Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 5, Problem 4DQ
How many postings to Fees Earned for the month would be needed in Discussion Question 3 if the procedure described in (a) had been used; if the procedure described in (b) had been used?
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How does receiving a bill to be paid next month for services received affect the accounting equation?
Select the best explanation for the following adjusting entry:
Unearned Revenue
7,500
Fees Earned
7,500
????????????????
a.To record payment of fees earned.
b.To record fees that have not been earned at the end of the month.
c.To record payment of fees to be earned.
d.To record fees earned at the end of the month.
True or False.
1. Fees paid by a client this month for services to be rendered next month will be recorded as income this month.
2. Account titles found in the adjusted trial balance may be classified into real accounts and nominal accounts.
3. Accounting includes activities such as identifying, measuring, and communicating financial information to various stakeholders.
Chapter 5 Solutions
Financial Accounting
Ch. 5 - Why would a company maintain separate accounts...Ch. 5 - What are the major advantages of the use of...Ch. 5 - In recording 400 fees earned on account during a...Ch. 5 - How many postings to Fees Earned for the month...Ch. 5 - During the current month, the following errors...Ch. 5 - Assuming the use of a two-column general journal,...Ch. 5 - What is an electronic form, and how is it used in...Ch. 5 - Prob. 8DQCh. 5 - What happens to the special journal in a...Ch. 5 - Prob. 10DQ
Ch. 5 - The following revenue transactions occurred during...Ch. 5 - Prob. 1PEBCh. 5 - The debits and credits from two transactions are...Ch. 5 - The debits and credits from two transactions are...Ch. 5 - The following purchase transactions occurred...Ch. 5 - Prob. 3PEBCh. 5 - The debits and credits from two transactions are...Ch. 5 - Prob. 4PEBCh. 5 - McHale Company does business in two customer...Ch. 5 - Prob. 5PEBCh. 5 - Using the following revenue journal for Zeta...Ch. 5 - Based on the data presented in Exercise 5-1,...Ch. 5 - Assuming the use of a two-column (all-purpose)...Ch. 5 - Assuming the use of a two-column (all-purpose)...Ch. 5 - Prob. 5ECh. 5 - Global Services Company had the following...Ch. 5 - The revenue journal for Sapling Consulting Inc....Ch. 5 - The revenue and cash receipts journals for Mirage...Ch. 5 - Transactions related to revenue and cash receipts...Ch. 5 - Lasting Summer Inc. has 2,510 in the October 1...Ch. 5 - Prob. 11ECh. 5 - Using the following cash payments journal,...Ch. 5 - Prob. 13ECh. 5 - Prob. 14ECh. 5 - The purchases journal for Newmark Exterior...Ch. 5 - Prob. 16ECh. 5 - Prob. 17ECh. 5 - Prob. 18ECh. 5 - After Bunker Hill Assay Services Inc. had...Ch. 5 - Prob. 20ECh. 5 - Prob. 21ECh. 5 - Most computerized accounting systems use...Ch. 5 - Prob. 23ECh. 5 - For each of the following companies, determine...Ch. 5 - Starbucks Corporation reported the following...Ch. 5 - Prob. 26ECh. 5 - Prob. 27ECh. 5 - Sage Learning Centers was established on July 20,...Ch. 5 - Transactions related to revenue and cash receipts...Ch. 5 - Sterling Forest Landscaping designs and installs...Ch. 5 - AquaFresh Water Testing Service was established on...Ch. 5 - The transactions completed by Revere Courier...Ch. 5 - Guardian Security Services was established on...Ch. 5 - Transactions related to revenue and cash receipts...Ch. 5 - Prob. 3PBCh. 5 - Prob. 4PBCh. 5 - The transactions completed by AM Express Company...Ch. 5 - Ethics in Action Netbooks Inc. provides accounting...Ch. 5 - The following conversation took place between...Ch. 5 - A subsidiary ledger is used for accounts...Ch. 5 - For the past few years, your client, Omni Care,...Ch. 5 - Prob. 5CP
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which account would be credited when closing the account for fees earned for the year? A. Accounts Receivable B. Fees Earned Revenue C. Unearned Fee Revenue D. Income Summaryarrow_forwardADJUSTING, CLOSING, AND REVERSING ENTRIES Prepare entries for (a), (b), and (c) listed below using two methods. First, prepare the entries without making a reversing entry. Second, prepare the entries with the use of a reversing entry. Use T-accounts to assist your analysis. (a)Wages paid during 20-1 are 20,080. (b)Wages earned but not paid (accrued) as of December 31, 20-1, are 280. (c)On January 3, 20-2, payroll of 840 is paid, which includes the 280 of wages earned but not paid in December.arrow_forward1. If an expense (e.g Rent Expnese) is to be paid for the month, why are expenses increased in the General Ledger but decreased in the equation analysis?arrow_forward
- In recording 400 fees earned on account during a single month, how many times will it be necessary to write Fees Earned (a) if each transaction,including fees earned, is recorded individually in a two-column general journal; (b) if each transaction for fees earned is recorded in a revenue journal?arrow_forwardRequired:A. On the transaction summary table, indicate the effect of each transaction on each account. Put “+” if the account has increased or “-“ if the account has decreased. Put the amount of increase or decrease for each account.B. Construct T-accounts for the account titles used with the normal balances.C. Prepare the journal entries of Kaizen Consultancy Services for the month of March, 2019.arrow_forward1) Record the adjusting entry for rent on December 31. 2) Record the adjusting entry for deferred revenue on December 31. 3) Record the adjusting entry for salaries on December 31. 4) Record the adjusting entry for supplies on December 31. I need a Journal entry worksheet for numbers 1, 2, 3, and 4. Please answer ques 1,2,3,4arrow_forward
- Required:A. On the transaction summary table, indicate the effect of each transaction on eachaccount. Put “+” if the account has increased or “-“ if the account has decreased. Put the amount of increase or decrease for each account.B. Construct T-accounts for the account titles used with the normal balances.C. Prepare the journal entries of Kaizen Consultancy Services for the month of March, 2019.arrow_forwardQuestion content area top Part 1 A select list of transactions for Anuradha's Goals follows: LOADING... (Click the icon to view the transactions.) For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Question content area bottom Part 1 Apr. 1 Paid six months of rent, $4,800. Apr. 10 Received $1,200 from customer for six month service contract that began April 1. Apr. 15 Purchased a computer for $1,000. Apr. 18 Purchased $300 of office supplies on account. Apr. 30 Work performed but not yet billed to customer, $500 Apr. 30 Employees earned $600 in salaries that will be paid May 2.arrow_forwardSelected September T accounts for Kaufman Company follow in attached image. 1.In which of the accounts would a reversing entry be helpful? Why? 2.Prepare the appropriate reversing entry. 3.Prepare the journal entry to record a payment on October 25 for wages totaling $3,140. How much of this amount represents wages expense for October?arrow_forward
- he journal entry to close Fees Earned, $138, and Rent Revenue, $25, during the year-end closing process would involve a. a debit to a general revenue account b. debits to the two revenue accounts c. credits to the two revenue accounts d. a credit to a general revenue accountarrow_forwardd-1. Record the closing entries in the general journal (and post them to the T-accounts).d-2. What is the amount of net income for the year?arrow_forwardPage 3 Requirements a) Extract a trial balance on August 31st. b) Prepare an Income Statement for the month ended August 31st, the owner’s equity statement and a Balance Sheet as at that datearrow_forward
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