Trial balance – The trial balance is a summarized statement containing all incomes, expenses, assets and liabilities of the company. The items of the trial balances are to be posted either in the income statement or in the balance sheet. The unadjusted trial balance is the one wherein the adjustment entries are not reflected, while the adjusted trial balance is the one reflecting the closing adjustment entries at the end of the accounting period. To determine: 1) The difference between unadjusted trial balance and the adjusted trial balance, and record the adjustment required to be made at the year end, 2) a) The income statement and its statement of owner’s equity for the year ended December 31, 2017, and b) The balance sheet as of December 31, 2017.

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Answer 1

Question

Chapter 3, Problem 4BPSB

To determine

Concept Introduction:

Trial balance – The trial balance is a summarized statement containing all incomes, expenses, assets and liabilities of the company. The items of the trial balances are to be posted either in the income statement or in the balance sheet. The unadjusted trial balance is the one wherein the adjustment entries are not reflected, while the adjusted trial balance is the one reflecting the closing adjustment entries at the end of the accounting period.

To determine:

1) The difference between unadjusted trial balance and the adjusted trial balance, and record the adjustment required to be made at the year end,

2) a) The income statement and its statement of owner’s equity for the year ended December 31, 2017, and

b) The balance sheet as of December 31, 2017.

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Answer 2

Question

Chapter 3, Problem 4BPSB

To determine

Concept Introduction:

Trial balance – The trial balance is a summarized statement containing all incomes, expenses, assets and liabilities of the company. The items of the trial balances are to be posted either in the income statement or in the balance sheet. The unadjusted trial balance is the one wherein the adjustment entries are not reflected, while the adjusted trial balance is the one reflecting the closing adjustment entries at the end of the accounting period.

To determine:

1) The difference between unadjusted trial balance and the adjusted trial balance, and record the adjustment required to be made at the year end,

2) a) The income statement and its statement of owner’s equity for the year ended December 31, 2017, and

b) The balance sheet as of December 31, 2017.

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Answer 3

Question

Chapter 3, Problem 4BPSB

To determine

Concept Introduction:

Trial balance – The trial balance is a summarized statement containing all incomes, expenses, assets and liabilities of the company. The items of the trial balances are to be posted either in the income statement or in the balance sheet. The unadjusted trial balance is the one wherein the adjustment entries are not reflected, while the adjusted trial balance is the one reflecting the closing adjustment entries at the end of the accounting period.

To determine:

1) The difference between unadjusted trial balance and the adjusted trial balance, and record the adjustment required to be made at the year end,

2) a) The income statement and its statement of owner’s equity for the year ended December 31, 2017, and

b) The balance sheet as of December 31, 2017.

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Answer 4

Question

Chapter 3, Problem 4BPSB

To determine

Concept Introduction:

Trial balance – The trial balance is a summarized statement containing all incomes, expenses, assets and liabilities of the company. The items of the trial balances are to be posted either in the income statement or in the balance sheet. The unadjusted trial balance is the one wherein the adjustment entries are not reflected, while the adjusted trial balance is the one reflecting the closing adjustment entries at the end of the accounting period.

To determine:

1) The difference between unadjusted trial balance and the adjusted trial balance, and record the adjustment required to be made at the year end,

2) a) The income statement and its statement of owner’s equity for the year ended December 31, 2017, and

b) The balance sheet as of December 31, 2017.

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Answer 5

Chapter 3, Problem 4BPSB

To determine

Concept Introduction:

Trial balance – The trial balance is a summarized statement containing all incomes, expenses, assets and liabilities of the company. The items of the trial balances are to be posted either in the income statement or in the balance sheet. The unadjusted trial balance is the one wherein the adjustment entries are not reflected, while the adjusted trial balance is the one reflecting the closing adjustment entries at the end of the accounting period.

To determine:

1) The difference between unadjusted trial balance and the adjusted trial balance, and record the adjustment required to be made at the year end,

2) a) The income statement and its statement of owner’s equity for the year ended December 31, 2017, and

b) The balance sheet as of December 31, 2017.

Answer 6

Chapter 3, Problem 4BPSB

To determine

Concept Introduction:

Trial balance – The trial balance is a summarized statement containing all incomes, expenses, assets and liabilities of the company. The items of the trial balances are to be posted either in the income statement or in the balance sheet. The unadjusted trial balance is the one wherein the adjustment entries are not reflected, while the adjusted trial balance is the one reflecting the closing adjustment entries at the end of the accounting period.

To determine:

1) The difference between unadjusted trial balance and the adjusted trial balance, and record the adjustment required to be made at the year end,

2) a) The income statement and its statement of owner’s equity for the year ended December 31, 2017, and

b) The balance sheet as of December 31, 2017.

Answer 7

Chapter 3, Problem 4BPSB

To determine

Concept Introduction:

Trial balance – The trial balance is a summarized statement containing all incomes, expenses, assets and liabilities of the company. The items of the trial balances are to be posted either in the income statement or in the balance sheet. The unadjusted trial balance is the one wherein the adjustment entries are not reflected, while the adjusted trial balance is the one reflecting the closing adjustment entries at the end of the accounting period.

To determine:

1) The difference between unadjusted trial balance and the adjusted trial balance, and record the adjustment required to be made at the year end,

2) a) The income statement and its statement of owner’s equity for the year ended December 31, 2017, and

b) The balance sheet as of December 31, 2017.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 3 - Prob. 1DQ Ch. 3 - Prob. 2DQ Ch. 3 - Prob. 3DQ Ch. 3 - Prob. 4DQ Ch. 3 - Prob. 5DQ Ch. 3 - Prob. 6DQ Ch. 3 - What is an accrued revenue? Give an example..Ch. 3 - Prob. 8DQ Ch. 3 - Prob. 9DQ Ch. 3 - Prob. 10DQ

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