24th Edition

ISBN: 9781260811704

Author: Wild

Publisher: MCG

Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…

Final Accounts

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…

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Textbook Question

Chapter 5, Problem 10E

Exercise 5-10 Preparing adjusting and closing entries for a merchandiser P3

The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co.₌ a business owned by Kumi Emiko. Use these account balances along with the additional information to journalize (a) adjusting entries and (5) closing entries. Emiko Co. uses a perpetual inventory system.
Merchandise inventory .......... $30,000
Prepaid selling expenses......... 5,600
K. Emiko. Withdrawals........... 33,000
Sales......................... $529,000
Sales returns and allowances..... 17,500
Sales discounts................. 5,000
Check Dr. 184.500 to close Income Summary

Additional Information

Debit
Cost of goods sold.......	$212,000
Sales salaries expense	48,000
Utilities expense.........	15,000
Selling expenses.........	36,000
Administrative expenses ..	105,000

Page 202
Accrued and unpaid sales salaries amount to SI.700. Prepaid selling expenses of S3.000 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows S2S.700 of goods still available.

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Chapter 5, Problem 9E

Chapter 5, Problem 11E

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Provide correct answer general Accounting question

Accounting Cycle Review 15 a-e Carla Vista Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash Accounts Receivable Inventory $27,400 59,000 22,600 Land 62,900 Buildings 96,900 Equipment 42,000 Allowance for Doubtful Accounts $430 Accumulated Depreciation-Buildings 30,500 Accumulated Depreciation-Equipment 15,000 Accounts Payable 19,300 Interest Payable -0- Dividends Payable Unearned Rent Revenue -0- 8,800 Bonds Payable (10%) 54,000 Common Stock ($10 par) 34,000 Paid-in Capital in Excess of Par-Common Stock 6,800 Preferred Stock ($20 par) -0- Paid-in Capital in Excess of Par-Preferred -0- Stock Retained Earnings 72,970 Treasury Stock -0- Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Salaries and Wages Expense -0- 576,000 -0- -0- -0- 404,000 -0- 39,900 63,100 Total Unrecorded…

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Chapter 5 Solutions

FUNDAMENTAL ACCOUNTING PRINCIPLES

Ch. 5 - Prob. 1DQ Ch. 5 - Prob. 2DQ Ch. 5 - Prob. 3DQ Ch. 5 - Prob. 4DQ Ch. 5 - 5. How does a company that uses a perpetual...Ch. 5 - Prob. 6DQ Ch. 5 - What is the difference between a sales discount...Ch. 5 - Prob. 8DQ Ch. 5 - Prob. 9DQ Ch. 5 - What is the difference between the single-step and...

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