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 5MC
To determine
Identify the option that is most useful in preparing end-of-period adjustments and financial statements
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Which of the following appears in the balance sheet accounts section of a pre-adjustment trial balance?
A) Opening inventory
B) Accrued expenses
C) Consumable inventory
D) Fixed deposit
The following contains the various steps of the financial reporting process. Arrange them in proper order and indicate whether each step is a function of the TPS, GLS pr FRS.,
*Record transaction in special journal.
*Make adjusting entries.
*Capture the transaction.
*Prepare the postclosing trial balance.
*Prepare the adjusted trial balance.
*Prepare the sales invoices.
*Prepare the financial statements.
*Journalize and post the adjusting entries.
*Post to the subsidiary ledger.
*Post to the general ledger.
*Issue Official Receipts.
*Journalize and post the closing entries.
*Prepare the unadjusted trial balance.
Record transaction, prepare Adjustment entry ,closing entries and post to ledger and also prepare adjusted trial balance,Income statement and balance sheet.
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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- Name two types of adjusting journal entries that are commonly made before preparing financial statements? Explain, with examples.arrow_forwardIndicate the work sheet columns (Income Statement Debit, Income Statement Credit, Balance Sheet Debit, Balance Sheet Credit) in which the balances of the following accounts should appear: a. S. Moon, Drawing b. Utilities Expense c. Merchandise Inventory (ending) d. Purchases Discounts e. Unearned Rent f. Sales Returns and Allowances g. Accumulated Depreciation, Equipment h. Income Summary i. Service Income j. Prepaid Insurancearrow_forwardOn 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_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_forwardDescribe the effect on the financial statements when an adjustment is prepared that records (a) unrecorded revenue and (b) unrecorded expense.arrow_forwardThe following contains the various steps of the financial reporting process. Place these steps in the proper order and indicate whether each step is a function of the TPS, GLS, or FRS. Record transaction in special journal Make adjusting entries Capture the transaction Prepare the post-closing trial balance Prepare the adjusted trial balance Prepare the financial statements Journalize and post the adjusting entries Post to the subsidiary ledger Post to the general ledger Journalize and post the closing entries Prepare the unadjusted trial balancearrow_forward
- Make ledger, Adjusted trial balance , Income statement, Retained Earning statement, Balance sheet and General Journal (Closing)arrow_forwardWhich of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledgerarrow_forwardCreate an adjusted general ledger for the following transactionsarrow_forward
- Post the adjusting entries to the general ledger T-accounts and calculate balances for each T-account.arrow_forwarda post-adjustment trial balance reflects the balances and totals of accounts in the general ledger before any adjustments are made. true or falsearrow_forwardexplain the image provided the Accounts receivable turn over, days to collect, Inventory turnover,Days to sell, accounts payable turnover,days to pay and give recommendationarrow_forward
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