Financial Accounting (5th Edition) (What's New in Accounting)
Financial Accounting (5th Edition) (What's New in Accounting)
5th Edition
ISBN: 9780134727790
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Chapter 3, Problem 48BP

Problems (Group B)

Common adjusting journal entries (Learning Objective 2) 15-20 min.

Journalize the adjusting entries needed at December 31, the end of the current accounting year, for each of the following independent cases affecting Canyon Motorsports, Inc. No other adjusting entries have been made for the year.

  1. a. Before making the adjusting entry on December 31, the balance in Prepaid Insurance is $6,000. Canyon Motorsports, Inc., pays liability insurance each year on July 1.
  2. b. Canyon Motorsports, Inc., pays employees each Friday. The amount of the weekly payroll Is $8,500 for a five-day workweek. December 31, the fiscal year-end, is a Wednesday.
  3. c. Canyon Motorsports, Inc., received notes receivable from some customers for services provided. For the current year, accrued interest amounts to $875 and will be collected next year.
  4. d. The beginning balance of Supplies was $1,750. During the year, $3,175 of supplies were purchased. At December 31, the supplies on hand total $1,300.
  5. e. During the year, Canyon Motorsports, inc., received $15,400 in advance for services to be provided at a later date. As of December 31, Canyon Motorsports, Inc., earned $13,800 of the total fees received in advance during the current year.
  6. f. Depreciation for the current year includes Vehicles, $2,170, and Equipment, $1,100.
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Chapter 3 Solutions

Financial Accounting (5th Edition) (What's New in Accounting)

Ch. 3 - Prob. 1SCCh. 3 - Adjusting the accounts is the process of a....Ch. 3 - Which of the following terms describes the types...Ch. 3 - Assume the weekly payroll of ASR, Inc., is 4,500....Ch. 3 - Prob. 5SCCh. 3 - Prob. 6SCCh. 3 - Prob. 7SCCh. 3 - What do closing entries accomplish? a. Bring the...Ch. 3 - Prob. 9SCCh. 3 - Which correctly represents the flow of information...Ch. 3 - Prob. 11SCCh. 3 - Prob. 12SCCh. 3 - Prob. 1SECh. 3 - Prob. 2SECh. 3 - Prob. 3SECh. 3 - Adjusting journal entryprepaid rent (Learning...Ch. 3 - Prob. 5SECh. 3 - Prob. 6SECh. 3 - Prob. 7SECh. 3 - Adjusting journal entrysalaries, accrued revenue,...Ch. 3 - Prob. 9SECh. 3 - Closing entries (Learning Objective 4) 5-10 min....Ch. 3 - Prob. 11SECh. 3 - Prob. 12SECh. 3 - Preparing a post-closing trial balance (Learning...Ch. 3 - Exercises (Group A) E3-14A. Adjusting journal...Ch. 3 - Adjusting journal entry-prepaid insurance...Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 17AECh. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 19AECh. 3 - Prob. 20AECh. 3 - Prob. 21AECh. 3 - Prob. 22AECh. 3 - Preparing a financial statement (Learning...Ch. 3 - Prob. 24AECh. 3 - Prob. 25AECh. 3 - Prob. 26AECh. 3 - Prob. 27AECh. 3 - Prob. 28BECh. 3 - Prob. 29BECh. 3 - Prob. 30BECh. 3 - Analyzing errors (Learning Objective 2) 10-15 min....Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 33BECh. 3 - Prob. 34BECh. 3 - Prob. 35BECh. 3 - Prob. 36BECh. 3 - Prob. 37BECh. 3 - Prob. 38BECh. 3 - Prob. 39BECh. 3 - Prob. 40BECh. 3 - Preparing closing entries (Learning Objective 4)...Ch. 3 - Problems (Group A) Common adjusting journal...Ch. 3 - Prob. 43APCh. 3 - Prob. 44APCh. 3 - Prob. 45APCh. 3 - Prob. 46APCh. 3 - Prob. 47APCh. 3 - Problems (Group B) Common adjusting journal...Ch. 3 - Re-creating adjusting journal entries from a trial...Ch. 3 - Preparing adjusting journal entries and an...Ch. 3 - Effects of adjusting journal entries on income...Ch. 3 - Preparing financial statements (Learning Objective...Ch. 3 - Preparing closing entries and a post-closing trial...Ch. 3 - This exercise continues the accounting process for...Ch. 3 - This problem continues the accounting process for...Ch. 3 - Prob. 1CFSAPCh. 3 - Prob. 1EIACh. 3 - Case 2. Brent Robertson and his banker were...Ch. 3 - Prob. 1FACh. 3 - Prob. 1IACh. 3 - Prob. 1SBACh. 3 - Written Communication You have received a letter...Ch. 3 - Journalizing, Posting, Adjusting, Preparing, and...
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How JOURNAL ENTRIES Work (in Accounting); Author: Accounting Stuff;https://www.youtube.com/watch?v=Y-_Q3rANyxU;License: Standard Youtube License