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.

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Answer 1

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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.

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A factory applies manufacturing overhead based on machine-hours. The following data is given: Estimated manufacturing overhead: $625,000 • Estimated machine-hours: 10,000 • Actual manufacturing overhead: $650,000 • Actual machine-hours: 9,500 What is the applied manufacturing overhead for the year? a. $625,000 b. $650,000 c. $593,750 d. $612,500

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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

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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

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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

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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

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Answer 13

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Answer 14

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Answer 15

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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.

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Chapter 4 Solutions

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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.

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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.