Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Chapter 5, Problem 3PA
The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four
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Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific citation for each of the following items:1. What is the balance sheet classification for a note payable due in six months that was used to purchase abuilding?
company’s accounting records provide the following information concerning certain account balances and changes in the account balances during the current year. Transaction information is missing from each of the below. Prepare the journal entry to record the information for each account. b. Allowance for Doubtful Accounts: Jan. 1 balance, $1,500; Dec. 31 balance, $2,200; adjusting entry increasing allowance on Dec. 31, $4,800. Record write-off uncollectible accounts receivable. c. Inventory of office supplies: Jan. 1 balance, $1,500; Dec. 31 balance, $1,350; office supplies expense for the year, $9,500. Record purchase of office supplies. d. Equipment: Jan. 1 balance, $20,500; Dec. 31 balance, $18,000; equipment costing $8,000 was sold during the year. Record purchase of equipment. e. Accounts Payable: Jan. 1 balance $9,000; Dec. 31 balance, $11,500; purchases on - account for the year, $48,000. Record cash payments.
Please dont provide solution in image thnx
a. If the note is issued with a 45-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account
titles):
1. the issuance of the note.
Chapter 5 Solutions
Principles of Accounting Volume 1
Ch. 5 - Which of the following accounts is considered a...Ch. 5 - Which of the following accounts is considered a...Ch. 5 - If a journal entry includes a debit or credit to...Ch. 5 - If a journal entry includes a debit or credit to...Ch. 5 - Which of these accounts would be present in the...Ch. 5 - Which of these accounts would not be present in...Ch. 5 - Which of these accounts is never closed? A....Ch. 5 - Which of these accounts is never closed? A....Ch. 5 - Which account would be credited when closing the...Ch. 5 - Which account would be credited when closing the...
Ch. 5 - Which of these accounts is included in the...Ch. 5 - Which of these accounts is not included in the...Ch. 5 - On which of the following would the year-end...Ch. 5 - Which of these accounts is included in the...Ch. 5 - If current assets are $112,000 and current...Ch. 5 - If current assets are $100,000 and current...Ch. 5 - Explain what is meant by the term real accounts...Ch. 5 - Explain what is meant by the term nominal accounts...Ch. 5 - What is the purpose of the closing entries?Ch. 5 - What would happen if the company failed to make...Ch. 5 - Which of these account types (Assets, Liabilities,...Ch. 5 - Which of these account types (Assets, Liabilities,...Ch. 5 - The account called Income Summary is often used in...Ch. 5 - What are the four entries required for closing,...Ch. 5 - After the first two closing entries are made,...Ch. 5 - After the first two closing entries are made,...Ch. 5 - What account types are included in a post-closing...Ch. 5 - Which of the basic financial statements can be...Ch. 5 - Describe the calculation required to compute...Ch. 5 - Describe the calculation required to compute the...Ch. 5 - Describe the progression of the three trial...Ch. 5 - Identify whether each of the following accounts is...Ch. 5 - For each of the following accounts, identify...Ch. 5 - For each of the following accounts, identify...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - Use the following excerpts from the year-end...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - Identify which of the following accounts would not...Ch. 5 - For each of the following accounts, identify in...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate:...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - For each of the following accounts, identify...Ch. 5 - For each of the following accounts, identify...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - Use the following excerpts from the year-end...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Identify which of the following accounts would be...Ch. 5 - Identify which of the following accounts would not...Ch. 5 - For each of the following accounts, identify in...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - From the following Company B adjusted trial...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - The following selected accounts and normal...Ch. 5 - The following selected accounts and normal...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Assume that the first two closing entries have...Ch. 5 - Correct any obvious errors in the following...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - The following Post-Closing Trial Balance contains...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - From the following Company R adjusted trial...Ch. 5 - From the following Company T adjusted trial...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - The following selected accounts and normal...Ch. 5 - The following selected accounts and normal...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Assume that the first two closing entries have...Ch. 5 - Correct any obvious errors in the following...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - The following Post-Closing Trial Balance contains...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - From the following Company S adjusted trial...Ch. 5 - Assume you are the controller of a large...Ch. 5 - Assume you are a senior accountant and have been...
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- Please tell me what the how this would be recorded in a journal entry: accounts/and amount. Record the interest of $400 on a note receivable that was earned at year-end, although collection of the interest is not due until the following year.arrow_forwardGuardian Carpets Incorporated provided the following accounts related to beginning balances in its accounts receivable and allowance accounts for the current year: Accounts Receivable Beginning Balance 6,000,000 Allowance for Uncollectible Accounts 2,000,000 Beginning Balance Question content area top right Part 1 Requirement Prepare the journal entries to record the following transactions that occurred during the current year. Prepare a schedule for both accounts receivable and the allowance for uncollectible accounts that shows the beginning balances, the various items that change the beginning balance, and the ending balance. Question content area bottom Part 1 Prepare the journal entries to record the following transactions that occurred during the current year. (Record debits first, then credits. Exclude explanations from any journal…arrow_forwardAt the end of the month, the total balance in the accounts receivable account in the general ledger shouldarrow_forward
- Describe the year-end adjustment to the allowance for uncollectible accounts in the year subsequent to establishing itarrow_forward26 )arrow_forwardThe company determines that the interest expense on a note payable for the period ending December 31 is $490. This amount is payable on January 1. Journalize these transactions for December 31 and January 1. If an amount box does not require an entry, leave it blank.arrow_forward
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