College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 14, Problem 3MC
To determine
Identify the option that is considered as the last step in preparing a work sheet.
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List the following steps in preparing a work sheet in their proper order. a. Total the statement columns, compute net income (loss), and complete the work sheet. b. Extend adjusted balances to appropriate financial statement columns. c. Prepare an unadjusted trial balance on the work sheet. d. Prepare an adjusted trial balance on the work sheet. e. Enter adjustments data on the work sheet.
Which of the following comes first in worksheet preparation?
A. Compute profit or loss as the difference between total revenues and total expenses on the income statement.
B. Enter the account balances in the unadjusted trial balance columns and total the amounts.
C. Compute each account’s adjusted balance by combining the trial balance and adjustment figures.
D. Enter the adjusting entries in the adjustment columns and total the amounts.
Of the following steps of the accounting cycle, which step should be completed last?
a.Transactions are posted to the ledger.
b.An adjusted trial balance is prepared.
c.An unadjusted trial balance is prepared.
d.Adjusting entries are journalized and posted to the ledger.
Chapter 14 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 14 - Under the periodic inventory system, the beginning...Ch. 14 - Under the periodic inventory system, the ending...Ch. 14 - The cash received in advance before delivering a...Ch. 14 - Unearned revenue is adjusted into an expense...Ch. 14 - Sales Returns and Allowances is classified as a...Ch. 14 - Prob. 1MCCh. 14 - Prob. 2MCCh. 14 - Prob. 3MCCh. 14 - Prob. 4MCCh. 14 - Prob. 5MC
Ch. 14 - Prepare the cost of goods sold section for Josephs...Ch. 14 - The Venice Theatre sold and collected cash of...Ch. 14 - Prob. 3CECh. 14 - Using the partial work sheet provided below,...Ch. 14 - Prob. 5CECh. 14 - A firm is preparing to make adjusting entries at...Ch. 14 - Prob. 2RQCh. 14 - Prob. 3RQCh. 14 - What is an unearned revenue?Ch. 14 - Give three examples of unearned revenue.Ch. 14 - Prob. 6RQCh. 14 - Prob. 7RQCh. 14 - A firm is preparing to make adjusting entries at...Ch. 14 - ADJUSTMENT FOR MERCHANDISE INVENTORY USING T...Ch. 14 - CALCULATION OF COST OF GOODS SOLD: PERIODIC...Ch. 14 - ADJUSTMENT FOR UNEARNED REVENUES USING T ACCOUNTS...Ch. 14 - WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY...Ch. 14 - DETERMINING THE BEGINNING AND ENDING INVENTORY...Ch. 14 - JOURNALIZE ADJUSTING ENTRIES FOR A MERCHANDISING...Ch. 14 - JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY...Ch. 14 - Prob. 8SEACh. 14 - COMPLETION OF A WORK SHEET SHOWING A NET INCOME...Ch. 14 - COMPLETION OF A WORK SHEET SHOWING A NET LOSS The...Ch. 14 - WORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO...Ch. 14 - Prob. 12SPACh. 14 - ADJUSTMENT FOR MERCHANDISE INVENTORY USING T...Ch. 14 - CALCULATION OF COST OF GOODS SOLD: PERIODIC...Ch. 14 - ADJUSTMENT FOR UNEARNED REVENUES USING T ACCOUNTS...Ch. 14 - WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY...Ch. 14 - Prob. 5SEBCh. 14 - Prob. 6SEBCh. 14 - JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY...Ch. 14 - JOURNALIZE ADJUSTING ENTRY FOR A MERCHANDISING...Ch. 14 - COMPLETION OF A WORK SHEET SHOWING A NET INCOME A...Ch. 14 - Prob. 10SPBCh. 14 - WORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO...Ch. 14 - WORKING BACKWARD FROM THE INCOME STATEMENT AND...Ch. 14 - A friend of yours recently opened Abracadabra, a...Ch. 14 - Jason Tierro, an inventory clerk at Lexmar...Ch. 14 - John Neff owns and operates Waikiki Surf Shop. A...Ch. 14 - Block Foods, a retail grocery store, has agreed to...
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- On the work sheet, assets are recorded in which of the following columns? a. Trial Balance, Credit b. Income Statement, Debit c. Balance Sheet, Debit d. Adjusted Trial Balance, Creditarrow_forwardOn the work sheet, Accumulated Depreciation, Equipment would be recorded in which of the following columns? a. Adjusted Trial Balance, Credit b. Income Statement, Debit c. Balance Sheet, Debit d. Income Statement, Creditarrow_forwardNumber in order the following steps in the accounting cycle: a. Prepare a trial balance. b. Post journal entries to the accounts in the ledger. c. Journalize and post the adjusting entries from the data on the work sheet. d. Analyze source documents and record business transactions in a journal. e. Prepare financial statements from the data on the work sheet. f. Gather adjustment data and record the adjusting entries on a work sheet. g. Journalize and post the closing entries. h. Prepare a post-closing trial balance. i. Complete the work sheet.arrow_forward
- 1. List the following classifications of accounts in all of the columns in which they appear on the work sheet, with the exception of the Adjustments columns. (Example: Assets) 2. List Net Income in the appropriate columns.arrow_forwardWORK SHEET, ADJUSTING ENTRIES, AND FINANCIAL STATEMENTS Lundberg Company had the following trial balance columns on its work sheet: Data for adjusting the accounts are as follows: Additional information needed to prepare the financial statements is as follows: REQUIRED 1. Prepare a work sheet. 2. Prepare the following financial statements and schedule: (a) income statement (b) schedule of cost of goods manufactured (c) statement of retained earnings (d) balance sheetarrow_forwardWhich of the following accounts would appear on a post-closing trial balance? a. Depreciation Expense, Equipment b. Income from Services c. R. McDonald, Drawing d. R. McDonald, Capitalarrow_forward
- Number in their proper order the following steps in the accounting cycle. a. Prepare a trial balance. Â b. Post to the general ledger accounts. Â c. Journalize and post the closing entries. Â d. Complete an end-of-period work sheet. Â e. Prepare a post-closing trial balance. Â f. Journalize and post the adjusting entries. Â g. Analyze source documents. Â h. Record the adjusting entries on a work sheet. Â i. Journalize the transactions. Â j. Prepare the financial statements.arrow_forwardFrom the following list of steps in the accounting cycle, identify what two steps are missing:a. Transactions are analyzed and recorded in the journal.b. An unadjusted trial balance is prepared.c. Adjustment data are assembled and analyzed.d. An optional end-of-period spreadsheet is prepared.e. Adjusting entries are journalized and posted to the ledger.f. An adjusted trial balance is prepared.g. Closing entries are journalized and posted to the ledger.h. A post-closing trial balance is prepared.arrow_forwardExplain What is an adjusting entry? Write different (four) adjusting entries Converting assets to expenses, converting liabilities to revenue, Accruing unpaid expenses, and accruing uncollected revenues with Examples?arrow_forward
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