College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 5, Problem 17SPA
To determine
Provide the necessary corrections in the worksheet for the addition mistakes, transpositions and other errors made by the student.
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Identify the letter for the principle or assumption from A through F in the blank space next to each numberedsituation that it best explains or justifies.A. General accounting principleB. Measurement (cost) principleC. Business entity assumptionD. Revenue recognition principleE. Expense recognition (matching) principleF. Going-concern assumption In December of this year, Chavez Landscaping received a customer’s order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. Chavez should record the revenue from the customer order in March of next year, not in December of this year.
In November Craig received $225 from Kate Whelan as a customer prepayment for design work. Craig recorded the entire $225 as Design Income. At the end of the accounting period to Kate, so the $225 had not been earned as of year end. Since it had not been earned, the $225 is a liability because Craig has an obligation to provide the design service or return the $225 to the customer. So an adjusting entry is needed to bring accounts up to date at December 31.
Paid the owner $45 for office supplies purchased with the owner's own funds. The office supplies are already accounted for in the March 31st Trial Balance. What would be the correct General Ledger Entry?
Chapter 5 Solutions
College Accounting, Chapters 1-27
Ch. 5 - The matching principle in accounting requires the...Ch. 5 - Prob. 2TFCh. 5 - LO1 As part of the adjustment of supplies, an...Ch. 5 - LO1 Depreciable cost is the difference between the...Ch. 5 - LO1 The purpose of depreciation is to record the...Ch. 5 - LO1 The purpose of depreciation is to (a) spread...Ch. 5 - Prob. 2MCCh. 5 - Prob. 3MCCh. 5 - Prob. 4MCCh. 5 - The first step in preparing a work sheet is to (a)...
Ch. 5 - On December 31, the trial balance indicates that...Ch. 5 - LO2 When posting adjusting entries to the general...Ch. 5 - Prob. 3CECh. 5 - Prob. 4CECh. 5 - LO5 Using the following partial work sheet...Ch. 5 - Prob. 6CECh. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Prob. 3RQCh. 5 - Prob. 4RQCh. 5 - Prob. 5RQCh. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - Prob. 8RQCh. 5 - What is an assets depreciable cost?Ch. 5 - Prob. 10RQCh. 5 - Prob. 11RQCh. 5 - Identify the five major column headings on a work...Ch. 5 - List the five steps taken in preparing a work...Ch. 5 - Prob. 14RQCh. 5 - Explain when revenues are recorded under the cash...Ch. 5 - Prob. 16RQCh. 5 - ADJUSTMENT FOR SUPPLIES On December 31, the trial...Ch. 5 - Prob. 2SEACh. 5 - ADJUSTMENT FOR WAGES On December 31, the trial...Ch. 5 - ADJUSTMENT FOR DEPRECIATION OF ASSET On December...Ch. 5 - CALCULATION OF BOOK VALUE On June 1, 20--, a...Ch. 5 - ANALYSIS OF ADJUSTING ENTRY FOR SUPPLIES Analyze...Ch. 5 - Prob. 7SEACh. 5 - POSTING ADJUSTING ENTRIES Two adjusting entries...Ch. 5 - WORK SHEET AND ADJUSTING ENTRIES A partial work...Ch. 5 - JOURNALIZING ADJUSTING ENTRIES From the...Ch. 5 - Prob. 11SEACh. 5 - ANALYSIS OF NET INCOME OR NET LOSS ON THE WORK...Ch. 5 - CASH, MODIFIED CASH, AND ACCRUAL BASES OF...Ch. 5 - ADJUSTMENTS AND WORK SHEET SHOWING NET INCOME The...Ch. 5 - ADJUSTMENTS AND WORK SHEET SHOWING A NET LOSS...Ch. 5 - JOURNALIZE AND POST ADJUSTING ENTRIES FROM THE...Ch. 5 - Prob. 17SPACh. 5 - ADJUSTMENT FOR SUPPLIES On July 31, the trial...Ch. 5 - ADJUSTMENT FOR INSURANCE On July 1, a six-month...Ch. 5 - ADJUSTMENT FOR WAGES On July 31, the trial balance...Ch. 5 - ADJUSTMENT FOR DEPRECIATION OF ASSET On July 1,...Ch. 5 - CALCULATION OF BOOK VALUE On January 1, 20--, a...Ch. 5 - ANALY SIS OF ADJUSTING ENTRY FOR SUPPLIES Analyze...Ch. 5 - ANALY SIS OF ADJUSTING ENTRY FOR INSURANCE Analyze...Ch. 5 - POSTING ADJUSTING ENTRIES Two adjusting entries...Ch. 5 - WORK SHEET AND ADJUSTING ENTRIES A partial work...Ch. 5 - JOURNALIZING ADJUSTING ENTRIES From the...Ch. 5 - EXTENDING ADJUSTED BALANCES TO THE INCOME...Ch. 5 - Prob. 12SEBCh. 5 - CASH, MODIFIED CASH, AND ACCRUAL BASES OF...Ch. 5 - Prob. 14SPBCh. 5 - Prob. 15SPBCh. 5 - JOURNALIZE AND POST ADJUSTING ENTRIES FROM THE...Ch. 5 - CORRECTING WORK SHEET WITH ERRORS A beginning...Ch. 5 - Delia Alvarez, owner of Delias Lawn Service, wants...Ch. 5 - Prob. 1MPCh. 5 - Prob. 1CP
