16th Edition

ISBN: 9781323118047

Author: Pearson

Publisher: PEARSON C

Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…

Final Accounts

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

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

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 4.11SE

Identifying accounts included on a post-dosing trial balance

For each account listed, identify whether the account would be included on a post-closing trial balance. Signify either Yes (Y) or No (N).

a. Office Supplies

b. Interest Expense

c. Retained Earnings

d. Dividends

e. Service Revenue

f. Accumulated Depreciation—Furniture

g. Rent Expense

h. Unearned Revenue

i. Accounts Payable

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Chapter 4, Problem 4.10SE

Chapter 4, Problem 4.12SE

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Chapter 4 Solutions

ACC 201/202 MYACCLAB E-TEXT ONLY >I<

Ch. 4 - Assets are listed on the balance sheet in the...Ch. 4 - Which of the following accounts would be included...Ch. 4 - Which situation indicates a net loss within the...Ch. 4 - Which of the following accounts is not closed? a....Ch. 4 - What do closing entries accomplish? a. Zero out...Ch. 4 - Which of the following is not a closing entry?Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - Which of the following steps of the accounting...Ch. 4 - Clean Water Softener Systems has Cash of 600,...Ch. 4 - Which of the following statements concerning...

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Solution Summary: The author explains that a post-closing trial balance serves as evidence to prove that the balance of the permanent accounts is equal.

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Chapter 4 Solutions