Connect Access Card For Fundamental Accounting Principles

24th Edition

ISBN: 9781260158526

Author: John J Wild

Publisher: McGraw-Hill Education

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Textbook Question

Chapter 3, Problem 4QS

Concepts 0f adjusting entries
During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts.
At the end of its annual accounting period, the company must make three adjusting entries:
(i) Accrue salaries expense. Dr._ Cr._
(2) Adjust the Unearned Services Revenue account to recognize earned revenue. Dr. Cr.
(3) Record services revenue earned for which cash will be received the following period. Dr. Cr.
For each of the adjusting entries (z),(2), and (3), indicate the account to be debited and the account to be credited—from a through i below.
a. Prepaid Salaries
b. Cash
C. Salaries Pay able
d. Unearned Services Revenue
e. Salaries Expense
f. Services Revenue
g. Accounts Receivable
h. Accounts Payable
L Equipment

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Chapter 3, Problem 3QS

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Chapter 3 Solutions

Connect Access Card For Fundamental Accounting Principles

Ch. 3 - Prob. 1DQ Ch. 3 - Why is the accrual basis of accounting generally...Ch. 3 - Prob. 3DQ Ch. 3 - What is a prepaid expense and where is it reported...Ch. 3 - What type of assets requires adjusting entries to...Ch. 3 - 6. What contra account is used when recording and...Ch. 3 - What is an accrued revenue? Give an example..Ch. 3 - 8. If a company initially records prepaid expenses...Ch. 3 - Review the balance sheet of Apple in Appendix À....Ch. 3 - Prob. 10DQ

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