Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 4, Problem 8PA
Use the following account T-balances (assume normal balances) and correct balance information to make the December 31
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Accounting Question
Make adjustments on the Adjusting Journal
Entries. Remember to include a description under
each journal entry.
Please verify that all June 1 balances are in the ledgers by comparing them to the May 31, 2021 trial balance before posting. There are two tabs in the Excel spreadsheet: Income Statement Accounts and Balance Sheet Accounts. You will need both tabs to post to all the accounts.
Use the given information from the General Journal below to fill in the Ledger for the balance sheet and income statement account sheets through the month of June.
General Journal
Date
Description
Post
Ref.
Debit
Credit
June 3
Inventory
116
50,400
Accounts Payable
210
50,400
June 6
Accounts Receivable
111
17,400
Sales
410
17,400
Costs Of Goods Sold
510
12,000
Inventory
116
12,000
June 8
Notes Receivable
114
500
Bad Debt Expense
522
500
June 10
Cash
104
40,000
Salaries Payable
211
40,000
Cash
104
26,000
Office Salaries Expense…
Chapter 4 Solutions
Principles of Accounting Volume 1
Ch. 4 - Which of the following is any reporting period...Ch. 4 - Which of the following is the federal, independent...Ch. 4 - Revenues and expenses must be recorded in the...Ch. 4 - Which of the following breaks down company...Ch. 4 - Which of the following is a twelve-month reporting...Ch. 4 - Which type of adjustment occurs when cash is...Ch. 4 - Which type of adjustment occurs when cash is not...Ch. 4 - If an adjustment includes an entry to a payable or...Ch. 4 - If an adjustment includes an entry to Accumulated...Ch. 4 - Rent collected in advance is an example of which...
Ch. 4 - Rent paid in advance is an example of which of the...Ch. 4 - Salaries owed but not yet paid is an example of...Ch. 4 - Revenue earned but not yet collected is an example...Ch. 4 - What adjusting journal entry is needed to record...Ch. 4 - Which of these transactions requires an adjusting...Ch. 4 - What critical purpose does the adjusted trial...Ch. 4 - Which of the following accounts balance would be a...Ch. 4 - On which financial statement would the Supplies...Ch. 4 - On which financial statement would the Dividends...Ch. 4 - On which financial statement would the Accumulated...Ch. 4 - On which two financial statements would the...Ch. 4 - Describe the revenue recognition principle. Give...Ch. 4 - Describe the expense recognition principle...Ch. 4 - What parts of the accounting cycle require...Ch. 4 - Why is the adjusting process needed?Ch. 4 - Name two types of adjusting journal entries that...Ch. 4 - Are there any accounts that would never have an...Ch. 4 - Why do adjusting entries always include both...Ch. 4 - Why are adjusting journal entries needed?Ch. 4 - If the Supplies account had an ending balance of...Ch. 4 - When a company collects cash from customers before...Ch. 4 - If the Prepaid Insurance account had a balance of...Ch. 4 - If adjusting entries include these listed...Ch. 4 - What is the difference between the trial balance...Ch. 4 - Why is the adjusted trial balance trusted as a...Ch. 4 - Indicate on which financial statement the...Ch. 4 - Identify whether each of the following...Ch. 4 - Identify whether each of the following...Ch. 4 - Identify which type of adjustment is indicated by...Ch. 4 - The following accounts were used to make year-end...Ch. 4 - Reviewing insurance policies revealed that a...Ch. 4 - On July 1, a client paid an advance payment...Ch. 4 - Reviewing payroll records indicates that employee...Ch. 4 - Supplies were purchased on January 1, to be used...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - From the following Company A adjusted trial...Ch. 4 - Identify whether each of the following...Ch. 4 - Identify whether each of the following...Ch. 4 - Indicate what impact the following adjustments...Ch. 4 - What two accounts are affected by the needed...Ch. 4 - Reviewing insurance policies revealed that a...Ch. 4 - On September 1, a company received an advance...Ch. 4 - Reviewing payroll records indicates that one-fifth...Ch. 4 - On July 1, a client paid an advance payment...Ch. 4 - Prepare journal entries to record the business...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - From the following Company B adjusted trial...Ch. 4 - Identify whether each of the following...Ch. 4 - To demonstrate the difference between cash account...Ch. 4 - Identify which type of adjustment is indicated by...Ch. 4 - Identify which type of adjustment is associated...Ch. 4 - Indicate what impact the following adjustments...Ch. 4 - What two accounts are affected by each of these...Ch. 4 - Using the following information: A. make the...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Determine the amount of cash expended for Salaries...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Using the following Company W information, prepare...Ch. 4 - From the following Company Y adjusted trial...Ch. 4 - Identify whether each of the following...Ch. 4 - To demonstrate the difference between cash account...Ch. 4 - Identify which type of adjustment is indicated by...Ch. 4 - Identify which type of adjustment is associated...Ch. 4 - Indicate what impact the following adjustments...Ch. 4 - What two accounts are affected by each of these...Ch. 4 - Using the following information, A. Make the...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Determine the amount of cash expended for...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Using the following Company X information, prepare...Ch. 4 - From the following Company Z adjusted trial...Ch. 4 - Assume you are the controller of a large...Ch. 4 - Assume you are employed as the chief financial...
