16th Edition

ISBN: 9781323425084

Author: MILLER-NOBLES

Publisher: PEARSON C

Concept explainers

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

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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 4.31AP

Completing the accounting cycle from adjusting entries to post-closing trial balance with an optional worksheet

The unadjusted trial balance of Williamson Anvils at December 31, 2016, and the data for the adjustments follow:

Chapter 4, Problem 4.31AP, Completing the accounting cycle from adjusting entries to post-closing trial balance with an

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. Depreciation, $350.

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 retained earnings, and the classified balance sheet in report form.

6. Prepare the closing entries, and post to the accounts.

7. Prepare a post-closing trial balance.

8. Calculate the current ratio for the company.

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Chapter 4, Problem 4.30AP

Chapter 4, Problem 4.32AP

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Chapter 4 Solutions

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Solution Summary: The author explains T-accounts using the balances in the unadjusted trial balance.

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