FINANCIAL ACCOUNTING: TOOLS WP ACCESS
8th Edition
ISBN: 9781119230069
Author: Kimmel
Publisher: WILEY
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Chapter 4, Problem 4.2AP
(a)
To determine
An adjusting entry is prepared when the
To prepare: The adjusting entries of Company K for the month of June.
(b)
To determine
T-Accounts:
T-accounts are referred as T-account because its format represents the letter “T”. The T-accounts consists of the following:
- The title of accounts.
- The debit side (Dr) and,
- The credit side (Cr).
To post: The adjusting entries to the ledger accounts.
(3)
To determine
Adjusted trial balance:
The unadjusted trial balance is the summary of all the ledger accounts that appears on the ledger accounts before making adjusting
To prepare: An adjusted trial balance of Company K at June 30.
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The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the ownerâs capital account was $53,660, and the owner invested $35,000 cash in the company during the 2017 fiscal year.
1. Prepare and complete a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on these additional facts.
a. The supplies available at the end of fiscal year 2017 had a cost of $3,300.
b. The cost of expired insurance for the fiscal year is $3,800.
c. Annual depreciation on equipment is $8,400.
d. The June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $650 amount owed needs to be recorded.
e. The companyâs employees have earned $1,800 of accrued wages at fiscal year-end.
f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $500.
g. AdditionalâĤ
On November 1, 2017, the following were the account balances of Soho Equipment Repair.
Â
Â
Debit
Â
Â
Â
Credit
Cash
Â
$Â 3,540
Â
Accumulated DepreciationâEquipment
Â
$Â 500
Accounts Receivable
Â
3,010
Â
Accounts Payable
Â
3,050
Supplies
Â
1,870
Â
Unearned Service Revenue
Â
400
Equipment
Â
10,750
Â
Salaries and Wages Payable
Â
720
Â
Â
Â
Â
Common Stock
Â
10,750
Â
Â
Â
Â
Retained Earnings
Â
3,750
Â
Â
$19,170
Â
Â
Â
$19,170
During November, the following summary transactions were completed.
Nov. 8
Â
Paid $1,220Â for salaries due employees, of which $500Â is for November and $720Â is for October salaries payable.
10
Â
Received $1,880Â cash from customers in payment of account.
12
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Received $3,810Â cash for services performed in November.
15
Â
Purchased store equipment on account $3,750.
17
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Purchased supplies on account $1,370.
20
Â
Paid creditors $2,570Â of accounts payable due.
22
Â
Paid November rent $510.
25
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Paid salaries $1,080.
27
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PerformedâĤ
Consultants had the following balances before passingadjusting entries in the books on December 31, 2015.Cash $6,000 Deborah, Withdrawals $3,000Accounts Receivable 2,000 Service Revenue 10,600Office Supplies 1,800 Salaries Expense 4,000Equipment 15,000 Rent Expense 800Accumulated Depreciationâ Depreciation ExpenseâEquipment 9,000 Equipment 1,500Deborah, Capital 15,000 Supplies Expense 500Prepare the adjusted trial balance after considering these adjustments:a. Office Supplies used, $800. Assume the office supplies were initially recorded as an asset.b. Accrued salaries on December 31, $600.c. Revenue accrued but not recorded, $200.
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
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