GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
17th Edition
ISBN: 9781260218831
Author: Libby
Publisher: MCG CUSTOM
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Chapter 4, Problem 4.9E
1.
To determine
Identify each of these transactions as deferred revenue, deferred expense, accrued revenue, or accrued expense.
2.
To determine
Prepare the
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Journalizing adjusting entries
Consider the following situations for Betterton Welding Services:
Depreciation for the current year includes equipment, $2,100.
Each Monday, Betterton pays employees for the previous week’s work. The amount of weekly payroll is $1,400 for a seven-day workweek (Monday to Sunday). This year, December 31 falls on Thursday.
The beginning balance of Office Supplies was $2,300. During the year, Betterton purchased office supplies for $3,000, and at December 31 the office supplies on hand totaled $1,000.
Betterton prepaid a two full years’ insurance on July 1 of the current year, $6,000. Record insurance expense for the year ended December 31.
Betterton had earned $2,800 of unearned revenue.
Betterton had incurred (but not recorded) $200 of interest expense on a note payable. The interest will not be paid until February 28.
Betterton billed customers $3,000 for welding services performed.
Journalize the adjusting entry needed on December 31 for each situation.…
ABC Township purchases $15,000 of supplies on account toward the end of the year. A year-end audit reveals that $4,000 of the inventories remain unused. Prepare
the journal entry for the purchase of the inventories and the year-end adjusting entry, assuming that the purchases method is used.
Journalize the adjusting entries to be made at the end of
the year.
1. Eight Drops Company is a consignee and receives a 5%
commission from sales of a water purifying agent to
customers. The firm is able to generate sales of P280,000
for the months of November and December for which no
commission has yet been received.
2. Darren Company sub-leased a portion of its space to David
Company for P4,500 per month. David Company occupied
the said space on October1 of the current year. Darren
Company did not receive any payments from David
Company since October 1.
3. Dominic Company has not recorded the professional
services it has rendered to a client for P25,000 which
remains uncollected at year -end.
4. Codie Company rented a bus to carry their guests to and
from the airport beginning December 20 from Avis Car
Rental at a daily rate of P2,000. No rental payment has yet
been received by Avis Car Rental.
5. Hailey Company has a 90-day note received from a
customer. Interest earned on the note…
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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