Adjusting Entries : Adjusting entries are made at the end of the year to adjust the financial position of the enterprise according to the accrual basis of accounting. Accounting rules regarding journal entries : Balance increases when : Assets, losses, and expenses get debited and liabilities, gains, and revenue get credited. Balance decrease when : Assets, losses, and expenses get credited and liabilities, gains, and revenue get debited. Journal Entries : It is a book of original entries. It records and summarizes the financial transaction of an entity chronologically, generally according to the dual aspect of accounting. Adjusted Trial Balance : It is a statement that contains balances of all account after all the adjusting entries has been made. Income Statement : It is a financial statement that shows the profit and loss made by the firm in a particular accounting period. Retained Earnings : It is a financial statement that shows the amount of profit retained by the company for future unforeseen events. 1 . To prepare : T-account with balances of unadjusted trial balance.

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Answer 1

Question

Chapter 3, Problem 3PSB

To determine

Adjusting Entries: Adjusting entries are made at the end of the year to adjust the financial position of the enterprise according to the accrual basis of accounting.

Accounting rules regarding journal entries:

Balance increases when: Assets, losses, and expenses get debited and liabilities, gains, and revenue get credited.

Balance decrease when: Assets, losses, and expenses get credited and liabilities, gains, and revenue get debited.

Journal Entries: It is a book of original entries. It records and summarizes the financial transaction of an entity chronologically, generally according to the dual aspect of accounting.

Adjusted Trial Balance: It is a statement that contains balances of all account after all the adjusting entries has been made.

Income Statement: It is a financial statement that shows the profit and loss made by the firm in a particular accounting period.

Retained Earnings: It is a financial statement that shows the amount of profit retained by the company for future unforeseen events.

1.

To prepare: T-account with balances of unadjusted trial balance.

2.

To determine

To prepare: Adjusting entries.

3.

To determine

To prepare: Ledger account and trial balance.

4.

To determine

To prepare: Income statement and statement of retained earnings and balance sheet.

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Answer 2

Question

Chapter 3, Problem 3PSB

To determine

Adjusting Entries: Adjusting entries are made at the end of the year to adjust the financial position of the enterprise according to the accrual basis of accounting.

Accounting rules regarding journal entries:

Balance increases when: Assets, losses, and expenses get debited and liabilities, gains, and revenue get credited.

Balance decrease when: Assets, losses, and expenses get credited and liabilities, gains, and revenue get debited.

Journal Entries: It is a book of original entries. It records and summarizes the financial transaction of an entity chronologically, generally according to the dual aspect of accounting.

Adjusted Trial Balance: It is a statement that contains balances of all account after all the adjusting entries has been made.

Income Statement: It is a financial statement that shows the profit and loss made by the firm in a particular accounting period.

Retained Earnings: It is a financial statement that shows the amount of profit retained by the company for future unforeseen events.

1.

To prepare: T-account with balances of unadjusted trial balance.

2.

To determine

To prepare: Adjusting entries.

3.

To determine

To prepare: Ledger account and trial balance.

4.

To determine

To prepare: Income statement and statement of retained earnings and balance sheet.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 3PSB

To determine

Adjusting Entries: Adjusting entries are made at the end of the year to adjust the financial position of the enterprise according to the accrual basis of accounting.

Accounting rules regarding journal entries:

Balance increases when: Assets, losses, and expenses get debited and liabilities, gains, and revenue get credited.

Balance decrease when: Assets, losses, and expenses get credited and liabilities, gains, and revenue get debited.

Journal Entries: It is a book of original entries. It records and summarizes the financial transaction of an entity chronologically, generally according to the dual aspect of accounting.

Adjusted Trial Balance: It is a statement that contains balances of all account after all the adjusting entries has been made.

Income Statement: It is a financial statement that shows the profit and loss made by the firm in a particular accounting period.

Retained Earnings: It is a financial statement that shows the amount of profit retained by the company for future unforeseen events.

1.

To prepare: T-account with balances of unadjusted trial balance.

2.

To determine

To prepare: Adjusting entries.

3.

To determine

To prepare: Ledger account and trial balance.

4.

To determine

To prepare: Income statement and statement of retained earnings and balance sheet.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 3PSB

To determine

Adjusting Entries: Adjusting entries are made at the end of the year to adjust the financial position of the enterprise according to the accrual basis of accounting.

Accounting rules regarding journal entries:

Balance increases when: Assets, losses, and expenses get debited and liabilities, gains, and revenue get credited.

Balance decrease when: Assets, losses, and expenses get credited and liabilities, gains, and revenue get debited.

Journal Entries: It is a book of original entries. It records and summarizes the financial transaction of an entity chronologically, generally according to the dual aspect of accounting.

Adjusted Trial Balance: It is a statement that contains balances of all account after all the adjusting entries has been made.

Income Statement: It is a financial statement that shows the profit and loss made by the firm in a particular accounting period.

Retained Earnings: It is a financial statement that shows the amount of profit retained by the company for future unforeseen events.

1.

To prepare: T-account with balances of unadjusted trial balance.

2.

To determine

To prepare: Adjusting entries.

3.

To determine

To prepare: Ledger account and trial balance.

4.

To determine

To prepare: Income statement and statement of retained earnings and balance sheet.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 3PSB

To determine

Adjusting Entries: Adjusting entries are made at the end of the year to adjust the financial position of the enterprise according to the accrual basis of accounting.

Accounting rules regarding journal entries:

Balance increases when: Assets, losses, and expenses get debited and liabilities, gains, and revenue get credited.

Balance decrease when: Assets, losses, and expenses get credited and liabilities, gains, and revenue get debited.

Journal Entries: It is a book of original entries. It records and summarizes the financial transaction of an entity chronologically, generally according to the dual aspect of accounting.

Adjusted Trial Balance: It is a statement that contains balances of all account after all the adjusting entries has been made.

Income Statement: It is a financial statement that shows the profit and loss made by the firm in a particular accounting period.

Retained Earnings: It is a financial statement that shows the amount of profit retained by the company for future unforeseen events.

1.

To prepare: T-account with balances of unadjusted trial balance.

2.

To determine

To prepare: Adjusting entries.

3.

To determine

To prepare: Ledger account and trial balance.

4.

To determine

To prepare: Income statement and statement of retained earnings and balance sheet.

Answer 6

Chapter 3, Problem 3PSB

To determine

Adjusting Entries: Adjusting entries are made at the end of the year to adjust the financial position of the enterprise according to the accrual basis of accounting.

Accounting rules regarding journal entries:

Balance increases when: Assets, losses, and expenses get debited and liabilities, gains, and revenue get credited.

Balance decrease when: Assets, losses, and expenses get credited and liabilities, gains, and revenue get debited.

Journal Entries: It is a book of original entries. It records and summarizes the financial transaction of an entity chronologically, generally according to the dual aspect of accounting.

Adjusted Trial Balance: It is a statement that contains balances of all account after all the adjusting entries has been made.

Income Statement: It is a financial statement that shows the profit and loss made by the firm in a particular accounting period.

Retained Earnings: It is a financial statement that shows the amount of profit retained by the company for future unforeseen events.

1.

To prepare: T-account with balances of unadjusted trial balance.

Answer 7

Chapter 3, Problem 3PSB

To determine

Adjusting Entries: Adjusting entries are made at the end of the year to adjust the financial position of the enterprise according to the accrual basis of accounting.

Accounting rules regarding journal entries:

Balance increases when: Assets, losses, and expenses get debited and liabilities, gains, and revenue get credited.

Balance decrease when: Assets, losses, and expenses get credited and liabilities, gains, and revenue get debited.

Journal Entries: It is a book of original entries. It records and summarizes the financial transaction of an entity chronologically, generally according to the dual aspect of accounting.

Adjusted Trial Balance: It is a statement that contains balances of all account after all the adjusting entries has been made.

Income Statement: It is a financial statement that shows the profit and loss made by the firm in a particular accounting period.

Retained Earnings: It is a financial statement that shows the amount of profit retained by the company for future unforeseen events.

1.

To prepare: T-account with balances of unadjusted trial balance.

Answer 8

2.

To determine

To prepare: Adjusting entries.

Answer 9

2.

To determine

To prepare: Adjusting entries.

Answer 10

3.

To determine

To prepare: Ledger account and trial balance.

Answer 11

3.

To determine

To prepare: Ledger account and trial balance.

Answer 12

4.

To determine

To prepare: Income statement and statement of retained earnings and balance sheet.

Answer 13

4.

To determine

To prepare: Income statement and statement of retained earnings and balance sheet.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 3 - Prob. 1QS Ch. 3 - Computing accrual and cash income C1 In its first...Ch. 3 - Identifying accounting adjustments P1 Classify the...Ch. 3 - Prob. 4QS Ch. 3 - Prepaid (deferred) expenses adjustments P1 For...Ch. 3 - Prepaid (deferred) expense adjustments P1 For each...Ch. 3 - Prob. 7QS Ch. 3 - Prob. 8QS Ch. 3 - Prob. 9QS Ch. 3 - Prob. 10QS

To prepare: Adjusting entries.

To prepare: Ledger account and trial balance.

To prepare: Income statement and statement of retained earnings and balance sheet.

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Chapter 3 Solutions