Financial Accounting
10th Edition
ISBN: 9781119298229
Author: Weygandt, Jerry J.; Kieso, Donald E.; Kimmel, Paul D.
Publisher: WILEY
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Chapter 9, Problem 4Q
To determine
To respond: to the president about the treatment of depreciation
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Question: Record an adjusting entry for beginning inventory in a general journal format for the following:
• a.–b. Merchandise Inventory, before adjustment, has a balance of $8,800. The newly counted inventory balance is $9,300.• c. Unearned Seminar Fees has a balance of $5,500, representing prepayment by customers for five seminars to be conducted in June, July, and August 20X1. Two seminars had been conducted by June 30, 20X1.• d. Prepaid Insurance has a balance of $13,200 for six months’ insurance paid in advance on May 1, 20X1.• e. Store equipment costing $6,530 was purchased on March 31, 20X1. It has a salvage value of $530 and a useful life of five years.• f. Employees have earned $280 that has not been paid at June 30, 20X1.• g. The employer owes the following taxes on wages not paid at June 30, 20X1: SUTA, $8.40; FUTA, $1.68; Medicare, $4.06; and social security, $17.36.• h. Management estimates uncollectible accounts expense at 1 percent of sales. This…
Chapter 9 Solutions
Financial Accounting
Ch. 9 - Prob. 1QCh. 9 - Prob. 2QCh. 9 - Prob. 3QCh. 9 - Prob. 4QCh. 9 - Prob. 5QCh. 9 - Prob. 6QCh. 9 - Prob. 7QCh. 9 - Prob. 8QCh. 9 - 9. Distinguish between revenue expenditures and...Ch. 9 - Prob. 10Q
Ch. 9 - Prob. 11QCh. 9 - Prob. 12QCh. 9 - Prob. 13QCh. 9 - Prob. 14QCh. 9 - Prob. 15QCh. 9 - Prob. 16QCh. 9 - Prob. 17QCh. 9 - Prob. 18QCh. 9 - Prob. 19QCh. 9 - Prob. 20QCh. 9 - Prob. 21QCh. 9 - Prob. 22QCh. 9 - Prob. 23QCh. 9 - Prob. 24QCh. 9 - Prob. 25QCh. 9 - Prob. 26QCh. 9 - Prob. 9.1BECh. 9 - Prob. 9.2BECh. 9 - Prob. 9.3BECh. 9 - Prob. 9.4BECh. 9 - Prob. 9.5BECh. 9 - Prob. 9.6BECh. 9 - Prob. 9.7BECh. 9 - Prob. 9.8BECh. 9 - Prob. 9.9BECh. 9 - Prob. 9.10BECh. 9 - Prob. 9.11BECh. 9 - Prob. 9.12BECh. 9 - Prob. 9.13BECh. 9 - Prob. 9.14BECh. 9 - Prob. 9.15BECh. 9 - Prepare entry for disposal by...Ch. 9 - Prob. 9.1DIECh. 9 - Prob. 9.2DIECh. 9 - Prob. 9.3DIECh. 9 - Prob. 9.4DIECh. 9 - Prob. 9.5DIECh. 9 - Prob. 9.6DIECh. 9 - Prob. 9.1ECh. 9 - Determine property, plant, and equipment...Ch. 9 - Prob. 9.3ECh. 9 - Prob. 9.4ECh. 9 - Compute depreciation under units-of-activity...Ch. 9 - Prob. 9.6ECh. 9 - Prob. 9.7ECh. 9 - Prob. 9.8ECh. 9 - Prob. 9.9ECh. 9 - Prob. 9.10ECh. 9 - Prob. 9.11ECh. 9 - Prob. 9.12ECh. 9 - Prob. 9.13ECh. 9 - Prob. 9.14ECh. 9 - Prob. 9.15ECh. 9 - Prob. 9.16ECh. 9 - Prob. 9.1APCh. 9 - Prob. 9.2APCh. 9 - Compute depreciation under different...Ch. 9 - Prob. 9.4APCh. 9 - Prob. 9.5APCh. 9 - Prob. 9.6APCh. 9 - Prob. 9.7APCh. 9 - Prob. 9.8APCh. 9 - Prob. 9.9APCh. 9 - Prob. 9.10APCh. 9 - Prob. 9.1EYCTCh. 9 - Prob. 9.2EYCTCh. 9 - Prob. 9.3EYCTCh. 9 - Prob. 9.5EYCTCh. 9 - Prob. 9.6EYCTCh. 9 - Prob. 9.7EYCTCh. 9 - Prob. 9.8EYCTCh. 9 - Prob. 9.1IFRSCh. 9 - Prob. 9.2IFRSCh. 9 - Prob. 9.3IFRSCh. 9 - Prob. 9.4IFRS
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- can you give a journal entry, ledger,and adjustment entry about Laundryarrow_forwardProvide Solutionsarrow_forwardSummary information from the financial statements of two companies competing in the same industry follows. Barco Company Kyan Company Barco Kyan Company Company Data from the current year-end balance sheets Data from the current year's income statement Assets $ 810,000 $ 886,200 Cash $ 18,500 $ 32,000 Accounts receivable, net 36,400 84,340 590,100 7,600 644,500 Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Current liabilities Long-term notes payable Common stock, $5 par value Retained earnings Total liabilities and equity 6,100 330,000 52,400 132,500 7,600 305,400 $ 475,340 $ 529,900 Sales Cost of goods sold Interest expense Income tax expense Net income Basic earnings per share Cash dividends per share Beginning-of-year balance sheet data Accounts receivable, net Merchandise inventory Total assets $ 71,340 82,800 $ 98,300 117,000 170,000 151,200 226,000 88,600 Common stock, $5 par value $ 475,340 $ 529,900 Retained earnings 14,000 15,569…arrow_forward
