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Financial Accounting
5th Edition
ISBN: 9781618531650
Author: Thomas Dyckman
Publisher: Cambridge Business Publishers
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Question
Chapter 3, Problem 35E
(a)
To determine
Prepare
(b)
To determine
Prepare Journal entries.
(c)
To determine
Prepare T-accounts.
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Students have asked these similar questions
On December 31, 2019, Mason Company made following proper year-end adjusting entries:
1. Prepare journal entries to record whatever reversing entries you think appropriate. 2. Explain your reasoning for each reversing entry.
Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances) to prepare closing journal entries and then post those entries to ledger accounts.
The fiscal year-end for Mason's Landscaping and Snow Removal is December 31.
Record the adjusting entries for December 31, 2014.
Hint: It is helpful to record the original transactions (or account balances) in your own rough
notes as part of your analysis and calculations of year-end adjusting entries. T-accounts can be
very useful for doing this. However, the only entries that should be recorded in the journal for
this assignment are the December 31 adjusting entries.
The accounts in Mason's ledger are:
Bank
Accounts Receivable
Supplies
Prepaid Insurance
Prepaid Rent
Truck
Assignment 1 - Adjusting Entries
Accounts Payable
Unearned Service Fees
Bank Loan
B. Mason, Capital
B. Mason, Drawings
Service Fees Earned
Rent Expense
Insurance Expense
Supplies Expense
Office Expense
Maintenance Expense
Truck Expense
Interest Expense
1. On July 1, 2014, a customer signed a contract and agreed to pay $840 for 12 months of
landscaping and snow removal services.
2. The balance in the Supplies account…
Chapter 3 Solutions
Financial Accounting
Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5Q
Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21MECh. 3 - Prob. 22MECh. 3 - Prob. 23MECh. 3 - Prob. 24MECh. 3 - Prob. 25MECh. 3 - Prob. 26MECh. 3 - Prob. 27MECh. 3 - Prob. 28MECh. 3 - Prob. 29MECh. 3 - Prob. 30MECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 38ECh. 3 - Prob. 39ECh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 53PCh. 3 - Prob. 54PCh. 3 - Prob. 55CPCh. 3 - Prob. 56CPCh. 3 - Prob. 57CPCh. 3 - Prob. 58CP
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