Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Textbook Question
Chapter 3, Problem 10RE
Use the information in RE3-6, (a) assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, and the
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Use the information in the attachment to prepare journal entries without explanations for the following transactions involving notes payable for Gomez Company, whose fiscal year ends June 30.
The company determines that the interest expense on a note payable for the period ending December 31 is $490. This amount is payable on January 1.
Journalize these transactions for December 31 and January 1. If an amount box does not require an entry, leave it blank.
Which of the following statements is TRUE?
a. a customer's postdated check (dated December 28) was received by the company on November shall be recorded as cash item as of the month ended November 30
b. when a customer's postdated check (dated December 28) was received by the company on November, no adjusting entry shall be necessary when reporting for the month then ended November 30
c. a customer's postdated check (dated December 28) was received by the company on November can be included as a cash item as of the year ended December 31
d. a customer's postdated check (dated December 28 was received by the company on November shall not recorded included as cash item for the year ended December 31
Chapter 3 Solutions
Intermediate Accounting: Reporting And Analysis
Ch. 3 - What is the primary purpose of an accounting...Ch. 3 - What is the relationship between the accounting...Ch. 3 - Show the expanded accounting equation using the 10...Ch. 3 - Explain and distinguish between a transaction; an...Ch. 3 - Explain how the accounting equation organizes...Ch. 3 - What is the difference between a permanent and a...Ch. 3 - Prob. 7GICh. 3 - Why is it advantageous to a company to initially...Ch. 3 - What is a perpetual inventory accounting system?...Ch. 3 - Give examples of transactions that: a. Increase an...
Ch. 3 - Give examples of transactions that: a. Increase...Ch. 3 - Prob. 12GICh. 3 - Prob. 13GICh. 3 - Prob. 14GICh. 3 - Prob. 15GICh. 3 - Explain and provide examples of deferrals,...Ch. 3 - Prob. 17GICh. 3 - Prob. 18GICh. 3 - Prob. 19GICh. 3 - Prob. 20GICh. 3 - Prob. 21GICh. 3 - What are the major financial statements of a...Ch. 3 - Prob. 23GICh. 3 - Prob. 24GICh. 3 - Prob. 25GICh. 3 - Prob. 26GICh. 3 - Prob. 27GICh. 3 - Prob. 28GICh. 3 - Prob. 29GICh. 3 - What is cash-basis accounting? What must a company...Ch. 3 - On May 1, Johnson Corporation purchased inventory...Ch. 3 - On January 1, Tolson Company purchased a building...Ch. 3 - On July 1, Friler Company purchased a 1-year...Ch. 3 - Prob. 4RECh. 3 - Garcia Company rents out a portion of its building...Ch. 3 - Prob. 6RECh. 3 - Goldfinger Corporation had account balances at the...Ch. 3 - Prob. 8RECh. 3 - For the current year, Vidalia Company reported...Ch. 3 - Use the information in RE3-6, (a) assuming Ringo...Ch. 3 - (Appendix 3.1) Vickelly Company uses cash-basis...Ch. 3 - Financial Statement Interrelationship Draw a...Ch. 3 - Journal Entries Mead Company uses a perpetual...Ch. 3 - Journal Entries The following are selected...Ch. 3 - Adjusting Entries Your examination of Sullivan...Ch. 3 - Adjusting Entries The following are several...Ch. 3 - Adjusting Entries The following partial list of...Ch. 3 - Basic Income Statement The following are selected...Ch. 3 - Periodic Inventory System Raynolde Company uses a...Ch. 3 - Closing Entries Lloyd Bookstore shows the...Ch. 3 - Financial Statements Turtle Company has prepared...Ch. 3 - Worksheet for Service Company Whitaker Consulting...Ch. 3 - Worksheet, Including Inventory Surian Motors...Ch. 3 - Reversing Entries On December 31, 2019, Kellams...Ch. 3 - Special Journals The following are several...Ch. 3 - (Appendix 3.1) Cash-Basis Accounting Puntarelli...Ch. 3 - Adjusting Entries The following information is...Ch. 3 - Prob. 2PCh. 3 - Adjusting Entries Sarah Companys trial balance on...Ch. 3 - Prob. 4PCh. 3 - Errors in Financial Statements At the end of the...Ch. 3 - Journal Entries, Posting, and Trial Balance Luke...Ch. 3 - Effects of Errors: During the current accounting...Ch. 3 - Financial Statements Mackenzie Inc. uses a...Ch. 3 - Prob. 9PCh. 3 - Worksheet Victoria Company has the following...Ch. 3 - Worksheet Devlin Company has prepared the...Ch. 3 - Comprehensive On November 30, 2019. Davis Company...Ch. 3 - Reversing Entries Thomas Company entered into two...Ch. 3 - Reversing Entries On December 31, 2019, Mason...Ch. 3 - Adjusting Entries At the end of 2019, Richards...Ch. 3 - Prob. 16PCh. 3 - Comprehensive (Appendix 3.1) Dawson OConnor is the...
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- Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.arrow_forwardGen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Instructions 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. 2. Journalize the entry to record the dishonor of Note (3) on its due date. 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February.arrow_forwardThe revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1, 2016, balance of 625 consisting of an amount due from Aladdin Co. There were no collections during July. a. Prepare a T account for the accounts receivable customer accounts. b. Post the transactions from the revenue journal to the customer accounts, and determine their ending balances. c. Prepare T accounts for the accounts receivable and fees earned accounts. Post control totals to the two accounts, and determine the ending balances. d. Prepare a schedule of the customer account balances to verify the equality of the sum of the customer account balances and the accounts receivable controlling account balance. e. How might a computerized system differ from a revenue journal in recording revenue transactions?arrow_forward
- Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,800 uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is:arrow_forwardInstructions: fill in the missing information. 1- The adjusting entry on December 31st 2021 to recognize the bad debts expense would require a debit entry to ...blank... of ...blank... and a credit entry to allowance for doubtful accounts 2. The adjusting entry on December 31st 2021 to recognize the bad debts expense would require a debit entry to bad debt expense of 8160 and a credit entry to allowance for doubtful accounts During January 2022, a $51000 account receivable is written off as uncollectible. The journal entry for the write-off would be a debit to ...blank... and a credit to ...blank... of 51000 1. The adjusting entry on December 31st 2021 to recognize the bad debts expense would require a debit entry to bad debt expense of 8160 and a credit entry to allowance for doubtful accounts During January 2022, a $51000 account receivable is written off as uncollectible. The journal entry for the write-off would be a debit to allowance for doubtful accounts and a credit to…arrow_forwardOn April 1, a company provides services to one of its customers for $18,000. As payment for the services, the company accepts a six-month, 10% note from the customer. Record the acceptance of the note receivable on April 1 and the cash collection on October 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)arrow_forward
- Creative Solutions Company, a computer consulting firm, has decided to write off the $11,750 balance of an account owed by a customer, Wil Treadwell. On December 31, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles.arrow_forwardThe FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. The specific citation for each of the following items is: 1. What is the balance sheet classification for a note payable due in six months that was used to purchase a building? 2. Which assets may be excluded from current assets? 3. Should a note receivable from a related party be included in the balance sheet with notes receivable from customers?arrow_forward
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