GEN COMBO LL FUNDAMENTALS OF FINANCIAL ACCOUNTING; CONNECT ACCESS CARD

6th Edition

ISBN: 9781260260083

Author: Fred Phillips Associate Professor

Publisher: McGraw-Hill Education

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Textbook Question

Chapter 4, Problem 10ME

Preparing Journal Entries for Deferral Transactions and Adjustments

For each of the following independent situations, prepare journal entries to record the initial transaction on December 31 and the adjustment required on January 31.

a. Magnificent Magazines received $12,000 on December 31, 2018, for subscription services related to magazines that will be published and distributed in January through December 2019.
b. Walker Window Washing paid $1,200 cash for supplies on December 31, 2018. As of January 31, 2019, $200 of these supplies had been used up.
c. Indoor Raceway received $3,000 on December 31, 2018, from race participants for providing services for three races. One race is held January 31, 2019, and the other two will be held in March 2019.

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Chapter 4, Problem 9ME

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Chapter 4 Solutions

GEN COMBO LL FUNDAMENTALS OF FINANCIAL ACCOUNTING; CONNECT ACCESS CARD

Ch. 4 - Prob. 1Q Ch. 4 - Explain the relationships between adjustments and...Ch. 4 - Prob. 3Q Ch. 4 - Prob. 4Q Ch. 4 - What is a contra-asset? Give an example of one.Ch. 4 - Explain the differences between depreciation...Ch. 4 - What is an adjusted trial balance? What is its...Ch. 4 - On December 31, a company makes a 59,000 payment...Ch. 4 - Using the information in question 8, determine the...Ch. 4 - Using the information in question 8, prepare the...

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Solution Summary: The author explains journal entries, which are recorded chronologically and systematically, to update the income statement accounts and balance sheet accounts according to accrual basis principle.

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