Financial & Managerial Accounting
13th Edition
ISBN: 9781285866307
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 4, Problem 4.28EX
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.:
EX 4–28 Closing entries from an end-of-period spreadsheet
Based on the data in Exercise 4-25, prepare the closing entries for Alert Security Services Co.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
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…
Problems
1.
The following are all the steps in the accounting cycle. List them in the order in which they should be done.
- Closing entries are journalized and posted to the ledger.
- An unadjusted trial balance is prepared.
- An optional end-of-period spreadsheet (work sheet) is prepared.
- A post-closing trial balance is prepared.
- Adjusting entries are journalized and posted to the ledger.
- Transactions are analyzed and recorded in the journal.
- Adjustment data are assembled and analyzed.
- Financial statements are prepared.
- An adjusted trial balance is prepared.
- Transactions are posted to the ledger.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
2.
The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to (a) the Income Statement columns or (b) the…
teps in the Accounting Cycle
Rearrange the following steps in the accounting cycle in proper sequence:
a. Transactions are analyzed and recorded in the journal.
b. An unadjusted trial balance is prepared.
c. Transactions are posted to the ledger.
d. Adjustment data are assembled and analyzed.
e. An adjusted trial balance is prepared.
f. Adjusting entries are journalized and posted to the ledger.
g. An optional end-of-period spreadsheet is prepared.
h. A post-closing trial balance is prepared.
i. Financial statements are prepared.
j. Closing entries are journalized and posted to the ledger.
Chapter 4 Solutions
Financial & Managerial Accounting
Ch. 4 - Why do some accountants prepare an end-of-period...Ch. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - What types of accounts are referred to as...Ch. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQCh. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Recent fiscal years for several well-known...
Ch. 4 - Prob. 4.1APECh. 4 - Flow of accounts into financial statements The...Ch. 4 - Retained earnings statement Marcie Davies owns and...Ch. 4 - Prob. 4.2BPECh. 4 - Prob. 4.3APECh. 4 - Prob. 4.3BPECh. 4 - Closing entries After the accounts have been...Ch. 4 - Closing entries After the accounts have been...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Prob. 4.6APECh. 4 - Prob. 4.6BPECh. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Prob. 4.4EXCh. 4 - Income statement The following account balances...Ch. 4 - Prob. 4.6EXCh. 4 - Prob. 4.7EXCh. 4 - Prob. 4.8EXCh. 4 - Retained earnings statement; net loss Selected...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Prob. 4.12EXCh. 4 - Prob. 4.13EXCh. 4 - Prob. 4.14EXCh. 4 - Closing entries Prior to its closing, Income...Ch. 4 - Prob. 4.16EXCh. 4 - Closing entries with net loss Mira Services Co....Ch. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Working capital and current ratio The following...Ch. 4 - Prob. 4.22EXCh. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.24EXCh. 4 - Prob. 4.25EXCh. 4 - Completing an end-of-period spreadsheet Alert...Ch. 4 - Adjustment data on an end-of-period spreadsheet...Ch. 4 - Completing an end-of-period spreadsheet Alert...Ch. 4 - Financial statements and closing entries Lamp...Ch. 4 - Financial statements and closing entries Finders...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and dosing entries The Gorman...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Prob. 4.4BPRCh. 4 - Complete accounting cycle For the past several...Ch. 4 - Comprehensive problem 1 Kelly Pitney began her...Ch. 4 - Continuing Problem The unadjusted trial balance of...Ch. 4 - Prob. 4.1CPCh. 4 - Financial statements The following is an excerpt...Ch. 4 - Financial statements Assume that you recently...
