FINANCIAL ACCOUNTING W/WILEY+ >IP<
9th Edition
ISBN: 9781118948828
Author: Weygandt
Publisher: JOHN WILEY+SONS INC.CUSTOM
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Question
Chapter 4, Problem 4.4AP
a)
To determine
Worksheet: A worksheet is a tool that is used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger. Usually organizations use Microsoft Excel in order to use a worksheet electronically.
Classified
In order to improve the ease of understanding, a classified balance sheet is used. In a classified balance sheet, various standard classifications and sections are used to classify all the similar assets and similar liabilities together. The items having similar economic characteristics are put in the same group so that the users of the statement can easily understand the items.
Classification Heads
- Current Assets
- Long-Term Investments
- Property Plant and Equipment
- Intangible Assets
- Current Liabilities
- Long-Term Liabilities
Stockholder’s Equity
Accounting rules for
- To Increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.
- To Decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains
Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.
Rules for closing entries:
- Debit the account: All temporary accounts with credit balances.
- Credit the account: All temporary accounts with debit balances
Ledger Account
A ledger account helps to prepare the financial statements. The accounts of all the items are prepared separately such as assets, liabilities, revenues, expenses, owner’s equity and so on. The ledger accounts along with their balances are further posted to the
The general ledger accounts are represented graphically through the T Accounts.
Post-Closing Trial Balance: Post closing trial balance is prepared, after journalizing the closing entries, and posting them to the respective ledgers.
To Prepare :(a) worksheet, (b) Financial statements (income statement,
(b)
To determine
To Prepare: The classified balance sheet of J Company:
(c)
To determine
To Record: The adjustment entries:
(d)
To determine
To prepare: The closing entries of the question are given as under:
(e)
To determine
To Prepare: the post-closing trial balance:
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Chapter 4 Solutions
FINANCIAL ACCOUNTING W/WILEY+ >IP<
Ch. 4 - Prob. 1QCh. 4 - 2. Explain the purpose of the worksheet.
Ch. 4 - Prob. 3QCh. 4 - 4. If a company’s revenues are $125,000 and its...Ch. 4 - Prob. 5QCh. 4 - Prob. 6QCh. 4 - 7. Describe the nature of the Income Summary...Ch. 4 - Prob. 8QCh. 4 - 9. Which of the following would not appear in the...Ch. 4 - 10. Distinguish between a reversing entry and an...
Ch. 4 - Prob. 11QCh. 4 - Prob. 12QCh. 4 - Prob. 13QCh. 4 - Prob. 14QCh. 4 - Prob. 15QCh. 4 - Prob. 16QCh. 4 - Prob. 17QCh. 4 - Prob. 18QCh. 4 - Prob. 19QCh. 4 - Prob. 20QCh. 4 - Prob. 21QCh. 4 - List the steps in preparing a worksheet
BE4-1 The...Ch. 4 - Prob. 4.2BECh. 4 - BE4-3The following selected accounts appear in the...Ch. 4 - BE4-4 The ledger of Rios Company contains the...Ch. 4 - BE4-5 Using the data in BE4-4, enter the balances...Ch. 4 - Prob. 4.6BECh. 4 - Prob. 4.7BECh. 4 - Prob. 4.8BECh. 4 - Prob. 4.9BECh. 4 - BE4-10 The balance sheet debit column of the...Ch. 4 - Prob. 4.11BECh. 4 - Prob. 4.12BECh. 4 - DO IT! 4-1 Bradley Decker is preparing a...Ch. 4 - Prob. 4.2DIRCh. 4 - Prob. 4.3DIRCh. 4 - Prob. 4.4DIRCh. 4 - E4–1 The trial balance columns of the worksheet...Ch. 4 - E4–2 The adjusted trial balance columns of the...Ch. 4 - E4-3 Worksheet data for DeSousa Company are...Ch. 4 - E4-4 Worksheet data for DeSousa Company are...Ch. 4 - E4-5 The adjustments columns of the worksheet for...Ch. 4 - E-4-6 Selected worksheet data for Elsayed Company...Ch. 4 - E4–7 Kay Magill Company had the following adjusted...Ch. 4 - E420138 Plevin Company ended its fiscal year on...Ch. 4 - E4-9 The adjusted trial balance for Plevin Company...Ch. 4 - E4-10 Janis Engle has prepared the following list...Ch. 4 - Prob. 4.11ECh. 4 - Prob. 4.12ECh. 4 - Prob. 4.13ECh. 4 - Prob. 4.14ECh. 4 - Prob. 4.15ECh. 4 - Prob. 4.16ECh. 4 - Prob. 4.17ECh. 4 - Prob. 4.18ECh. 4 - Prob. 4.19ECh. 4 - Prob. 4.1APCh. 4 - P4–2A The adjusted trial balance columns of the...Ch. 4 - P4–3A The completed financial statement columns of...Ch. 4 - Prob. 4.4APCh. 4 - P4–5A Heidi Jara opened Jara’s Cleaning Service on...Ch. 4 - P4–6A Dao Vang, CPA, was retained by Universal...Ch. 4 - Prob. 4.1BPCh. 4 - Prob. 4.2BPCh. 4 - P4–3B The completed financial statement columns of...Ch. 4 - P4–4B Avalon Amusement Park has a fiscal year...Ch. 4 - P4–5B Gillian Shaw opened Shaw's Carpet Cleaners...Ch. 4 - Prob. 4.1CCCCh. 4 - Prob. 4.1BYPCh. 4 - Prob. 4.2BYPCh. 4 - Prob. 4.3BYPCh. 4 - Prob. 4.5BYPCh. 4 - Prob. 4.6BYPCh. 4 - Prob. 4.7BYPCh. 4 - Prob. 4.8BYPCh. 4 - Prob. 4.1IFRSCh. 4 - Prob. 4.2IFRSCh. 4 - Prob. 4.3IFRSCh. 4 - Prob. 4.4IFRSCh. 4 - Prob. 4.5IFRSCh. 4 - Prob. 4.6IFRSCh. 4 - Prob. 4.7IFRS
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