Connect Access Card for Financial and Managerial Accounting
18th Edition
ISBN: 9781260006476
Author: Jan Williams, Susan Haka, Mark S Bettner, Joseph V Carcello
Publisher: McGraw-Hill Education
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Chapter 4, Problem 2BP
a.
To determine
Prepare the adjusting entry for the given transactions.
b.
To determine
Identify the type of each adjusting entry.
c.
To determine
Indicate the effect of the adjustments in the financial statements for the month of December.
4.
To determine
Calculate the amount of interest expense recognized for the bank loan obtained on September 1.
e.
To determine
Compute the book value of the buildings to be reported in the current year balance sheet.
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PART 2.
(22 marks)
Mangal Furnishings produce serving trays for the tourist industry in a five-stage process - Cutting &
Shaping, Assembly, Sanding, Finishing and Packaging. Upon entering the finishing process, before
the trays are stained and polished, a specialized piece of equipment is used to engrave a logo on
each tray. After Packaging, the trays are sent to the business warehouse for delivery to customers.
The following data relates to the Finishing Process for the month of March during which 3,800 trays
valued at $597.90 each were transferred in from the Sanding Process.
Other production costs incurred during the month are summarized as follows:
Direct Materials Added
Direct Manufacturing Wages
Hireage cost of specialized logo equipment
Manufacturing Overhead
$343,380
$830,150
$21,300
$412,100
Process inspection occurs during the process and normally 2% of the trays entering the Finishing
process are rejected and sold as scrap to local retailers at $750 each. During the month…
Cline Manufacturing Company uses a job order system and maintains perpetual inventory records.
Indicate the the appropriate account(s) to be debited and credited for the transactions listed below. (On multiple entries enter
answers in alphabetical order.)
Transactions
1.
Raw materials were purchased on account.
2.
Issued a check to Dixon Machine Shop for repair
work on factory equipment.
3.
Direct materials were requisitioned for Job 280.
4.
Factory labor was paid as incurred.
5.
Recognized direct labor and indirect labor used.
6.
The production department requisitioned
7.
indirect materials for use in the factory.
Manufacturing overhead was applied to
production based on a predetermined overhead
rate of $8 per labor hour.
8.
Goods that were completed were transferred to
finished goods inventory.
9.
Goods costing $80,000 were sold for $105,000
on account.
10.
Paid for raw materials purchased previously on
account.
Account(s)
Debited
Based on the screenshot, what is the maximim flow?
Chapter 4 Solutions
Connect Access Card for Financial and Managerial Accounting
Ch. 4 - Prob. 1STQCh. 4 - 2. Before month-end adjustments are made, the...Ch. 4 - 3. The CPA firm auditing Mason Street Recording...Ch. 4 - 4. Assume Fisher Corporation usually earns taxable...Ch. 4 - Prob. 5STQCh. 4 - 1. What is the purpose of making adjusting...Ch. 4 - Prob. 2DQCh. 4 - 3. Why does the recording of adjusting entries...Ch. 4 - Prob. 4DQCh. 4 - 5. If services have been rendered to customers...
Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - Prob. 11DQCh. 4 - 12. How is deferred revenue reported in the...Ch. 4 - 13. How do accrued but unpaid expenses affect the...Ch. 4 - 14. How does accrued but uncollected revenue...Ch. 4 - Prob. 15DQCh. 4 - Prob. 1BECh. 4 - BRIEF EXERCISE 4.2
Prepaid Expenses and Unearned...Ch. 4 - Prob. 3BECh. 4 - BRIEF EXERCISE 4.4
Accounting for Depreciation
On...Ch. 4 - Prob. 5BECh. 4 - BRIEF EXERCISE 4.6
Unearned Revenue
Jasper’s...Ch. 4 - Prob. 7BECh. 4 - Prob. 8BECh. 4 - BRIEF EXERCISE 4.9
Accruing Unpaid Income...Ch. 4 - Prob. 10BECh. 4 - EXERCISE 4.1
Accounting Terminology
Listed as...Ch. 4 - Prob. 2ECh. 4 - EXERCISE 4.3
Preparing Adjusting Entries to...Ch. 4 - EXERCISE 4.4
Preparing Adjusting Entries to...Ch. 4 - EXERCISE 4.5
Preparing Adjusting Entries to Accrue...Ch. 4 - EXERCISE 4.6
Deferred Revenue
When Delta Airlines...Ch. 4 - EXERCISE 4.7
Preparing Various Adjusting...Ch. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - EXERCISE 4.10
Adjusting Entries and the Balance...Ch. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Prob. 13ECh. 4 - EXERCISE 4.14
Accounting Principles
For each of...Ch. 4 - EXERCISE 4.15
Using the Financial Statements of...Ch. 4 - PROBLEM 4.1A
Preparing Adjusting Entries
Florida...Ch. 4 - PROBLEM 4.2A
Preparing and Analyzing the Effects...Ch. 4 - Prob. 3APCh. 4 - PROBLEM 4.4A
Preparing Adjusting Entries from a...Ch. 4 - Prob. 5APCh. 4 - Prob. 6APCh. 4 - Prob. 7APCh. 4 - Prob. 8APCh. 4 - Prob. 1BPCh. 4 - Prob. 2BPCh. 4 - Prob. 3BPCh. 4 - Prob. 4BPCh. 4 - Prob. 5BPCh. 4 - Prob. 6BPCh. 4 - Prob. 7BPCh. 4 - Prob. 8BPCh. 4 - CASE 4.1
Should This Be Adjusted?
Property...Ch. 4 - Prob. 2CTCCh. 4 - Prob. 3CTCCh. 4 - Prob. 4CTC
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