FUNDAMENTAL ACCT PRIN CONNECT ACCESS
24th Edition
ISBN: 9781266494604
Author: Wild
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4, Problem 1E
Exercise 4-1
Extending adjusted account balances on a work sheet
These 16 accounts are from the Adjusted
A. Debit column for the Income Statement columns.
B. Credit column for the Income Statement columns.
C. Debit column for the
D. Credit column for the Balance Sheet and Statement of Owner’s Equity columns.
_____1. Interest Revenue
_____2. Machinery
_____3. Owner, Withdrawals
_____4.
_____5. Accounts Payable
_____6. Service Fees Revenue
_____7. Owner, Capital
_____8. Interest Expense
_____9.
_____l0.
_____1l. Office Supplies
_____12. Insurance Expense
_____13. Interest Receivable
_____14. Cash
_____15. Rent Expense
_____16. Vages Payable
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Greg Thomas purchased one-half of lan Hamilton's interest in the Freidman and Hamilton partnership for $35,250. Prior to the investment, land was revalued to a market
value of $146,000 from a book value of $88,000. Adam Freidman and lan Hamilton share net income equally. Hamilton had a capital balance of $27,800 prior to these
transactions.
Required:
a. On December 31, provide the journal entry for the revaluation of land.*
b. On December 31, provide the journal entry to admit Thomas.*
Question Content Area
After all of the account balances have been extended to the Income Statement columns of the end-of-period spreadsheet, the totals of the Debit and Credit columns are $22,000 and $28,437, respectively. What is the amount of the net income or net loss for the period?
a.$22,000 net income
b.$28,437 net loss
c.$6,437 net income
d.$6,437 net loss
Multiple choice
Chapter 4 Solutions
FUNDAMENTAL ACCT PRIN CONNECT ACCESS
Ch. 4 - Prob. 1DQCh. 4 - That accounts are affected by closing entries?...Ch. 4 - Prob. 3DQCh. 4 - What is the purpose of the Income Summary account?Ch. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Why are the debit and credit entries in the...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - How is unearned revenue classified on the balance...
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Preparing a work sheet P1 In the blank space...Ch. 4 - Computing ending capital balance using work sheet...Ch. 4 - Preparing a partial work sheet P1 The ledger of...Ch. 4 - Explaining temporary and permanent accounts Choose...Ch. 4 - Preparing closing entries from the ledger P2 The...Ch. 4 - Identifying post-closing accounts P3 Identify...Ch. 4 - Identifying the accounting cycle C2 List the...Ch. 4 - Classifying balance sheet items C3 The following...Ch. 4 - Preparing financial statements C2 Use the...Ch. 4 - Preparing a classified balance sheet C3 Use the...Ch. 4 - Identifying current accounts and computing the...Ch. 4 - Prob. 13QSCh. 4 - Exercise 4-1 Extending adjusted account balances...Ch. 4 - Exercise 4-2 Extending accounts in a work sheet Pl...Ch. 4 - Exercise 4-3 Preparing adjusting entries from a...Ch. 4 - Exercise 4-4 Preparing unadjusted and adjusted...Ch. 4 - Exercise 4-5 Determining effects of closing...Ch. 4 - Exercise 4-6 Completing the income statement...Ch. 4 - Exercise 4-7 Preparing a work sheet and recording...Ch. 4 - Exercise 4-8
Preparing and posting closing...Ch. 4 - Exercise 4-9 Preparing closing entries and a...Ch. 4 - Exercise 4-10 Preparing closing entries and a...Ch. 4 - Prob. 11ECh. 4 - Exercise 4-12 Preparing a classified balance sheet...Ch. 4 - Exercise 4-13 Computing the current ratio A1 Use...Ch. 4 - Exercise 4-14 Preparing closing entries P2...Ch. 4 - Exercise 4-15 Computing and analysing the current...Ch. 4 - Exercise 4.16A Preparing reversing entries P4 Hawk...Ch. 4 - Exercise 4-17APreparing reversing entries P4 The...Ch. 4 - Problem 4-1A Applying the accounting cycle C2 P2...Ch. 4 - Problem 4-2A Preparing a work sheet, adjusting and...Ch. 4 - Problem 4-3A Determining balance sheet...Ch. 4 - Problem 4-4A Preparing closing entries, financial...Ch. 4 - Problem 4-5A Preparing trial balances, closing...Ch. 4 - Problem 4-6AA Preparing adjusting, reversing, and...Ch. 4 - Problem 4-1B Applying the accounting cycle C2 P2...Ch. 4 - Prob. 2BPSBCh. 4 - Problem 4-3B Determining balance sheet...Ch. 4 - Prob. 4BPSBCh. 4 - Problem 4-5B Preparing trial balances, closing...Ch. 4 - Problem 4-6BAPreparing adjusting, reversing, and...Ch. 4 - The December 31. 2019= adjusted trial balance of...Ch. 4 - Transactions from the Fast Forward illustration in...Ch. 4 - Prob. 2GLPCh. 4 - Prob. 3GLPCh. 4 - Based on Problem 4-6ACh. 4 - Prob. 5GLPCh. 4 - Refer to Apple' s financial statements in Appendix...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - The unadjusted trial balance and information for...Ch. 4 - Prob. 5BTNCh. 4 - Prob. 6BTN
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
