh. 3 - Prob. 2PSBCh. 3 - Prob. 3PSBCh. 3 - Prob. 4PSBCh. 3 - Prob. 5PSBCh. 3 - Prob. 6PSBCh. 3 - Prob. 7PSBCh. 3 - Prob. 8PSBCh. 3 - No Account Title Debit Credit 101 Cash $38,264 106...Ch. 3 - Prob. 1GLPCh. 3 - Prob. 2GLPCh. 3 - Prob. 3GLPCh. 3 - Prob. 4GLPCh. 3 - Prob. 5GLPCh. 3 - Prob. 6GLPCh. 3 - Prob. 1BTNCh. 3 - Prob. 2BTNCh. 3 - Prob. 3BTNCh. 3 - Prob. 4BTNCh. 3 - Prob. 5BTNCh. 3 - Prob. 6BTNCh. 3 - Prob. 7BTNCh. 3 - Prob. 8BTNCh. 3 - Prob. 9BTN
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Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY