FUND OF ACCT PRIN(LOOSE-LEAF)+ACCESS
25th Edition
ISBN: 9781264753277
Author: Wild
Publisher: MCG
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Chapter 3, Problem 4E
To determine
Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
Explanation for each
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Entry
4
5
6
7
8
CO
3
2
9
1
10
Explanation
Interest Expense
Interest Payable
Depreciation Expense
Accumulated Depreciation
Unearned Revenue
Services Revenue
Insurance Expense
Prepaid Insurance
Salaries Payable
Cash
Prepaid Rent
Cash
Salaries Expense
Salaries Payable
Interest Receivable
Interest Revenue
Cash
Journal Entries
Cash
expense.
Accounts Receivable (from consulting)
Unearned Revenue
Cash
Debit
1,300
4,400
3,600
3,700
2,000
4,500
5,600
5,400
8,200
7,100
2,200
Credit
1,300
4,400
3,600
3,700
2,000
4,500
5,600
5,400
8,200
7,100
2
3
1
4
5
7
8
9
10
12
Depreciation Expense
Accumulated Depreciation
Uneamed Revenue
Services Revenue
Insurance Expense
Prepaid Insurance
Salaries Payable
Cash
Prepaid Rent
Cash
Salaries Expense
Salaries Payable
Interest Receivable
Interest Revenue
Cash
Accounts Receivable (from consulting)
Cash
Unearned Revenue
Cash
Interest Receivable
Rent Expense
Prepaid Rent
Interest Expense
Interest Payable
1,400
4,300
3,300
4,500
2,000
3,700
5,400
4,900
9,000
6,000
3,000
1,700
1,400
4,300
3,300
4,500
2,000
3,700
5,400
4,900
9,000
6,000
3,000
1,700
J. To record cash payment of a prepaid expense.
Explanation
Insurance Expense
Journal Entries
Prepaid Insurance
Interest Receivable
Interest Revenue
Interest Expense
Interest Payable
Accounts Payable
Cash
Cash
Accounts Receivable (from services)
Prepaid Rent
Cash
Unearned Revenue
Cash
Services Revenue
Unearned Revenue
Depreciation Expense
Accumulated Depreciation
Salaries Expense
Salaries Payable
ma
Dobit
3,180
3,300
2,208
1,700
12,300
500
19,250
4,200
38,217
13,280
Credit
3,180
3,300
2,208
1,700
12,300
500
19,250
4,200
38,217
13,280
Chapter 3 Solutions
FUND OF ACCT PRIN(LOOSE-LEAF)+ACCESS
Ch. 3 - Periodic reporting C1 Choose from the following...Ch. 3 - Prob. 2QSCh. 3 - Identifying accounting adjustments Classify the...Ch. 3 - Concepts 0f adjusting entries During the year, a...Ch. 3 - Prepaid (deferred) expenses adjustments Pl For...Ch. 3 - Prepaid (deferred) expenses adjustments For each...Ch. 3 - Prob. 7QSCh. 3 - Accumulated depreciation adjustments Pl For each...Ch. 3 - Adjusting for depreciation P1 For each separate...Ch. 3 - Unearned (deferred) revenues adjustments For each...
Ch. 3 - Adjusting for unearned (deferred) revenues P2 For...Ch. 3 - Accrued expenses adjustments Pl For each separate...Ch. 3 - Prob. 13QSCh. 3 - Accrued revenues adjustments P4 For each separate...Ch. 3 - Recording and analysing adjusting entries A1...Ch. 3 - QS3-16
Determining effects of adjusting...Ch. 3 - Preparing an adjusted trial balance P5 Following...Ch. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Preparing adjusting entries P4 Garcia Company had...Ch. 3 - Preparing adjusting entries P4 Cal Consulting...Ch. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Exercise 3-6 Preparing adjusting entries P1 P2 P3...Ch. 3 - Prob. 7ECh. 3 - Prob. 8ECh. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Exercise 3-14 Preparing adjusting entries P1 P2 P3...Ch. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Prob. 16ECh. 3 - Prob. 17ECh. 3 - Prob. 18ECh. 3 - Prob. 19ECh. 3 - Prob. 20ECh. 3 - Problem 3-1A Identifying adjusting entries with...Ch. 3 - Problem 3-2B Preparing adjusting and subsequent...Ch. 3 - Problem 3-3A Preparing adjusting entries, adjusted...Ch. 3 - Problem 3-5A Preparing financial statements from...Ch. 3 - Problem 3-6A
Recording prepaid expenses and...Ch. 3 - Prob. 1PSBCh. 3 - Problem 3-2B Preparing adjusting and subsequent...Ch. 3 - Problem 3-3B Preparing adjusting entries, adjusted...Ch. 3 - Problem 3-5B Preparing financial statements from...Ch. 3 - Problem 3-6B Recording prepaid expenses and...Ch. 3 - Prob. 3SPCh. 3 - Prob. 1GLPCh. 3 - Using transactions from the following assignments,...Ch. 3 - Using transactions from the following assignments,...Ch. 3 - Prob. 4GLPCh. 3 - Prob. 5GLPCh. 3 - Prob. 1AACh. 3 - Key figures for the recent two years of both Apple...Ch. 3 - Key comparative figures for Samsung. Apple, and...Ch. 3 - Prob. 1DQCh. 3 - Why is the accrual basis of accounting generally...Ch. 3 - Prob. 3DQCh. 3 - What is a prepaid expense and where is it reported...Ch. 3 - What type of assets requires adjusting entries to...Ch. 3 - 6. What contra account is used when recording and...Ch. 3 - What is an accrued revenue? Give an example..Ch. 3 - 8. If a company initially records prepaid expenses...Ch. 3 - Prob. 1BTNCh. 3 - Prob. 2BTNCh. 3 - Access EDGAR online (SEC.gov) and locate the...Ch. 3 - Prob. 4BTN
