3rd Edition

ISBN: 9781323761434

Author: Horngren

Publisher: PEARSON C

Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities

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Final Accounts

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…

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Textbook Question

Chapter 3, Problem P3.45CT

Using Excel to journalize and post adjusting entries, and to create the Adjustments and Adjusted Trial Balance columns of the worksheet

Download an Excel template for this problem online in MyAccountingLab or at http://www.pearsonhighered.com/Horngren.
Cedar River Company started operations on July 1, 2018. The transactions that occurred during the month were journalized and posted, and a trial balance was prepared at the end of the month. The month-end adjusting entries are to be journalized and posted to T-accounts. A worksheet is to be used to help prepare the adjusted trial balance.

Requirements

Use Excel to journalize the adjusting entries. Use the blue shaded areas for inputs.

Date	Account and Explanation	DR	CR
Jul 31
	Cash
	Accounts Receivable
	Office Supplies
	Prepaid Rent
	Land
	Building
	Account/Depreciation−Building

To record the account name in the journal, click in the Account and Explanation column. A drop down arrow will appear to the right. Click the arrow and select an account from the chart of accounts. Use the explanation to help you with the entry.
Indent the account name of the account to be credited using the indent button on the Home tab. Click the Increase Indent button twice.

Chapter 3, Problem P3.45CT, Using Excel to journalize and post adjusting entries, and to create the Adjustments and Adjusted

Once the adjustments have been journalized, post the amounts to the correct side of the T-account. (Note that the balance at the end of the month has been posted as a single entry.)

The T-account totals will be calculated automatically.
Total debits should equal total credits. The debit-credit balance check appears in the top right-hand corner of the T-account worksheet.

Use a formula to fill in the Adjustment debit and credit columns on the worksheet by referencing the adjusting entries.

Use a formula to add or subtract the adjustments to the trial balance amounts to calculate the amounts in the Adjusted Trial Balance columns.

Use a formula to total the Adjustments and Adjusted Trial Balance columns.

On the Worksheet

Format the cells requiring dollar signs.
Format the cells requiring a single underline and cells requiring double underlines.
Boldface the totals.

Expert Solution & Answer

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Chapter 3, Problem P3A.44BPGB

Chapter 3, Problem P3.46CP

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Chapter 3 Solutions

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