Horngren's Accounting (11th Edition)
11th Edition
ISBN: 9780133856781
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 3, Problem E3.24E
Journalizing
rhe accounting records of Galvin Architects include the following selected, tdjusted balances at March 31:
- Service revenue accrued, $600,
- Unearned revenue that has been earned, $100.
- Office Supplies on hand, $500.
- Salaries owed to employees, $300.
- One month of prepaid rent has expired, $500.
- Depreciation on equipment, $135.
Requirements
- Open a T-account for each account using the unadjusted balances given.
- Journalize the adjusting entries using the letter and March 31 date in the date column.
- Post the adjustments to the I-accounts, entering each adjustment by letter. Show each accounts adjusted balance.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data.
A.
supplies actual count at year end, $6,500
B.
remaining unexpired insurance, $6,000
C.
remaining unearned service revenue, $1,200
D.
salaries owed to employees, $2,400
E.
depreciation on property plant and equipment, $18,000
prepare these entries for Sarah's plant services. prepare general journal entries for the needed balance dy adjustments for the year ending 30/6/21:
A stocktake of the inventory on hand was completed on 30/6/21. The value of the stocktake was $17,000. The inventory asset account as at 30/6/21 before adjustments was
$18.000
The allowance for Doubtful debts should be 5% of the balance of Accounts Receivable. The accounts receivable balance at 30/6/21 is $76,120 and the balance of the
Allowance for Doubtful Debts was $3,450
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data.Excerpt from Unadjusted Trial Balance. Debits: Property Plant and Equipment 320,000; Prepaid Insurance 24,000; Supplies 7,500. Credits: Accumulated Depreciation 89,500; Unearned Service Revenue 3,000.supplies actual count at year end, $6,500remaining unexpired insurance, $6,000remaining unearned service revenue, $1,200salaries owed to employees, $2,400depreciation on property plant and equipment, $18,000
Chapter 3 Solutions
Horngren's Accounting (11th Edition)
Ch. 3 - Prob. 1QCCh. 3 - Get Fit Now gains a client who prepays S540 for a...Ch. 3 - The revenue recognition principle requires...Ch. 3 - Adjusting the accounts is the process of Learning...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 - Prob. 7QCCh. 3 - A equity overstated income statement: expense...Ch. 3 - A worksheet Learning Objective 6 is a journal used...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 - Prob. 3RQCh. 3 - What is a fiscal year? Why might companies choose...Ch. 3 - Under the revenue recognition principle, when is...Ch. 3 - Under the matching principle, when are expenses...Ch. 3 - When are adjusting entries completed and what is...Ch. 3 - What are the two basic categories of adjusting...Ch. 3 - What is a deferred expense? Provide an example.Ch. 3 - What is the process of allocating the cost of a...Ch. 3 - What is a contra account?Ch. 3 - Prob. 12RQCh. 3 - What does accumulated depreciation represent?Ch. 3 - Prob. 14RQCh. 3 - What is a deferred revenue? Provide an example.Ch. 3 - What is an accrued expense? Provide an example.Ch. 3 - What is an accrued revenue? Provide an example.Ch. 3 - What are the two rules to remember about adjusting...Ch. 3 - When is an adjusted trial balance prepared, and...Ch. 3 - Prob. 20RQCh. 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. S3.1SECh. 3 - Prob. S3.2SECh. 3 - Prob. S3.3SECh. 3 - Prob. S3.4SECh. 3 - S3-5 Identifying types of adjusting entries...Ch. 3 -
S3-6 Journalizing and posting adjusting entries...Ch. 3 - Prob. S3.7SECh. 3 - Prob. S3.8SECh. 3 - Prob. S3.9SECh. 3 - Prob. S3.10SECh. 3 - Prob. S3.11SECh. 3 - Journalizing an adjusting entry for accrued...Ch. 3 - Prob. S3.13SECh. 3 - Determining the effects on financial statements...Ch. 3 - Prob. S3.15SECh. 3 - Prob. S3A.16SECh. 3 - Prob. S3A.17SECh. 3 - E3-18 Comparing cash and accrual basis accounting...Ch. 3 - Comparing cash and accrual basis accounting and...Ch. 3 - Prob. E3.20ECh. 3 - Prob. E3.21ECh. 3 -
E3-22) Journalizing adjusting entries
Consider...Ch. 3 - Prob. E3.23ECh. 3 - Journalizing adjusting entries and posting to...Ch. 3 - Journalizing adjusting entries and posting to...Ch. 3 - Prob. E3.26ECh. 3 - Prob. E3.27ECh. 3 - Journalizing adjusting entries and analyzing their...Ch. 3 - Prob. E3.29ECh. 3 - Prob. E3.30ECh. 3 - Prob. E3A.31ECh. 3 - Prob. E3A.32ECh. 3 - Prob. P3.33APGACh. 3 - Prob. P3.34APGACh. 3 - Prob. P3.35APGACh. 3 - Prob. P3.36APGACh. 3 - Prob. P3.37APGACh. 3 - Prob. P3A.38APGACh. 3 - Prob. P3.39BPGBCh. 3 - Prob. P3.40BPGBCh. 3 - Prob. P3.41BPGBCh. 3 - Prob. P3.42BPGBCh. 3 - Prob. P3.43BPGBCh. 