Horngren's Accounting, Student Value Edition (12th Edition)
12th Edition
ISBN: 9780134487151
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 4, Problem E4A.28E
Journalizing reversing entries
Leaning Objectives 7 Appendix 4A|Q
Mountain View Services had the following unadjusted balances at December 31,2018:Salaries Payable, $0;and Salaries Expense, $1,900.The following transactions have taken place at the end of 2018 and beginning of 2019:
2018
Dec. 31 Accrued Salaries Expenses at December 31, 2018.
31 Closed the Salaries Expense Account.
2019
Jan. 1 Reversed the accrued salaries. (Requirement 3 only)
4 Paid salaries of $8, 500. This payment included the Salaries payable amount, plus $500 for the first few days of January.
Requirements
- Open T-accounts for Salaries Payable and Salaries Expense using their unadjusted balances at December 31,2018.
Journalize the entries assuming Mountain View Services does not use reversing entries. Do not record the reversing entry on Jan. 1.Post to the accounts.- Open new T-accounts for Salaries Payable and Salaries Expense using their unadjusted balances at December 31,2018.Journalize the entries assuming Mountain View Services uses reversing entries. Don't forget to record the reversing entry on Jan. 1.Post to the accounts. Compare the balances on January 4,2019with Requirement 2 balances on January 4, 2019.
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Chapter 4 Solutions
Horngren's Accounting, Student Value Edition (12th Edition)
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?...Ch. 4 - What do closing entries accomplish? Learning...Ch. 4 - Which of the following is not a closing entry?...Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - 8. 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...
Ch. 4 - What document are financial statements prepared...Ch. 4 - What does the income statement report?Ch. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Why are financial statements prepared in a...Ch. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - How could a worksheet help in preparing financial...Ch. 4 - If a business had a net loss for the year, where...Ch. 4 - Prob. 12RQCh. 4 - What are temporary accounts? Are temporary...Ch. 4 - What are permanent accounts? Are permanent...Ch. 4 - How is the Income Summary account used? Is it a...Ch. 4 - Prob. 16RQCh. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - Prob. 19RQCh. 4 - What is the current ratio, and how is it...Ch. 4 - Prob. 21ARQCh. 4 - Preparing an income statement Learning Objective 1Ch. 4 - Preparing a statement of owner’s equity. Learning...Ch. 4 - Preparing a balance sheet (unclassified, account...Ch. 4 - Preparing a balance sheet (classified, report...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Prob. S4.6SECh. 4 - Prob. S4.7SECh. 4 - Determine net loss using a worksheet Learning...Ch. 4 - Identifying temporary and permanent accounts...Ch. 4 - Prob. S4.10SECh. 4 - Posting closing entries directly to Taccounts...Ch. 4 - S412 Identifying accounts included on a...Ch. 4 - Identifying steps in the accounting cycle Learning...Ch. 4 - Calculating the current ratio Learning Objective 6...Ch. 4 - Journalizing reversing entries Learning Objective...Ch. 4 - E416 Preparing the financial statements The...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Preparing a classified balance sheet and...Ch. 4 - Preparing a worksheet Learning Objective 2: Title...Ch. 4 - Preparing financial statements from the completed...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing closing entries from T-accounts Learning...Ch. 4 - Determining the effects of closing entries on the...Ch. 4 - Preparing a worksheet and closing entries Learning...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing a worksheet, closing entries, and a...Ch. 4 - Journalizing reversing entries. Learning Objective...Ch. 4 - Journalizing reversing entries Leaning Objectives...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing a worksheet, financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing a worksheet financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Using Excel to prepare financial statements,...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Prob. 4.1TIATCCh. 4 - Prob. 4.1EICh. 4 - Prob. 4.1FSC
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