Financial Accounting - Access
4th Edition
ISBN: 9781259958533
Author: SPICELAND
Publisher: MCG
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Textbook Question
Chapter 3, Problem 3.11E
Refer to the information in E3–10.
Calculate the effects of
Required:
For each of the adjustments recorded in E3–10, indicate by how much the assets, liabilities, and
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What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18630, and unexpired amounts per analysis of policies of $6110?
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B) Debit Insurance Expense, $12520; Credit Prepaid Insurance, $12520.
C) Debit Prepaid Insurance, $12520; Credit Insurance Expense, $12520.
D) Debit Insurance Expense, $6110; Credit Prepaid Insurance, $6110.
Chapter 3 Solutions
Financial Accounting - Access
Ch. 3 - Prob. 1RQCh. 3 - 2.Discuss the major principle that describes...Ch. 3 - 3.Samantha is a first-year accounting student. She...Ch. 3 - 4.Describe when revenues and expenses are...Ch. 3 - Rip Side of Question 7 5.Executive Lawn provides...Ch. 3 - Prob. 6RQCh. 3 - Prob. 7RQCh. 3 - Consider the information in Question 7. Using...Ch. 3 - Prob. 9RQCh. 3 - There are two basic types of adjusting...
Ch. 3 - 11.Provide an example of a prepaid expense. The...Ch. 3 - Provide an example of a deferred revenue. The...Ch. 3 - 13.Provide an example of an accrued expense. The...Ch. 3 - Provide an example of an accrued revenue. The...Ch. 3 - Sequoya Printing purchases office supplies for 75...Ch. 3 - Jackson Rental receives its September utility bill...Ch. 3 - 17.Global Printing publishes several types of...Ch. 3 - At the end of May, Robertson Corporation has...Ch. 3 - Fill in the blank associated with each adjusting...Ch. 3 - Prob. 20RQCh. 3 - Prob. 21RQCh. 3 - Prob. 22RQCh. 3 - Prob. 23RQCh. 3 - Prob. 24RQCh. 3 - Describe the debits and credits for the three...Ch. 3 - In its first four years of operations, Chance...Ch. 3 - Prob. 27RQCh. 3 - Prob. 28RQCh. 3 - Determine revenues to be recognized (LO31) Below...Ch. 3 - Prob. 3.2BECh. 3 - Prob. 3.3BECh. 3 - Analyze the impact of transactions on the balance...Ch. 3 - Prob. 3.5BECh. 3 - At the beginning of May, Golden Gopher Company...Ch. 3 - Record the adjusting entry for prepaid rent (LO33)...Ch. 3 - Prob. 3.8BECh. 3 - Prob. 3.9BECh. 3 - Record the adjusting entry for deferred revenue...Ch. 3 - Prob. 3.11BECh. 3 - Midshipmen Company borrows 15,000 from Falcon...Ch. 3 - Prob. 3.13BECh. 3 - For each of the following accounts, indicate...Ch. 3 - Prob. 3.15BECh. 3 - Prob. 3.16BECh. 3 - Prob. 3.17BECh. 3 - The following account balances appear in the 2018...Ch. 3 - Prob. 3.19BECh. 3 - Prob. 3.20BECh. 3 - Consider the following situations: 1.American...Ch. 3 - Consider the following situations: 1.American...Ch. 3 - Refer to the situations discussed in E31....Ch. 3 - Differentiate cash-basis expenses from...Ch. 3 - Prob. 3.5ECh. 3 - Listed below are all the steps in the accounting...Ch. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Prob. 3.10ECh. 3 - Refer to the information in E310. Calculate the...Ch. 3 - Prob. 3.12ECh. 3 - Below are transactions for Hurricane Company...Ch. 3 - Prepare an adjusted trial balance (LO33, 34) The...Ch. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Prob. 3.18ECh. 3 - Prob. 3.19ECh. 3 - On January 1, 2018, Red Flash Photography had the...Ch. 3 - Prob. 3.21ECh. 3 - Consider the following transactions. Required: For...Ch. 3 - Prob. 3.2APCh. 3 - Record adjusting entries (LO3-3) The information...Ch. 3 - Crimson Tide Music Academy offers lessons in...Ch. 3 - Prob. 3.5APCh. 3 - The year-end financial statements of Rattlers Tax...Ch. 3 - Complete the accounting cycle after adjusting...Ch. 3 - The general ledger of Red Storm Cleaners at...Ch. 3 - The general ledger of Zips Storage at January 1,...Ch. 3 - Consider the following transactions. Required: For...Ch. 3 - Prob. 3.2BPCh. 3 - Prob. 3.3BPCh. 3 - Prob. 3.4BPCh. 3 - Prob. 3.5BPCh. 3 - FIGHTING ILLINI Income Statement Service revenue...Ch. 3 - Prob. 3.7BPCh. 3 - The general ledger of Pipers Plumbing at January...Ch. 3 - The general ledger of Jackrabbit Rentals at...Ch. 3 - You may refer to the opening story of Tony and...Ch. 3 - Prob. 3.2APFACh. 3 - Prob. 3.3APFACh. 3 - Prob. 3.4APCACh. 3 - Prob. 3.5APECh. 3 - Prob. 3.7APWC
