FINANCIAL ACCOUNTING: TOOLS WP ACCESS
8th Edition
ISBN: 9781119230069
Author: Kimmel
Publisher: WILEY
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 4, Problem 4.10E
To determine
An adjusting entry is prepared when the
To prepare: The adjusting entries as given for Company M.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Donna Clark, D.D.S., opened a dental practice on January 1, 2022. During the first month of operations, the following transactions occurred.
1.
Performed services for patients who had dental plan insurance. At January 31, $880 of such services was completed but not yet billed to the insurance companies.
2.
Utility expenses incurred but not paid prior to January 31 totaled $660.
3.
Purchased dental equipment on January 1 for $86,000, paying $27,000 in cash and signing a $59,000, 3-year note payable (interest is paid each December 31). The equipment depreciates $430 per month. Interest is $590 per month.
4.
Purchased a 1-year malpractice insurance policy on January 1 for $22,680.
5.
Purchased $1,500 of dental supplies (recorded as increase to Supplies). On January 31, determined that $500 of supplies were on hand.
Marigold Corp., opened an incorporated dental practice on January 1, 2022. During the first month of operations, the following transactions occurred.
1.
Performed services for patients who had dental plan insurance. At January 31, $890 of such services was completed but not yet billed to the insurance companies.
2.
Utility expenses incurred but not paid prior to January 31 totaled $670.
3.
Purchased dental equipment on January 1 for $85,500, paying $29,250 in cash and signing a $56,250, 3-year note payable (interest is paid each December 31). The equipment depreciates $620 per month. Interest is $470 per month.
4.
Purchased a 1-year malpractice insurance policy on January 1 for $24,000.
5.
Purchased $2,650 of dental supplies (recorded as increase to Supplies). On January 31, determined that $680 of supplies were on hand.
Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation—Equipment, Depreciation Expense, Service Revenue,…
Carol Garcia, D.D.S., opened a dental practice on January 1, 2022. During the first month of operations, the following transactions occurred.
1.
Performed services for patients who had dental plan insurance. At January 31, $880 of such services was completed but not yet billed to the insurance companies.
2.
Utility expenses incurred but not paid prior to January 31 totaled $630.
3.
Purchased dental equipment on January 1 for $82,000, paying $29,000 in cash and signing a $53,000, 3-year note payable (interest is paid each December 31). The equipment depreciates $410 per month. Interest is $530 per month.
4.
Purchased a 1-year malpractice insurance policy on January 1 for $24,960.
5.
Purchased $1,600 of dental supplies (recorded as increase to Supplies). On January 31, determined that $500 of supplies were on hand.
Prepare the adjusting entries on January 31
Chapter 4 Solutions
FINANCIAL ACCOUNTING: TOOLS WP ACCESS
Ch. 4 - Prob. 1QCh. 4 - Identify and stale two generally accepted...Ch. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - Prob. 5QCh. 4 - Why may the financial information in an unadjusted...Ch. 4 - Distinguish between the two categories of...Ch. 4 - What types of accounts does a company debit and...Ch. 4 - Prob. 9QCh. 4 - Prob. 10Q
Ch. 4 - Prob. 11QCh. 4 - What types of accounts are debited and credited in...Ch. 4 - Prob. 13QCh. 4 - Prob. 14QCh. 4 - Prob. 15QCh. 4 - A company fails to recognize an expense incurred...Ch. 4 - A company makes an accrued revenue adjusting entry...Ch. 4 - Prob. 18QCh. 4 - For each of the following items before adjustment,...Ch. 4 - One-half of the adjusting entry is given below....Ch. 4 - Prob. 21QCh. 4 - Prob. 22QCh. 4 - Prob. 23QCh. 4 - (a) What information do accrual-basis financial...Ch. 4 - What is the relationship, if any, between the...Ch. 4 - Identify the account(s) debited and credited in...Ch. 4 - Prob. 27QCh. 4 - Prob. 28QCh. 4 - What items are disclosed on a post-closing trial...Ch. 4 - Prob. 30QCh. 4 - Indicate, in the sequence in which they are made,...Ch. 4 - Identify, in the sequence in which they are...Ch. 4 - Prob. 33QCh. 4 - Prob. 34QCh. 4 - Prob. 35QCh. 4 - Prob. 36QCh. 4 - Prob. 4.1BECh. 4 - Prob. 4.2BECh. 4 - Prob. 4.3BECh. 4 - Prob. 4.4BECh. 4 - Prob. 4.5BECh. 4 - Prob. 4.6BECh. 4 - Prob. 4.7BECh. 4 - Prob. 4.8BECh. 4 - Prob. 4.9BECh. 4 - Prob. 4.10BECh. 4 - Prob. 4.11BECh. 4 - Prob. 4.12BECh. 4 - Prob. 4.13BECh. 4 - Prob. 4.14BECh. 4 - The required steps in the accounting cycle are...Ch. 4 - Prob. 4.1DIECh. 4 - Prob. 4.2DIECh. 4 - Prob. 4.3DIECh. 4 - Prob. 4.4ADIECh. 4 - Prob. 4.4BDIECh. 4 - The following independent situations require...Ch. 4 - These accounting concepts were discussed in this...Ch. 4 - Prob. 4.3ECh. 4 - Prob. 4.4ECh. 4 - Prob. 4.5ECh. 4 - Prob. 4.6ECh. 4 - Prob. 4.7ECh. 4 - Prob. 4.8ECh. 4 - Prob. 4.9ECh. 4 - Prob. 4.10ECh. 4 - Prob. 4.11ECh. 4 - Prob. 4.12ECh. 4 - Prob. 4.13ECh. 4 - Prob. 4.14ECh. 4 - Prob. 4.15ECh. 4 - Prob. 4.17ECh. 4 - Prob. 4.18ECh. 4 - Prob. 4.20ECh. 4 - Prob. 4.22ECh. 4 - Prob. 4.23ECh. 4 - Prob. 4.2APCh. 4 - Prob. 4.3APCh. 4 - Prob. 4.4APCh. 4 - Prob. 4.5APCh. 4 - Prob. 4.6APCh. 4 - Prob. 4.7APCh. 4 - Prob. 4.1CACRCh. 4 - Prob. 4.2CACRCh. 4 - Prob. 4.3CACRCh. 4 - Prob. 4.4CACRCh. 4 - Prob. 4.1EYCTCh. 4 - Prob. 4.2EYCTCh. 4 - Prob. 4.3EYCTCh. 4 - Prob. 4.4EYCTCh. 4 - Prob. 4.6EYCTCh. 4 - Prob. 4.7EYCTCh. 4 - Prob. 4.8EYCTCh. 4 - Companies prepare balance sheets in order to know...Ch. 4 - Prob. 4.1IFRS
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
- On July 1 of this year, R. Green established the Green Rehab Clinic. The organizations account headings are presented below. Transactions completed during the month of July follow. a. Green deposited 30,000 in a bank account in the name of the business. b. Paid the office rent for the month, 1,800, Ck. No. 2001. c. Bought supplies for cash, 362, Ck. No. 2002. d. Bought professional equipment on account from Rehab Equipment Company, 18,000. e. Bought office equipment from Hi-Tech Computers, 2,890, paying 890 in cash and placing the balance on account, Ck. No. 2003. f. Sold professional services for cash, 4,600. g. Paid on account to Rehab Equipment Company, 700, Ck. No. 2004. h. Received and paid the bill for utilities, 367, Ck. No. 2005. i. Paid the salary of the assistant, 1,150, Ck. No. 2006. j. Sold professional services for cash, 3,868. k. Green withdrew cash for personal use, 1,800, Ck. No. 2007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.arrow_forwardOn July 1 of this year, R. Green established the Green Rehab Clinic. The organizations account headings are presented below. Transactions completed during the month of July follow. a. Green deposited 30,000 in a bank account in the name of the business. b. Paid the office rent for the month, 1,800, Ck. No. 2001 (Rent Expense). c. Bought supplies for cash, 362, Ck. No. 2002. d. Bought professional equipment on account from Rehab Equipment Company, 18,000. e. Bought office equipment from Hi-Tech Computers, 2,890, paying 890 in cash and placing the balance on account, Ck. No. 2003. f. Sold professional services for cash, 4,600 (Professional Fees). g. Paid on account to Rehab Equipment Company, 700, Ck. No. 2004. h. Received and paid the bill for utilities, 367, Ck. No. 2005 (Utilities Expense). i. Paid the salary of the assistant, 1,150, Ck. No. 2006 (Salary Expense). j. Sold professional services for cash, 3,868 (Professional Fees). k. Green withdrew cash for personal use, 1,800, Ck. No. 2007. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.arrow_forwardOn June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinics account names are presented below. Transactions completed during the month follow. a. Larkin deposited 25,000 in a bank account in the name of the business. b. Paid the office rent for the month, 950, Ck. No. 1001 (Rent Expense). c. Bought supplies for cash, 357, Ck. No. 1002. d. Bought office equipment on account from NYC Office Equipment Store, 8,956. e. Bought a computer from Wardens Office Outfitters, 1,636, paying 750 in cash and placing the balance on account, Ck. No. 1003. f. Sold professional services for cash, 3,482 (Professional Fees). g. Paid on account to Wardens Office Outfitters, 886, Ck. No. 1004. h. Received and paid the bill for utilities, 382, Ck. No. 1005 (Utilities Expense). i. Paid the salary of the assistant, 1,050, Ck. No. 1006 (Salary Expense). j. Sold professional services for cash, 3,295 (Professional Fees). k. Larkin withdrew cash for personal use, 1,250, Ck. No. 1007. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.arrow_forward
- Larkspur, Inc., opened an incorporated dental practice on January 1, 2017. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $770 of such services was completed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $780. 3. Purchased dental equipment on January 1 for $86,500, paying $22,200 in cash and signing a $64,300, 3-year note payable (interest is paid each December 31). The equipment depreciates $530 per month. Interest is $690 per month. 4. Purchased a 1-year malpractice insurance policy on January 1 for $24,000. 5. Purchased $2,650 of dental supplies (recorded as increase to Supplies). On January 31, determined that $500 of supplies were on hand. Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation—Equipment, Depreciation Expense, Service Revenue,…arrow_forwardKimberly Young, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $800 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $560. 3. Purchased dental equipment on January 1 for $84,000, paying $19,000 in cash and signing a $65,000, 3-year note payable. (a) The equipment depreciates $410 per month. (b) Interest is $550 per month. 4. Purchased a one-year malpractice insurance policy on January 1 for $12,360. 5. Purchased $1,639 of dental supplies. On January 31, determined that $490 of supplies were on hand. Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation—Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest…arrow_forwardSteve Williams, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $818 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $500. 3. Purchased dental equipment on January 1 for $83,000, paying $18,000 in cash and signing a $65,000, 3-year note payable. (a) The equipment depreciates $378 per month. (b) Interest is $450 per month. 4. Purchased a one-year malpractice insurance policy on January 1 for $12,360. 5. Purchased $1,717 of dental supplies. On January 31, determined that $540 of supplies were on hand. Prepare the adjusting entries on January 31.arrow_forward