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
- Based on the data in Exercise 4-25, prepare the closing entries for Alert Security Services Co. Alert Security Services Co. offers security services to business clients. Complete the following end-of-period spreadsheet for Alert Security Services Co.:arrow_forwardAppendix 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.: Appendix Financial statements from an end-of-period spreadsheet Based on the data in Exercise 4-25, prepare an income statement, statement of owners equity, and balance sheet for Alert Security Services Co.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
- 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.: EX 426 Financial statements from an end-of-period spreadsheet Based on the data in Exercise 4-25, prepare an income statement, retained earnings statement, and balance sheet for Alert Security Services Co.arrow_forwardBrief Exercise 2-33 Posting Journal Entries Listed below are selected T-accounts and their beginning balances for Galle Inc. Required: Post the journal entries from Brief Exercise 2-32 to these accounts and compute the ending balance for each account.arrow_forwardHello,I need help witht he Journal entry and the Post Closing Trial Balance entry. 4. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles. Beacons Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacons Company prepared the following end-of-period spreadsheet at December 31, 20Y5, the end of the fiscal year: Beacons Company End-of-Period Spreadsheet For the Year Ended December 31, 20Y5 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,500 10,500 Accounts Receivable 39,500 (a) 9,100 48,600 Prepaid Insurance 4,200 (b) 3,350 850 Supplies 2,790 (c) 2,180 610 Land 98,000 98,000 Building 416,000 416,000 Accumulated Depreciation-Building 205,300 (d) 14,000 219,300 Equipment 107,000 107,000 Accumulated…arrow_forward
- 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Using the balances from the spreadsheet, prepare an unadjusted trial balance of the ledger as of August 31, 20Y8. List all accounts in the order of Assets, Liabilities, Stockholders’ equity, Revenues, and Expenses. If an amount box does not require an entry, leave it blank. The following business transactions were completed by Valley Realty during August 20Y8: Aug. 1. Purchased office supplies on account, $1,010. 2. Paid rent on office for month, $3,880. 3. Received cash from clients on account, $19,380. 5. Paid insurance premiums, $2,790. 9. Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, $160. 17. Paid advertising expense, $1,550. 23. Paid creditors on account, $3,490. 29. Paid miscellaneous expense, $350. 30. Paid automobile expense (including rental charges for an automobile), $1,160. 31.…arrow_forwardRearrange the following steps in the accounting cycle in proper sequence:a. Transactions are analyzed and recorded in the journal.b. An unadjusted trial balance is prepared.c. Transactions are posted to the ledger.d. Adjustment data are assembled and analyzed.e. An adjusted trial balance is prepared.f. Adjusting entries are journalized and posted to the ledger.g. An optional end-of-period spreadsheet is prepared.h. A post-closing trial balance is prepared.i. Financial statements are prepared.j. Closing entries are journalized and posted to the ledger.arrow_forwardA. Matching Type (1-5)Instruction: Write the letter that corresponds to the correct answer. 1. Are changes to journal entries you'vealready recorded. Specifically, they makesure that the numbers you have recordedmatch up to the correct accounting periods. 2. Is revenue that has been recognized by thebusiness, but the customer has not yet beenbilled. 3. Is an expense that has been incurredbefore it has been paid. 4. Is used when your company receives apayment in advance of work that has notbeen completed. 5. Is a type of asset on the balance sheetthat results from a business makingadvanced payments for goods or servicesto be received in the future. A. Prepaid expenseB. Deferred revenueC. Accrued expenseD. Accrued revenueE. Adjusting entriesF. Deferred expensearrow_forward
- usiness AccountingQ&A LibraryREQUIRED: Prepare Columbus Ltd classified balance sheet at December 31, 2018. Prepare the closing entries. Prepare the post-closing trial balance. REQUIRED: Prepare Columbus Ltd classified balance sheet at December 31, 2018. Prepare the closing entries. Prepare the post-closing trial balance. error_outlineGet 24/7 homework help and experts with bartleby learn. Subscribe now!arrow_forward Question The following trial balance was extracted from the books of Columbus Ltd at December 31, the end of the company’s financial year. The company is owned by John Columbus and is in the business of buying and farming supplies. Trial Balance as at December 31, 2018 Trial Balance A/C Name Debit Credit Cash 1,000,000 Accounts receivable 450,000 Allowance for bad debt 15,000 Merchandise Inventory 186,000…arrow_forwardIn Chapter 11, the first step of the computer accounting cycle is to: Question 26 options: Post entries to the general ledger Set up a business and select a chart of accounts Journalize entries Change accounting periods Print the general ledger trial balancearrow_forwardMatching TypeInstruction: Write the letter that corresponds to the correct answer. 1. Are changes to journal entries you'vealready recorded. Specifically, they makesure that the numbers you have recordedmatch up to thecorrect accounting periods.2. Is revenue that has been recognized by thebusiness, but the customer has not yet beenbilled.3. Is an expense that has been incurred butnot yet paid.4. Is used when your company receives apayment in advance of work that has notbeen completed.5. Is a type of asset on the balance sheetthat results from a business makingadvanced payments for goods or servicesto be received in the future. A. Adjusting entriesB. Accrued revenueC. Accrued expenseD. Deferred revenueE. Prepaid expenseF. Adjustmentsarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Financial & Managerial AccountingAccountingISBN:9781285866307Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningAccounting (Text Only)AccountingISBN:9781285743615Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningFinancial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,
- Corporate Financial AccountingAccountingISBN:9781337398169Author:Carl Warren, Jeff JonesPublisher:Cengage LearningFinancial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage LearningCorporate Financial AccountingAccountingISBN:9781305653535Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Financial & Managerial Accounting
Accounting
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Accounting (Text Only)
Accounting
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
Corporate Financial Accounting
Accounting
ISBN:9781337398169
Author:Carl Warren, Jeff Jones
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY