Horngren's Financial & Managerial Accounting, The Managerial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)

5th Edition

ISBN: 9780134078922

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 adjusting entry to accrue Service Revenue.

2. Record the reversing entry.

3. Journalize the cash receipt.

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Chapter 4, Problem 4.13SE

Chapter 4, Problem 4.15E

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Chapter 4 Solutions

Horngren's Financial & Managerial Accounting, The Managerial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (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...

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Solution Summary: The author explains how to prepare an adjustment entry to record accrued service revenue. Reversing entries are made at the beginning of the accounting period to eliminate errors that might have occurred in the calculation of revenue or expenses.

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Chapter 4 Solutions