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- If adjusting entries include these listed accounts, what other account must be in that entry as well? (A) Depreciation expense; (B) Unearned Service Revenue; (C) Prepaid Insurance; (D) Interest Payable.arrow_forwardIdentify which type of adjustment is associated with this account, and what the other account is in the adjustment. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. Salaries Payable B. Interest Receivable C. Unearned Fee Revenue D. Prepaid Rentarrow_forwardWhat adjusting journal entry is needed to record depreciation expense for the period? Group of answer choices 1.a debit to Depreciation Expense; a credit to Cash 2.a debit to Accumulated Depreciation; a credit to Depreciation Expense 3.a debit to Depreciation Expense; a credit to Accumulated Depreciation 4.a debit to Accumulated Depreciation; a credit to Casharrow_forward
- For journal entries 1 through 10, identify the explanation that mostly closely describes it. A. To record this period's depreciation expense. B. To record accrued salaries expense. C. To record this period's use of a prepaid expense. D. To record accrued interest revenue. E. To record accrued interest expense. F. To record the earning of previously unearned income. G. To record cash receipt of unearned revenue. H. To record cash payment of an accrued expense. 1. To record cash receipt of an accrued revenue. J. To record cash payment of a prepaid expense. Explanation Insurance Expense Journal Entries Prepaid Insurance Interest Receivable Interest Revenue Interest Expense Interest Payable Accounts Payable Cash Cash Accounts Receivable (from services) Prepaid Rent Cash Unearned Revenue Services Revenue Cash Unearned Revenue Depreciation Expense Accumulated Depreciation Debit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200 38,217 Credit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200…arrow_forwardWhat adjusting journal entry is needed to record depreciation expense for the period? A.a debit to Depreciation Expense; a credit to Cash B.a debit to Depreciation Expense; a credit to Accumulated Depreciation C.a debit to Accumulated Depreciation; a credit to Depreciation Expense D.a debit to Accumulated Depreciation; a credit to Casharrow_forwardReversing entries are used in income collected in advance when the | point adjusting entry has a Debit to an asset Debit to a Liabilty credit to Expense Credit to Incomearrow_forward
- For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use explanations more than once. To record receipt of unearned revenue. To record this period's earning of prior unearned revenue. To record payment of an accrued expense. To record receipt of an accrued revenue. To record an accrued expense. To record an accrued revenue. To record this period's use of a prepaid expense. To record payment of a prepaid expense. To record this period's depreciation expense.arrow_forwardPlease check my work For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use explanations more than once. To record receipt of unearned revenue. To record this period's earning of prior unearned revenue. To record payment of an accrued expense. To record receipt of an accrued revenue. To record an accrued expense. To record an accrued revenue. To record this period's use of a prepaid expense. To record payment of a prepaid expense. To record this period's depreciation expense.arrow_forwardWhat adjusting entries would you pass in respect of income received in advance, outstanding expenses, accrued income and depreciation?arrow_forward
- 25.Adjusting entries a. Bring asset and liability accounts to correct balances. b. Assign revenues to the period in which they are earned. c. Help to properly measure the period’s net income or net loss. d. All of the above.arrow_forwardPLIZ FAST Which of the following is created by the adjusting entry to recognize interest expense incurred but not yet paid? a. Accrued asset b. Accrued expense c. Deferred expense d. Prepaid assetarrow_forwardThree different lease transactions are presented below for Sandhill Enterprises. Assume that all lease transactions start on January 1, 2024. Sandhill does not receive title to the properties, either during the lease term or at the end of it. The yearly rental for each of the leases is paid at the beginning of each year. Sandhill Enterprises prepares its financial statements using ASPE. Lease term Estimated economic life Yearly rental payment Fair market value of leased asset Present value of lease rental payments Interest rate Manufacturing Equipment 5 years 15 years $18,000 $126,000 $81,270 3.5% Vehicles 6 years 7 years $19,260 $109,200 $100,962 4% Office Equipment 3 years 5 years $5,010 $22,500 $12,912 8% Ass me that Sandhill Enterprises has purchased the vehicle for $109,200 instead of leasing it and that the amount borrowed was $109,200 at 8% interest, with interest payable at the end of each year. Prepare the entries for 2024. (List all debit entries before credit entries. Credit…arrow_forward
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