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- Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $17,047 and unexpired insurance of $6,768, for the fiscal year ending on April 30? a. debit Insurance Expense, $17,047; credit Prepaid Insurance, $17,047 b. debit Insurance Expense, $10,279; credit Prepaid Insurance, $10,279 c. debit Prepaid Insurance, $10,279; credit Insurance Expense, $10,279 d. debit Prepaid Insurance, $17,047; credit Insurance Expense, $17,047arrow_forwardRequired: Prepare the necessary December 31, 2021, adjusting journal entries. Refer to P2−3and complete the following steps: Step 1: Enter the unadjusted balances from the trial balance into T-accounts. Step 2: Post the adjusting entries prepared in P 2-3 to the accounts. Step 3: Prepare an adjusted trial balance. Step 4: Prepare an income statement and a statement of shareholders equity for the year ended December 31.2021 . and a classified balance sheet as of December 31, 2021. Assume that no common stock was issued during the year and that$ 4,000 in cash dividends were paid to shareholders during the year. Step 5: Prepare closing entries and post to the accounts Step 6: Prepare a post-closing trial balance. i need help with all of thisarrow_forwardrequired: 1. Determine the net increase/decrease in net income for 2021. 2.Prepare a compound adjusting journal entry to reflect the correct net incomefor 2021, assuming that the books of 2021 are still open (do not use “incomesummary” as an account title).arrow_forward
- What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18650, and unexpired amounts per analysis of policies of $5990? Debit Prepaid Insurance, $12660; Credit Insurance Expense, $12660. Debit Insurance Expense, $12660; Credit Prepaid Insurance, $12660. Debit Insurance Expense, $5990; Credit Prepaid Insurance, $5990. Debit Insurance Expense, $18650; Credit Prepaid Insurance, $18650.arrow_forward1. What is the balance of AR Corporation's Accounts Receivable as of Dec. 31, 2021? 2. What is the amount of the current accounts receivable of AR Corporation that might prove to be uncollectible? 3. What is the balance of the allowance for uncollectible accounts before adjustments of AR Corporation on December 31, 2021? 4. What is the balance of the allowance for uncollectible accounts after all the necessary adjusting entries on December 31, 2021 of AR Corporation?arrow_forwardWhich of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $12,177 and unexpired insurance of $6,023, for the fiscal year ending on April 30? a.debit Prepaid Insurance, $6,154; credit Insurance Expense, $6,154 b.debit Prepaid Insurance, $12,177; credit Insurance Expense, $12,177 c.debit Insurance Expense, $12,177; credit Prepaid Insurance, $12,177 d.debit Insurance Expense, $6,154; credit Prepaid Insurance, $6,154arrow_forward
- Determine the effect or recording each of the six types of adjusting entries on the accounting equation. Use I for increase, D For decrease and NE for NO Effect. Assets= liabilities+ equity 1. Depreciation 2. Prepaid Expenses 3. Accrued expenses 4. Deferred revenue 5. Accrued revenuesarrow_forwardEffects of errors on financial statements If the net income for the current year had been $2224600 in Exercise 3-18, what would have been the correct net income if the proper adjustments had been made?arrow_forwardThe Effect of Adjusting Entries on the Accounting Equation Determine whether recording each of the following adjusting entries will increase (I), decrease (D), or have no effect (NE) on each of the three elements of the accounting equation.arrow_forward
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