INTERMEDIATE ACCOUNTING
10th Edition
ISBN: 9781264559527
Author: SPICELAND
Publisher: MCG
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Chapter 2, Problem 2.8P
To determine
Introduction: The financial statements of a company include
To prepare: The
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Comprehensive On November 30, 2019. Davis Company had the following account balance.
During the month of December, Davis entered into the following transactions:
Required:
a.Prepare generaljournal entries to record the preceding transactions.
b.Post to general ledger T accoun
c.Prepare a year-end trial balance on a worksheet and complete theworksheet using the following information: (a) accrued salaries at year-end total s1,200; (b) for simplicity, the building and equipment are being depreciated using the straight-line method over an estimated life of 20 yean with no residual value;(c) supplies on hand at the end of the year total $630; (d) bad debts expense for the year totals $830; and (e)the income tax rate is 30%; income taxes are payable in the first quarter of
d.Prepare the companis financial statements for 2019.
e.Prepare the 2019 (a) adjusting and (b) closing entries in the general journal.
Use the following information to provide the adjusting journal entry that Chipotle should have made on December 31, 2020which was the end of the fiscal year 2020. Assume that Chipotle makes adjusting entries once a year at fiscal year end.
At the end of fiscal year 2020, Chipotle owed employees $203 million related to work completed (but not yet paid) during fiscal year 2020. What adjusting journal entry should Chipotle make on December 31, 2020 related to these wages owed to employees?
Account Title
Debit
Credit
Salary expense
203
Salary payable
203
At the end of fiscal year 2020, Chipotle calculates that it has $105 million in sales on account that have not yet been received or recorded. What adjusting journal entry should Chipotle make on December 31, 2020 related to the sales on account?
Account Title
Debit
Credit
Accounts receivable
105
Sales revenue
105
Chipotle receives a utility bill every four weeks…
Devlin Company has prepared following partially completed worksheet for the year ended December 31, 2019:
1. Complete the worksheet. (Round to the nearest dollar.) 2. Prepar company's financial statements. 3. Prepare (a) adjusting and (b ) closing entries in the general journal.
Chapter 2 Solutions
INTERMEDIATE ACCOUNTING
Ch. 2 - Explain the difference between external events and...Ch. 2 - Each economic event or transaction will have a...Ch. 2 - What is the purpose of a journal? What is the...Ch. 2 - Explain the difference between permanent accounts...Ch. 2 - Describe how debits and credits affect assets,...Ch. 2 - Describe how debits and credits affect temporary...Ch. 2 - What is the first step in the accounting...Ch. 2 - Prob. 2.8QCh. 2 - Prob. 2.9QCh. 2 - Prob. 2.10Q
Ch. 2 - What is an unadjusted trial balance? An adjusted...Ch. 2 - Define adjusting entries and discuss their...Ch. 2 - Define closing entries and their purpose.Ch. 2 - Define prepaid expenses and provide at least two...Ch. 2 - Deferred revenues represent liabilities recorded...Ch. 2 - Define accrued liabilities. What adjusting journal...Ch. 2 - Prob. 2.17QCh. 2 - [Based on Appendix A] What is the purpose of a...Ch. 2 - [Based on Appendix B] Define reversing entries and...Ch. 2 - [Based on Appendix C] What is the purpose of...Ch. 2 - Prob. 2.21QCh. 2 - Transaction analysis LO21 The Marchetti Soup...Ch. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Prob. 2.3BECh. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Adjusting entries; income determination LO24,...Ch. 2 - Prob. 2.12BECh. 2 - Journal entries LO22 Prepare journal entries to...Ch. 2 - T-accounts and trial balance LO23 Post the...Ch. 2 - Prob. 2.5ECh. 2 - Debits and credits LO22 Indicate whether a debit...Ch. 2 - Prob. 2.7ECh. 2 - Prob. 2.8ECh. 2 - Reversing entries Appendix 2B The employees of...Ch. 2 - Special journals Appendix 2C The White Companys...Ch. 2 - Prob. 2.24ECh. 2 - Prob. 2.3PCh. 2 - Prob. 2.4PCh. 2 - Prob. 2.8PCh. 2 - Prob. 2.12PCh. 2 - Judgment Case 21 Cash versus accrual accounting;...Ch. 2 - Communication Case 23 Adjusting entries LO24 I...Ch. 2 - Prob. 2.1DA
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