Adjusting entries are required to be passed for matching the revenue of particular period and with the expenses of that period by making adjustment for prepaid and accrued expense and accrued and received in advance revenues. Requirement 1: The Journal entries to be passed when prepaid expense and unearned revenue account is used.

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Answer 1

Question

Chapter 3, Problem P3A.38APGA

To determine

Adjusting entries are required to be passed for matching the revenue of particular period and with the expenses of that period by making adjustment for prepaid and accrued expense and accrued and received in advance revenues.

Requirement 1:

The Journal entries to be passed when prepaid expense and unearned revenue account is used.

To determine

Requirement 2:

The Adjusting journal entries to be passed at year end.

To determine

Requirement 3:

Prepare the T-accounts and balances to be computed.

To determine

Requirement 4:

The Journal entries, Adjusting entries and T-Accounts shall be prepared.

To determine

Requirement 5:

The Comparison of balance sunder both the methods of passing the entries.

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Sharon Mars, a recent graduate of Bell's accounting program, evaluated the operating performance of Carla Vista Company's six divisions. Sharon made the following presentation to Carla Vista's board of directors and suggested the Percy Division be eliminated. "If the Percy Division is eliminated," she said, "our total profits would increase by $25,300." The Other Five Divisions Percy Division Total Sales $1,663,000 $100,900 $1,763,900 Cost of goods sold 978,400 76,500 1,054,900 Gross profit 684,600 24,400 709,000 Operating expenses 528,500 49,700 578,200 Net income $156,100 $(25,300 ) $130,800 In the Percy Division, cost of goods sold is $60,100 variable and $16,400 fixed, and operating expenses are $29,100 variable and $20,600 fixed. None of the Percy Division's fixed costs will be eliminated if the division is discontinued. Is Sharon right about eliminating the Percy Division? Prepare a schedule to support your answer. (Enter negative amounts using either a negative sign preceding…

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Answer 2

Question

Chapter 3, Problem P3A.38APGA

To determine

Adjusting entries are required to be passed for matching the revenue of particular period and with the expenses of that period by making adjustment for prepaid and accrued expense and accrued and received in advance revenues.

Requirement 1:

The Journal entries to be passed when prepaid expense and unearned revenue account is used.

To determine

Requirement 2:

The Adjusting journal entries to be passed at year end.

To determine

Requirement 3:

Prepare the T-accounts and balances to be computed.

To determine

Requirement 4:

The Journal entries, Adjusting entries and T-Accounts shall be prepared.

To determine

Requirement 5:

The Comparison of balance sunder both the methods of passing the entries.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 3, Problem P3A.38APGA

To determine

Adjusting entries are required to be passed for matching the revenue of particular period and with the expenses of that period by making adjustment for prepaid and accrued expense and accrued and received in advance revenues.

Requirement 1:

The Journal entries to be passed when prepaid expense and unearned revenue account is used.

To determine

Requirement 2:

The Adjusting journal entries to be passed at year end.

To determine

Requirement 3:

Prepare the T-accounts and balances to be computed.

To determine

Requirement 4:

The Journal entries, Adjusting entries and T-Accounts shall be prepared.

To determine

Requirement 5:

The Comparison of balance sunder both the methods of passing the entries.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem P3A.38APGA

To determine

Adjusting entries are required to be passed for matching the revenue of particular period and with the expenses of that period by making adjustment for prepaid and accrued expense and accrued and received in advance revenues.

Requirement 1:

The Journal entries to be passed when prepaid expense and unearned revenue account is used.

To determine

Requirement 2:

The Adjusting journal entries to be passed at year end.

To determine

Requirement 3:

Prepare the T-accounts and balances to be computed.

To determine

Requirement 4:

The Journal entries, Adjusting entries and T-Accounts shall be prepared.

To determine

Requirement 5:

The Comparison of balance sunder both the methods of passing the entries.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem P3A.38APGA

To determine

Adjusting entries are required to be passed for matching the revenue of particular period and with the expenses of that period by making adjustment for prepaid and accrued expense and accrued and received in advance revenues.

Requirement 1:

The Journal entries to be passed when prepaid expense and unearned revenue account is used.

To determine

Requirement 2:

The Adjusting journal entries to be passed at year end.

To determine

Requirement 3:

Prepare the T-accounts and balances to be computed.

To determine

Requirement 4:

The Journal entries, Adjusting entries and T-Accounts shall be prepared.

To determine

Requirement 5:

The Comparison of balance sunder both the methods of passing the entries.

Answer 6

Chapter 3, Problem P3A.38APGA

To determine

Adjusting entries are required to be passed for matching the revenue of particular period and with the expenses of that period by making adjustment for prepaid and accrued expense and accrued and received in advance revenues.

Requirement 1:

The Journal entries to be passed when prepaid expense and unearned revenue account is used.

Answer 7

Chapter 3, Problem P3A.38APGA

To determine

Adjusting entries are required to be passed for matching the revenue of particular period and with the expenses of that period by making adjustment for prepaid and accrued expense and accrued and received in advance revenues.

Requirement 1:

The Journal entries to be passed when prepaid expense and unearned revenue account is used.

Answer 8

To determine

Requirement 2:

The Adjusting journal entries to be passed at year end.

Answer 9

To determine

Requirement 2:

The Adjusting journal entries to be passed at year end.

Answer 10

To determine

Requirement 3:

Prepare the T-accounts and balances to be computed.

Answer 11

To determine

Requirement 3:

Prepare the T-accounts and balances to be computed.

Answer 12

To determine

Requirement 4:

The Journal entries, Adjusting entries and T-Accounts shall be prepared.

Answer 13

To determine

Requirement 4:

The Journal entries, Adjusting entries and T-Accounts shall be prepared.

Answer 14

To determine

Requirement 5:

The Comparison of balance sunder both the methods of passing the entries.

Answer 15

To determine

Requirement 5:

The Comparison of balance sunder both the methods of passing the entries.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

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Requirement 2:

The Adjusting journal entries to be passed at year end.

Requirement 3:

Prepare the T-accounts and balances to be computed.

Requirement 4:

The Journal entries, Adjusting entries and T-Accounts shall be prepared.

Requirement 5:

The Comparison of balance sunder both the methods of passing the entries.

Want to see the full answer?

Chapter 3 Solutions

Concept explainers

Videos

Requirement 2: The Adjusting journal entries to be passed at year end.

Requirement 3: Prepare the T-accounts and balances to be computed.

Requirement 4: The Journal entries, Adjusting entries and T-Accounts shall be prepared.

Requirement 5: The Comparison of balance sunder both the methods of passing the entries.

Want to see the full answer?

Chapter 3 Solutions

Requirement 2:

The Adjusting journal entries to be passed at year end.

Requirement 3:

Prepare the T-accounts and balances to be computed.

Requirement 4:

The Journal entries, Adjusting entries and T-Accounts shall be prepared.

Requirement 5:

The Comparison of balance sunder both the methods of passing the entries.