FUND ACCOUNTING PRINCIPLES CONNECT
25th Edition
ISBN: 9781265342395
Author: Wild
Publisher: MCG
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Chapter 4, Problem 3E
Exercise 4-3
Preparing
Use the following information from the Adjustments columns of a 10-column work sheet to prepare the necessary adjusting
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Comprehensive Problem 1Part 5: Work Sheet
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2, 3, 4 before completing part 5.
Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data.
Insurance expired during May is $275.
Supplies on hand on May 31 are $715.
Depreciation of office equipment for May is $330.
Accrued receptionist salary on May 31 is $325.
Rent expired during May is $1,600.
Unearned fees on May 31 are $3,210.
If an amount box does not require an entry, leave it blank or enter "0".
Kelly ConsultingEnd-of-Period Spreadsheet (Work Sheet)For the Month Ended May 31, 20Y8
Unadjusted Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit…
3. Itco uses a perpetual inventory system. During the month of October the
following transactions took place:
10/1
10/5
10/10
10/12
10/15
10/22
A.
UTS
Balance: 2,000 uts. @ $6.00/ut
Purchased: 5,000 uts. @ $6.35/ut
Purchased: 8,000 uts. @ $6.50/ut
Sold 12,000 uts. for $10.00 ea.
Purchased: 4,000 uts. @ $6.75/ut
Sold 5,000 uts. for $10.00 ea.
I
Complete the perpetual inventory record (provided) for
the above transactions using the FIFO valuation system.
COST TOT
UTS
COST
TOT
UTS
COST
TOT
Question 4 of 20:
Select the best answer for the question
4. The process of entering journal page numbers of transactions in the ledger and then entering the account numbers in the journal is referred to as
OA. balancing
OB. journalizing
OC. cross-adding.
D. cross-referencing
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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...
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- REVERSING ENTRIES From the work sheet used in Exercise 15-5A, identify the adjusting entry(ies) that should be reversed and prepare the reversing entry(ies).arrow_forwardREVERSING ENTRIES From the spreadsheet used in Exercise 15-5A, identify the adjusting entry(ies) that should be reversed and prepare the reversing entry(ies).arrow_forwardJOURNALIZE AND POST ADJUSTING ENTRIES FROM THE WORK SHEET Refer to Problem 5-15B and the following additional information: REQUIRED 1. Journalize the adjusting entries on page 3 of the general journal. 2. Post the adjusting entries to the general ledger. (If you are not using the working papers that accompany this text, enter the balances provided in this problem before posting the adjusting entries.)arrow_forward
- Closing entries; net income Based on the data presented in Exercise 6-25, journalize the dosing entries.arrow_forwardJournal entries Based upon the T accounts in Exercise 2-13, prepare the nine journal entries from which the postings were made. Journal entry explanations may be omitted.arrow_forwardAppendix 1 Adjusting entries from an end-of-period spreadsheet Based on the data in Exercise 4-21, prepare the adjusting entries for Alert Security Services Co.arrow_forward
- WORK SHEET AND ADJUSTING ENTRIES A partial work sheet for Jasmine Kahs Auto Detailing is shown below. Indicate by letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet, properly matching each debit and credit. Complete the Adjustments columns. JOURNALIZING ADJUSTING ENTRIES From the Adjustments columns in Exercise 5-9B, journalize the four adjusting entries as of June 30, in proper general journal format.arrow_forwardWORK SHEET AND ADJUSTING ENTRIES A partial work sheet for Jim Jacobs Furniture Repair is shown as follows. Indicate by letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet, properly matching each debit and credit. Complete the Adjustments columns.arrow_forwardProblem 2 Instruction: Indicate what particular column in the worksheet where the following items are to be extended. Place a "check mark" Items Manufacturing Income Statement Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. FG, beg. FG, end. Goods in Process, beg Goods in Process, 1. 2. 3. 4. end RM, beg RM, end Factory Supplies Inv. Factory Supplies Used 5. 6. 7. 8. 9. Salaries-Office 10. Salaries-Factory 11. Repairs-Office Eqpt. 12. Repairs-Factory Eqpt. 13. Light and Water- Office 14. Light and Water- Factory 15. Tools Used 16. Patents 17. Amortization of Patents 18. Purchases - RM 19. Freight-in 20. Salesarrow_forward
- CLOSING ENTRIES From the work sheet on page 607 prepare the following: 1. Closing entries for Balloons and Baubbles in a general journal. 2. A post-closing trial balance.arrow_forwardComprehensive Problem 1 Part 4 and Part 6: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of th concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional. Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is $275. b. Supplies on hand on May 31 are $715. C. Depreciation of office equipment for May is $330. d. Accrued receptionist salary on May 31 is $325. e. Rent expired during May is $1i,600. I Uneamed fees on May 31 are $3,210. Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2. a. Insurance expired during May is $275. Account Name Post. Ref. Debit Credit b. Supplies on hand on May 31 are $715. Account Name Post. Ref. Debit Credit…arrow_forwardPut the following steps in the accounting cycle in the correct order (1-9). Journalize transactions and events Three Journalize and post the adjusting journal entires Three Analyze transactions and events from source documents One Prepare the post-closing trial balance Nine Post the journal entires to the general ledger Choose. + Prepare the unadjusted trial balance Choose. Prepare the adjusted trial balance Choose. +arrow_forward
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