Adjusting journal entry : An adjusting journal entry is an adjustment recorded at the end of an accounting period to an asset or liability account to record business events that occurred in that period but were not recorded. Hence, it is basically an end-of-period adjustment done to record prepaid expenses, accrued revenue, accrued expenses, unearned income and other non-cash business activities. All of these different adjustments are a result of business events that happened in the current period but were not actually recorded in the accounting system. Reversing entry: Reversing entry is basically made at the beginning of an accounting period to reverse the adjusting entry made at the end of the previous accounting period. Requirement – 1: To calculate: Adjusting journal entries for the year ended December 31, 2016.

Question

Want to see the full answer?

Answer 1

Question

Chapter 4, Problem P4.33APGA

To determine

Introduction:

Adjusting journal entry: An adjusting journal entry is an adjustment recorded at the end of an accounting period to an asset or liability account to record business events that occurred in that period but were not recorded. Hence, it is basically an end-of-period adjustment done to record prepaid expenses, accrued revenue, accrued expenses, unearned income and other non-cash business activities. All of these different adjustments are a result of business events that happened in the current period but were not actually recorded in the accounting system.

Reversing entry: Reversing entry is basically made at the beginning of an accounting period to reverse the adjusting entry made at the end of the previous accounting period.

Requirement – 1:

To calculate: Adjusting journal entries for the year ended December 31, 2016.

To determine

Requirement – 2:

To calculate: Reversing journal entries for the month of January 2017.

To determine

Requirement – 3:

To calculate: Cash payment and cash receipt entry that occurred in 2017.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Accurate answer

Subject: Financial Accounting

Financial Accounting

Answer 2

Question

Chapter 4, Problem P4.33APGA

To determine

Introduction:

Adjusting journal entry: An adjusting journal entry is an adjustment recorded at the end of an accounting period to an asset or liability account to record business events that occurred in that period but were not recorded. Hence, it is basically an end-of-period adjustment done to record prepaid expenses, accrued revenue, accrued expenses, unearned income and other non-cash business activities. All of these different adjustments are a result of business events that happened in the current period but were not actually recorded in the accounting system.

Reversing entry: Reversing entry is basically made at the beginning of an accounting period to reverse the adjusting entry made at the end of the previous accounting period.

Requirement – 1:

To calculate: Adjusting journal entries for the year ended December 31, 2016.

To determine

Requirement – 2:

To calculate: Reversing journal entries for the month of January 2017.

To determine

Requirement – 3:

To calculate: Cash payment and cash receipt entry that occurred in 2017.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 4, Problem P4.33APGA

To determine

Introduction:

Adjusting journal entry: An adjusting journal entry is an adjustment recorded at the end of an accounting period to an asset or liability account to record business events that occurred in that period but were not recorded. Hence, it is basically an end-of-period adjustment done to record prepaid expenses, accrued revenue, accrued expenses, unearned income and other non-cash business activities. All of these different adjustments are a result of business events that happened in the current period but were not actually recorded in the accounting system.

Reversing entry: Reversing entry is basically made at the beginning of an accounting period to reverse the adjusting entry made at the end of the previous accounting period.

Requirement – 1:

To calculate: Adjusting journal entries for the year ended December 31, 2016.

To determine

Requirement – 2:

To calculate: Reversing journal entries for the month of January 2017.

To determine

Requirement – 3:

To calculate: Cash payment and cash receipt entry that occurred in 2017.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 4, Problem P4.33APGA

To determine

Introduction:

Adjusting journal entry: An adjusting journal entry is an adjustment recorded at the end of an accounting period to an asset or liability account to record business events that occurred in that period but were not recorded. Hence, it is basically an end-of-period adjustment done to record prepaid expenses, accrued revenue, accrued expenses, unearned income and other non-cash business activities. All of these different adjustments are a result of business events that happened in the current period but were not actually recorded in the accounting system.

Reversing entry: Reversing entry is basically made at the beginning of an accounting period to reverse the adjusting entry made at the end of the previous accounting period.

Requirement – 1:

To calculate: Adjusting journal entries for the year ended December 31, 2016.

To determine

Requirement – 2:

To calculate: Reversing journal entries for the month of January 2017.

To determine

Requirement – 3:

To calculate: Cash payment and cash receipt entry that occurred in 2017.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 4, Problem P4.33APGA

To determine

Introduction:

Adjusting journal entry: An adjusting journal entry is an adjustment recorded at the end of an accounting period to an asset or liability account to record business events that occurred in that period but were not recorded. Hence, it is basically an end-of-period adjustment done to record prepaid expenses, accrued revenue, accrued expenses, unearned income and other non-cash business activities. All of these different adjustments are a result of business events that happened in the current period but were not actually recorded in the accounting system.

Reversing entry: Reversing entry is basically made at the beginning of an accounting period to reverse the adjusting entry made at the end of the previous accounting period.

Requirement – 1:

To calculate: Adjusting journal entries for the year ended December 31, 2016.

To determine

Requirement – 2:

To calculate: Reversing journal entries for the month of January 2017.

To determine

Requirement – 3:

To calculate: Cash payment and cash receipt entry that occurred in 2017.

Answer 6

Chapter 4, Problem P4.33APGA

To determine

Introduction:

Adjusting journal entry: An adjusting journal entry is an adjustment recorded at the end of an accounting period to an asset or liability account to record business events that occurred in that period but were not recorded. Hence, it is basically an end-of-period adjustment done to record prepaid expenses, accrued revenue, accrued expenses, unearned income and other non-cash business activities. All of these different adjustments are a result of business events that happened in the current period but were not actually recorded in the accounting system.

Reversing entry: Reversing entry is basically made at the beginning of an accounting period to reverse the adjusting entry made at the end of the previous accounting period.

Requirement – 1:

To calculate: Adjusting journal entries for the year ended December 31, 2016.

Answer 7

Chapter 4, Problem P4.33APGA

To determine

Introduction:

Adjusting journal entry: An adjusting journal entry is an adjustment recorded at the end of an accounting period to an asset or liability account to record business events that occurred in that period but were not recorded. Hence, it is basically an end-of-period adjustment done to record prepaid expenses, accrued revenue, accrued expenses, unearned income and other non-cash business activities. All of these different adjustments are a result of business events that happened in the current period but were not actually recorded in the accounting system.

Reversing entry: Reversing entry is basically made at the beginning of an accounting period to reverse the adjusting entry made at the end of the previous accounting period.

Requirement – 1:

To calculate: Adjusting journal entries for the year ended December 31, 2016.

Answer 8

To determine

Requirement – 2:

To calculate: Reversing journal entries for the month of January 2017.

Answer 9

To determine

Requirement – 2:

To calculate: Reversing journal entries for the month of January 2017.

Answer 10

To determine

Requirement – 3:

To calculate: Cash payment and cash receipt entry that occurred in 2017.

Answer 11

To determine

Requirement – 3:

To calculate: Cash payment and cash receipt entry that occurred in 2017.

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 15

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...

Concept explainers

Videos

Requirement – 2:

To calculate: Reversing journal entries for the month of January 2017.

Requirement – 3:

To calculate: Cash payment and cash receipt entry that occurred in 2017.

Want to see the full answer?

Chapter 4 Solutions

Concept explainers

Videos

Requirement – 2: To calculate: Reversing journal entries for the month of January 2017.

Requirement – 3: To calculate: Cash payment and cash receipt entry that occurred in 2017.

Want to see the full answer?

Chapter 4 Solutions

Requirement – 2:

To calculate: Reversing journal entries for the month of January 2017.

Requirement – 3:

To calculate: Cash payment and cash receipt entry that occurred in 2017.