FINANCIAL AND MANAGERIAL ACCOUNTING
FINANCIAL AND MANAGERIAL ACCOUNTING
9th Edition
ISBN: 9781264899180
Author: Wild
Publisher: MCG
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Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
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Adjustment Entries
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Chapter 3, Problem 5PSA
To determine

Adjusting Entries:

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

Accounting rules regarding journal entries:

  • Balance increase 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 entry. It records and summarizes financial transaction of an entity in chronological manner, generally according to dual aspect of accounting.

    Adjusted Trial Balance:

    It is a statement which contains balances of all account after all the adjusting entries has been made.

    Income Statement:

    It is a financial statement which shows the profit and loss made by the firm in a particular accounting period.

    Retained Earnings:

    It is a financial statement which shows the amount of profit retained by the company for their future unforeseen events.

    Closing Entries:

    These entries is made for those item whose balance need to be zero for next accounting period otherwise data of two accounting periods will get mix with each other.

    Balance Sheet:

    Balance sheet shows the financial position of a firm. It consists of asset, liabilities and the stockholder’s equity of the company.

    1.

    To prepare: Ledger account, according to balance column format.

    2.

    To determine

    To prepare: Journal entry and post them to ledger account.

    3.

    To determine

    To prepare: An unadjusted trial balance.

    4.

    a.

    To determine

    To prepare: Adjusting entry.

    b.

    To determine

    To prepare: Adjusting entry.

    c.

    To determine

    To prepare: Adjusting entry.

    d.

    To determine

    To prepare: Adjusting entry.

    e.

    To determine

    To prepare: Adjusting entry.

    5.

    To determine

    To prepare: An adjusted trial balance, income statement, statement of retained earnings and balance sheet.

    6.

    To determine

    To prepare: Closing entries.

    7.

    To determine

    To prepare: A post closing trial balance.

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    Chapter 3 Solutions

    FINANCIAL AND MANAGERIAL ACCOUNTING

    Ch. 3 - Prob. 1QSCh. 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. 10QS
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