FUNDAMENTAL ACCT PRIN CONNECT ACCESS
24th Edition
ISBN: 9781266494604
Author: Wild
Publisher: MCG
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Chapter 3, Problem 9DQ
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Which of the following journals would correctly post an adjustment for deferred (prepaid)
income? Select one:
A. DR Income Account / CR Asset
B. DR Asset / CR Income Account
C. DR Income Account / CR Deferred Income
D. DR Deferred income / CR Income Account
Prepare the Note to the financial statements for inventories and prepare the Statement of Comprehensive Income for the year ending 31 August 2020 according to the nature of expense method. Proper identification of the statement and layout according to IAS1 – Presentation of financial statements is required. Ignore the Other Comprehensive Income section of the statement.
Complete the worsheet one section at a time, beginning with the Adjustments columns.
For the Adjustments columns use the appropriate letters a. through d. as posting references.
For the Income Statement and Balance Sheet columns, remember to include the net income or loss after the totals and then total the columns again.
(If a box is not used in the worksheet, leave the box empty; do not enter a zero. Abbreviations used: Acc. = Acccumulated; Adj. = Adjusted; Depr. = Depreciation; Stmt. = Statement.)
Mullen Co.
Worksheet
For Year Ended December 31, 201X
Trial Balance
Adjustments
Account
Dr.
Cr.
Dr.
Cr.
Cash
7
Accounts Receivable
3
Merchandise Inventory
9
Store Supplies
7
Store Equipment
20
Acc. Depr., Store Equipment…
Chapter 3 Solutions
FUNDAMENTAL ACCT PRIN CONNECT ACCESS
Ch. 3 - Prob. 1DQCh. 3 - Why is the accrual basis of accounting generally...Ch. 3 - Prob. 3DQCh. 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
Ch. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - Periodic reporting C1 Choose from the following...Ch. 3 - Prob. 2QSCh. 3 - Identifying accounting adjustments Classify the...Ch. 3 - Concepts 0f adjusting entries During the year, a...Ch. 3 - Prepaid (deferred) expenses adjustments Pl For...Ch. 3 - Prepaid (deferred) expenses adjustments For each...Ch. 3 - Prob. 7QSCh. 3 - Accumulated depreciation adjustments Pl For each...Ch. 3 - Adjusting for depreciation P1 For each separate...Ch. 3 - Unearned (deferred) revenues adjustments For each...Ch. 3 - Adjusting for unearned (deferred) revenues P2 For...Ch. 3 - Accrued expenses adjustments Pl For each separate...Ch. 3 - Prob. 13QSCh. 3 - Accrued revenues adjustments P4 For each separate...Ch. 3 - Recording and analysing adjusting entries A1...Ch. 3 - QS3-16
Determining effects of adjusting...Ch. 3 - Preparing an adjusted trial balance P5 Following...Ch. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Preparing adjusting entries P4 Garcia Company had...Ch. 3 - Preparing adjusting entries P4 Cal Consulting...Ch. 3 - Prob. 1ECh. 3 - Exercise 3.2 Classifying adjusting entries C3 In...Ch. 3 - Exercise 3-3 Adjusting and paying accrued wages P3...Ch. 3 - Prob. 4ECh. 3 - Exercise 3-5 Adjusting and paying accrued expenses...Ch. 3 - Exercise 3-6 Preparing adjusting entries P1 P2 P3...Ch. 3 - Exercise 3-7 Preparing adjusting entries P1 P3 P4...Ch. 3 - Exercise 3-8 Analyzing and preparing adjusting...Ch. 3 - Prob. 9ECh. 3 - Preparing financial statements from a trial...Ch. 3 - Prob. 11ECh. 3 - Exercise 3-11 Adjusting for prepaid recorded as...Ch. 3 - Prob. 13ECh. 3 - Exercise 3-14 Preparing adjusting entries P1 P2 P3...Ch. 3 - Problem 3-1A Identifying adjusting entries with...Ch. 3 - Problem 3-2B Preparing adjusting and subsequent...Ch. 3 - Problem 3-3A Preparing adjusting entries, adjusted...Ch. 3 - Problem 3-4A Interpreting unadjusted and adjusted...Ch. 3 - Problem 3-5A Preparing financial statements from...Ch. 3 - Problem 3-6A
Recording prepaid expenses and...Ch. 3 - Prob. 1BPSBCh. 3 - Problem 3-2B Preparing adjusting and subsequent...Ch. 3 - Problem 3-3B Preparing adjusting entries, adjusted...Ch. 3 - Prolme 3-4B Interpreting unadjusted and adjusted...Ch. 3 - Problem 3-5B Preparing financial statements from...Ch. 3 - Problem 3-6B Recording prepaid expenses and...Ch. 3 - Prob. 3SPCh. 3 - Prob. 1GLPCh. 3 - Using transactions from the following assignments,...Ch. 3 - Using transactions from the following assignments,...Ch. 3 - Prob. 4GLPCh. 3 - Prob. 5GLPCh. 3 - Prob. 1AACh. 3 - Key figures for the recent two years of both Apple...Ch. 3 - Key comparative figures for Samsung. Apple, and...Ch. 3 - Prob. 1BTNCh. 3 - Prob. 2BTNCh. 3 - Access EDGAR online (SEC.gov) and locate the...Ch. 3 - Prob. 4BTNCh. 3 - BTN 3-5 Access EDGAR online (SEC.gov) and locate...Ch. 3 - Prob. 6BTN
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- Which account is least likely to appear in an adjustingjournal entry?a. Cashb. Interest Receivablec. Income Tax Expensed. Salaries and Wages Expensearrow_forwardWhat is the operating income and the net income?arrow_forwardAlcorn Service Company was formed on January 1. Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $64,000 cash from the issue common stock. 2. Purchased $2,000 of supplies on account. 3. Purchased land that cost $26,000 cash. 4. Paid $2,000 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $50,000. 6. Paid $25,000 cash for other operating expenses. 7. Collected $42,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $3,600 on December 31, Year 1 9. Had $600 of supplies on hand at the end of the accounting period. Events Affecting the Year 2 Accounting Period 1. Acquired $24,000 cash from the issue of common stock. 2. Paid $3,600 cash to settle the salaries payable obligation. 3. Paid $4,800 cash in advance to lease office space. 4. Sold the land that cost $26,000 for $26,000 cash. 5. Received $6,000 cash in advance for services to be performed in the future. 6. Purchased…arrow_forward
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