Access Card To Accompany Financial Accounting Niagara County Community College Acc 116 2-semester Access Phillips
5th Edition
ISBN: 9781259663420
Author: PHILLIPS
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 4, Problem 4.4PB
1.
To determine
To Calculate: The unadjusted net income for the year ended December 31, 2015.
2.
To determine
To name: The five pairs of balance sheet and income statement accounts that require adjustment and to indicate the amount of adjustment for each pair.
3.
To determine
To prepare: The adjusting
4.
To determine
To calculate: The adjusted net income that the company should report for the year ended December 31, 2015 and to show adjustments in the requirement (3) cause net income to increase or decrease.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The unadjusted balance of PS music as of July 31, 2018, along with the adjustment data for the two months ended July 31, 2018, are shown in chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared:
Required
1. Optional
2. prepare an income statement, a retained earning statement, and balance sheet
3. A. Journalized the closing entries. The income summary account is #34 in the ledger of PS music. Indicate closed account by inserting a 0 in either of the balance columns opposite the closing entry. No entry is required in the istem colum. 4. prepare a post closing trial balance.
The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31.
Journalize the adjusting entries on May 31.
Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries.
Prepare an adjusted trial balance on May 31.
Prepare an income statement for the month of May.
Prepare a retained earnings statement for the month of May.
MOTO HOTELTrial BalanceMay 31, 2017
Debit
Credit
Cash
$ 2,433
Supplies
2,600
Prepaid Insurance
1,800
Land
14,933
Buildings
67,600
Equipment
16,800
Accounts Payable
$ 4,633
Unearned Rent Revenue
3,300
Mortgage Payable
33,600
Common Stock
59,933
Rent Revenue
9,000
Salaries and Wages Expense
3,000
Utilities Expense
800
Advertising Expense
500
$110,466
$110,466
Other data:
1.…
Badger Bagels had the following separate situations occur during 2016.The company’s accountant is preparing the annual financial statements at December 31, 2016 and has asked you to record the adjusting entries for each situation in the journal entry form.
a.
The Unearned Revenue account has an unadjusted balance of $8,000 consisting of gift cards sold to customers. Redeemed gift cards that have not yet been recorded total $4,800.
b.
At the beginning of the year, the company purchased supplies worth $5000 and paid cash. At December 31, 2016, the supplies available are $2000.
c.
At December 31, 2016, employee wages of $9,200 have been incurred but not paid or recorded.
d.
Nine months ago, the company paid one year's advance rent of $1200 in cash.
e.
The company purchased equipment on January 1 by paying $ 100,000 cash. Unrecorded depreciation on equipment is $11,200.
Chapter 4 Solutions
Access Card To Accompany Financial Accounting Niagara County Community College Acc 116 2-semester Access Phillips
Ch. 4 - Prob. 1QCh. 4 - Explain the relationships between adjustments and...Ch. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - What is a contra-asset? Give an example of one.Ch. 4 - Explain the differences between depreciation...Ch. 4 - What is an adjusted trial balance? What is its...Ch. 4 - On December 31, a company makes a 59,000 payment...Ch. 4 - Using the information in question 8, determine the...Ch. 4 - Using the information in question 8, prepare the...
Ch. 4 - What is the equation for each of the following...Ch. 4 - Prob. 12QCh. 4 - What is the purpose of closing journal entries?Ch. 4 - Prob. 14QCh. 4 - Prob. 15QCh. 4 - What is a post-closing trial balance? Is it a...Ch. 4 - The owner of a local business complains that the...Ch. 4 - Which of the following accounts would not appear...Ch. 4 - Which account is least likely to appear in an...Ch. 4 - When a concert promotions company collects cash...Ch. 4 - On December 31, an adjustments made to reduce...Ch. 4 - An adjusting journal entry to recognize accrued...Ch. 4 - Prob. 6MCCh. 4 - Company A has owned a building for several years....Ch. 4 - Which of the following trial balances is used as a...Ch. 4 - Assume the balance in Prepaid Insurance is 2,500...Ch. 4 - Assume a company receives a bill for 10,000 for...Ch. 4 - Understanding Concepts Related to Adjustments...Ch. 4 - Understanding Concepts Related to Adjustments...Ch. 4 - Matching Transactions with Type of Adjustment...Ch. 4 - Recording Adjusting Journal Entries Using the...Ch. 4 - Determine Accounting Equation Effects of Deferral...Ch. 4 - Prob. 4.6MECh. 4 - Determining Accounting Equation Effects of Accrual...Ch. 4 - Recording Adjusting Journal Entries Using be...Ch. 4 - Preparing Journal Entries for Deferral...Ch. 4 - Preparing Journal Entries for Deferral...Ch. 4 - Preparing Journal Entries for Deferral and Accrual...Ch. 4 - Reporting Adjusted Account Balances Indicate...Ch. 4 - Preparing an Adjusted Trial Balance Macro Company...Ch. 4 - Reporting