MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Financial & Managerial Accounting, The Financial Chapters (My Accounting Lab)

5th Edition

ISBN: 9780133877281

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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Textbook Question

Chapter 4, Problem 4.39BP

Preparing adjusting entries and reversing entries

The unadjusted trial balance and adjustment data of Mark’s Motors at December 31, 2016, follow:

Chapter 4, Problem 4.39BP, Preparing adjusting entries and reversing entries The unadjusted trial balance and adjustment data

Adjustment data at December 31, 2016:

a. Depreciation on equipment, $ 1,600.

b. Accrued Wages Expense, $ 1,000.

c. Office Supplies on hand, $ 100.

d. Prepaid Insurance expired during December, $200.

e. Unearned Revenue earned during December, $4,400.

f. Accrued Service Revenue, $800.

2017 transactions:

a. On January 4, Mark’s Motors paid wages of $1,200. Of this, $1,000 related to the accrued wages recorded on December 31.

b. On January 10, Mark’s Motors received $ 1,500 for Service Revenue. Of this, $800 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 chat occurred in 2017.

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Chapter 4, Problem 4.38BP

Chapter 4, Problem 4.40CP

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Coronado Fire, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher. The home model is a high-volume (54,000 units), half-gallon cylinder that holds 2 1/2 pounds of multi- purpose dry chemical at 480 PSI. The commercial model is a low-volume (10,200 units), two-gallon cylinder that holds 10 pounds of multi-purpose dry chemical at 390 PSI. Both products require 1.5 hours of direct labor for completion. Therefore, total annual direct labor hours are 96,300 or [1.5 hours x (54,000+10,200)]. Estimated annual manufacturing overhead is $1,566,090. Thus, the predetermined overhead rate is $16.26 or ($1,566,090 ÷ 96,300) per direct labor hour. The direct materials cost per unit is $18.50 for the home model and $26.50 for the commercial model. The direct labor cost is $19 per unit for both the home and the commercial models. The company's managers identified six activity cost pools and related…

Chapter 4 Solutions

MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Financial & Managerial Accounting, The Financial Chapters (My Accounting Lab)

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 journaling as the process of recording the transactions of an organization in a chronological order.

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