- SCHEDULE OF ACCOUNTS PAYABLE Based on the information provided in Problem 11-11A, prepare a schedule of accounts payable for Franks Fantasy as of July 31, 20--. Verify that the accounts payable account balance in the general ledger agrees with the schedule of accounts payable total.arrow_forwardTop-Value Corporation has 242,000 shares of $30 par common stock outstanding. On September 2, Top-Value Corporation declared a 2% stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $55 per share on September 2. Required: Journalize the entries required on September 2, October 3, and November 30. If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.arrow_forwardSubject- accountingarrow_forward
- GENERALIZATION 5. GE EXERCISES Explain briefly in 5 to 10 sentences only, Write your answers in your notebook. 1. What is accrual basis of accounting? How is it applied in terms of revenues and expenses? 6. 2. Differentiate accrual basis from cash basis accounting. 3. What is the matching principle? Cite an example to expound on this aspect. 4. Explain the periodicity concept. What are the most common forms of annual reporting periods?arrow_forwardQuestion Content Area After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $702,763 and Allowance for Doubtful Accounts has a balance of $22,123. What is the net realizable value of the accounts receivable? a. $702,763 b. $680,640 c. $724,886 d. $22,123arrow_forward← 8:45 a. Trial balance b. General journal c. General ledger Accounting Records Label each of the examples below with the appropriate accounting record title and describe what each is used for: Date Date Totals Description Explanation HA2-1 a Debit P.R. DEBIT Debit Name CREDIT e Credit Credit ACCOUNT NO. BALANCE Done 3 Aarrow_forward
- Multiple choicearrow_forwardInstructions X Income Statement Balance Sheet Journal spreadsheet, a part of which follows: 1. Prepare an income statement for the year ended June 30, 20Y3. Be sure to complete the 1. Prepare a balance sheet as of June 30, 20Y3. Fixed assets must be entered in order according to account number. Be sure 2. Based upon the end-of-period spreadsheet, joumalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles. Finders Investigative Services statement heading. Refer to the Chart of Accounts and the list of Labels and Amount to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact CNOW joumals do not use lines for joumal explanations. Every line on a joumal page used for debit or credit entries. CNOW joumals will automatically Descriptions for the exact wording of the answer choices for text entries. Enter amounts as wording of the answer choices for text entries. You will not…arrow_forwardA dog training business began on December 1. The following transactions occurred during its first month. December 1 Receives $21,000 cash as an owner investment in exchange for common stock. December 2 Pays $6,120 cash for equipment. December 3 Pays $3,660 cash (insurance premium) for a 12-month insurance policy. Coverage began on December 1. December 4 Pays $1,020 cash for December rent expense. December 7 Provides all-day training services for a large group and immediately collects $1,150 cash. December 8 Pays $205 cash in wages for part-time help. December 9 Provides training services for $2,420 and rents training equipment for $610. The customer is billed $3,030 for these services. December 19 Receives $3,030 cash from the customer billed on Dec. 9. December 20 Purchases $2,010 of supplies on credit from a supplier. December 23 Receives $1,620 cash in advance of providing a 4-week training service to a customer. December 29 Pays $1,305 cash as a partial payment toward the accounts…arrow_forward
- Make a general ledger for each account title from the general journal below.arrow_forwardQuestion 4. This question can be copied directly into your Word document. Your typing will be minimal. Part a. Complete the form below to age the accounts receivable. Provide the necessary end-of-year journal entry. You need to fill in the “Totals” row, the “Dollar amount” row, and prepare the journal entry. Aging of accounts receivable (also called the balance sheet method) Age 1-30 days 31-60 days 61-90 days Over 90 days Totals Smith 60,000 Jones 20,000 10,000 White 10,000 Brown 40,000 Green 30,000 LeBlanc 50,000 Pelletier 10,000 Totals 230,000 Estimated uncollectible 1% 2% 10% 50% Dollar amount The Allowance for doubtful accounts currently has a credit balance of $800. Journal entry to adjust for bad debts: Dec. 31…arrow_forwardRequirement No. General Journal No. Date July 01 Date June 30 General Ledger Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. Cash Debit Common stock Debit Trial Balance Credit Credit 000 Schedule of Receivables General Ledger Account Balance 27,000 Balance 1 of 1 Income Statement MacBook Air F6 Merchandise Inventory Debit Impact on Income Next F7 Credit DII FO Balance 13,000arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
College Accounting, Chapters 1-27 (New in Account...AccountingISBN:9781305666160Author:James A. Heintz, Robert W. ParryPublisher:Cengage Learning
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
College Accounting, Chapters 1-27 (New in Account...
Accounting
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY