Accounting (Text Only)
26th Edition
ISBN: 9781285743615
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 3, Problem 3.27EX
The accountant for Eva’s Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted
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The accountant for Eva’s Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Identify the errors in the accountant’s adjusting entries, assuming that none of the accounts were affected by more than one adjusting entry.
The accountant for Eva’s Laundry prepared the following unadjusted and adjusted trialbalances. Assume that all balances in the unadjusted trial balance and the amounts of theadjustments are correct. Identify the errors in the accountant’s adjusting entries, assumingthat none of the accounts were affected by more than one adjusting entry.
Adjusting Entries from Trial Balances
The accountant for Eva’s Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct.
Eva's Laundry
Trial Balance
May 31, 2019
Unadjusted
Adjusted
DebitBalances
CreditBalances
DebitBalances
CreditBalances
Cash
8,070
8,070
Accounts Receivable
19,590
23,510
Laundry Supplies
3,920
5,760
Prepaid Insurance*
5,580
1,510
Laundry Equipment
197,120
190,670
Accumulated Depreciation—Laundry Equipment
51,600
51,600
Accounts Payable
10,330
10,330
Wages Payable
1,290
Eva Baldwin, Capital
118,700
118,700
Eva Baldwin, Drawing
30,900
30,900
Laundry Revenue
188,410
188,410
Wages Expense
52,940
52,940
Rent Expense
27,540
27,540
Utilities Expense
19,940
19,940
Depreciation Expense
6,450
Laundry Supplies Expense
1,840
Insurance Expense…
Chapter 3 Solutions
Accounting (Text Only)
Ch. 3 - How are revenues and expenses reported on the...Ch. 3 - Is the matching concept related to (a) the cash...Ch. 3 - Why are adjusting entries needed at the end of an...Ch. 3 - What is the difference between adjusting entries...Ch. 3 - Identify the four different categories of...Ch. 3 - If the effect of the debit portion of an adjusting...Ch. 3 - If the effect of the credit portion of an...Ch. 3 - Does every adjusting entry affect net income for...Ch. 3 - Prob. 9DQCh. 3 - (a) Explain the purpose of the two accounts:...
Ch. 3 - Accounts requiring adjustment Indicate with a Yes...Ch. 3 - Accounts requiring adjustment Indicate with a Yes...Ch. 3 - Type of adjustment Classify the following items as...Ch. 3 - Prob. 3.2BPECh. 3 - Prob. 3.3APECh. 3 - Adjustment for prepaid expense The prepaid...Ch. 3 - Prob. 3.4APECh. 3 - Prob. 3.4BPECh. 3 - Adjustment for accrued revenues At the end of the...Ch. 3 - Adjustment for unearned revenue The balance in the...Ch. 3 - Adjustment for prepaid expense The prepaid...Ch. 3 - Adjustment for prepaid expense The supplies...Ch. 3 - Adjustment for depreciation The estimated amount...Ch. 3 - Adjustment for depreciation The estimated amount...Ch. 3 - Prob. 3.8APECh. 3 - Prob. 3.8BPECh. 3 - Effect of errors on adjusted trial balance For...Ch. 3 - Effect of errors on adjusted trial balance For...Ch. 3 - Prob. 3.10APECh. 3 - Prob. 3.10BPECh. 3 - Prob. 3.1EXCh. 3 - Prob. 3.2EXCh. 3 - Prob. 3.3EXCh. 3 - Prob. 3.4EXCh. 3 - Prob. 3.5EXCh. 3 - Prob. 3.6EXCh. 3 - Adjusting entries for prepaid insurance The...Ch. 3 - Prob. 3.8EXCh. 3 - Prob. 3.9EXCh. 3 - Prob. 3.10EXCh. 3 - Adjusting entries for unearned and accrued fees...Ch. 3 - Prob. 3.12EXCh. 3 - Prob. 3.13EXCh. 3 - Prob. 3.14EXCh. 3 - Prob. 3.15EXCh. 3 - Prob. 3.16EXCh. 3 - Prob. 3.17EXCh. 3 - Prob. 3.18EXCh. 3 - Determining fixed assets book value The balance in...Ch. 3 - Prob. 3.20EXCh. 3 - Prob. 3.21EXCh. 3 - Prob. 3.22EXCh. 3 - Effects of errors on financial statements The...Ch. 3 - Effects of errors on financial statements If the...Ch. 3 - Adjusting entries for depreciation; effect of...Ch. 3 - Prob. 3.26EXCh. 3 - Adjusting entries from trial balances The...Ch. 3 - Prob. 3.28EXCh. 3 - Prob. 3.29EXCh. 3 - Prob. 3.1APRCh. 3 - Prob. 3.2APRCh. 3 - Prob. 3.3APRCh. 3 - Adjusting entries Good Note Company specializes in...Ch. 3 - Prob. 3.5APRCh. 3 - Adjusting entries and errors At the end of April,...Ch. 3 - Prob. 3.1BPRCh. 3 - Prob. 3.2BPRCh. 3 - Prob. 3.3BPRCh. 3 - Prob. 3.4BPRCh. 3 - Prob. 3.5BPRCh. 3 - Prob. 3.6BPRCh. 3 - The unadjusted trial balance that you prepared for...Ch. 3 - Ethics and professional conduct in business Daryl...Ch. 3 - Accrued revenue The following is an excerpt from a...Ch. 3 - Prob. 3.3CP
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WORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO DETERMINE ADJUSTING ENTRIES The partial work sheet shown below is taken from the books of Stark Street Computers, a business owned by Logan Cowart, for the year ended December 31, 20--. REQUIRED 1. Determine the adjusting entries by analyzing the difference between the adjusted trial balance and the trial balance. 2. Journalize the adjusting entries in a general journal.
