EBK HORNGREN'S ACCOUNTING, THE FINANCIA
12th Edition
ISBN: 9780134490496
Author: Matsumura
Publisher: YUZU
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Textbook Question
Chapter 3, Problem S3.15SE
Preparing a partial worksheet
Learning Objective 6 |
Just Right Hair Stylists has begun the preparation of its worksheet as follows.
JUST RIGHT HAIR STYLISTS | ||||||
Worksheet | ||||||
December 31,2018 | ||||||
Account Names | Unadjusted |
Adjustments | Adjusted Trial Balance | |||
Debit | Credit | Debit | Credit | Debit | Credit | |
Cash | $300 | |||||
Office Supplies | 900 | |||||
Equipment | 20,600 | |||||
$700 | ||||||
Accounts Payable | 500 | |||||
Interest Payable | ||||||
Note Payable | 2,800 | |||||
Benoit, Capital | 4200 | |||||
Service Revenue | 17,500 | |||||
Rent Expense | 3,200 | |||||
Supplies Expense | ||||||
Depreciation Expense—Equipment | ||||||
Interest Expense | 700 | |||||
Total | $25,700 | $25,700 | ||||
Year-end data include the following.
- Office supplies on hand, $300.
- Depreciation, $700.
- Accrued interest expense, $800.
Complete Just Right’s worksheet through the adjusted trial balance section. In the adjustments section, mark each adjustment by letter.
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SERVICE COMPANY WORKSHEET P1WORK
LEARNING OBJECTIVES
* Prepare a worksheet for a proprietorship service firm.
* Prepare financial statements from a worksheet.
* Compare expense levels to national averages.
* Alter the worksheet to include an additional adjusting entry.
* Create a chart showing the amount of all expenses.
PROBLEM DATA
The trial balance of Wikki Cleaners at December 31, 2012, the end of the current fiscal year, is below:
Wikki Cleaners
Trial Balance
December 31, 2012
Cash $13,200
Cleaning Supplies 22,000
Prepaid Insurance 5,400
Equipment 206,000
Accumulated Depreciation $…
(Learning Objective 5: Construct a trial balance) Assume that Harbor Marine Company reported the following summarized data at December 31, 2018. Accounts appear in noparticular order; dollar amounts are in millions.Other liabilities ..................... $ 220 Cash......................................Expenses ............................... 26Stockholders’ equity.............. 5Revenues............................... $37Other assets........................... 4Accounts payable .................. 6Prepare the trial balance of Harbor Marine Company at December 31, 2018. List the accountsin their proper order. How much was the company’s net income or net loss?
(Learning Objective 4: Journalize and post transactions) Orman Consulting performed services for a client who could not pay immediately. Orman expected to collect the$4,600 the following month. A month later, Orman received $2,100 cash from the client.1. Record the two transactions on the books of Orman Consulting. Include an explanation foreach transaction.2. Post to these T-accounts: Cash, Accounts Receivable, and Service Revenue. Compute eachaccount balance and denote it as Bal.
Chapter 3 Solutions
EBK HORNGREN'S ACCOUNTING, THE FINANCIA
Ch. 3 - Prob. 1QCCh. 3 - Get Fit Now gains a client who prepays S540 for a...Ch. 3 - The revenue recognition principle requires...Ch. 3 - Adjusting the accounts is the process of Learning...Ch. 3 - Which of the following is an example of a deferral...Ch. 3 - Assume that the weekly payroll of In the Woods...Ch. 3 - Prob. 7QCCh. 3 - A equity overstated income statement: expense...Ch. 3 - A worksheet Learning Objective 6 is a journal used...Ch. 3 - On February 1, Clovis Wilson Law Firm contracted...
Ch. 3 - What is the difference between cash basis...Ch. 3 - Which method of accounting (cash or accrual basis)...Ch. 3 - Prob. 3RQCh. 3 - What is a fiscal year? Why might companies choose...Ch. 3 - Under the revenue recognition principle, when is...Ch. 3 - Under the matching principle, when are expenses...Ch. 3 - When are adjusting entries completed and what is...Ch. 3 - What are the two basic categories of adjusting...Ch. 3 - What is a deferred expense? Provide an example.Ch. 3 - What is the process of allocating the cost of a...Ch. 3 - What is a contra account?Ch. 3 - Prob. 12RQCh. 3 - What does accumulated depreciation represent?Ch. 3 - Prob. 14RQCh. 3 - What is a deferred revenue? Provide an example.Ch. 3 - What is an accrued expense? Provide an example.Ch. 3 - What is an accrued revenue? Provide an example.Ch. 3 - What are the two rules to remember about adjusting...Ch. 3 - When is an adjusted trial balance prepared, and...Ch. 3 - Prob. 20RQCh. 3 - What is a worksheet, and how is it used to help...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - Comparing cash and accrual basis accounting for...Ch. 3 - Comparing cash and accrual basis accounting for...Ch. 3 - Applying the revenue recognition principle...Ch. 3 - S3-4 Applying the matching principle Learning...Ch. 3 - S3-5 Identifying types of adjusting entries...Ch. 3 - Journalizing and posting adjusting entries for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Prob. S3.11SECh. 3 - Journalizing an adjusting entry for accrued...Ch. 3 - Preparing an adjusted trial balance Learning...Ch. 3 - Determining the effects on financial statements...Ch. 3 - Preparing a partial worksheet Learning Objective 6...Ch. 3 - Prob. S3A.16SECh. 3 - Prob. S3A.17SECh. 3 - E3-18 Comparing cash and accrual basis accounting...Ch. 3 - Comparing cash and accrual basis accounting and...Ch. 3 - Determining the amount of prepaid expenses...Ch. 3 - E3-21 Journalizing adjusting entries Learning...Ch. 3 - E3-22 Journalizing adjusting entries Learning...Ch. 3 - Journalizing adjusting entries Learning Objective...Ch. 3 - Journalizing adjusting entries and posting to...Ch. 3 - Journalizing adjusting entries and posting to...Ch. 3 - Preparing an adjusted trial balance Learning...Ch. 3 - Identifying the impact of adjusting entries on the...Ch. 3 - Journalizing adjusting entries and analyzing their...Ch. 3 - Using the worksheet to record the adjusting...Ch. 3 - Using the worksheet to prepare the adjusted trial...Ch. 3 - Understanding the alternative treatment of prepaid...Ch. 3 - Understanding the alternative treatment of...Ch. 3 - Journalizing adjusting entries and subsequent...Ch. 3 - Journalizing adjusting entries and identifying the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Using the worksheet to record the adjusting...Ch. 3 - Prob. P3A.38APGACh. 3 - Prob. P3.39BPGBCh. 3 - P3-40B Journalizing adjusting entries and...Ch. 3 - P3-41B Journalizing and posting adjustments to the...Ch. 3 - Prob. P3.42BPGBCh. 3 - Prob. P3.43BPGBCh. 3 - Prob. P3A.44BPGBCh. 3 - Using Excel to journalize and post adjusting...Ch. 3 - Prob. P3.46CPCh. 3 - Prob. P3.47PSCh. 3 - Tying It All Together Case 3-1
Before you begin...Ch. 3 - One year ago, Tyler Stasney founded Swift...Ch. 3 - Prob. 3.1EICh. 3 - Prob. 3.1FCCh. 3 - Prob. 3.1FSC
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