LooseLeaf for College Accounting: A Contemporary Approach
4th Edition
ISBN: 9781259995057
Author: M. David Haddock Jr. Professor, John Ellis Price, Michael Farina
Publisher: McGraw-Hill Education
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Chapter 5, Problem 5CSR
The Supplies account has a debit balance of $9,000 in the
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e. The unadjusted balance of the Supplies account is $3,000. The total cost of supplies on hand is $1,600.
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Let's select two accounts from an Adjusted Trial Balance: Accounts receivable (Dr. balance $12,000) and Fees earned (Cr. balance $150,000). What will be the balance in each account after closing entries are posted? Accounts receivable and Fees Earned
Let's select two accounts from an Adjusted Trial Balance: Accounts receivable (Dr. balance $12,000) and Fees earned (Cr. blance $150,000). What will be the balance in each account after closing entries are posted?
Accounts receivable $
Fees earned $
Chapter 5 Solutions
LooseLeaf for College Accounting: A Contemporary Approach
Ch. 5 - What are adjustments?Ch. 5 - Prob. 1.2SRQCh. 5 - Prob. 1.3SRQCh. 5 - Prob. 1.4SRECh. 5 - Prob. 1.5SRECh. 5 - Prob. 1.6SRACh. 5 - Prob. 2.1SRQCh. 5 - Prob. 2.2SRQCh. 5 - Prob. 2.3SRQCh. 5 - Prob. 2.4SRE
Ch. 5 - On a worksheet, the adjusted balance of the...Ch. 5 - Prob. 2.6SRACh. 5 - Prob. 1CSRCh. 5 - Prob. 2CSRCh. 5 - Prob. 3CSRCh. 5 - Prob. 4CSRCh. 5 - The Supplies account has a debit balance of 9,000...Ch. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - Prob. 7DQCh. 5 - Prob. 8DQCh. 5 - What effect does each item in Question 8 have on...Ch. 5 - Why is it necessary to journalize and post...Ch. 5 - Prob. 11DQCh. 5 - Prob. 12DQCh. 5 - How does a contra asset account differ from a...Ch. 5 - Prob. 14DQCh. 5 - Prob. 1ECh. 5 - Prob. 2ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - Journalizing and posting adjustments. Desoto...Ch. 5 - Prob. 1PACh. 5 - Prob. 2PACh. 5 - Prob. 3PACh. 5 - Prob. 4PACh. 5 - Prob. 1PBCh. 5 - Prob. 2PBCh. 5 - Prob. 3PBCh. 5 - Sam Nix owns Nix Estate Planning and Investments....Ch. 5 - The Effect of Adjustments Assume you are the...Ch. 5 - The account balances for the Patterson...Ch. 5 - Prob. 1MFCh. 5 - Prob. 2MFCh. 5 - Prob. 3MFCh. 5 - Prob. 4MFCh. 5 - Prob. 1ED
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- Assign the appropriate 3-digit account number to each account and place them under the correct headings. Initially the number the accounts by 10. Answer: 2. Add two new expense accounts to the chart of accounts you prepared. Assign each account numbers based on where they would be placed in the chart of accounts. Miscellaneous Expense Utilities Expense Answer:arrow_forwardcomplete the table by using 2 Data Tables. Given that the balance sheet is at May31,2020. There are options provided for the "Accounts" column in the second attachment , choose the most suitable 4 options among the 9 and write down its debit and credit.arrow_forwardSelect the best answer for the question 12. One of the primary purposes of preparing a trial balance is to O A. rearrange the accounts in alphabetical order OB. determine that the total dollar amount of the debits equals the total dollar ambam of the credits OC. ensure that the number of accounts with debit balances is equal to the number of accounts with credit balances OD. prepare the accounts for posting to the ledger # Mark for review (Will be highlighted on the review page) << Previous Question Type here to search Next Questio Oarrow_forward
- In the account below, calculate the balance for September 16, 20-. Then perform the forwarding procedures required to start a new account page. 3. Account: A/R – Manitoba Equipment Co. No. 211 Date(2021) PARTICULARS P.R. DEBIT CREDIT Dr/Cr BALANCE Aug 15 J22 1,600 00 Sep 4 J26 825 00 16 Ј30 176 00 Асcount: No. Date2021) PARTICULARS P.R. DEBIT CREDIT Dr/Cr BALANCEarrow_forwardRequirement:a. Give all the necessary entries to correct the account on December 31, 2022. Write your entriesin a columnar paper.b. Using a T-Account, show the corrected balance of the delivery equipment by posting youradjusting entries.arrow_forwardWhich of the following journal entries will increase the total balance of the debit accounts in the ledger by $4,500? Select answer from the options below: A debit to Supplies for $4,500; a credit to Cash for $500; and a credit to Accounts Payable for $5,000. A debit to Supplies Expense for $4,500; a credit to Cash for $500; and a credit to Accounts Payable for $4,000. A debit to Accounts Payable for $4,500; and a credit to Cash for $4,500. A debit to Supplies Expense for $5,000; a credit to Cash for $500; and a credit to Accounts Payable for $4,500.arrow_forward
- On the end-of-period spreadsheet, Supplies has a balance of $2,300 in the Unadjusted Trial Balance Debit column and an adjustment of $500 in the Adjustments Credit column. What should appear for Supplies In the Adjusted Trial Balance column? a. A debit of $2,800 b. A credit of $2,800 c. A credit of $1,800 d. A debit of $1,800arrow_forwardUsing the ending balances shown in the Partial Adjusted Trial Balance listed below, what is the total dollar ($) balance for the accounts that have a normal credit balance? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 Partial Adjusted Trial Balance December 31, 20xx Accounts Normal Balance Cash 10,000 Accounts Receivable 5,000 Inventory 150,000 Sales Tax Payable 50,000 Accounts Payable 1,000 Deferred Revenue 10,000 Current Portion Long-term Debt 10,000 Long-term Debt Common Stock 50,000 25,000 Treasury Stock Retained Earnings 3,000 50,000 Dividends 5,000 20,000 Service Revenue Cost of Good Sold 5,000 Rent Expense 5.000 ASUS 13 f4 f5 f6 f7 E3 X f9 f10 f11 4. 5 6 9. C8 图 %24arrow_forwardCreating a chart of accounts Raymond Autobody Shop has the following accounts: Accounts Payable Service Revenue Create a chart of accounts for Raymond Autobody Shop using the standard numbering system. Each account is separated by a factor of 10. For example, the first asset account will be 100 and the next asset account will 110.arrow_forward
- When would Runway record the $25 Referral Credit? What are the entries Runway would record when the $25 Referral Credit is earned by the Existing Customer? What are the entries Runway would record when the $25 Referral Credit is redeemed against a $100 purchase made by the Existing Customer?arrow_forwardSelect the best answer for the 12. One of the primary purposes of preparing a trial balance is to OA. rearrange the accounts in alphabetical order OB. determine that the total dollar amount of the deplis equals the total dollar amount of the credits. OC. ensure that the number of accounts with debit balances is equal to the number of accounts with credit balances. OD. prepare the accounts for posting to the ledge Mark for review (Will be highlighted on the review page >arrow_forwardCurrent Attempt in Progress Sunland-on Ltd. sells rock-climbing products and operates an indoor climbing facility for climbing enthusiasts. On July 1, 2021, Sunland-on received a three-month $12,000 bank loan from City Credit Union due on September 30, 2021, and bearing interest at 3%. Interest is payable at maturity. The company records adjusting entries annually at its year end, December 31. During the next four months, Sunland-on incurred the following: Purchased inventory on account for $18,000 from Black Diamond, terms n/30. The company uses a perpetual inventory system. Sept. 1 30 Repaid the $12,000 bank loan payable to City Credit Union (see opening balance), as well as any interest owed. Oct. Issued a six-month, 4%, $18,000 note payable to Black Diamond in exchange for the account payable (see September 1 transaction). Interest is payable 1 the first of each month. Borrowed $24,000 cash from Montpelier Bank for 12 months at 3% to finance the building of a new climbing area for…arrow_forward
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