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CORRECTING WORK SHEET WITH ERRORS A beginning accounting student tried to complete a work sheet for Dick Adys Bookkeeping Service. The following adjusting entries were to have been analyzed and entered in the work sheet: (a) Ending inventory of supplies on July 31, 130. (b) Unexpired insurance on July 31, 420. (c) Depreciation of office equipment, 325. (d) Wages earned, but not paid as of July 31, 95. REQUIRED Review the work sheet shown on page 174 for addition mistakes, transpositions, and other errors and make all necessary corrections.
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An accountant prepared the following post-closing trial balance: Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.
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The trial balance of Wikki Cleaners at December 31, 2012, the end of the current fiscal year, is as follows: Information for the adjusting entries is as follows: a. Cleaning supplies on hand on December 31, 2012, 18,750. b. Insurance premiums expired during the year, 1,800. c. Depreciation on equipment during the year, 21,600. d. Wages accrued but not paid at December 31, 2012, 1,830. Suppose you discover that an assistant in your department had misunderstood your instructions and had provided you with the wrong information on two of the adjusting entries. Cleaning supplies consumed during the year should have been 18,750, and insurance premiums unexpired at year-end were 1,800. Make the corrections on your worksheet and save the corrected file as F1WORK4. Reprint the worksheet.
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Correct any obvious errors in the following closing entries by providing the four corrected closing entries. Assume all accounts held normal account balances in the Adjusted Trial Balance. A. B. C. D.
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An accountant prepared the following post-closing trial balance: Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.
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Which of the following statements related to the adjusted trial balance is INCORRECT?
Select one:
A. Financial statements can be prepared directly from the adjusted trial balance.
B. It is prepared before adjusting entries have been made.
C. It shows the adjusted balances of all accounts at the end of the accounting period.
D. It proves the equality of the total debit balances and the total credit balances in the ledgers.
39. Ahmad Jelani Enterprise produces ladies’ veils using the brand name ‘Taqwa’, which are specially designed for local market. The main fabrics are imported from Laos. Details of the product costing for the past 3 months are as follow:
Quantity produced
3,000 units
Actual fabrics price
RM2.80/meter
Standard fabrics price
RM2.50/meter
Actual quantity used
5.3 meters/unit
Standard quantity used
5 meters/unit
Actual labour rate
RM4.50/hour
Standard labour rate
RM4.00/hour
Actual…
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The accountant for Eva’s Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct.
Eva's Laundry
Trial Balance
May 31, 2019
Unadjusted
Adjusted
DebitBalances
CreditBalances
DebitBalances
CreditBalances
Cash
6,360
6,360
Accounts Receivable
15,430
18,520
Laundry Supplies
3,090
4,540
Prepaid Insurance*
4,390
1,190
Laundry Equipment
168,180
163,090
Accumulated Depreciation—Laundry Equipment
40,700
40,700
Accounts Payable
8,130
8,130
Wages Payable
1,020
Eva Baldwin, Capital
93,500
93,500
Eva Baldwin, Drawing
24,300
24,300
Laundry Revenue
161,230
161,230
Wages Expense
41,700
41,700
Rent Expense
21,690
21,690
Utilities Expense
15,710
15,710
Depreciation Expense
5,090
Laundry Supplies Expense
1,450
Insurance Expense
670
Miscellaneous Expense
2,710…
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