- Linda Williams, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $818 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $500. 3. Purchased dental equipment on January 1 for $83,000, paying $18,000 in cash and signing a $65,000, 3-year note payable. (a) The equipment depreciates $378 per month. (b) Interest is $450 per month. 4. Purchased a one-year malpractice insurance policy on January 1 for $12,360. 5. Purchased $1,717 of dental supplies. On January 31, determined that $540 of supplies were on hand. Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation—Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest…arrow_forwardEvan Watts opened a dental practice on January 1, 2021. During the first month of operations, the following transactions occurred. 1. Watts performed services for patients totalling $2,310. These services have not yet been recorded. 2. Utility expenses incurred but not paid prior to January 31 totalled $380. 3. Purchased dental equipment on January 1 for $90,000, paying $21,400 in cash and signing a $68,600, three-year note payable. The equipment depreciates $500 per month. Interest is $640 per month. 4. Purchased a one-year malpractice insurance policy on January 1 for $10,200. 5. Purchased $2,520 of dental supplies. On January 31, determined that $810 of supplies were on hand. Prepare the adjusting entries on January 31.arrow_forwardLisa Anderson, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions ocurred. 1. Performed services for patients who had dental plan insurance. At January 31, $722 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to january 31 totaled $533. 3. Purchased dental equitment on January 1 for $83,000, paying $21,000 in cash and signing a $62,000, 3-year note payable. a) The equipment depreciates $429 per month. b) Interest is $480 per month. 4. Purchased a one-year malpractice insurance policy on January 1 for $12,360. 5. Purchased $1,445 of dental supplies. On Jnuary 31, determined that $500 of supplies were on hand. Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation-Equipment, Depreciation Expense,Service Revenue,Account Receivable, Insurance Expense, Interes Expense, Interes Pyable, Prepaid Insurance,…arrow_forward
- Karen Weller, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $750 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $520. 3. Purchased dental equipment on January 1 for $80,000, paying $20,000 in cash and signing a $60,000, 3-year note payable. The equipment depreciates $400 per month. Interest is $500 per month. 4. Purchased a one-year malpractice insurance policy on January 1 for $12,000. 5. Purchased $1,600 of dental supplies. On January 31, determined that $500 of supplies were on hand. Instructions Prepare the adjusting entries on January 31. (Omit explanations.) Account titles are Accumulated Depreciation—Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest…arrow_forwardLee Harris, MD, had the following balances in the ledger for his medical practice: Cash $8,830, Accounts Receivable$2,665, Supplies $565, Equiprment $15,650, Notes Payable $10,250, Accounts Payable $800. L. Harris, Capital $15,000, L. Harris,Drawings $5,180, Service Revenue $ 10.530, Rent Expense $1,220, and Salaries Expense $2,470. in July 31 and in august create a trial balance for august.arrow_forwardListed below are the transactions of Robert Williams, D.D.S., for the month of September. Sept. 1 Williams begins practice as a dentist, invests $18,200 cash and issues 1,820 shares of $10 par stock. 2 Purchases dental equipment on account from Green Jacket Co. for $17,460. 4 Pays rent for office space, $730 for the month. 4 Employs a receptionist, Michael Bradley. 5 Purchases dental supplies for cash, $930. 8 Receives cash of $1,550 from patients for services performed. 10 Pays miscellaneous office expenses, $460. 14 Bills patients $6,180 for services performed. 18 Pays Green Jacket Co. on account, $3,380. 19 Pays a dividend of $3,150 cash. 20 Receives $1,050 from patients on account. 25 Bills patients $1,940 for services performed. 30 Pays the following expenses in cash: Salaries and wages $1,730; miscellaneous office expenses $89. 30 Dental supplies used during September, $370. Record depreciation using a 5-year life on…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- College Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage LearningCollege Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License