GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
17th Edition
ISBN: 9781260218831
Author: Libby
Publisher: MCG CUSTOM
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Chapter 4, Problem 4.5P
1.
To determine
Identify each of these transactions as deferred revenue, deferred expense, accrued revenue, or accrued expense.
2.
To determine
Indicate the effect of each adjusting entry and the amount.
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Students have asked these similar questions
Reversing entries are used in income collected in advance when the
| point
adjusting entry has a
Debit to an asset
Debit to a Liabilty
credit to Expense
Credit to Income
Select the correct account type(asset, liability, equity, revenue, expense) for the below accounts:
Depreciation expense
Answer 1Choose...RevenueAssetLiabilityEquityExpense
Drawings
Answer 2Choose...RevenueAssetLiabilityEquityExpense
Prepaid Insurance
Answer 3Choose...RevenueAssetLiabilityEquityExpense
Unearned Service Revenue
Answer 4RevenueAssetLiabilityEquityExpense
Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. A
once, more than once, or not at all.
Recorded when the performance obligation is satisfied.
a. Revenue recognition principle
" The reason for recording accruals and deferrals in adjusting entries.
b. Matching principle
Valuing assets at amounts originally paid for them.
C. Historical cost principle
Entity assumed to have a long life
d. Going concern assumption
Description of significant accounting policies and unusual events.
e. Full disclosure principle
Information has predictive and confirmatory value.
f. Relevance characteristic
8. Consistency characteristic
Chapter 4 Solutions
GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
Ch. 4 - What is the purpose of recording adjusting...Ch. 4 - List the four types of adjusting entries, and give...Ch. 4 - What is a contra-asset? Give an example of one.Ch. 4 - Explain how the financial statements relate to...Ch. 4 - What is the equation for each of the following...Ch. 4 - Explain the effect of adjusting entries on cash.Ch. 4 - How is earnings per share computed and...Ch. 4 - Prob. 8QCh. 4 - What are the purposes for closing the books?Ch. 4 - Differentiate among (a) permanent, (b) temporary,...
Ch. 4 - Explain why the income statement accounts are...Ch. 4 - Prob. 12QCh. 4 - Which of the following accounts would not appear...Ch. 4 - Which account is least likely to appear in an...Ch. 4 - Prob. 3MCQCh. 4 - On June 1, 2016, Oakcrest Company signed a...Ch. 4 - Prob. 5MCQCh. 4 - An adjusted trial balance a. Shows the ending...Ch. 4 - JJ Company owns a building. Which of the following...Ch. 4 - Prob. 8MCQCh. 4 - Prob. 9MCQCh. 4 - If a company is successful in acquiring several...Ch. 4 - Preparing a Trial Balance Hagadorn Company has the...Ch. 4 - Matching Definitions with Terms Match each...Ch. 4 - Matching Definitions with Terms Match each...Ch. 4 - Recording Adjusting Entries (Deferred Accounts) In...Ch. 4 - Determining Financial Statement Effects of...Ch. 4 - Recording Adjusting Entries (Accrued Accounts) In...Ch. 4 - Prob. 4.7MECh. 4 - Reporting an Income Statement with Earnings per...Ch. 4 - Prob. 4.9MECh. 4 - Reporting an Income Statement with Earnings per...Ch. 4 - Prob. 4.11MECh. 4 - Recording Closing Entries Refer to the adjusted...Ch. 4 - Prob. 4.1ECh. 4 - Prob. 4.2ECh. 4 - Recording Adjusting Entries Diane Company...Ch. 4 - Prob. 4.4ECh. 4 - Prob. 4.5ECh. 4 - Recording Adjusting Entries and Reporting Balances...Ch. 4 - Determining Financial Statement Effects of...Ch. 4 - Recording Seven Typical Adjusting Entries...Ch. 4 - Prob. 4.9ECh. 4 - Determining Financial Statement Effects of Seven...Ch. 4 - Determining Financial Statement Effects of Seven...Ch. 4 - Recording Transactions Including Adjusting and...Ch. 4 - Prob. 4.13ECh. 4 - Determining Financial Statement Effects of...Ch. 4 - Inferring Transactions Deere Company is the...Ch. 4 - Analyzing the Effects of Errors on Financial...Ch. 4 - Prob. 4.17ECh. 4 - Recording the Effects of Adjusting Entries and...Ch. 4 - Reporting a Correct Income Statement with Earnings...Ch. 4 - Recording Four Adjusting Entries and Completing...Ch. 4 - Prob. 4.21ECh. 4 - Recording Four Adjusting Entries and Completing...Ch. 4 - Prob. 4.1PCh. 4 - Prob. 4.2PCh. 4 - Prob. 4.3PCh. 4 - Prob. 4.4PCh. 4 - Prob. 4.5PCh. 4 - Prob. 4.6PCh. 4 - Prob. 4.7PCh. 4 - Prob. 4.1APCh. 4 - Prob. 4.2APCh. 4 - Prob. 4.3APCh. 4 - Prob. 4.4APCh. 4 - Determining Financial Statement Effects of...Ch. 4 - Prob. 4.6APCh. 4 - Prob. 4.7APCh. 4 - Prob. 4.1CONCh. 4 - Recording Transactions (Including Adjusting and...Ch. 4 - Recording Transactions (Including Adjusting and...Ch. 4 - Finding Financial Information Refer to the...Ch. 4 - Finding Financial Information Refer to the...Ch. 4 - Comparing Companies within an Industry and Over...Ch. 4 - Prob. 4.4CPCh. 4 - Prob. 4.5CPCh. 4 - Prob. 4.6CPCh. 4 - Prob. 4.7CPCh. 4 - Prob. 4.8CPCh. 4 - Prob. 4.9CP
