3rd Edition

ISBN: 9781323761434

Author: Horngren

Publisher: PEARSON C

Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities

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Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

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Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…

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Textbook Question

Chapter 4, Problem 2.1CP

Comprehensive Problem 2 for Chapters 1 —4

This comprehensive problem is a continuation of Comprehensive Problem 1. Murphy Delivery Service has completed closing entries and the accounting cycle for 2018. The business is now ready to record January 2019 transactions.

Jan. 3	Collected $200 cash from customer on account.
5	Purchased office supplies on account, $1000.
12	Performed delivery services for a customer and received $3000 cash.
15	Paid employee salary, including the amount owed on December 31, $4,100.
18	Performed delivery services on account, $ 1,350.
20	Paid $300 on account.
24	Purchased fuel for the truck, paying $200 cash.
27	Completed the remaining work due for Unearned Revenue.
28	Paid office rent, $2,200, for the month of January.
30	Collected $3,000 in advance for delivery service to be performed later.
31	Murphy withdrew cash of $1,500.

Record each January transaction in the journal. Explanations are not required.

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Chapter 4, Problem 1.9CP

Chapter 4, Problem 2.2CP

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ACCOUNTING PRINCIPLES V1 6/17 >C<

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