25th Edition

ISBN: 9781260247985

Author: Wild

Publisher: RENT MCG

Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…

Final Accounts

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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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 4SP

The December 31. 2019₌ adjusted trial balance of Business Solutions reflecting its transactions from October through December of 2019) follows.

No.	Account Title	Debit	Credit
101	Cash	$ 48,372
106	Accounts receivable	5,668
126	Computer supplies	580
128	Prepaid insurance	1,665
131	Prepaid rent.	825
163	Office equipment	8,000
164	Accumulated depreciation—Office equipment		$ 400
167	Computer equipment	20,000
168	Acc umulated depreciation—Computer equ ipment		1,250
201	Accounts payable		1,100
210	Wages payable		500
236	Unearned computer services revenue		1,500
301	S. Rev, Capital		73,000
302	S. Rev. Withdrawals	7,100
403	Computer services revenue		31,284
612	Depreciation expense—Office equipment	400
613	Depreciation expense—Computer equipment	1,250
623	Wages expense	3,875
637	Insurance expense	555
640	Rent expense.	2,475
652	Computer supplies expense	3,065
655	Advertising expense	2,753
676	Mileage expense	896
677	Miscellaneous expenses	250
684	Repairs expense—Computer	1,305
901	Income summary		0
	Totals	$109,034	$109,034

Required Chapter 4, Problem 4SP, The December 31. 2019= adjusted trial balance of Business Solutions reflecting its transactions from

Record and post the necessary closing entries as of December 31,2019.

Prepare a post-closing trial balance as of December 31,2019.

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Chapter 4, Problem 6PSB

Chapter 4, Problem 1GLP

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Chapter 4 Solutions

FUND.ACCT.PRIN.

Ch. 4 - Prob. 1QS Ch. 4 - Prob. 2QS Ch. 4 - Computing ending capital balance using work sheet...Ch. 4 - Preparing a partial work sheet P1 The ledger of...Ch. 4 - Explaining temporary and permanent accounts Choose...Ch. 4 - Preparing closing entries from the ledger P2 The...Ch. 4 - Prob. 7QS Ch. 4 - Prob. 8QS Ch. 4 - Prob. 9QS Ch. 4 - Prob. 10QS

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