25th Edition

ISBN: 9781264753277

Author: Wild

Publisher: 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.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

Adjustment Entries

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…

Videos

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 4, Problem 6PSB

Chapter 4, Problem 1GLP

Students have asked these similar questions

Write down as many descriptions describing rock and roll that you can. From these descriptions can you come up with s denition of rock and roll? What performers do you recognize? What performers don’t you recognize? What can you say about musical inuence on these current rock musicians? Try to break these inuences into genres and relate them to the rock musicians. What does Mick Jagger say about country artists? What does pioneering mean? What kind of ensembles w

Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's expenses, Gross margin, and Net income?

Chapter 4 Solutions

FUND OF ACCT PRIN(LOOSE-LEAF)+ACCESS

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

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.