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- Make all the journal entries necessary to record the transactions above using appropriate dates.arrow_forward1. Record the April 1, 20Y3, balance of each account in the appropriate balance column of a four-column account, type Balance in the item section, and select a check mark in the Posting Reference column. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. Post in chronological order. For transactions occurring on the same day, post in the order presented in the instructions. Insert the appropriate posting references in both the journal and the ledger as each item is posted. How does grading work? LEDGER Score: 28/510 Account: Cash11Account No. DATE ITEM POST. REF. DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 ✔ 3 4 5 6 7 ✔ 8 9…arrow_forwardName two types of adjusting journal entries that are commonly made before preparing financial statements? Explain, with examples.arrow_forward
- Requirement: 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 9). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 10-12). 3. Review the adjusted 'Trial Balance' as of December 31, 2021. 4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-15). For General Journal, Prepare the journal entries for transactions. General Ledger, Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Trial Balance: The ending balance values from the…arrow_forwardGive the journal entry for the following transaction. Received a promisory note in payment of an accountarrow_forwardTransform the raw data into an ordered trial balance. Then pass adjusting entries in pure journal form, Then make working notes, then make adjusted trial balance, then the income statement and balance sheet.arrow_forward
- Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file Use the following accounts as appropriate: Cash. Land. Notes Payable. Depreciation Expense. Accounts Receivable. Accumulated Depreciation. Common Stock. Salaries Expense. Supplies. Accounts Payable. Retained Earnings. Supplies Expense. Prepaid Insurance. Deferred Revenue. Dividends. Rent Expense. Equipment. Salaries Payable. Service Revenue. Insurance Expense 1-Dec: Issue common stock in exchange for cash of $6,000. 1-Dec: Paid the premium in advance on a one-year insurance policy, $480. 1-Dec: Purchased Equipment for $3,600 cash. 5-Dec: Purchased office supplies from XYZ Company on account, $400. 15-Dec: Provided services to customers for $5,400 cash. 16-Dec: Provided services to customer ABC Inc. on account, $2,500. 17-Dec: Received $800 cash in advance from a customer for services to be provided in January. 22-Dec: Paid $220 to XYZ company for the Dec 5 purchase on…arrow_forwardPost the adjusting entries to their respective ledger accounts already started in requirement # 2.arrow_forwardDefine each of the following terms:j. Account receivable; days sales outstanding; aging schedulearrow_forward
- Pls do the one that says “Enter the opening balances in the ledger accounts as at October 1, Write balance..” too with the send one using the templates Thank you!arrow_forwardWhat is keying? Im O Sorting account balances from the adjusted trial balance to their proper financial state O Adding initials to each work sheet column total to indicate that a verification took place O Adding an identifying letter to link the debit and the credit of an adjustment in the Adju O Totaling the two columns of the Adjusted Trial Balance to verify that debits equal creditarrow_forwardIdentify which of the following accounts would be included in a post-closing trial balance. Accounts Receivablearrow_forward
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