an Income Statement The Sky Blue...Ch. 4 - Reporting an Income Statement The Sky Blue...Ch. 4 - Reporting a Balance Sheet Refer to M4-14. Prepare...Ch. 4 - Reporting an Income Statement The Sky Blue...Ch. 4 - Preparing and Posting Adjusting Journal Entries At...Ch. 4 - Preparing and Posting Adjusting Journal Entries At...Ch. 4 - Prob. 4.20MECh. 4 - Prob. 4.21MECh. 4 - Prob. 4.22MECh. 4 - Prob. 4.23MECh. 4 - Prob. 4.24MECh. 4 - Prob. 4.25MECh. 4 - Prob. 4.26MECh. 4 - Posting AJEs and Preparing an Adjusted Trial...Ch. 4 - Identifying Adjustments and Preparing Financial...Ch. 4 - Prob. 4.3ECh. 4 - Determining Adjustments and Accounting Equation...Ch. 4 - Determining Adjustments and Accounting Equation...Ch. 4 - Prob. 4.6ECh. 4 - Prob. 4.7ECh. 4 - Prob. 4.8ECh. 4 - Prob. 4.9ECh. 4 - Inferring Transactions from Accrual and Deferral...Ch. 4 - Reporting Depreciation The adjusted trial balance...Ch. 4 - Recording Transactions Including Adjusting and...Ch. 4 - Prob. 4.13ECh. 4 - Prob. 4.14ECh. 4 - Recording Adjusting Entries and Preparing an...Ch. 4 - Recording Four Adjusting Journal Entries and...Ch. 4 - Recording Four Adjusting Journal Entries and...Ch. 4 - Prob. 4.18ECh. 4 - Prob. 4.19ECh. 4 - Prob. 4.1CPCh. 4 - Prob. 4.2CPCh. 4 - Prob. 4.3CPCh. 4 - identifying and Preparing Adjusting Journal...Ch. 4 - Preparing a Trial Balance, Closing Journal Entry,...Ch. 4 - Prob. 4.2PACh. 4 - Determining Accounting Equation Effects of...Ch. 4 - Prob. 4.4PACh. 4 - Preparing a Trial Balance, Closing Journal Entry,...Ch. 4 - Recording Adjusting Journal Entries Cactus...Ch. 4 - Determining Accounting Equation Effects of...Ch. 4 - Prob. 4.4PBCh. 4 - From Recording Transactions to Preparing Accrual...Ch. 4 - Prob. 4.2COPCh. 4 - Prob. 4.3COPCh. 4 - Prob. 4.4COPCh. 4 - From Recording Transactions to Preparing Accrual...Ch. 4 - Prob. 4.6COPCh. 4 - Finding Financial Information Refer to the...Ch. 4 - Prob. 4.2SDCCh. 4 - Ethical Decision Making: A Mini-Case Assume you...Ch. 4 - Adjusting the Accounting Records Assume it is now...
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
- Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 2016, follows: The following business transactions were completed by Elite Realty during April 2016: Instructions 1. Record the April 1, 2016, balance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark () in the Posting Reference column. 2. Journalize the transactions for April in a two-column journal beginning on Page 18. Journal entry explanations may be omitted. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance of the ledger as of April 30, 2016. 5. Assume that the April 30 transaction for salaries and commissions should have been 19,100. (a) Why did the unadjusted trial balance in (4) balance? (b) Journalize the correcting entry. (c) Is this error a transposition or slide?arrow_forwardKelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a two column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 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 1,600. f. Unearned fees on May 31 are 3,210. 5.(Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6.Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7.Prepare an adjusted trial balance. 8.Prepare an income statement, a statement of owners equity, and a balance sheet. 9.Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10.Prepare a post-closing trial balance.arrow_forwardAdjusting entries Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On June 30, 20Y6, the end of the current year, the accountant for Good Note prepared the following trial balances: Instructions Journalize the seven entries that adjusted the accounts at June 30. None of the accounts were affected by more than one adjusting entry.arrow_forward
- The adjusted trial balance of Martinez Advertising Services, at December 31, 2024, follows. This is the first year of operations. Requirements 1. Prepare the income statement for the year ended December 31, 2024. 2. Prepare the statement of owner's equity for the year ended December 31, 2024. Assume the owner had no additional contributions during the year. 3. Prepare the classified balance sheet at December 31, 2024. Use the report form. 4. Calculate the current ratio at December 31, 2024. 5. Journalize and post the closing entries. Indicate the balance of the Martinez,Capital account after the closing entries are posted. 6. Prepare a post-closing trial balance at December 31,2024.arrow_forwardComplex Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the month of September. Instruction: Using the information given, prepare the adjusting entries that should be made by Complex Company on September 30. Complex COMPANY Trial Balance (Selected Accounts) September 30, 2010 Debit Credit Office Supplies....................................................................................$ 2,700 Prepaid Insurance..............................................................................$4,200 Office Equipment............................................................................. $16,200 Accumulated Depreciation—Office…arrow_forwardThe Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31. Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. Prepare an income statement for the month of May. Prepare a retained earnings statement for the month of May. MOTO HOTELTrial BalanceMay 31, 2017 Debit Credit Cash $ 2,433 Supplies 2,600 Prepaid Insurance 1,800 Land 14,933 Buildings 67,600 Equipment 16,800 Accounts Payable $ 4,633 Unearned Rent Revenue 3,300 Mortgage Payable 33,600 Common Stock 59,933 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $110,466 $110,466 Other data: 1. Insurance expires at the rate of $450 per month. 2. A count of supplies shows $1,080 of…arrow_forward
