FUND. ACCOUNTING PRINCIPLES >CUSTOM<
24th Edition
ISBN: 9781307417692
Author: Wild
Publisher: MCG/CREATE
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Chapter 4, Problem 11QS
Preparing a classified balance sheet C3
Use the information in the adjusted
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QS 3-31 (Algo) Preparing a classified balance sheet LO C2
Use the information in the adjusted trial balance to prepare Sierra Company’s classified balance sheet as of December 31.
Requirement:
1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 9). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.
2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 10-12).
3. Review the adjusted 'Trial Balance' as of December 31, 2021.
4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab.
5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab.
6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-15).
For General Journal, Prepare the journal entries for transactions.
General Ledger, Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.
Trial Balance: The ending balance values from the…
Instruction:
a) Journalize transactions in the period.
b) Post the transaction to the general ledger
c) Prepare the trial balance.
d) Prepare the adjusting entries for the period
e) Post the adjusting entries to the ledger accounts.
f) Prepare an adjusted trial balance at June 30 , 2012
e) Prepare the income statement and balance sheet of the company.
Chapter 4 Solutions
FUND. ACCOUNTING PRINCIPLES >CUSTOM<
Ch. 4 - Prob. 1DQCh. 4 - That accounts are affected by closing entries?...Ch. 4 - Prob. 3DQCh. 4 - What is the purpose of the Income Summary account?Ch. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Why are the debit and credit entries in the...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - How is unearned revenue classified on the balance...
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Preparing a work sheet P1 In the blank space...Ch. 4 - Computing ending capital balance using work sheet...Ch. 4 - Preparing a partial work sheet P1 The ledger of...Ch. 4 - Explaining temporary and permanent accounts Choose...Ch. 4 - Preparing closing entries from the ledger P2 The...Ch. 4 - Identifying post-closing accounts P3 Identify...Ch. 4 - Identifying the accounting cycle C2 List the...Ch. 4 - Classifying balance sheet items C3 The following...Ch. 4 - Preparing financial statements C2 Use the...Ch. 4 - Preparing a classified balance sheet C3 Use the...Ch. 4 - Identifying current accounts and computing the...Ch. 4 - Prob. 13QSCh. 4 - Exercise 4-1 Extending adjusted account balances...Ch. 4 - Exercise 4-2 Extending accounts in a work sheet Pl...Ch. 4 - Exercise 4-3 Preparing adjusting entries from a...Ch. 4 - Exercise 4-4 Preparing unadjusted and adjusted...Ch. 4 - Exercise 4-5 Determining effects of closing...Ch. 4 - Exercise 4-6 Completing the income statement...Ch. 4 - Exercise 4-7 Preparing a work sheet and recording...Ch. 4 - Exercise 4-8
Preparing and posting closing...Ch. 4 - Exercise 4-9 Preparing closing entries and a...Ch. 4 - Exercise 4-10 Preparing closing entries and a...Ch. 4 - Prob. 11ECh. 4 - Exercise 4-12 Preparing a classified balance sheet...Ch. 4 - Exercise 4-13 Computing the current ratio A1 Use...Ch. 4 - Exercise 4-14 Preparing closing entries P2...Ch. 4 - Exercise 4-15 Computing and analysing the current...Ch. 4 - Exercise 4.16A Preparing reversing entries P4 Hawk...Ch. 4 - Exercise 4-17APreparing reversing entries P4 The...Ch. 4 - Problem 4-1A Applying the accounting cycle C2 P2...Ch. 4 - Problem 4-2A Preparing a work sheet, adjusting and...Ch. 4 - Problem 4-3A Determining balance sheet...Ch. 4 - Problem 4-4A Preparing closing entries, financial...Ch. 4 - Problem 4-5A Preparing trial balances, closing...Ch. 4 - Problem 4-6AA Preparing adjusting, reversing, and...Ch. 4 - Problem 4-1B Applying the accounting cycle C2 P2...Ch. 4 - Prob. 2BPSBCh. 4 - Problem 4-3B Determining balance sheet...Ch. 4 - Prob. 4BPSBCh. 4 - Problem 4-5B Preparing trial balances, closing...Ch. 4 - Problem 4-6BAPreparing adjusting, reversing, and...Ch. 4 - The December 31. 2019= adjusted trial balance of...Ch. 4 - Transactions from the Fast Forward illustration in...Ch. 4 - Prob. 2GLPCh. 4 - Prob. 3GLPCh. 4 - Based on Problem 4-6ACh. 4 - Prob. 5GLPCh. 4 - Refer to Apple' s financial statements in Appendix...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - The unadjusted trial balance and information for...Ch. 4 - Prob. 5BTNCh. 4 - Prob. 6BTN
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- Exercise 3-58 Preparing a Balance Sheet Refer to the unadjusted trial balance for Oxmoor Corporation in Exercise 3-56. Required: Prepare a classified balance sheet for Oxmoor at December 3 l , 2019.arrow_forwardExercise 2-53 Preparing a Trial Balance Preparation The fo1lowing accounts and account balances are available for Badger Auto Parts at December 31, 2019: Required: Prepare a trial balance. Assume that all accounts have normal balances.arrow_forwardExercise 3-54 Recreating Adjusting Entries Selected balance sheet accounts for Gardner Company are presented below. Required: Analyze each account and recreate the journal entries that are made. For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. Month end is May 31, 2019.arrow_forward
- Cornerstone Exercise 2-26 Preparing a Trial Balance Listed below are the ledger accounts for Borges Inc. at December 31, 2019. All accounts have normal balances. Required: Prepare a trial balance for Borges at December 31. 2019.arrow_forwardProblem 1-60A Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019 and includes all of Rogers financial statement amounts except retained earnings: Required: Prepare a single-step income statement and a c1assified balance sheet for the year ending December 31, 2019, for Rogers.arrow_forwardMultiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30. 20Y8: Instructions Prepare a multiple-step income statement.arrow_forward
- Exercise 3-57 Preparing a Retained Earnings Statement Refer to the unadjusted trial balance for Oxmoor Corporation in Exercise 3-56. Required: Prepare a retained earnings statement for Oxmoor for the year ended December 31, 2019.arrow_forwardAdjustment for Customer Refunds and Returns Assume the following data for Alpine Technologies for the year ending July 31. 20Y2. Illustrate the effects of the adjustments for customer refunds and returns on the accounts and financial statements of Alpine Technologies for the year ended July 31. 20Y2.arrow_forward1)prepare general journal 2) prepare trial balance 3) prepare statement of profit or loss and other comprehensice income for the year ended 30 september 2020arrow_forward
- Appendix: Completing an End-of-Period Spreadsheet Alert Security Services Co. offers security services to business clients. Complete the following end-of-period spreadsheet for Alert Security Services Co.: If an amount box does not require an entry, leave it blank. Alert Security Services Co. End-of-Period Spreadsheet (Work Sheet) For the Year Ended October 31, 20Y7 Account Title AdjustedTrial BalanceDebit AdjustedTrial BalanceCredit Income StatementDebit Income StatementCredit Balance SheetDebit Balance SheetCredit Cash 12 fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 Accounts Receivable 103 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 Supplies 4 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Prepaid Insurance 2 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 Land 190 fill in the blank 17 fill in the blank 18 fill…arrow_forward3. Prepare a balance sheet as of July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.arrow_forwarda) Prepare the general journal.b) Post all the transactions into the ledger accounts.c) Prepare the Trial Balance as at 30 September 2020.d) Prepare Statement of Profit or Loss and Other Comprehensive Income for the year ended 30September 2020.e) Prepare the Statement of Financial Position as at 30 September 2020.arrow_forward
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