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 4.31AP
Completing the accounting cycle from
The unadjusted trial balance of Williamson Anvils at December 31, 2016, and the data for the adjustments follow:
Adjustment data:
a. Unearned Revenue still unearned at December 31, $3,300.
b. Prepaid Rent still in force at December 31, $2,400.
c. Office Supplies used, $1,200.
d.
e. Accrued Salaries Expense at December 31, $230.
Requirements
1. Open the T-accounts using the balances in the unadjusted trial balance.
2. Complete the worksheet for the year ended December 31, 2016. (optional)
3. Prepare the adjusting entries, and post to the accounts.
4. Prepare an adjusted trial balance.
5. Prepare the income statement, the statement of
6. Prepare the closing entries, and post to the accounts.
7. Prepare a post-closing trial balance.
8. Calculate the
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Students have asked these similar questions
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data.
A.
supplies actual count at year end, $6,500
B.
remaining unexpired insurance, $6,000
C.
remaining unearned service revenue, $1,200
D.
salaries owed to employees, $2,400
E.
depreciation on property plant and equipment, $18,000
CLOSING PROCESS AND FINANCIAL STATEMENTS
Reversing entries: Selecting which entries should be reversed
Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period.
Required:
Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed.
Date
Description
Debit
Credit Reversing entry Reversing entry
necessary
not necessary
Dec. 31 Utilities Expense
565
1,550
450
1,750
Utilities Payable
31 Deferred Rent Revenue
Rent Revenue
31 Advertising Expense
31 Taxes Expense
Prepaid Advertising
Taxes Payable
Explanation Check
565
1,550
450
1,750
O
O
X Ś
vd
subject-Accounting
EnviroWaste’s year-end is December 31. The information in (a) to (e) is available at year-end for the preparation of adjusting entries: Of the $17,600 balance in Unearned Revenue, $2,600 remains unearned. The annual building depreciation is $13,700. The Spare Parts Inventory account shows an unadjusted balance of $1,020. A physical count reveals a balance on hand of $890. Unbilled and uncollected services provided to customers totalled $13,700. The utility bill for the month of December was received but is unpaid; $1,200. The accrued revenues of $13,700 recorded in (d) were collected on January 4, 2024. The $1,200 utility bill accrued in (e) was paid on January 14, 2024. Required: Prepare the required adjusting entries at December 31, 2023, for (a) to (e) and the subsequent cash entries required for (f) and (g).
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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