- Preparing the financial statements. The adjusted trial balance of Burl Advertising Services is presented below. BURL ADVERTISING SERVICES Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Cash $14,100 Accounts Receivable 14,200 Office Supplies 6,200 Furniture 19,200 Accumulated Depreciation-Furniture $14,400 Building 51,500 Accumulated Depreciation-Building 35,700 Land 18,300 Accounts Payable 10,200 Salaries Payable 7,400 Unearned Revenue 17,500 Common Stock 32,000 Retained Earnings 37,000 Dividends 20,100 Service Revenue 40,100 Salaries Expense 28,000 Supplies Expense 8,600 Depreciation Expense - Furniture 500 Depreciation Expense - Building 2,600 Advertising Expense 11,000 Total $194,300 $194,300 Requirements Prepare the income statement for the year ending…arrow_forwardTutors for Rent, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2011, was: TUTORS FOR RENT, INC. Prepare an income statement and statement of retained earnings for the year ended December 31, 2011. Also prepare the company’s balance sheet dated December 31, 2011.arrow_forwardJournalize the six December 31 adjusting entries for Cole Designs that adjusted the accounts to arrive at the financial statements in the Adjusted Financial Statements panel. Refer to the Chart of Accounts for exact wording of account titles. Journalize each adjustment as a separate entry. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3 4 5 6 7 8 9 10 11 12 13 Adjusted financial statement Cole Designs Income…arrow_forward
- P3-45 Preparing adjusting entries and preparing an adjusted trial balanceThis problem continues the Davis Consulting situation from Problem P2-43 of Chapter 2. You will need to use the unadjusted trial balance and posted T-accounts that you prepared in Problem P2-43. The unadjusted trial balance at December 31, 2014 is duplicated below: At December 31, the business gathers the following information for the adjusting entries:a. Accrued service revenue, $550.b. Earned $700 of the service revenue collected in advance on December 21.c. Office supplies on hand, $200.d. Depreciation on equipment, $30; Depreciation on furniture, $70.e. Accrued $685 expense for administrative assistant’s salary.Requirements1. Journalize and post the adjusting entries using the T-accounts that you completed in Problem P2-43. In the T-accounts, denote each adjusting amount as ADJ and an account balance as Balance.2. Prepare an adjusted trial balance as of December 31, 2014.arrow_forwardMunroe Delivery Service has completed closing entries and the accounting cycle for 2024. The classified balance sheet on December 31, 2024 follows: 1 Prepare an adjusted trial balance as of January 31, 2025. 2 Prepare Munroe Delivery Service's income statement and statement of owner's equity for the month ended January 31, 2025, and the classified balance sheet on that date. On the income statement, list expenses in decreasing order by amount—that is, the largest expense first, the smallest expense last. 3 Calculate the following ratios as of January 31, 2025 for Munroe DeliveryService: return on assets, debt ratio, and current ratio. More info Jan. 3 Collected $700 cash from customer on account. Jan. 5 Purchased office supplies on account, $700. Jan. 12 Performed delivery services for a customer and received $3,500 cash. Jan. 15 Paid employee salary including the amount owed on December 31, $3,300. (The total cash paid of…arrow_forwardAdjusting Entries and Adjusted Trial Balances Rowland Company is a small editorial services company owned and operated by Fran Briggs. On August 31, 2018, the end of the current year, Rowland Company's accounting clerk prepared the following unadjusted trial balance: Rowland Company Unadjusted Trial Balance August 31, 2018 DebitBalances CreditBalances Cash 4,500 Accounts Receivable 40,860 Prepaid Insurance 7,620 Supplies 2,080 Land 120,150 Building 216,780 Accumulated Depreciation—Building 146,810 Equipment 144,390 Accumulated Depreciation—Equipment 104,570 Accounts Payable 12,810 Unearned Rent 7,270 Common Stock 80,000 Retained Earnings 155,500 Dividends 15,930 Fees Earned 346,250 Salaries and Wages Expense 206,370 Utilities Expense 45,360 Advertising Expense 24,240 Repairs Expense 18,350 Miscellaneous Expense 6,580…arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,
Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim 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