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College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160

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BuyFindarrow_forward

College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160
Chapter 5, Problem 11SEA
Textbook Problem
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EXTENDING ADJUSTED BALANCES TO THE INCOME STATEMENT AND BALANCE SHEET COLUMNS Indicate with an “X” whether each account total should be extended to the Income Statement Debit or Credit or to the Balance Sheet Debit or Credit columns on the work sheet.

Chapter 5, Problem 11SEA, EXTENDING ADJUSTED BALANCES TO THE INCOME STATEMENT AND BALANCE SHEET COLUMNS Indicate with an X

To determine

Indicate with an “X” whether each account total should be extended to the Income Statement Debit or Credit or to the Balance Sheet Debit or Credit columns on the work sheet.

Explanation of Solution

Income statement:

The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Balance sheet:

This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources. The resources of the company are assets which include money contributed by stockholders and creditors...

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Chapter 5 Solutions

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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Ch. 5 - On December 31, the trial balance indicates that...Ch. 5 - LO2 When posting adjusting entries to the general...Ch. 5 - LO3 Indicate the heading for the columns of the...Ch. 5 - LO4 Find the error(s) in the work sheet below.Ch. 5 - LO5 Using the following partial work sheet...Ch. 5 - LO6 Bill Roberts provided legal advice to a client...Ch. 5 - Explain the revenue recognition principle.Ch. 5 - Explain the expense recognition principle.Ch. 5 - Explain the matching principle.Ch. 5 - Explain the historical cost principle.Ch. 5 - Describe a plant asset.Ch. 5 - What is a contra-asset?Ch. 5 - What is the useful life of an asset?Ch. 5 - What is the purpose of depreciation?Ch. 5 - What is an assets depreciable cost?Ch. 5 - What is the book value of an asset?Ch. 5 - Explain the purpose of the work sheet.Ch. 5 - Identify the five major column headings on a work...Ch. 5 - List the five steps taken in preparing a work...Ch. 5 - Describe four tips for finding errors on the work...Ch. 5 - Explain when revenues are recorded under the cash...Ch. 5 - Explain when expenses are recorded under the cash...Ch. 5 - ADJUSTMENT FOR SUPPLIES On December 31, the trial...Ch. 5 - ADJUSTMENT FOR INSURANCE On December 1, a...Ch. 5 - ADJUSTMENT FOR WAGES On December 31, the trial...Ch. 5 - ADJUSTMENT FOR DEPRECIATION OF ASSET On December...Ch. 5 - CALCULATION OF BOOK VALUE On June 1, 20--, a...Ch. 5 - ANALYSIS OF ADJUSTING ENTRY FOR SUPPLIES Analyze...Ch. 5 - ANALYSIS OF ADJUSTING ENTRY FOR INSURANCE Analyze...Ch. 5 - POSTING ADJUSTING ENTRIES Two adjusting entries...Ch. 5 - WORK SHEET AND ADJUSTING ENTRIES A partial work...Ch. 5 - JOURNALIZING ADJUSTING ENTRIES From the...Ch. 5 - EXTENDING ADJUSTED BALANCES TO THE INCOME...Ch. 5 - ANALYSIS OF NET INCOME OR NET LOSS ON THE WORK...Ch. 5 - CASH, MODIFIED CASH, AND ACCRUAL BASES OF...Ch. 5 - ADJUSTMENTS AND WORK SHEET SHOWING NET INCOME The...Ch. 5 - ADJUSTMENTS AND WORK SHEET SHOWING A NET LOSS...Ch. 5 - JOURNALIZE AND POST ADJUSTING ENTRIES FROM THE...Ch. 5 - CORRECTING WORK SHEET WITH ERRORS A beginning...Ch. 5 - ADJUSTMENT FOR SUPPLIES On July 31, the trial...Ch. 5 - ADJUSTMENT FOR INSURANCE On July 1, a six-month...Ch. 5 - ADJUSTMENT FOR WAGES On July 31, the trial balance...Ch. 5 - ADJUSTMENT FOR DEPRECIATION OF ASSET On July 1,...Ch. 5 - CALCULATION OF BOOK VALUE On January 1, 20--, a...Ch. 5 - ANALY SIS OF ADJUSTING ENTRY FOR SUPPLIES Analyze...Ch. 5 - ANALY SIS OF ADJUSTING ENTRY FOR INSURANCE Analyze...Ch. 5 - POSTING ADJUSTING ENTRIES Two adjusting entries...Ch. 5 - WORK SHEET AND ADJUSTING ENTRIES A partial work...Ch. 5 - JOURNALIZING ADJUSTING ENTRIES From the...Ch. 5 - EXTENDING ADJUSTED BALANCES TO THE INCOME...Ch. 5 - ANALYSIS OF NET INCOME OR NET LOSS ON THE WORK...Ch. 5 - CASH, MODIFIED CASH, AND ACCRUAL BASES OF...Ch. 5 - ADJUSTMENTS AND WORK SHEET SHOWING NET INCOME...Ch. 5 - ADJUSTMENTS AND WORK SHEET SHOWING A NET LOSS Val...Ch. 5 - JOURNALIZE AND POST ADJUSTING ENTRIES FROM THE...Ch. 5 - CORRECTING WORK SHEET WITH ERRORS A beginning...Ch. 5 - Delia Alvarez, owner of Delias Lawn Service, wants...Ch. 5 - Kristi Williams offers family counseling services...Ch. 5 - Your friend, Diane Kiefner, teaches elementary...

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