FINANCIAL ACCOUNTING: TOOLS WP ACCESS
8th Edition
ISBN: 9781119230069
Author: Kimmel
Publisher: WILEY
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Chapter 4, Problem 4.3DIE
To determine
An adjusting entry is prepared when the
To prepare: The adjusting entries as given for Company J.
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Sarah Allen is the new owner of Sarah’s Computer Services. At the end of July 2022, her first month of ownership, Sarah is trying to prepare monthly financial statements. She has the following information for the month.
1.
At July 31, Sarah owed employees $3,360 in salaries that the company will pay in August.
2.
On July 1, Sarah borrowed $18,000 from a local bank on a 10-year note. The annual interest rate is 10%.
3.
Service revenue unrecorded in July totaled $1,600.
Prepare the adjusting entries needed at July 31, 2022. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
1.
enter an account title to record the first transaction
enter a debit amount
enter a credit amount
enter an account title to record the first transaction
enter a debit amount…
Adam Jameson is the new owner of GlassLeaf Computer Services. At the end of August 2020, his first month of ownership, Jameson is trying to prepare monthly financial statements. Below is some information related to unrecorded expenses that the business incurred during August.
1.
At August 31, Jameson owed his employees $2,079 in wages that will be paid on September 1.
2.
At the end of the month, he had not yet received the month’s utility bill. Based on past experience, he estimated the bill would be approximately $646.
3.
On August 1, Jameson borrowed $27,600 from a local bank on a 15-year mortgage. The annual interest rate is 7%.
4.
A telephone bill in the amount of $119 covering August charges is unpaid at August 31.
Prepare the adjusting journal entries as of August 31, 2020, suggested by the information above.
Hye Jin started his accounting consultancy business on January 1, 2021. During the first month of the business, the following transactions occurred:
Hye Jin purchased a laptop on January 1, 2021 for P50,000. 30% of the purchase price was paid in cash, the balance was subject to a 2-year note at 3% interest.
Vera expects that the laptop will be used in the business for 3 years.
On January 5, Vera received P12,000 for services to be rendered on the succeeding 4 months.
On January 3, Vera purchased a 1-year insurance policy for P24,000.
Office supplies purchased cost P15,000. A count of supplies at month-end indicates P12,000 supplies are on hand.
On January 31, Hye Jin received a bill from the lessor for January rent amounting to P16,000, and utilities amounting to P4,000.
Services performed to clients but were not yet billed amounted to P7,850.
REQUIRED (show supporting calculations):1. Prepare the adjusting entries on January 31 if the company makes use of the…
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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