3 - Understanding the alternative treatment of prepaid...Ch. 3 - Prob. P3.45CPCh. 3 - Prob. P3.46PSCh. 3 - One year ago, Tyler Stasney founded Swift...Ch. 3 - Prob. 3.1EICh. 3 - Prob. 3.1FCCh. 3 - Prob. 3.1FSC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Hankik Enterprises Worksheet For the Year Ended July 31, 2015 Adjusted Trial Trial Balance Adjustments Description Balance Debit Debit Credit Credit Debit Credit Cash 36 Prepaid Insurance 12 Fees Receivable 56 Supplies 12 Equipment 60 Accum. Depreciation 12 Uncarned Revenue 20 Accounts Payable 32 Wages Payable Ramon Hikik, Capital 84 Ramon Hikik, 4 Drawing Service Revenue 80 Advertising Expense 28 Wage Expense 20 Insurance Expense Supplies Expense Depreciation Expense 228 Totals 228arrow_forwardComplete the work sheet for Ramey Company, dated December 31, 20, through the adjusted trial balance using the following adjustment information: a. Expired or used-up insurance, 460. b. Depreciation expense on equipment, 870. (Remember to credit the Accumulated Depreciation account for equipment, not Equipment.) c. Wages accrued or earned since the last payday, 120 (owed and to be paid on the next payday). d. Supplies remaining, 80.arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on fixed assets, $ 8,500 B. unexpired prepaid rent, $12,500 C. remaining balance of unearned revenue, $555arrow_forward
- At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $25,500 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $5,100. Required: 1. Prepare the adjusting journal entry on December 31. 2. Post the beginning balances and adjusting entries to the following T-accounts. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Post the beginning balances and adjusting entries to the following T-accounts. Accumulated Depreciation Beginning Balance Debit Ending Balance Credit Answer is not complete. 5,100 5,100 Beginning Balance Debit Ending Balance Creditarrow_forwardDuring the year ended 30 September 20X9, H recorded the following cash transactions: (1) A payment of an annual insurance premium of $6,000. This covered the period to 31 December 20X9. (2) Receipt of $3,000 in respect of rent from a tenant covering the three-month period to 30 November 20X9. What is the impact on profit and net assets of making the year-end adjustments for deferred income and prepayments at 30 September 20X9? Profit Net assets A. Decrease of $500 Increase of $500 B. Decrease of $1,000 Increase of $1,000 C. Decrease of $500 Decrease of $500 D. Increase of $1,000 Increase of $1,000arrow_forwardComplete the work sheet for Ramey Company, dated December 31, 20--, through the adjusted trial balance using the following adjustment information: a. Expired or used-up insurance, $590. b. Depreciation expense on equipment, $750 (remember to credit the Accumulated Depreciation account for equipment, not Equipment). c. Wages accrued or earned since the last payday, $260 (owed and to be paid on the next payday). d. Supplies remaining, $80. If no amount is required, enter 0. ACCOUNT NAME 1 Cash 2 Supplies 3 Prepaid Insurance 4 Equipment 5 Accum. Depr., Equipment 6 Accounts Payable 7 S. Ramey, Capital 8 S. Ramey, Drawing 9 Service Fees 10 Rent Expense 11 Supplies Expense 12 Wages Expense 13 Miscellaneous Expense 14 15 16 17 18 TRIAL BALANCE DEBIT 5,190 430 1,200 4,678 1,700 965 267 765 98 Ramey Company Work Sheet For Month Ended December 31, 20-- 15,293 CREDIT 1,556 1,875 6,026 5,836 15,293 ADJUSTMENTS DEBIT CREDIT ADJUSTED TRIAL BALANCE DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 13…arrow_forward
- Lancaster Company must make three adjusting entries on December 31, 20X1. a. Supplies used, $9,200 (supplies totaling $14,400 were purchased on Decem b. Expired insurance, $6,400; on December 1, 20X1, the firm paid $38,400 for s debited Prepsid Insurance for this amount. c. Depreciation expense for equipment, $4,000. Required: Prepare the journal entries for these adjustments and post the entries to the gerarrow_forwardFor each of the above independent situations, prepare the adjusting entries that must be made on the December 31, 20X1, worksheet.arrow_forwardDecember 31, 20, according to the Trial Balance, the Equipment account has a balance of 37,700.00.Adjustment data reveals that Depreciation Expense is 3,500.00. Journalize the adjusting entry.arrow_forward
- The Unadjusted Trial Balance columns of a work sheet total $84,000. The Adjustmen columns contain entries for the following: 1. Office supplies used during the period, $1,200. 2. Expiration of prepaid rent, $700. 3. Accrued salaries expense, $500. 4. Depreciation expense, $800. 5. Accrued consulting revenue, $400. The Adjusted Trial Balance columns total is: $85,700. $85,900. $87,600. $84,000. $80,400. 1051908&cmid=290847&page=9#arrow_forwardSuppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $5,250 ($1,750/month). 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0). Deferred revenue ending balance:____________ Service revenue ending balance: _____________arrow_forwardAdjustment data: 1. Accrued salaries and wages payable $650. 2. Depreciation $240 per month. 3. Supplies on hand $1,600. Journalize the adjusting entries abovearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License