Horngren's Accounting
11th Edition
ISBN: 9780133851151
Author: MILLER-NOBLES, Tracie L., Mattison, Brenda., Matsumura, Ella Mae, Horngren, Charles T.
Publisher: Pearson,
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Concept explainers
Textbook Question
Chapter 4, Problem E4.25E
a post-dosing
Requirements
- Complete rhe worksheet tor San Antonio Veterinary Hospital.
- Prepare the closing entries.
- Prepare a post-closing trial balance.
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ACCRUALS & DEFERRALSAnswer and explain thoroughly
EXERCISES
For the following items, make a journalentry of the original transaction (ifapplicable)
a. Paid $10,800 for 6-months’ insurance premiums.
b. The balance in the ledger account Office Suppliesamounted to $32,000. A count of the office supplies onNov. 30 totaled $12,800.
c. Received $22,800 on Nov. 1 from a customer forservices to be rendered during the months of November,December, January, and February.
d. Acquired Office Equipment costing $352,800 on April 1.the equipment is expected to last 5 years. After which, itwill be worthless.
e. Assume that on Nov. 30 is a Friday and that thecompany pays its employees a total of $87,500 onSaturday.
CLOSING ENTRIES AND POST-CLOSING TRIAL BALANCE Refer to thework sheet in Problem 6-7A for Megaffin's Repairs. The trial balanceamounts (before adjustments) have been entered in the ledger accountsprovided in the working papers. If you are not using the working papersthat accompany this book, set up ledger accounts and enter thesebalances as of January 31, 20--. A chart of accounts is provided attached.
REQUIRED
1. Journalize (page 10) and post the adjusting entries.2. Journalize (page 11) and post the closing entries.3. Prepare a post-closing trial balance.
Insurance Rejection
Scenarios
Scenario 1
A
patient brings in a prescription for Singulair 10 mg for the pharmacy to fill,
and decides to wait for their prescription. After obtaining all of the patients
PHI and entering all the data into the computers, the technician proceeds to
enter the prescription and adjudicate a claim to the patients insurance. Upon
submission, the technician receives a rejection message stating that the
patients is over the age of 18 and the insurance formulary requires a prior authorization.
(Certain insurance companies will only cover Singulair for adults if doctors
diagnose the patient with a specific diagnosis, such as Asthma)
a.
What
steps need to be taken to begin the process of resolving the rejection?
b.
Who
do you need to contact or notify, who completes the notification, and how are
the individuals notified?
c.
What
other options might be given and to whom?
d.
How
long should this process take, on average?
Scenario 2
A
patient brings in a prescription…
Chapter 4 Solutions
Horngren's Accounting
Ch. 4 - Assets are listed on the balance sheet in the...Ch. 4 - Which of the following accounts would be included...Ch. 4 - Which situation indicates a net loss within the...Ch. 4 - Which of the following accounts is not closed?...Ch. 4 - What do closing entries accomplish? Learning...Ch. 4 - Which of the following is not a closing entry?...Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - 8. Which of the following steps of the accounting...Ch. 4 - Clean Water Softener Systems has Cash of $600,...Ch. 4 - Which of the following statements concerning...
