Horngren's Financial & Managerial Accounting, The Managerial Chapters Plus MyLab Accounting with Pearson eText - Access Card Package (6th Edition)
6th Edition
ISBN: 9780134674674
Author: MILLER-NOBLES
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem 8QC
A & D Window Cleaning performed $450 of services but has not yet billed customers for the month. If A & D Fails to record the
a.
b. balance sheet: liabilities overstated; equity understated income statement: revenues understated
c. balance sheet: assets overstated, equity understated income statement: expenses understated
d. balance sheet: assets understated, equity understated income statement: revenues understated
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Political System
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Economic System
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Problem 3-2B
Preparing adjusting and subsequent journal entries
P1 P2 P3 P4
Natsu Company's annual accounting period ends on October 31. The following information concerns the adjusting entries that need to be recorded as of that date.
Entries can draw from the following partial chart of accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Building; Accumulated Depreciation-
Building; Salaries Payable; Unearned Revenue; Rent Revenue; Salaries Expense; Office Supplies Expense; Insurance Expense; and Depreciation Expense-Building.
a.
b.
c.
d.
e.
f.
The Office Supplies account started the fiscal year with a $600 balance. During the fiscal year, the company purchased supplies for $4,570, which was added to
the Office Supplies account. The supplies available at October 31 totaled $800.
The Prepaid Insurance account had a $12,000 debit balance at October 31 before adjusting for the costs of any expired coverage for the fiscal year. An analysis
of prepaid insurance shows…
Problem 3-1B
Identifying adjusting entries with explanations
P1 P2 P3 P4
For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use
explanations more than once.
A.
To record payment of a prepaid expense.
B.
To record this period's use of a prepaid expense.
C.
To record this period's depreciation expense.
D.
To record receipt of unearned revenue.
E.
To record this period's earning of prior unearned revenue.
F.
To record an accrued expense.
G.
To record payment of an accrued expense.
H.
To record an accrued revenue.
I.
To record receipt of accrued revenue.
1.
Interest Receivable
3,500
7. Cash
1,500
Interest Revenue
3,500
Accounts Receivable (from services)
1,500
2.
Salaries Payable
9,000
8. Salaries Expense
7,000
Cash
9,000
Salaries Payable
7,000
3. Depreciation Expense
8,000
9.
Cash
1,000
Accumulated Depreciation.
8,000
Interest Receivable
1,000
4.
Cash
9,000
10.
Unearned Revenue
9,000
Prepaid Rent
Cash
3,000
3,000
5.
Insurance Expense
4,000…
Chapter 3 Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters Plus MyLab Accounting with Pearson eText - Access Card Package (6th Edition)
Ch. 3 - Which of the following is true of accrual basis...Ch. 3 - Get Fit Now gains a client who prepays 540 for a...Ch. 3 - The revenue recognition principle requires a. time...Ch. 3 - Adjusting the accounts is the process of a....Ch. 3 - Which of the following is an example of a deferral...Ch. 3 - Assume that the weekly payroll of In the Woods...Ch. 3 - The adjusted trial balance shows a. amounts that...Ch. 3 - A D Window Cleaning performed 450 of services but...Ch. 3 - A worksheet a. is a journal used to record...Ch. 3 - On February 1, Clovis Wilson Law Firm contracted...
Ch. 3 - What is the difference between cash basis...Ch. 3 - Which method of accounting (cash or accrual basis)...Ch. 3 - Which accounting concept or principle requires...Ch. 3 - What is a fiscal year? Why might companies choose...Ch. 3 - Under the revenue recognition principle, when is...Ch. 3 - Prob. 6RQCh. 3 - When are adjusting entries completed, and what is...Ch. 3 - Prob. 8RQCh. 3 - Prob. 9RQCh. 3 - Prob. 10RQCh. 3 - Prob. 11RQCh. 3 - Prob. 12RQCh. 3 - Prob. 13RQCh. 3 - Prob. 14RQCh. 3 - Prob. 15RQCh. 3 - What is an accrued expense? Provide an example.Ch. 3 - What is an accrued revenue? Provide an example.Ch. 3 - Prob. 18RQCh. 3 - When is an adjusted trial balance prepared, and...Ch. 3 - If an accrued expense is not recorded at the end...Ch. 3 - What is a worksheet, and how is it used to help...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - Prob. 3.1SECh. 3 - S3-2 Comparing cash and accrual basis accounting...Ch. 3 - S3-3 Applying the revenue recognition...Ch. 3 - Prob. 3.4SECh. 3 - Identifying types of adjusting entries A select...Ch. 3 - S3-6 Journalizing and posting adjusting entries...Ch. 3 - S3-7 Journalizing and posting an adjusting entry...Ch. 3 - S3-8 Journalizing and posting an adjusting entry...Ch. 3 - Prob. 3.9SECh. 3 - Prob. 3.10SECh. 3 - Prob. 3.11SECh. 3 - S3-12 Journalizing an adjusting entry for accrued...Ch. 3 - S3-13 Preparing an adjusted trial balance
Seth’s...Ch. 3 - Determining the effects on financial statements In...Ch. 3 - Prob. 3.15SECh. 3 - Prob. 3.16SECh. 3 - Prob. 3.17SECh. 3 - Prob. 3.18ECh. 3 - E3-19 Comparing cash and accrual basis accounting...Ch. 3 - Prob. 3.20ECh. 3 - E3-21 Journalizing adjusting entries
Consider the...Ch. 3 - Prob. 3.22ECh. 3 - Prob. 3.23ECh. 3 - Prob. 3.24ECh. 3 - Prob. 3.25ECh. 3 - Prob. 3.26ECh. 3 - E3-27 Identifying the impact of adjusting entries...Ch. 3 - Prob. 3.28ECh. 3 - E3-29 Using the worksheet to record the adjusting...Ch. 3 - Prob. 3.30ECh. 3 - Prob. 3.31ECh. 3 - Prob. 3.32ECh. 3 - Prob. 3.33APCh. 3 - P3-34A Journalizing adjusting entries and...Ch. 3 - P3-35A Journalizing and posting adjustments to the...Ch. 3 - P3-36A Journalizing and posting adjustments to the...Ch. 3 - Prob. 3.37APCh. 3 - Prob. 3.38APCh. 3 - Prob. 3.39BPCh. 3 - P3-40B Journalizing adjusting entries and...Ch. 3 - Prob. 3.41BPCh. 3 - P3-42B Journalizing and posting adjustments to the...Ch. 3 - Prob. 3.43BPCh. 3 - Prob. 3.44BPCh. 3 - > Continuing Problem
P3-46 Preparing adjusting...Ch. 3 - Prob. 3.47PSCh. 3 - Prob. 3.1TICh. 3 - One year ago, Tyler Stasney founded Swift...Ch. 3 - Prob. 3.1EICh. 3 - > Fraud Case 3-1
XM, Ltd. was a small engineering...Ch. 3 - > Financial Statement Case 3-1
Target...Ch. 3 - In 75 words or fewer, explain adjusting journal...
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