Principles of Financial Accounting.
22nd Edition
ISBN: 9780077632892
Author: John J. Wild
Publisher: McGraw Hill
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Chapter 4, Problem 10E
The adjusted
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Assuming the following accounts and their normal balances are shown after all adjusting journal entries were made and posted.
Create the Post-Closing Trial Balance that would result, after all closing journal entries were made and posted.
When listing accounts for each category, you are to insert them in the order in which they are listed here. If used, type in the account names exactly as written here.
Listed below in random order are the eight steps comprising a complete accounting cycle:Prepare a trial balance.Journalize and post the closing entries.Prepare financial statements.Post transaction data to the ledger.Prepare an adjusted trial balance.Make end-of-period adjustments.Journalize transactions.Prepare an after-closing trial balance.a. List these steps in the sequence in which they would normally be performed. (A detailedunderstanding of these eight steps is not required until Chapters 4 and 5.)b. Describe ways in which the information produced through the accounting cycle is used by acompany’s management and employees.
Use the following information to answer Exercises E5-23 through E5-25.
The adjusted trial balance of Quality Office Systems at March 31, 2018, follows:
Journalizing closing entries Requirements
Journalize the required dosing entries at March 31, 2018.
Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Post the closing entries to the T-accounts, and calculate their ending balances.
How much was Quality Office’s net income or net loss?
Chapter 4 Solutions
Principles of Financial Accounting.
Ch. 4 - G. Venda, owner of Venda Services, withdrew 25,000...Ch. 4 - The following information is available for the R....Ch. 4 - Which of the following errors would cause the...Ch. 4 - The temporary account used only in the closing...Ch. 4 - Prob. 5MCQCh. 4 - Prob. 1DQCh. 4 - What accounts are affected by closing entries?...Ch. 4 - What two purposes are accomplished by recording...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQ
Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - What are the characteristics of plant assets?Ch. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - Prob. 4QSCh. 4 - Prob. 5QSCh. 4 - The ledger of Mai Company includes the following...Ch. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - These 16 accounts are from the Adjusted Trial...Ch. 4 - The Adjusted Trial Balance columns of a 10-column...Ch. 4 - Use the following information from the Adjustments...Ch. 4 - Prob. 4ECh. 4 - Capri Company began the current period with a...Ch. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Use the May 31 fiscal year-end information from...Ch. 4 - Prob. 9ECh. 4 - The adjusted trial balance for Salon Marketing Co....Ch. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Use the following adjusted year-end trial balance...Ch. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Hawk Company records prepaid assets and unearned...Ch. 4 - Prob. 17ECh. 4 - Prob. 1APCh. 4 - Prob. 2APCh. 4 - Prob. 3APCh. 4 - Prob. 4APCh. 4 - Problem 4-5A The adjusted trial balance of Karise...Ch. 4 - Prob. 6APCh. 4 - Prob. 1BPCh. 4 - Problem 4-2B The following unadjusted trial...Ch. 4 - Prob. 3BPCh. 4 - Prob. 4BPCh. 4 - Problem 4-5B Santo Company’s adjusted trial...Ch. 4 - Prob. 6BPCh. 4 - Prob. 4SPCh. 4 - BTN 4-1 Refer to Apple's financial statements in...Ch. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - One of your classmates states that a companys...Ch. 4 - Prob. 7BTNCh. 4 - Prob. 9BTN
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- Give me answerarrow_forwardRequirements 1. and 2. Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments. Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. The account names and unadjusted trial balance amounts as provided in the question have been entered into the worksheet for you. Finish the partial worksheet by completing the adjustments and adjusted trial balance columns. Complete the Adjustments columns by using the letters a through d to label the four adjustments. Account Names Cash Accounts Receivable Office Supplies Equipment Accumulated Depreciation-Equipment Salaries Payable Common Stock Dividends Service Revenue Salaries Expense Rent Expense Depreciation Expense-Equipment Supplies Expense Total $ Work Today Employment Service Worksheet April 30, 2024 Unadjusted Trial Balance Debit 1,200 4,200 800 32,800 4,500 2,300 1.400 Credit $ 14,200 23,900 9,100 $ 47,200 $ 47,200 Adjustments…arrow_forwardRequirements 1. and 2. Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments. Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. The account names and unadjusted trial balance amounts as provided in the question have been entered into the worksheet for you. Finish the partial worksheet by completing the adjustments and adjusted trial balance columns. Complete the Adjustments columns by using the letters a through d to label the four adjustments.arrow_forward
- what are the anwers to red box balances and how to find?arrow_forwardPut the following accounting cycle transactions-recording processes in order by selecting the corresponding sequence number of each activity Group of answer choices Journalize external business transactions Post closing entries to the general ledger (T-accounts) Prepare the adjusted trial balance Journalize closing entries…arrow_forwardPLEASE COMPLETE THE WORKSHEETarrow_forward
- SPRE ADSHEET, ADJUSTING ENTRIES, AND FIN ANCIAL STATEMENTS Lundberg Company had the following trial balance columns on its spreadsheet: Data for adjusting the accounts are as follows: Additional information needed to prepare the financial statements is as follows: Required 1. Prepare a 6-column spreadsheet. 2. Prepare the following financial statements and schedule: (a) income statement (b) schedule of cost of goods manufactured (c) statement of retained earnings (d) balance sheetarrow_forwardplease answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)arrow_forwardThe process of transferring general journal entry information to the ledger is called: a. Balancing an account. b. Journalizing. c. Posting. d. Double-entry accounting. e. Balancing. Which of the following is prepared after the preparation of the balance sheet? a. Closing entries. b. Adjusting entries. c. Adjusted trial balance. d. Statement of retained earnings. e. Ledger accounts. The posting reference column in the ledger is: A. used to record the journal and page number from the transactions originated. B. used to record the ledger number. C. used to record the date. D. not used.arrow_forward
- Number in their proper order the following steps in the accounting cycle. a. Prepare a trial balance. b. Post to the general ledger accounts. c. Journalize and post the closing entries. d. Complete an end-of-period work sheet. e. Prepare a post-closing trial balance. f. Journalize and post the adjusting entries. g. Analyze source documents. h. Record the adjusting entries on a work sheet. i. Journalize the transactions. j. Prepare the financial statements.arrow_forwardThe unadjusted trial balance of Lakota Freight Co. at March 31, 2019, the end of the year, follows: Lakota Freight Co. Unadjusted Trial Balance March 31, 2019 Account No. Debit Balances Credit Balances Cash 11 12,000 Supplies Prepaid Insurance. 13 30,000 14 3,600 Equipment.... Accumulated Depreciation-Equipment. 16 110,000 17 25,000 Trucks.. 18 60,000 Accumulated Depreciation-Trucks. Accounts Payable... 19 15,000 21 4,000 Kaya Tarango, Capital 31 96,000 Kaya Tarango, Drawing. 32 15,000 Service Revenue 41 160,000 Wages Expense. Rent Expense. Truck Expense . Miscellaneous Expense.. 51 45,000 53 10,600 9,000 54 59 4,800 300,000 300,000 The data needed to determine year-end adjustments are as follows: a. Supplies on hand at March 31 are $7,500. b. Insurance premiums expired during the year are $1,800. c. Depreciation of equipment during the year is $8,350. d. Depreciation of trucks during the year is $6,200. e. Wages accrued but not paid at March 31 are $600.arrow_forward2. Post the journal to a ledger of four-column accounts. Add the appropriate posting reference to the journal. 6. b. Post the adjusting entries, inserting balances in the accounts affected. 9. b. Post the closing entries, inserting balances in the accounts affected. Leave the ITEM column BLANK for each row. If the account balance is zero (0) after closing entries are posted, enter a zero (0) in the account's normal balance column. LEDGER Account: Cash11Account No.…arrow_forward
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