Horngren's Accounting: The Managerial Chapters (12th Edition) (loose Leaf Version)
12th Edition
ISBN: 9780134486826
Author: MILLER-NOBLES, Tracie L.; Mattison, Brenda L.; Matsumura, Ella Mae
Publisher: PEARSON
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Chapter 4, Problem P4.33APGA
Completing the accounting cycle from
Learning Objectives 1, 2,3,4,5
Ending Capital $75,095
On December 1, Bob Waldo began an auto repair shop, Waldo's Quality Automotive. The following transactions occurred during December:
Dec1 Wilton contributed JS3.000 with to the business in exchange for capital,
1 Purchased $14.400 of equipment paying cash.
1 Paid $3,600 for a twelve−month insurance policy starting on December 1.
9 Paid $15,000 cash to purchase land to be used in operations.
10 Purchased office supplies on account, $2,200.
19 Borrowed $24,000 from the bank for business use.Wilson signed a notepayable to the ban k in the name of the business. The note is due in five years.
22 Paid $2,000 for advertising expenses
26 Paid $1,000 on account.
28 The business received a bill for utilities to be paid in January. $260.
91 Revenues earned during the month included $18,500 cash and $5,800 on account.
31Paid employees' salaries $3,900 and building rent $800. Record as a compound entry.
3t The business received $1,380 for auto screening services to be performed neat month.
31 Wilson withdrew cash of $5,000,
The business uses the following accounts: Cash;
Adjustment data:
- Office Supplies used during the month, $1,8OO.
- Depreciation for the month, $200.
- Onemonthinsurance has expired.
- Accrued Interest Expense,$75.
Requirements
- Prepare the journal entries, and post to the T-accounts.
- Prepare an unadjusted trial balance.
- Complete the worksheet forthe month ended December 31,2018(optional).
A Prepare the
5. Prepare an adjusted trial balance.
c. Prepare the income statement, the statement of owner's equity, and the classified
7. Prepare the closing entries, and post to the “-accounts.
B. Prepare a post-closing trial balance.
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MANAGEMENT DEPARTMENT, FACULTY
PROBLEM
On January 1 of the current year, Juan David opened the “ J.D Men's Wear Shop", and
during the month, the following transactions were completed:
Jan.
1
Juan David invested cash P 80,000 in the business.
He bought two sewing machines amounting P 30,000 each from Patio
Merchandising, the he gave P15,000 down and the balance is payable within 60 days.
Paid a three month rental of the shop, P30,000. This was charged to
1
1
prepaid Rent account.
1
Paid a one year insurance policy, P 5,700.
Bought sewing tools P 5,900 and sewing supplies P 2,700 from Jomar
Trading on credit.
Received P 1,200 from customer for a short delivered.
Billed to Maricris Acosta, P 5,000 for two-pair of pants and polo barong
7
delivered.
10
Purchased clothing materials from Baclaran Market and paid P 15,000
cash.
13
Received P 12,500 from various customers for pants and barong made
and delivered.
14
Gave Patio Merchandising P 15,000 and issued a 60-day, 6% note for the
balance.…
S11-11 Accounting for warranty expense and warranty payable
Learning Objective 3
Trail Runner guarantees its snowmobiles for three years. Company experience
indicates that warranty costs will be approximately 5% of sales.
Assume that the Trail Runner dealer in Colorado Springs made sales totaling
$600,000 during 2018. The company received cash for 20% of the sales and
notes receivable for the remainder. Warranty payments totaled $10,000 during
2018.
Requirements
1. Record the sales, warranty expense, and warranty payments for the
company. Ignore cost of goods sold.
2. Assume the Estimated Warranty Payable is $0 on January 1, 2018. Post
the 2018 transactions to the Estimated Warranty Payable T-account. At
the end of 2018, how much in Estimated Warranty Payable does the
company owe?
Chapter 4 Solutions
Horngren's Accounting: The Managerial Chapters (12th Edition) (loose Leaf Version)
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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