- Question: Record the purchase of equipment in a general journal format. • July 1, 2021- Signed a lease for an office and issued Check 101 for $15,600 to pay the rent in advance for six months. • July 1, 2021- Borrowed money from Bancorp West by issuing a four-month, 4.5 percent note for $40,000; received $39,400 because the bank deducted the interest in advance. • July 1, 2021- Signed an agreement with Johnson Ventures to provide financial services for one year at $6,000 per month; received the entire fee of $72,000 in advance. The $72,000 was credited to Unearned Financial Service Fees. • July 1, 2021- Purchased office equipment for $15,900 from Office Outfitters; issued a two-month, 6 percent note in payment. The equipment is estimated to have a useful life of five years and a $1,500 salvage value. The equipment will be depreciated using the straight-line method. • July 1, 2021- Purchased a one-year insurance policy and issued Check 102 for $1,860 to pay the entire…arrow_forwardQuestion: Record the fees received in advance in a general journal format. • July 1, 2021- Signed a lease for an office and issued Check 101 for $15,600 to pay the rent in advance for six months. • July 1, 2021- Borrowed money from Bancorp West by issuing a four-month, 4.5 percent note for $40,000; received $39,400 because the bank deducted the interest in advance. • July 1, 2021- Signed an agreement with Johnson Ventures to provide financial services for one year at $6,000 per month; received the entire fee of $72,000 in advance. The $72,000 was credited to Unearned Financial Service Fees. • July 1, 2021- Purchased office equipment for $15,900 from Office Outfitters; issued a two-month, 6 percent note in payment. The equipment is estimated to have a useful life of five years and a $1,500 salvage value. The equipment will be depreciated using the straight-line method. • July 1, 2021- Purchased a one-year insurance policy and issued Check 102 for $1,860 to pay the…arrow_forwardQuestion: Record the payment of rent in a general journal format using the information below. July 1, 2021- Signed a lease for an office and issued Check 101 for $15,600 to pay the rent in advance for six months. • July 1, 2021- Borrowed money from Bancorp West by issuing a four-month, 4.5 percent note for $40,000; received $39,400 because the bank deducted the interest in advance. • July 1, 2021- Signed an agreement with Johnson Ventures to provide financial services for one year at $6,000 per month; received the entire fee of $72,000 in advance. The $72,000 was credited to Unearned Financial Service Fees. • July 1, 2021- Purchased office equipment for $15,900 from Office Outfitters; issued a two-month, 6 percent note in payment. The equipment is estimated to have a useful life of five years and a $1,500 salvage value. The equipment will be depreciated using the straight-line method. • July 1, 2021- Purchased a one-year insurance policy and issued Check 102 for $1,860…arrow_forward
- Question: Record the borrowing in a general journal format. • July 1, 2021- Signed a lease for an office and issued Check 101 for $15,600 to pay the rent in advance for six months. • July 1, 2021- Borrowed money from Bancorp West by issuing a four-month, 4.5 percent note for $40,000; received $39,400 because the bank deducted the interest in advance. • July 1, 2021- Signed an agreement with Johnson Ventures to provide financial services for one year at $6,000 per month; received the entire fee of $72,000 in advance. The $72,000 was credited to Unearned Financial Service Fees. • July 1, 2021- Purchased office equipment for $15,900 from Office Outfitters; issued a two-month, 6 percent note in payment. The equipment is estimated to have a useful life of five years and a $1,500 salvage value. The equipment will be depreciated using the straight-line method. • July 1, 2021- Purchased a one-year insurance policy and issued Check 102 for $1,860 to pay the entire premium. •…arrow_forwardI need financial accounting question answerarrow_forwardI am trying to find the accurate solution to this general accounting problem with the correct explanation.arrow_forward
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