FUND ACCOUNTING PRINCIPLES CONNECT
25th Edition
ISBN: 9781265342395
Author: Wild
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 4, Problem 12E
Exercise 4-12 Preparing a classified
Use the information in the adjusted
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Basic cost system; journal entries; financial statementssimilar to Self-Study Problem 1The post-closing trial balance of Beamer Manufacturing Co. onApril 30 is reproduced as follows:Beamer Manufacturing Co.Post-Closing Trial BalanceApril 30, 2011
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,000Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,000Finished Goods .................................. 120,000Work in Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000Building . . . ...................................... 480,000Accumulated Depreciation—Building ............. $ 72,000Factory Equipment . . ............................ 220,000Accumulated Depreciation—Factory Equipment . . . 66,000Office Equipment ................................ 60,000Accumulated Depreciation—Office Equipment…
Problem 9/22/21 A. Below are the accounts of J.L Laundry for the month ended Marc 31, 2015
Instructions: Prepare a statement of financial position and label its parts. After which, answer the following questions.
a. How much is the total current asset of the entity? b. How much is the total non current asset of the entity? c. How much is the total current liability of the entity? d. How much is the total non current liability of the entity? e. How much is the total asset of the entity?
Delivery Truck
120,000.00
Cash
22,400.00
Accounts Payable
120,000.00
Laundry Supplies
2,000.00
Inerest Payable
1,200.00
Laundry Equipment
80,000.00
Accounts Recievable
₱3,900.00
Net profit for the month
11,100.00
J.L Capital
104,000.00
J.L Drawing
1,000.00
Filipinas Hotel
4,600.00
D & E Coffee Shop
2,400.00
Question 12 of 20
Which one of the following statements is NOT true?
A. Details from the purchases journal are posted to the debtors ledger.
B. Details from the sales journal are posted to the debtors ledger.
C. When subsidiary journals for a month have been completed, the joumal columns are added up and the totals are posted to the
general ledger.
D. The combined totals of the individual accounts contained in the debtors ledger must balance with the balance of the debtors contral
account in the general ledger.
Chapter 4 Solutions
FUND ACCOUNTING PRINCIPLES CONNECT
Ch. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 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 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QS
Ch. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - Prob. 14QSCh. 4 - Prob. 15QSCh. 4 - Prob. 16QSCh. 4 - Prob. 17QSCh. 4 - Prob. 18QSCh. 4 - Prob. 19QSCh. 4 - Prob. 20QSCh. 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. 2PSBCh. 4 - Problem 4-3B Determining balance sheet...Ch. 4 - Prob. 4PSBCh. 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. 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. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - The unadjusted trial balance and information for...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- PE 6-7B Customer allowances and returns Assume the following data for Casper Company before its year-end adjustments: Journalize the adjusting entries for the following: Estimated customer allowances Estimated customer returnsarrow_forwardPurchase-related transactions using periodic inventory system Selected transactions for Betz Company during July of the current year are listed in Problem 5-1 A. Instructions Journalize the entries to record the transactions of Betz Company for July using the periodic inventory system.arrow_forwardINCOME STATEMENT From the partial work sheet for Major Advising below, prepare an income statement. (FOR EXERCISES 6-1A, 6-2A, 6-3A, AND 6-4A)arrow_forward
- Accounts payable subsidiary ledger The cash payments and purchases journals for Outdoor Artisan Landscaping follow. The accounts payable control account has a June 1, 20Y1, balance of 2,230, consisting of an amount owed to Augusta Sod Co. Prepare a schedule of the accounts payable creditor balances and determine that the total agrees with the ending balance of the accounts payable controlling account.arrow_forwardSCHEDULE OF ACCOUNTS PAYABLE Based on the information provided in Problem 11-11A, prepare a schedule of accounts payable for Franks Fantasy as of July 31, 20--. Verify that the accounts payable account balance in the general ledger agrees with the schedule of accounts payable total.arrow_forwardSCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-11A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forward
- SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-12B, prepare a schedule of accounts receivable for Paul Jackson as of April 30, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forwardTop-Value Corporation has 242,000 shares of $30 par common stock outstanding. On September 2, Top-Value Corporation declared a 2% stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $55 per share on September 2. Required: Journalize the entries required on September 2, October 3, and November 30. If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.arrow_forwardProblem 17-6AA Income statement computations and format LO A2 Skip to question [The following information applies to the questions displayed below.] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Debit Credit a. Interest revenue $ 14,400 b. Depreciation expense—Equipment $ 34,400 c. Loss on sale of equipment 26,250 d. Accounts payable 44,400 e. Other operating expenses 106,800 f. Accumulated depreciation—Equipment 72,000 g. Gain from settlement of lawsuit 44,400 h. Accumulated depreciation—Buildings 175,300 i. Loss from operating a discontinued segment (pretax) 18,650 j. Gain on insurance recovery of tornado damage 29,520 k. Net sales 1,002,500 l. Depreciation expense—Buildings 52,400 m. Correction of overstatement of prior year’s sales (pretax) 16,400…arrow_forward
- Problem 17-6AA Income statement computations and format LO A2 Skip to question [The following information applies to the questions displayed below.] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Debit Credit a. Interest revenue $ 15,900 b. Depreciation expense—Equipment $ 35,900 c. Loss on sale of equipment 27,750 d. Accounts payable 45,900 e. Other operating expenses 108,300 f. Accumulated depreciation—Equipment 73,500 g. Gain from settlement of lawsuit 45,900 h. Accumulated depreciation—Buildings 178,300 i. Loss from operating a discontinued segment (pretax) 20,150 j. Gain on insurance recovery of tornado damage 31,020 k. Net sales 1,017,500 l. Depreciation expense—Buildings 53,900 m. Correction of overstatement of prior year’s sales (pretax) 17,900…arrow_forwardPurchases, Accounts Payable Subsidiary Account, and Accounts Payable Ledger Sterling Forest Landscaping designs and installs landscaping. The landscape designers and office staff use office supplies, while field supplies (rock, bark, etc.) are used in the actual landscaping. Purchases on account completed by Sterling Forest Landscaping during October are as follows: Oct. 2. Purchased office supplies on account from Meade Co., $4,720. 5. Purchased office equipment on account from Peach Computers Co., $6,790. 9. Purchased office supplies on account from Executive Office Supply Co., $490. 13. Purchased field supplies on account from Yamura Co., $5,370. 14. Purchased field supplies on account from Omni Co., $710. 17. Purchased field supplies on account from Yamura Co., $12,780. 24. Purchased field supplies on account from Omni Co., $3,600. 29. Purchased office supplies on account from Executive Office Supply Co., $320. 31. Purchased field supplies on account from Omni Co., $4,710. Note:…arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage LearningCorporate Financial AccountingAccountingISBN:9781337398169Author:Carl Warren, Jeff JonesPublisher:Cengage LearningFinancial & Managerial AccountingAccountingISBN:9781285866307Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
- Corporate Financial AccountingAccountingISBN:9781305653535Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningFinancial & Managerial AccountingAccountingISBN:9781337119207Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningCollege Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:9781337398169
Author:Carl Warren, Jeff Jones
Publisher:Cengage Learning
Financial & Managerial Accounting
Accounting
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial & Managerial Accounting
Accounting
ISBN:9781337119207
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY