Horngren's Financial & Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780133866292
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem 4.14SE
Journalizing reversing entries
Lake View Associates accrued $7,000 of Service Revenue at December 31. Lake View Associates received $13,500 on January 15, including the accrued revenue recorded on December 31.
Requirements
1. Record the
2. Record the reversing entry.
3. Journalize the cash receipt.
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Revenue and Cash Receipts Journals
Transactions related to revenue and cash receipts completed by Augusta Inc. during the month of March 20Y8 are as follows:
Mar. 2.
Issued Invoice No. 512 to Santorini Co., $1,095.
4.
Received cash from CMI Inc., on account, for $275.
8.
Issued Invoice No. 513 to Gabriel Co., $385.
12.
Issued Invoice No. 514 to Yarnell Inc., $965.
19.
Received cash from Yarnell Inc., on account, $735.
20.
Issued Invoice No. 515 to Electronic Central Inc., $210.
28.
Received cash from Marshall Inc. for services provided, $155.
29.
Received cash from Santorini Co. for Invoice No. 512 of March 2.
31.
Received cash from McCleary Co. for services provided, $90.
Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Enter the transactions in chronological order.
Question Content Area
REVENUE JOURNAL
PAGE 8
DATE
Invoice No.
Account Debited
Post. Ref.…
Revenue and Cash Receipts Journals
Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows:
Mar. 2.
Issued Invoice No. 512 to Santorini Co., $725.
Mar. 4.
Received cash from CMI Inc., on account, for $180.
Mar. 8.
Issued Invoice No. 513 to Gabriel Co., $255.
Mar. 12.
Issued Invoice No. 514 to Yarnell Inc., $640.
Mar. 19.
Received cash from Yarnell Inc., on account, $485.
Mar. 20.
Issued Invoice No. 515 to Electronic Central Inc., $140.
Mar. 28.
Received cash from Marshall Inc. for services provided, $100.
Mar. 29.
Received cash from Santorini Co. for Invoice No. 512 of March 2.
Mar. 31.
Received cash from McCleary Co. for services provided, $60.
Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Enter the transactions in chronological order.
REVENUE JOURNAL
PAGE 8
DATE
Invoice No.
Account Debited
Post. Ref.
Accounts Rec. Dr.Fees Earned Cr.…
Chapter 4 Solutions
Horngren's Financial & Managerial Accounting (5th Edition)
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...
Ch. 4 - What document are financial statements prepared...Ch. 4 - Prob. 2RQCh. 4 - What does the statement of retained earnings show?Ch. 4 - Prob. 4RQCh. 4 - Why are financial statements prepared in a...Ch. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - How could a worksheet help in preparing financial...Ch. 4 - If a business had a net loss for the year, where...Ch. 4 - Prob. 12RQCh. 4 - What are temporary accounts? Are temporary...Ch. 4 - What are permanent accounts? Are permanent...Ch. 4 - How is the Income Summary account used? Is it a...Ch. 4 - What are the steps in the closing process?Ch. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - List the steps of the accounting cycle.Ch. 4 - What is the current ratio, and how is it...Ch. 4 - What are reversing entries? Are they required by...Ch. 4 - Preparing an income statement Daylen Hair...Ch. 4 - Preparing a statement of retained earnings Refer...Ch. 4 - Preparing a balance sheet (unclassified, account...Ch. 4 - Preparing a balance sheet (classified, report...Ch. 4 - Classifying balance sheet accounts For each...Ch. 4 - Using the worksheet to prepare financial...Ch. 4 - Determining net income using a worksheet A partial...Ch. 4 - Determining net loss using a worksheet A partial...Ch. 4 - Prob. 4.9SECh. 4 - Posting dosing entries directly to T-accounts The...Ch. 4 - Identifying accounts included on a post-dosing...Ch. 4 - Identifying steps in the accounting cycle Review...Ch. 4 - Calculating the current ratio Heart of Tennessee...Ch. 4 - Journalizing reversing entries Lake View...Ch. 4 - Preparing the financial statements The adjusted...Ch. 4 - Prob. 4.16ECh. 4 - Preparing a classified balance sheet and...Ch. 4 - Preparing a worksheet The unadjusted trial balance...Ch. 4 - Preparing financial statements from the completed...Ch. 4 - Preparing dosing entries from an adjusted trial...Ch. 4 - Preparing closing entries from T-accounts Selected...Ch. 4 - Determining the effects of dosing entries on the...Ch. 4 - Preparing a worksheet and dosing entries Cadence...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing a worksheet, dosing entries, and a...Ch. 4 - Journalizing reversing entries Krisp Architects...Ch. 4 - Journalizing reversing entries Ocean View Services...Ch. 4 - Preparing financial statements including a...Ch. 4 - Prob. 4.29APCh. 4 - Preparing a worksheet, financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Preparing financial statements including a...Ch. 4 - Prob. 4.35BPCh. 4 - Preparing a worksheet, financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Comprehensive Problem 1 for Chapters 1-4 Miller...Ch. 4 - Comprehensive Problem 2 for Chapters 1-4 This...Ch. 4 - Prob. 4.1CTEICh. 4 - Prob. 4.1CTFCCh. 4 - Prob. 4.1CTFSCCh. 4 - Kathy Wintz formed a lawn service business as a...
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