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 4.33AP
Preparing
The unadjusted
Adjustment data at December 31, 2016:
a.
b. Accrued Wages Expense, $800.
c. Office Supplies on hand, $600.
d. Prepaid Insurance expired during December, $200.
e. Unearned Revenue earned during December, $4,000.
f. Accrued Service Revenue, $700.
2017 transactions:
a. On January 4, Mildred’s Motors paid wages of $1,200. Of this, $800 related to the accrued wages recorded on December 31.
b. On January 10, Mildred’s Motors received $1,300 for Service Revenue. Of this, $700 is related to the accrued Service Revenue recorded on December 31.
Requirements
1. Journalize adjusting entries.
2. Journalize reversing entries for the appropriate adjusting entries.
3. Refer to the 2017 data. Journalize the cash payment and the cash receipt that occurred in 2017.
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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).
Adjusting entries and adjusted trial balances
Reece Financial Services Co., which specializes in appliance repairservices, is owned and operated by Joni Reece. Reece Financial Services accounting clerk prepared the following unadjusted trial balance at July31, 2019: (attached)
The data needed to determine year-end adjustments are as follows:. Depreciation of building for the year, $6,400.. Depreciation of equipment for the year, $2,800.. Accrued salaries and wages at July 31, $900.
. Unexpired insurance at July 31, $1,500.. Fees earned but unbilled on July 31, $10,200.. Supplies on hand at July 31, $615.. Rent unearned at July 31, $300.
Instructions1. Journalize the adjusting entries using the following additionalaccounts: Salaries and Wages Payable, Rent Revenue, InsuranceExpense, Depreciation Expense-Building, Depreciation Expense-
Equipment, and Supplies Expense.2. Determine the balances of the accounts affected by the adjustingentries and prepare an adjusted trial balance.
Prepare correcting entries as of December 31, 2020
7. The delivery expense of P 1,800 incurred on October 1, 2020 was debited to delivery equipment
account. Delivery equipment is being depreciated at an annual rate of 12%.
8. Accrued rent expenses were overlooked at the end of 2018, P 2,470; at the end of 2019 of P 3,450;
and at the end of 2020, P 5,000.
9. As a result of errors in the physical count, inventories were overlooked by P 24,500 at December
31, 2019 and by P 27,650 at December 31, 2020.
10. On July 1, 2020, fully depreciated equipment purchased for P 21,000, was sold as scrap for P
2,500. The only entry made was to debit cash and credit delivery equipment for the scrap
proceeds.
11. Advance payment of a customer in 2019 for goods to be delivered in 2020 of P 5,000. The
payment was credited to accounts receivable.
12. Purchases of merchandise in 2020, FOB destination, P 24,000, were taken up in the books in
2020. This was not included in the December 31,…
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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