Generally accepted accounting principle does not require reversing entries. Reversing entries are used for accrual type adjustments. They are made on the first day of an accounting period to reverse the adjusting entries made in the previous accounting period. It is made to avoid doubling of revenues or expenses. When an accountant reverses an entry, it saves his time and he does not have to refer back to the previous period for the accounting entry. Requirement 1: To Calculate: 1. The T-accounts of unadjusted balances on December 31 st 2016

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Answer 1

Question

Chapter 4, Problem E4A.27E

To determine

Introduction: Generally accepted accounting principle does not require reversing entries. Reversing entries are used for accrual type adjustments. They are made on the first day of an accounting period to reverse the adjusting entries made in the previous accounting period. It is made to avoid doubling of revenues or expenses. When an accountant reverses an entry, it saves his time and he does not have to refer back to the previous period for the accounting entry.

Requirement 1:

To Calculate:

1. The T-accounts of unadjusted balances on December 31^st 2016

To determine

Requirement 2:

To Calculate:

Without reversing entries.

To determine

Requirement 3:

To Calculate:

The T-accounts of unadjusted balances at December 31^st 2016, assuming that Ocean View Services uses reversing entries

Expert Solution & Answer

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Answer 2

Question

Chapter 4, Problem E4A.27E

To determine

Introduction: Generally accepted accounting principle does not require reversing entries. Reversing entries are used for accrual type adjustments. They are made on the first day of an accounting period to reverse the adjusting entries made in the previous accounting period. It is made to avoid doubling of revenues or expenses. When an accountant reverses an entry, it saves his time and he does not have to refer back to the previous period for the accounting entry.

Requirement 1:

To Calculate:

1. The T-accounts of unadjusted balances on December 31^st 2016

To determine

Requirement 2:

To Calculate:

Without reversing entries.

To determine

Requirement 3:

To Calculate:

The T-accounts of unadjusted balances at December 31^st 2016, assuming that Ocean View Services uses reversing entries

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 4, Problem E4A.27E

To determine

Introduction: Generally accepted accounting principle does not require reversing entries. Reversing entries are used for accrual type adjustments. They are made on the first day of an accounting period to reverse the adjusting entries made in the previous accounting period. It is made to avoid doubling of revenues or expenses. When an accountant reverses an entry, it saves his time and he does not have to refer back to the previous period for the accounting entry.

Requirement 1:

To Calculate:

1. The T-accounts of unadjusted balances on December 31^st 2016

To determine

Requirement 2:

To Calculate:

Without reversing entries.

To determine

Requirement 3:

To Calculate:

The T-accounts of unadjusted balances at December 31^st 2016, assuming that Ocean View Services uses reversing entries

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 4, Problem E4A.27E

To determine

Introduction: Generally accepted accounting principle does not require reversing entries. Reversing entries are used for accrual type adjustments. They are made on the first day of an accounting period to reverse the adjusting entries made in the previous accounting period. It is made to avoid doubling of revenues or expenses. When an accountant reverses an entry, it saves his time and he does not have to refer back to the previous period for the accounting entry.

Requirement 1:

To Calculate:

1. The T-accounts of unadjusted balances on December 31^st 2016

To determine

Requirement 2:

To Calculate:

Without reversing entries.

To determine

Requirement 3:

To Calculate:

The T-accounts of unadjusted balances at December 31^st 2016, assuming that Ocean View Services uses reversing entries

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 4, Problem E4A.27E

To determine

Introduction: Generally accepted accounting principle does not require reversing entries. Reversing entries are used for accrual type adjustments. They are made on the first day of an accounting period to reverse the adjusting entries made in the previous accounting period. It is made to avoid doubling of revenues or expenses. When an accountant reverses an entry, it saves his time and he does not have to refer back to the previous period for the accounting entry.

Requirement 1:

To Calculate:

1. The T-accounts of unadjusted balances on December 31^st 2016

To determine

Requirement 2:

To Calculate:

Without reversing entries.

To determine

Requirement 3:

To Calculate:

The T-accounts of unadjusted balances at December 31^st 2016, assuming that Ocean View Services uses reversing entries

Answer 6

Chapter 4, Problem E4A.27E

To determine

Introduction: Generally accepted accounting principle does not require reversing entries. Reversing entries are used for accrual type adjustments. They are made on the first day of an accounting period to reverse the adjusting entries made in the previous accounting period. It is made to avoid doubling of revenues or expenses. When an accountant reverses an entry, it saves his time and he does not have to refer back to the previous period for the accounting entry.

Requirement 1:

To Calculate:

1. The T-accounts of unadjusted balances on December 31^st 2016

Answer 7

Chapter 4, Problem E4A.27E

To determine

Introduction: Generally accepted accounting principle does not require reversing entries. Reversing entries are used for accrual type adjustments. They are made on the first day of an accounting period to reverse the adjusting entries made in the previous accounting period. It is made to avoid doubling of revenues or expenses. When an accountant reverses an entry, it saves his time and he does not have to refer back to the previous period for the accounting entry.

Requirement 1:

To Calculate:

1. The T-accounts of unadjusted balances on December 31^st 2016

Answer 8

To determine

Requirement 2:

To Calculate:

Without reversing entries.

Answer 9

To determine

Requirement 2:

To Calculate:

Without reversing entries.

Answer 10

To determine

Requirement 3:

To Calculate:

The T-accounts of unadjusted balances at December 31^st 2016, assuming that Ocean View Services uses reversing entries

Answer 11

To determine

Requirement 3:

To Calculate:

The T-accounts of unadjusted balances at December 31^st 2016, assuming that Ocean View Services uses reversing entries

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

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...

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Requirement 2:

To Calculate:

Without reversing entries.

Requirement 3:

To Calculate:

The T-accounts of unadjusted balances at December 31^st 2016, assuming that Ocean View Services uses reversing entries

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Chapter 4 Solutions

Concept explainers

Videos

Requirement 2: To Calculate: Without reversing entries.

Requirement 3: To Calculate: The T-accounts of unadjusted balances at December 31st 2016, assuming that Ocean View Services uses reversing entries

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Chapter 4 Solutions

Requirement 2:

To Calculate:

Without reversing entries.

Requirement 3:

To Calculate:

The T-accounts of unadjusted balances at December 31^st 2016, assuming that Ocean View Services uses reversing entries