Horngren's Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134642932
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
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.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
For you performance task#2 identify what do the underline words refered to Miriam deposite an amount of php89632.37 from abc bank on the 7th birthday of her daughter that pays 1% interest compounded anually she received an amount of php100000 on the 18th birthday of her daughter
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, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (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
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Searth Summer 19/201 Sport Direct, a sport stuff shop. At the beginning of the current season, the ledger of Sport Direct shop showed cash $2,200, Inventory $1,800, and Share capital - Ordinary $4,000. The following transactions were completed during April NOTE: Answer questions from 1 - 25 by using these information. April 1) Purchased Truck costing $9,600 by signing $9,600, 12%, 6-month notes payable. April 4) Purchased racquets and balls from Jay-Mac Co. for $760, FOB Shipping point, terms 2/10,n/30. April 5) Purchased Building for $48,000 cash, April 6) Paid Freight on purchase from Jay-Mac Co. for $40 cash. April 7) Purchased Supplies for $2,500 cash. April 8) Sold Merchandise to members for $1,150 on account terms n/30. The merchandise sold had a cost of $790 April 9) Paid office rent $1,500 cash. April 10) Returned merchandise for Jay-Mac Co. for $60, for a racquets that were defective, April 11) Purchased tennis shoes from u Sports for $420 cash. April 13) Paid Jay-Mac Co. in…arrow_forwardREQUIREMENT: JOURNAL ENTRIESarrow_forwardCengage Learning * CengageNOWv2 | Online teachin x * Cengage Learning Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false eBook Show Me How Analysis of Receivables Method At the end of the current year, Accounts Receivable has balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000. a. Determine the amount of the adjusting entry for uncollectible acfounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Feedback T Check My Work The analysis of receivables method is based on the assumption that the longer an account receivable is outstanding the less likely that it will be collected. The…arrow_forward
- vsuit? year-end. 3. Journalize the company's payment of the note plus interest on December 31, 2018. S11-5 Determining current portion of long-term note payable Learning Objective 1 On January 1, Irving Company purchased equipment of $280,000 with a long-term note payable. The debt is payable in annual installments of $56,000 due on December 31 of each year. At the date of purchase, how will Irving Company report the note payable? o the Learning Obiective 2. C11arrow_forwardJournal entries a. $30,000 cash was borrowed on a five-year 10% note payable, dated 5/1/2021. b. $13,000 cash was paid for land. c. Earned $118,000 in service revenues for 2020. $53,000 on account and the remainder in cash. d. Purchased Inventory with $15,000 cash. e. Sold $12,000 of inventory for $17,000 cash. f. Issued 4,000 additional shares of $0.50 par value common stock for cash at $1 per share on 1/2/2021. g. Incurred $114,000 in miscellaneous operating expenses for 2021, $20,000 on credit and the rest paid in cash. h. Collected $34,000 owned on account. i. Purchased $17,000 supplies on account. j. Paid $26,000 accounts payable. k. A piece of equipment costing $3,000 was stolen. The insurance company reimbursed the company $1,000. The accumulated depreciation on the equipment amounted to $1,000 l. Bid on a $2,000 one-year service contract. If accepted, work is to begin on 2/1/2022. m. $103,000 was paid for employee wages. This included wages owed from 2021. n. Declared and paid…arrow_forward-et: Mod x * CengageNOWv2 | On x * Cengage Learning B Milestone Two Guidel x G module 5 problem set x om/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=. O eBook Show Me How Journalizing Installment Notes On the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070. The first note payment consists of $5,720 of interest and $8,350 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. Previous Next Check My Work. 3:34 P 56°F Mostly cloudy A O E O 40 11/28/2 (田arrow_forward
- PROBLEM 1: Bob Sample opened the Campus Laundromat on September 1, 2010. During the first month of operations the following transactions occurred. Sept 1. Bob invested $20,000 cash in the business 2. The company paid $1,000 cash for store rent for September 3. Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, 6-month, 12% note payable. 4 Paid $1,200 for a one-year accident insurance policy. 10. Received a bill from the Daily News for advertising the opening of the laundromat $200. 20. Bob withdrew $700 cash for personal use. 30. The company determined that cash receipts for laundry services for the month were $6,200. REQUIRED: • Journal Entry • Ledger • T- accounts (format provided)arrow_forwardInstruction: Use Journal Sheet (Yellow or White) for the Performance Tasks Performance Task No. 1- On Mar. 1, 2009, Samuel Barbo, a recent medical board topnotcher, started his medical practice. During the month of March, the following transactions were completed. Mar. 1 Barbo invested P42,500 personal funds in a new bank account in the name of Samuel Barbo, M.D. Acquired medical equipment costing P95,000 from Tambilo Medical Equipment Company, paying P15,000 cash, and financing the remainder issuing a P80,000 note payable. Paid rent for the month of March, P7,500. Acquired Medical Supplies from Suiza Medical Supply Company on account, P15,250. Received P18,450 in cash from patients for medical services rendered this week. 2 3 7 Paid Pablo Labs for preparing laboratory work on a patient, P1,800. Paid salaries of medical technician and receptionist, P9,600. 12 15 Billed patients P51,700 for services rendered. 17 Paid Suiza Medical Supply Company P3,750 on account. Paid telephone…arrow_forwardSmart Touch Learning began operations by receiving $23,400 cash and furniture of a fair value of $13,400 from James Smith. The business issued Smith shares of common stock in exchange for this contribution. Smart Touch Learning began operations by receiving $23,400 cash and furniture of a fair value of $13,400 from James Smith. The business issued Smith shares of common stock in exchange for this contribution. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30 Paid $1,800 cash for a four-month insurance policy on December 1. The policy begins December 1. Paid $1,800 cash for a four-month insurance policy on December 1. The policy begins December 1. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30 Paid $400 cash for office supplies on December 4. Paid $400 cash for…arrow_forward
- I. Classroom > docs.google.com EE Untitled Section resented below is information related to Alrand firm.Oct. 1 Arnold Conan begins business as a real estate agent with a cash investment of£18,000 in exchange for shares. 2 Hires an administrative assistant. 3 Purchases office equipment for £1,700, on account. 6 Sells a house and lot for B. Clinton; bills B. Clinton £4,200 for realty services performed. 27 Pays £900 on the balance related to the transaction of October 3. 30 Pays the administrative assistant £2,800 in salary for October. Instructions 1- Journalize the transactions. 2-The T- accounts below summarize the ledger إضافة ملفarrow_forwardAssignment 6.1: Session 6 Comprehensive Problem (Chapter 8) Instructions In this session, we have a 6-part comprehensive problem. Download the Session 6 Comprehensive Problem Templates below to complete the 6 required parts of the problem. You will need your Bergevin and MacQueen book for reference. Rancho Cucamonga Inc. began business on January 1, 2020. The firm earned $100 from sales in its first year of business. Rancho Cucamonga collected $90 of revenue earned in cash during 2020 and reported a $10 account receivable on its 2020 balance sheet. The firm paid $70 cash for operating expenses in 2020 and reported a $5 account payable for unpaid operating expenses on its 2020 balance sheet. Income tax laws only recognize cash collected from sales and cash paid for expenses as taxable items in the year collected or paid. Rancho Cucamonga also reported a $10 fine, paid in cash, to the federal government for unfair business practices. Generally accepted accounting principles allow firms…arrow_forwardHello, I'm looking for help with trial balance for each months end cutoff for the following transactions.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License