Adjusting entries : Adjusting entries refers to the entries that are made at the end of an accounting period in accordance with revenue recognition principle, and expenses recognition principle. All adjusting entries affect at least one income statement account (revenue or expense), and one balance sheet account (asset or liability). The effects on the revenue, expense, and net income, if the adjusting entries are not recorded on April 30, 2016.

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Answer 1

Question

Chapter 3, Problem 3.8BPE

To determine

Adjusting entries:

Adjusting entries refers to the entries that are made at the end of an accounting period in accordance with revenue recognition principle, and expenses recognition principle. All adjusting entries affect at least one income statement account (revenue or expense), and one balance sheet account (asset or liability).

The effects on the revenue, expense, and net income, if the adjusting entries are not recorded on April 30, 2016.

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Answer 2

Question

Chapter 3, Problem 3.8BPE

To determine

Adjusting entries:

Adjusting entries refers to the entries that are made at the end of an accounting period in accordance with revenue recognition principle, and expenses recognition principle. All adjusting entries affect at least one income statement account (revenue or expense), and one balance sheet account (asset or liability).

The effects on the revenue, expense, and net income, if the adjusting entries are not recorded on April 30, 2016.

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Answer 3

Question

Chapter 3, Problem 3.8BPE

To determine

Adjusting entries:

Adjusting entries refers to the entries that are made at the end of an accounting period in accordance with revenue recognition principle, and expenses recognition principle. All adjusting entries affect at least one income statement account (revenue or expense), and one balance sheet account (asset or liability).

The effects on the revenue, expense, and net income, if the adjusting entries are not recorded on April 30, 2016.

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Answer 4

Question

Chapter 3, Problem 3.8BPE

To determine

Adjusting entries:

Adjusting entries refers to the entries that are made at the end of an accounting period in accordance with revenue recognition principle, and expenses recognition principle. All adjusting entries affect at least one income statement account (revenue or expense), and one balance sheet account (asset or liability).

The effects on the revenue, expense, and net income, if the adjusting entries are not recorded on April 30, 2016.

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Answer 5

Chapter 3, Problem 3.8BPE

To determine

Adjusting entries:

Adjusting entries refers to the entries that are made at the end of an accounting period in accordance with revenue recognition principle, and expenses recognition principle. All adjusting entries affect at least one income statement account (revenue or expense), and one balance sheet account (asset or liability).

The effects on the revenue, expense, and net income, if the adjusting entries are not recorded on April 30, 2016.

Answer 6

Chapter 3, Problem 3.8BPE

To determine

Adjusting entries:

Adjusting entries refers to the entries that are made at the end of an accounting period in accordance with revenue recognition principle, and expenses recognition principle. All adjusting entries affect at least one income statement account (revenue or expense), and one balance sheet account (asset or liability).

The effects on the revenue, expense, and net income, if the adjusting entries are not recorded on April 30, 2016.

Answer 7

Chapter 3, Problem 3.8BPE

To determine

Adjusting entries:

Adjusting entries refers to the entries that are made at the end of an accounting period in accordance with revenue recognition principle, and expenses recognition principle. All adjusting entries affect at least one income statement account (revenue or expense), and one balance sheet account (asset or liability).

The effects on the revenue, expense, and net income, if the adjusting entries are not recorded on April 30, 2016.

Answer 8

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Answer 9

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Answer 11

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. 9DQ Ch. 3 - (a) Explain the purpose of the two accounts:...

Solution Summary: The author analyzes the effects of adjusting entries on revenue, expense, and net income if they are not recorded on April 30, 2016.

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