Horngren's Financial & Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780133866292
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 5, Problem 5.34AP
Journalizing
The unadjusted trial balance for Travis Electronics Company at March 31, 2016, follows:
Requirements
1. Journalize the adjusting entries using the following data:
a. Interest revenue accrued, $450.
b. Salaries (Selling) accrued, $2,500.
c.
d. Interest expense accrued, $1,100.
e. A physical count of inventory was completed. The ending Merchandise Inventory should have a balance of $44,600.
2. Prepare Travis Electronics’s adjusted trial balance as of March 31, 2016.
3. Prepare Travis Electronics’s multi-step income statement for year ended March 31, 2016.
4. Prepare Travis Electronics’s statement of
5. Prepare Travis Electronics’s classified
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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, $18,000
Prepare adjusting journal entries, as needed, considering the account balances excerpted fromthe unadjusted trial balance and the adjustment data.
A. depreciation on fixed assets, $ 8,500B. unexpired prepaid rent, $12,500C. remaining balance of unearned revenue, $555
A. Determine the net increase/decrease in net income for 2021.
B. Prepare a compound adjusting journal entry to reflect the correct net income for 2021, assuming that the books of 2021 are still open
Chapter 5 Solutions
Horngren's Financial & Managerial Accounting (5th Edition)
Ch. 5 - Which account does a merchandiser use that a...Ch. 5 - The two main inventory accounting systems are the...Ch. 5 - The journal entry for the purchase of inventory on...Ch. 5 - JC Manufacturing purchase d inventory for 5,300...Ch. 5 - Prob. 5QCCh. 5 - Suppose Daves Discounts Merchandise Inventory...Ch. 5 - Which of the following accounts would be closed at...Ch. 5 - What is the order of the subtotals that appear on...Ch. 5 - Prob. 9QCCh. 5 - The journal entry for the purchase of inventory on...
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