MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting
11th Edition
ISBN: 9780133877571
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem P4.38BPGB
Completing d««„„„u„g cycle 6mm inn.n.l cn.ric, .0 pc.-C.Ing «„ balance with an optional worksheet On December I, Curt Walton began an,auto repair shop, Waltons Quality Automotive
The following transactions occurred during December.
Walton contributed $55,000 cash to the business in exchange for capital. Purchased $9,000 of equipment paying cash.
Dec0 1 1
1 Paid $1,500 for a five-month insurance policy starting on December 1 Paid $16,000 cash to purchase land to be used in operations.
9 Purchased office supplies on account, $2,000.
10 Borrowed $12,000 from the bank for business use. Walton signed a notes payable to the bank in the name of the business. The note is due in five years.
19 Paid $1,700 for advertising expenses.
22 Paid $300 on account.
26 The business received a bill for utilities to be paid in January, $180.
28 Revenues earned during the mon;h included $14,000 cash and $2,600 on account.
31 Paid employees' salaries $3,800 and building rent $1,300. Record as a compound entry.
31 The business received $1,400 for auto screening services to be performed next month.
31 Walton withdrew cash of $4,000.
The business uses the following accounts: Cash;
Walton, Capital; Walton Withdrawal - I ' c"' llcarncd Avenue; Notes Payable; Expense; Rent Expense;;
Z ““
Insurance Expense; Interest Expense; and DeprecSn IZ^u^em"" Adjustment data:
- Office Supplies used during the month, $1,000.
- Depreciation for the month, $150.
- One month insurance has expired
- Accrued Interest Expense, $50.
Requirements
- Prepare the
journal entries , and post to rh, i r inc *-accounts.
- Prepare an unadjusted
trial balance - Complete the worksheet for the inonr I i ,, * "" " ¦ nded I leccmbci H, 2016 (optional)
- Prepare the
adjusting entries , and post to the I' accounts. - Prepare an adjusted trial balance
- Prepare the income statement, the st item, n, , f ,,,., ,..11111 111 1,1 ownei s iqulry and th I fied balance sheet in report form.
- Prepare the closing entries, and post to the I accounts.
- Prepare a post-closing trial balance.
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month. During the month of June entered into the following transactions:
June 1 Owner deposited $ 150000 cash in a bank account .
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From the following transactions as well as additional data, please complete the entire accountingcycle (including of preparing a post-closing trial balance) for Carryon’s Plumbing201X Jan1 Carryon invested $104,900 cash and $82,000 worth of plumbing equipment into the plumbingcompany.1 Paid rent for eight months in advance for garage space. Rent per month is $3,250.4 Purchased office equipment on account from Daisy Corp., $42,610.
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Chapter 4 Solutions
MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting
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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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