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- If adjusting entries include these listed accounts, what other account must be in that entry as well? (A) Depreciation expense; (B) Unearned Service Revenue; (C) Prepaid Insurance; (D) Interest Payable.arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on fixed assets, $ 8,500 B. unexpired prepaid rent, $12,500 C. remaining balance of unearned revenue, $555arrow_forwardAlcorn Service Company was formed on January 1. Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $64,000 cash from the issue common stock. 2. Purchased $2,000 of supplies on account. 3. Purchased land that cost $26,000 cash. 4. Paid $2,000 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $50,000. 6. Paid $25,000 cash for other operating expenses. 7. Collected $42,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $3,600 on December 31, Year 1 9. Had $600 of supplies on hand at the end of the accounting period. Events Affecting the Year 2 Accounting Period 1. Acquired $24,000 cash from the issue of common stock. 2. Paid $3,600 cash to settle the salaries payable obligation. 3. Paid $4,800 cash in advance to lease office space. 4. Sold the land that cost $26,000 for $26,000 cash. 5. Received $6,000 cash in advance for services to be performed in the future. 6. Purchased…arrow_forward
- 25.Adjusting entries a. Bring asset and liability accounts to correct balances. b. Assign revenues to the period in which they are earned. c. Help to properly measure the period’s net income or net loss. d. All of the above.arrow_forwardAn end-of-period adjusting entry that debits Unearned Revenue most likely will credita. a revenue.b. an asset.c. a liability.d. an expense.arrow_forwardFor each description of adjusting entry given below, indicate whether it relates to a deferred revenue, deferred expense, accrued revenue or accrued expense AND give an example of the adjusting entry. a. A debit to an asset and a credit to a revenue. b. A debit to an expense and a credit to a liability. c. A debit to a liability and a credit to a revenue. Type of Transaction Example of adjusting entryarrow_forward
- Explain What is an adjusting entry? Write different (four) adjusting entries Converting assets to expenses, converting liabilities to revenue, Accruing unpaid expenses, and accruing uncollected revenues with Examples?arrow_forwardAll of the following are types of adjusting entries excepta. depreciation.b. deferrals.c. accruals.d. transactions.arrow_forwardWhat is the impact of accrued expenses before year end adjusting entries ? The answer is .A. Understate expenses and understate liabilities. B. Understate assets and understate expenses . C. Overstate assets and understate expenses . D. Understate expenses and overstate liabilities.arrow_forward
- to prepare an adjusting entry would it be, debit depreciation expense for 17320, and credit AD-equipment for 17320?arrow_forwardPROBLEM Selected accounts from the ledger of Phillips Company appear below. For each account, indicate the following: (a) In the first column at the right, indicate the nature of each account, using the following abbreviations: Asset - A Revenue - R Liability - L Expense - E None of the above - N (b) In the second column, indicate the increase side of each account by inserting Dr. or Cr. Account Type of Account Increase Side (1) Supplies _______ ________ (2) Notes Receivable _______ ________ (3) Fees Earned _______ ________ (4) Drawings _______ ________ (5) Accounts Payable _______ ________ (6) Salaries Expense _______ ________ (7) Capital _______ ________ (8) Accounts Receivable _______ ________ (9) Equipment _______ ________ (10) Notes Payable _______ ________ Calculate the following.…arrow_forwardFill in the blank associated with each adjusting entry: a. Prepaid expense: Debit Supplies Expense; credit ___________. b. Deferred revenue: Debit ___________; credit Service Revenue. c. Accrued expense: Debit ___________; credit Salaries Payable. d. Accrued revenue: Debit Accounts Receivable; credit ___________.arrow_forward
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