Ch. 4 - What document are financial statements prepared...Ch. 4 - What does the income statement report?Ch. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Why are financial statements prepared in a...Ch. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - How could a worksheet help in preparing financial...Ch. 4 - If a business had a net loss for the year, where...Ch. 4 - Prob. 12RQCh. 4 - What are temporary accounts? Are temporary...Ch. 4 - What are permanent accounts? Are permanent...Ch. 4 - How is the Income Summary account used? Is it a...Ch. 4 - Prob. 16RQCh. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - Prob. 19RQCh. 4 - What is the current ratio, and how is it...Ch. 4 - Prob. 21ARQCh. 4 - Prob. S4.1SECh. 4 - Prob. S4.2SECh. 4 - Prob. S4.3SECh. 4 - Preparing a balance sheet (classified, report...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Prob. S4.6SECh. 4 - Prob. S4.7SECh. 4 - Prob. S4.8SECh. 4 - Prob. S4.9SECh. 4 - Prob. S4.10SECh. 4 - S412 Identifying accounts included on a...Ch. 4 - Identifying steps in the accounting cycle Learning...Ch. 4 - Prob. S4.13SECh. 4 - Prob. S4.14SECh. 4 - Prob. E4.15ECh. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Prob. E4.17ECh. 4 - Prob. E4.18ECh. 4 - Prob. E4.19ECh. 4 - Prob. E4.20ECh. 4 - Prob. E4.21ECh. 4 - Prob. E4.22ECh. 4 - Preparing a worksheet and closing entries Jadence...Ch. 4 - I 2 I I’rcpai ing t losing end ics I rom an...Ch. 4 - a post-dosing trial balance rics* illic r. s ano a...Ch. 4 - Prob. E4.26ECh. 4 - Prob. E4A.27ECh. 4 - Prob. P4.28APGACh. 4 - 'v"-1 evaluate a company •""' UM"B tl,e r“" ratio...Ch. 4 - Preparing a worksheet, financial statements, and i...Ch. 4 - WIUIAMt Osy ANVILS UrMdjuMvd lr „ ik'Uno. l>cu...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Prob. P4.33APGACh. 4 - Prob. P4.34BPGBCh. 4 - Prob. P4.35BPGBCh. 4 - Preparing a worksheet, financial statements, and...Ch. 4 - Prob. P4.37BPGBCh. 4 - Completing d««„„„u„g cycle 6mm inn.n.l cn.ric, .0...Ch. 4 - Prob. P4.39BPGBCh. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Prob. P4.41PSCh. 4 - Prob. 1.1CPCh. 4 - Prob. 1.2CPCh. 4 - Prob. 1.3CPCh. 4 - Prob. 1.4CPCh. 4 - Magness Delivery Service completed the fblowing...Ch. 4 - Prob. 1.6CPCh. 4 - Prob. 1.7CPCh. 4 - Prob. 1.8CPCh. 4 - Prob. 1.9CPCh. 4 - Prob. 2.1CPCh. 4 - Prob. 2.2CPCh. 4 - Prob. 2.3CPCh. 4 - Prob. 2.4CPCh. 4 - Prob. 2.5CPCh. 4 - Prob. 2.6CPCh. 4 - Prob. 2.7CPCh. 4 - Prob. 2.8CPCh. 4 - Prob. 4.1EICh. 4 - Prob. 4.1FCCh. 4 - Prob. 4.1FSC
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- CLOSING ENTRIES From the work sheet on page 607 prepare the following: 1. Closing entries for Balloons and Baubbles in a general journal. 2. A post-closing trial balance.arrow_forwardCLOSING ENTRIES Using the spreadsheet and partially completed Income Summary Account on page 605 prepare the following: 1. Closing entries for Balloons and Baubbles in a general journal. 2. A post-closing trial balance. EXERCISE 15-5Barrow_forwardBelow is the trial balance which was extracted from the books of the Ready Hospital Supplies on June 30, the end of the company’s financial year. You are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. Ready Hospital Supplies Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000.00 Accounts Receivable 151,000.00 Allowance for Bad-Debts 12,500.00 Merchandise Inventory 187,500.00 Store Supplies 58,000.00 Prepaid Insurance 72,000.00 Prepaid Rent 56,000.00 Furniture & Fixtures 800,000.00 Accumulated Depreciation: Furniture & Fixtures 256,000.00 Computer Equipment 450,000.00 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500.00 Salaries Payable Interest Payable 27,000.00…arrow_forward
- Umbrella Corporation provides consulting for virology and pharmaceutical research. Umbrella Corporation prepared the following end-of-period spreadsheet at December 31, 2002, the end of the fiscal year: Based upon the end-of-period spreadsheet, journalize the closing entries. Prepare a post-closing trial balance.arrow_forwardFinancial Statements and Closing Entries Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet that follows at June 30, 20Y1, the end of the fiscal year: Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 20Y1 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 5,100 5,100 Accounts Receivable 22,750 (a) 3,750 26,500 Prepaid Insurance 3,600 (b) 1,300 2,300 Supplies 2,025 (c) 1,500 525 Land 80,000 80,000 Building 340,000 340,000 Accum. Depr.—Building 190,000 (d) 3,000 193,000 Equipment 140,000 140,000 Accum. Depr.—Equipment 54,450 (e) 4,550 59,000 Accounts Payable 9,750 9,750 Salaries and Wages Payable (f) 1,900 1,900 Unearned Rent…arrow_forwardHI I'm having trouble journalizing the closing entries for this practice question. From the partial worksheet (see screeshots attached,, journalize the closing entries for December 31 for A. Peters Co. What accounts should I post to?arrow_forward
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