Myaccountinglab With Pearson Etext -- Access Card -- For Horngren's Accounting, The Managerial Chapters
12th Edition
ISBN: 9780134490663
Author: MILLER-NOBLES, Tracie L., Mattison, Brenda L., Matsumura, Ella Mae
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4, Problem S4A.15SE
Journalizing reversing entries
Learning Objective 7 Appendix 4A
Ocean Breeze Associates accrued $8,500 of Service Revenue at December 31. Ocean Breeze Association received $14,500 on January 15, including the account revenue recorded on December 31.
Requirements
- Record the
adjustment entry to accrue Service Revenue. - Record the reversing entry.
- Journalize the cash receipt.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Accounting Homework
Journal entry worksheet
1
23
Note: Enter debits before credits.
Transaction
d.
Annual depreciation on the professional library is $7,993.
4
Record entry
5 6 7 8
General Journal
Clear entry
Debit
Credit
View general journal
>
Window
Help
A education.wi
am 1
WP NWP Assessment Player UI Application
Question 28 of 42
View Policies
Current Attempt in Progress
In a service-type business, revenue is considered recognized
when the service is performed.
at the end of the year.
at the end of the month.
when cash is received.
Save for Later
Chapter 4 Solutions
Myaccountinglab With Pearson Etext -- Access Card -- For Horngren's Accounting, The Managerial Chapters
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
- Problem 8: From the following receipt and payment account of Edhi Centre, prepare an income and expenditure account for the year ended 31-12-2023 and a Balance sheet as on that date. Particulars Balance b/d Entrance fee Subscription 2022 2023 2024 Locker rent Miscellaneous Adjustments: Receipt and payment account For the year ended 31-12-2023 Dr.(AED) Particulars Cr. (AED) 130 Rates 2,500 210 Stationery 340 General expenses 3,610 70 Building (Purchased on 1- 2,500 7-2023) 10,520 Repairs 300 420 Mortgage interest 1,600 300 Balance c/d 2,460 1,660 13,310 13,310 1. Locker rent AED 20 referred to the previous year and AED 30 is still owing. 2. Rates AED 20 referred to the previous year and AED 500 is still owing. 3. Subscription unpaid for the current year AED 200. 4. Depreciate building by 5% p.a. ||arrow_forwardQuality of initial posting 15 Frequency of responses to classmates 2.5 Quality of responses to classmates 2.5 Reference to supporting readings 2.5 Language and grammar 2.5 Total 25arrow_forwardMultiple choicearrow_forward
- Need help with this question please. Thank youarrow_forwardLearning Objective 3: Purchase inventory, accrue interest, and pay a short-termnote) On August 1, 2019, The Shoppes at Mill Lake, Inc., purchased inventory costing $40,000by signing a 6%, six-month, short-term note payable. The company will pay the entire note(principal and interest) on the note’s maturity date.Requirements1. Journalize the company’s purchase of inventory.2. Make the adjusting entry for accrual of interest on the note payable on December 31, 2019.3. At December 31, 2019, what is reported on the balance sheet related to this note payable?4. Record the payment of the note payable (principal and interest) on its maturity datearrow_forwardPears X P W Chapter: Recording Business TraNSACTIONS Sep. 1 hed:course:7710589/products/79c3fa4c-a84f-42ba-b87a-e36a400bca00/pages/urn:pe 6 7 Proble X P-F:2-30A. Journalizing transactions, posting journal entries to T- accounts, and preparing a trial balance (Learning Objectives 3, 4) 15 G New Ann Simpson started her practice as a design consultant on September 1, 2024. During the first month of operations, the business completed the following transactions: 3. Prepare the trial balance of Vince York, M.D., as of July 31, 2024. 30 Received $48,000 cash and issued common stock to Simpson. Purchased office supplies, $1,200, and furniture, $1,300, on account. Performed services for a law firm and received $1,900 cash. X Paid $18,000 cash to acquire land to be used in operations. Performed services for a hotel and received its promise to pay the $1,200 within one week. Paid for the furniture purchased on September 4 on account. Paid assistant's semimonthly salary, $1,500. Received cash on…arrow_forward
- Q E-F:5-22 Journalizing purchase transactions (Learning Objective 2) Howie Jewelers had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. W Jun. 20 20 Jul. 4 14 & 16 18 Received a $300 allowance from Southboro Diamonds for damaged but usable goods. 24 Paid Southboro Diamonds, less allowance and discount. 4- Purchased inventory of $5,100 on account from Sanders Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Paid freight charges, $400. Returned $600 of inventory to Sanders. 7 Paid Sanders Diamonds, less return. Purchased inventory of $3,500 on account from Southboro Diamonds, a jewelry importer. Terms were 2/10, n/EOM, FOB destination. 4+ 8 144 ( F5-56 A B insert ← prt sc backspace 9:28 PM 9/21/2022 delete homarrow_forwardlem Set: Modx * CengageNOWv2 | Onl X * Cengage Learning B Milestone Two Guideli x G module ow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=.. eBook Show Me How Quick ratio Adieu Company reported the following current assets and current liabilities for two recent years: Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $830 $1,090 Temporary investments 1,200 1,500 Accounts receivable 820 910 Inventory 2,100 2,500 Accounts payable 1,900 2,500 a. Compute the quick ratio on December 31 for each year. Round to one decimal place. 20Υ4 20Υ3 Quick Ratio b. Is the quick ratio improving or declining? Check My Work 56°F Mostly 39arrow_forwardACCT2401Instructions for CompletingComprehensive ProblemThe comprehensive problem provides an illustration of the basic accounting cycle. Studentsmust complete the following items for the first month of operation (January) and the secondmonth of operations (February). Hint: Complete all items listed below (#1-#11) for Januaryprior to starting February.1. Record transactions with journal entries in the General Journal.2. Post journal entries to the General Ledger.3. Prepare the trial balance before adjustment (on the worksheet).4. Prepare the adjusting journal entries.5. Post the adjusting entries to the General Ledger.6. Prepare the adjusted trial balance (on the worksheet).7. Complete the worksheet.8. Prepare closing journal entries.9. Post the closing entries to the General Ledger.10. Prepare the post-closing trial balance.11. Prepare the following financial statements:arrow_forward
- Strictly type-written Required: • Ledger • Guide Questionsarrow_forwardOn January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. • Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $12,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. . The expected useful life of the asset is nine years, and its fair value is $90,000. . Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of…arrow_forwardView History Bookmarks Window Help ezto.mheducation.com Educo Content Framework Consider a company that.. Lesson 9.2 Practice Mod.. uiz A Saved Help Save & Exit MC Qu. 8-45 Assume Zap Industries reported the following... Assume Zap Industries reported the following adjusted account balances at year-end. 2019 $2,496,320 $1,937,472 (126,400) $2,369,920 $1,834,112 2018 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net (103,360) Assume the company recorded no write-offs or recoveries during 2019. What was the amount of Bad Debt Expense reported in 2019? Multiple Choice $103,360 APR 25 étv S MacBook 000 DD 80 F7 F8 F9 F10 F3 F4 F5 F6 * %24 4. 6 7 8.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY