Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting transactions of an organization and then processing them. The accounting cycle starts when a transaction takes places and it ends at the time when these transactions are recorded in the financial statements of the company. To Prepare: The journal entries and T – accounts.

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L.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7. In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: 1. Assume that 5% of the L.L. Bean boots are returned by customers for various reasons. L. Bean has a 100% refund policy for returns, no matter what the reason. What would the journal entry be to accrue L.L. Bean's sales returns for this one pair of boots? (Note: L.L. Bean most likely will make…

Answer 1

Question

Chapter 4, Problem 4.33AP

1

To determine

Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting transactions of an organization and then processing them. The accounting cycle starts when a transaction takes places and it ends at the time when these transactions are recorded in the financial statements of the company.

To Prepare: The journal entries and T – accounts.

2

To determine

To Prepare: An unadjusted trial balance.

4

To determine

To Prepare: The adjusting entries.

5

To determine

To Prepare: An adjusted trial balance.

3

To determine

To Complete: The worksheet for the month ended December 31.

6

To determine

To Prepare: An income statement.

7

To determine

To Prepare: The closing entries for W Quality Automotive.

5

To determine

To Prepare: T-accounts and post the closing entries to the T-accounts

8

To determine

To Prepare: The post-closing trial balance at December 31, 2018.

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L.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7. In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: 1. Assume that 5% of the L.L. Bean boots are returned by customers for various reasons. L. Bean has a 100% refund policy for returns, no matter what the reason. What would the journal entry be to accrue L.L. Bean's sales returns for this one pair of boots? (Note: L.L. Bean most likely will make…

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can you please solve this questions

Answer 2

Question

Chapter 4, Problem 4.33AP

1

To determine

Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting transactions of an organization and then processing them. The accounting cycle starts when a transaction takes places and it ends at the time when these transactions are recorded in the financial statements of the company.

To Prepare: The journal entries and T – accounts.

2

To determine

To Prepare: An unadjusted trial balance.

4

To determine

To Prepare: The adjusting entries.

5

To determine

To Prepare: An adjusted trial balance.

3

To determine

To Complete: The worksheet for the month ended December 31.

6

To determine

To Prepare: An income statement.

7

To determine

To Prepare: The closing entries for W Quality Automotive.

5

To determine

To Prepare: T-accounts and post the closing entries to the T-accounts

8

To determine

To Prepare: The post-closing trial balance at December 31, 2018.

Expert Solution & Answer

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Answer 3

Question

Chapter 4, Problem 4.33AP

1

To determine

Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting transactions of an organization and then processing them. The accounting cycle starts when a transaction takes places and it ends at the time when these transactions are recorded in the financial statements of the company.

To Prepare: The journal entries and T – accounts.

2

To determine

To Prepare: An unadjusted trial balance.

4

To determine

To Prepare: The adjusting entries.

5

To determine

To Prepare: An adjusted trial balance.

3

To determine

To Complete: The worksheet for the month ended December 31.

6

To determine

To Prepare: An income statement.

7

To determine

To Prepare: The closing entries for W Quality Automotive.

5

To determine

To Prepare: T-accounts and post the closing entries to the T-accounts

8

To determine

To Prepare: The post-closing trial balance at December 31, 2018.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 4.33AP

1

To determine

Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting transactions of an organization and then processing them. The accounting cycle starts when a transaction takes places and it ends at the time when these transactions are recorded in the financial statements of the company.

To Prepare: The journal entries and T – accounts.

2

To determine

To Prepare: An unadjusted trial balance.

4

To determine

To Prepare: The adjusting entries.

5

To determine

To Prepare: An adjusted trial balance.

3

To determine

To Complete: The worksheet for the month ended December 31.

6

To determine

To Prepare: An income statement.

7

To determine

To Prepare: The closing entries for W Quality Automotive.

5

To determine

To Prepare: T-accounts and post the closing entries to the T-accounts

8

To determine

To Prepare: The post-closing trial balance at December 31, 2018.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 4.33AP

1

To determine

Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting transactions of an organization and then processing them. The accounting cycle starts when a transaction takes places and it ends at the time when these transactions are recorded in the financial statements of the company.

To Prepare: The journal entries and T – accounts.

2

To determine

To Prepare: An unadjusted trial balance.

4

To determine

To Prepare: The adjusting entries.

5

To determine

To Prepare: An adjusted trial balance.

3

To determine

To Complete: The worksheet for the month ended December 31.

6

To determine

To Prepare: An income statement.

7

To determine

To Prepare: The closing entries for W Quality Automotive.

5

To determine

To Prepare: T-accounts and post the closing entries to the T-accounts

8

To determine

To Prepare: The post-closing trial balance at December 31, 2018.

Answer 6

Chapter 4, Problem 4.33AP

1

To determine

Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting transactions of an organization and then processing them. The accounting cycle starts when a transaction takes places and it ends at the time when these transactions are recorded in the financial statements of the company.

To Prepare: The journal entries and T – accounts.

Answer 7

Chapter 4, Problem 4.33AP

1

To determine

Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting transactions of an organization and then processing them. The accounting cycle starts when a transaction takes places and it ends at the time when these transactions are recorded in the financial statements of the company.

To Prepare: The journal entries and T – accounts.

Answer 8

2

To determine

To Prepare: An unadjusted trial balance.

Answer 9

2

To determine

To Prepare: An unadjusted trial balance.

Answer 10

4

To determine

To Prepare: The adjusting entries.

Answer 11

4

To determine

To Prepare: The adjusting entries.

Answer 12

5

To determine

To Prepare: An adjusted trial balance.

Answer 13

5

To determine

To Prepare: An adjusted trial balance.

Answer 14

3

To determine

To Complete: The worksheet for the month ended December 31.

Answer 15

3

To determine

To Complete: The worksheet for the month ended December 31.

Answer 16

6

To determine

To Prepare: An income statement.

Answer 17

6

To determine

To Prepare: An income statement.

Answer 18

7

To determine

To Prepare: The closing entries for W Quality Automotive.

Answer 19

7

To determine

To Prepare: The closing entries for W Quality Automotive.

Answer 20

5

To determine

To Prepare: T-accounts and post the closing entries to the T-accounts

Answer 21

5

To determine

To Prepare: T-accounts and post the closing entries to the T-accounts

Answer 22

8

To determine

To Prepare: The post-closing trial balance at December 31, 2018.

Answer 23

8

To determine

To Prepare: The post-closing trial balance at December 31, 2018.

Answer 24

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To Prepare: An unadjusted trial balance.

To Prepare: The adjusting entries.

To Prepare: An adjusted trial balance.

To Complete: The worksheet for the month ended December 31.

To Prepare: An income statement.

To Prepare: The closing entries for W Quality Automotive.

To Prepare: T-accounts and post the closing entries to the T-accounts

To Prepare: The post-closing trial balance at December 31, 2018.

Chapter 4 Solutions