Horngren's Accounting (11th Edition)
11th Edition
ISBN: 9780133856781
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem S3.14SE
Determining the effects on financial statements
| Learning Objective 5 |
In recording
- Office supplies on hand, $100.
- Accrued revenues, $5,000.
- Accrued interest expense, $250.
Depreciation , $800.- Unearned revenue that has been earned, $550.
Determine the effects on the income statement and
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Students have asked these similar questions
Learning Task 1: Identify or classify the different account titles as to whether
they belong to Assets, Liabilities, Owners' Equity Revenue or Expense of the busi-
ness. Fill the amounts of the following SFP and SCI elements:
Sales
Current Assets
Noncurrent Assets
Current Liabilities
Noncurrent Liabilities
Expenses
Net Income (Loss)
Chart of Accounts
SCI ACCOUNTS
SFP ACCOUNTS
ASSETS
Account
INCOME
Acc.
No.
No.
410
Service Fees
110
Cash
420
Sales
120
Accounts Receivables
Interest Income
Gains
Allow for Bad debts
430
125
130
Notes Receivable
440
EXPENSES
140
Inventory
150
Prepayments
510
Cost of SAles
Freight-out
Building
Accum Depn-Bldg
160
515
165
520
Salaries Expense
LIABILITIES
210
Accounts payable
530
Utilities Expense
Notes Payable
Interest Payable
Salaries Payable
Utilities Payable
220
540
Bad Debts
Depreciation
Advertising Expense
230
545
240
550
250
560
Taxes and Licenses
Unearned Income
Interest Expense
Miscellaneous Expense
260
570
EQUITY
Owner's Capital
Owner's Drawing
580…
Requirements
1. Journalize the adjusting entries needed on July 31, 2018.
** Suppose the adjustments made in Requirement 1 were not made. Compute the
Overall overstatement or understatement of net income as a result of the omission
of these adjustments.
E3-29 Using the worksheet to record the adjusting journal entries
Learning Objective 6
The worksheet of Best Jobs Employment Service follows but is incomplete.
1. Adjustments $3,700 total
D.
B.
BEST JOBS EMPLOYMENT SERVICE
Worksheet
April 30, 2018
Adjustments
Unadjusted Trial Balance
Adjusted Trial Balance
Account Names
Credit
Debit
Credit
Debit
Debit
Credit
7 Cash
$ 1,100
8 Accounts Receivable
9 Office Supplies
10 Equipment
11 Accumulated Depreciation-Equipment
12 Salaries Payable
13 Kubota, Capital
4,100
1,200
32,700
$ 13,900
25,200
14 Kubota, Withdrawals
5,300
15 Service Revenue
9,000
16 Salaries Expense
2,200
17 Rent Expense
1,500
18 Depreciation Expense-Equipment
19 Supplies Expense
20 Total
$ 48,100
$ 48,100
21
The following data…
E-F:8-14 Defining common receivables terms (Learning Objective 1)
Match the terms with their correct definition.
Terms
1. Accounts receivable
2. Other receivables
3. Debtor
4. Notes receivable
5. Maturity date
6. Creditor
Definitions
a. The party to a credit transaction who takes on an
obligation/payable.
b. The party who receives a receivable and will collect cash in
the future..
c. A written promise to pay a specified amount of money at a
particular future date.
d. The date when the note receivable is due.
e. A miscellaneous category that includes any other type of
receivable where there is a right to receive cash in the
future.
f. The right to receive cash in the future from customers for
goods sold or for services performed.
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
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