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- CORRECTING WORK SHEET WITH ERRORS A beginning accounting student tried to complete a work sheet for Dick Adys Bookkeeping Service. The following adjusting entries were to have been analyzed and entered in the work sheet: (a) Ending inventory of supplies on July 31, 130. (b) Unexpired insurance on July 31, 420. (c) Depreciation of office equipment, 325. (d) Wages earned, but not paid as of July 31, 95. REQUIRED Review the work sheet shown on page 174 for addition mistakes, transpositions, and other errors and make all necessary corrections.arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. amount due for employee salaries, $4,800 B. actual count of supplies inventory, $ 2,300 C. depreciation on equipment, $3,000arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. supplies actual count at year end, $6,500 B. remaining unexpired insurance, $6,000 C. remaining unearned service revenue, $1,200 D. salaries owed to employees, $2,400 E. depreciation on property plant and equipment, $18,000arrow_forward
- Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. supplies actual count at year end, $6,500 B. remaining unexpired insurance, $6,000 C. remaining unearned service revenue, $1,200 D. salaries owed to employees, $2,400 E. depreciation on property plant and equipment, $18,000arrow_forwardA company determines supplies expense for each year by keeping a record of all supplies purchased during the year, and counting the amount of supplies on hand at the end of the year to determine the amount of supplies used during the year. On December 31, Year 1, the employee in charge of counting the supplies accidentally double‐counted $400 worth of supplies. Based on this error, what will be wrong with the reported amount of “Supplies” asset on the December 31, Year 1 balance sheet? What will be wrong with the “Supplies Expense” amount shown on the income statement for the year ended December 31, Year 1? For both of these numbers, tell me whether the number will be overstated or understated, and by how much.arrow_forwardPrepare the journal entries for the following transactions provided by MPM as at January 31, 2011 and post them to their respective general ledger accounts. a. Depreciation $100 b. Prepaid rent expired $400 c. Interest expense accrued $900 d. Employee salaries owed for Monday to Thursday for a five day workweek: weekly payroll $14,000 e. Unearned service revenue $800arrow_forward
- Consider the following situations for College Park Welding Services: i (Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) More info 4 a. Depreciation for the current year includes equipment, $2,800. b. Each Monday, College Park pays employees for the previous week's work. The amount of weekly payroll is $7,700 for a seven-day workweek (Monday to Sunday). This year, December 31 falls on Thursday. c. The beginning balance of Office Supplies was $2,700. During the year, College Park purchased office supplies for $2,800, and at December 31 the office supplies on hand totaled $1,300. d. College Park prepaid a two full years' insurance on April 1 of the current year, $6,960. Record insurance expense for the year ended December 31. e. College Park had earned $2,900 of unearned…arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on buildings and equipment, $17,500 B. advertising still prepaid at year end, $2,200 C. interest due on notes payable, $4,300 D. unearned rental revenue, $6,900 E. interest receivable on notes receivable, $1,200arrow_forwarda. Prepare the entry to account for the guitars missing from the company's inventory at the end of the year. b. Prepare the adjusting entry to account for the office supplies used during December. c. Prepare the adjusting entry to account for the expiration of the company's insurance policies during December. d. Prepare the adjusting entry to account for the depreciation of the company's building and fixtures during December. e. Prepare the adjusting entry to report the portion of unearned customer deposits that were earned during December. f. Prepare the adjusting entry to account for income tax expense that accrued during December.arrow_forward
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