MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Financial & Managerial Accounting (My AccountingLab)
5th Edition
ISBN: 9780133877601
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 3, Problem 3.30E
To determine
Worksheet
Worksheet is an internal document, which helps to use the summarized data to prepare the financial statements.
Adjusted
Adjusted trial balance is that statement which contains complete list of accounts with their adjusted balances, after all relevant adjustments have been made. This statement is prepared at the end of every financial period.
Calculate and enter the adjusted account balance in adjusted trial balance.
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Chapter 3 Solutions
MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Financial & Managerial Accounting (My AccountingLab)
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- CHOOSE FROM THE FOLLOWING ACCOUNTS FOR THE CORRECT ACCOUNT OF ADJUSTING ENTRIES: office supplies office supplies expensearrow_forwardWhat critical purpose does the adjusted trial balance serve? A. It proves that transactions have been posted correctly B. It is the source document from which to prepare the financial statements C. It shows the beginning balances of every account, to be used to start the new years records D. It proves that all journal entries have been made correctly.arrow_forwardWORKING BACKWARD FROM THE INCOME STATEMENT AND BALANCE SHEET COLUMNS OF THE WORK SHEET TO DETERMINE ADJUSTED TRIAL BALANCE AND ADJUSTING ENTRIES The partial work sheet shown on page 561 is taken from the books of Diamond Music Store, a business owned by Ned Diamond, for the year ended December 31, 20--. REQUIRED 1. Analyze the work sheet and determine the adjusted trial balance and the adjusting entries by working backward from the Income Statement and Balance Sheet columns. 2. Journalize the adjusting entries in a general journal. 3. Prepare the cost of goods sold section of the income statement for Diamond Music Store.arrow_forward
- The adjusted trial balance is prepared Select one: a.before the trial balance. b. after financial statements are prepared. c.after adjusting entries have been journalized and posted. d. to prove the equality of total assets and total liabilities.arrow_forwardRequired: Prepare the following: a. All necessary adjusting entries. b. Post-closing trial balance. c. Table for the computation of over and underestimation. d. Entries to record the adjustmentarrow_forwardUsing your corrected adjusting journal entries from Assignment #2, post your adjusting entries into the General Ledger included in the Workpaper file for Assignments #2 and #3. Prepare an Adjusted Trial Balance on the adjusted trial balance sheet included in the Workpaper file for Assignment #3. Prepare an income statement, statement of owner's equity, and a classified balance sheet in the Workpaper file on the financial statement sheet included for Assignment #3. Note, you will be "creating" these financials on your own. You can use the following financial statements template as a guide: Financial Statement Template.pdf Download Financial Statement Template.pdf Journalize the required closing entries in the General Journal included in the Workpaper file for Assignment #3. Post your closing entries to the General Ledger included in the Workpaper file for Assignments #2 and #3. Prepare a Post-Closing Trial Balance in the post-closing trial balance sheet included in the Workpaper…arrow_forward
- Number in their proper order the following steps in the accounting cycle. a. Prepare a trial balance. b. Post to the general ledger accounts. c. Journalize and post the closing entries. d. Complete an end-of-period work sheet. e. Prepare a post-closing trial balance. f. Journalize and post the adjusting entries. g. Analyze source documents. h. Record the adjusting entries on a work sheet. i. Journalize the transactions. j. Prepare the financial statements.arrow_forwardThe adjusted trial balance columns of the worksheet for Blossom Company are as follows.Complete the worksheet.arrow_forwardWhich of the following statements about an adjusted trial balance is correct? A. It is used to prepare financial statements. B. It is prepared to ensure assets equal liabilities. C. It is prepared at the beginning of the year. D. It is prepared before the adjusting journal entries have been made.arrow_forward
- Prepare the adjustments of the trial balance. Prepare its adjusted trial balance, income statement, and balance sheet on the worksheet. Formulate a post-closing entries, post-adjusted trial balance and Reversing entries as well.arrow_forwardWhat is the Income statement, statement of owners equity, and balance sheet It is the last step before the financial statements are prepared. Adjusted trial balances involve all the accounts, temporary and permanent. It can be used directly for the preparation of the financial statements. After all the adjusting entries are recorded and posted to its ledger. The account balances of each account is computed and then the balances are recorded in the adjusted trial balance. The adjusted trial balance for the company M T is as under: In the books of M T Adjusted Trial Balance Particulars Debit $ Credit $ Cash $127,157.75 Notes Receivable $4,500.00 Accounts Receivable $12,132.40 Interest Receivable $40.00 Merchandise inventory $31,000.86 Estimated Returns Inventory $1,654.00 Office supplies $500.00 Store supplies $1,800.00 Prepaid Insurance $3,000.00 Land $55,000.00 Office Equipment $75,000.00 Accumulated Depreciation-office…arrow_forwardThe trial balance prepared after all the adjusting entries have been posted is called what? Group of answer choices accrued trial balance deferred trial balance unadjusted trial balance adjusted trial balancearrow_forward
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