Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Chapter 3, Problem 10SE
Closing entries (Learning Objective 4) 5-10 min.
From the following list of accounts from the adjusted
- 1. Depreciation Expense
- 2. Sales Revenue
- 3. Building
- 4. Cash
- 5. Unearned Service Revenue
- 6. Prepaid Rent
- 7. Dividends
| Account | Type of Account | Permanent/Temporary | Closed |
| Supplies | Asset | Permanent | No |
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Students have asked these similar questions
Learning Task 1: Identify or classify the different account titles as to whether
they belong to Assets, Liabilities, Owners' Equity Revenue or Expense of the busi-
ness. Fill the amounts of the following SFP and SCI elements:
Sales
Current Assets
Noncurrent Assets
Current Liabilities
Noncurrent Liabilities
Expenses
Net Income (Loss)
Chart of Accounts
SCI ACCOUNTS
SFP ACCOUNTS
ASSETS
Account
INCOME
Acc.
No.
No.
410
Service Fees
110
Cash
420
Sales
120
Accounts Receivables
Interest Income
Gains
Allow for Bad debts
430
125
130
Notes Receivable
440
EXPENSES
140
Inventory
150
Prepayments
510
Cost of SAles
Freight-out
Building
Accum Depn-Bldg
160
515
165
520
Salaries Expense
LIABILITIES
210
Accounts payable
530
Utilities Expense
Notes Payable
Interest Payable
Salaries Payable
Utilities Payable
220
540
Bad Debts
Depreciation
Advertising Expense
230
545
240
550
250
560
Taxes and Licenses
Unearned Income
Interest Expense
Miscellaneous Expense
260
570
EQUITY
Owner's Capital
Owner's Drawing
580…
PA9-1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods
[LO 9-2, LO 9-3]
[The following information applies to the questions displayed below.]
At the beginning of the year, Cruz & Turner Corporation bought three used machines. The machines immediately were
overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in
the accounts. Details for Machine A are provided below.
Cost of the asset
Installation costa
Renovation costs prior to use
Repairs after production began
$10,700
970
1,110
850
PA9-1 (Algo) Part 3
3. Prepare the journal entry to record year 2 straight-line depreciation expense for Machine A, assuming an estimated life of 4 years
and $1,000 residual value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account
field.)
ieung
Learning O
S4-9 Identifying temporary and permanent accounts
For each account listed, identify whether the account is a temporary account (1) or a
permanent account (P).
a. Rent Expense
f. Morrison, Withdrawals
g. Service Revenue
b. Prepaid Rent
c. Equipment
h. Supplies Expense
d. Morrison, Capital
i. Office Supplies
e. Salaries Payable
Learning Ol
Chapter 3 Solutions
Financial Accounting, Student Value Edition (5th Edition)
Ch. 3 - If XYZ Consulting performs a consulting service,...Ch. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - What kind of account is accumulated depreciation?...Ch. 3 - Prob. 10DQ
Ch. 3 - Prob. 1SCCh. 3 - Adjusting the accounts is the process of a....Ch. 3 - Which of the following terms describes the types...Ch. 3 - Assume the weekly payroll of ASR, Inc., is 4,500....Ch. 3 - Prob. 5SCCh. 3 - Prob. 6SCCh. 3 - Prob. 7SCCh. 3 - What do closing entries accomplish? a. Bring the...Ch. 3 - Prob. 9SCCh. 3 - Which correctly represents the flow of information...Ch. 3 - Prob. 11SCCh. 3 - Prob. 12SCCh. 3 - Prob. 1SECh. 3 - Prob. 2SECh. 3 - Prob. 3SECh. 3 - Adjusting journal entryprepaid rent (Learning...Ch. 3 - Prob. 5SECh. 3 - Prob. 6SECh. 3 - Prob. 7SECh. 3 - Adjusting journal entrysalaries, accrued revenue,...Ch. 3 - Prob. 9SECh. 3 - Closing entries (Learning Objective 4) 5-10 min....Ch. 3 - Prob. 11SECh. 3 - Prob. 12SECh. 3 - Preparing a post-closing trial balance (Learning...Ch. 3 - Exercises (Group A) E3-14A. Adjusting journal...Ch. 3 - Adjusting journal entry-prepaid insurance...Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 17AECh. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 19AECh. 3 - Prob. 20AECh. 3 - Prob. 21AECh. 3 - Prob. 22AECh. 3 - Preparing a financial statement (Learning...Ch. 3 - Prob. 24AECh. 3 - Prob. 25AECh. 3 - Prob. 26AECh. 3 - Prob. 27AECh. 3 - Prob. 28BECh. 3 - Prob. 29BECh. 3 - Prob. 30BECh. 3 - Analyzing errors (Learning Objective 2) 10-15 min....Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 33BECh. 3 - Prob. 34BECh. 3 - Prob. 35BECh. 3 - Prob. 36BECh. 3 - Prob. 37BECh. 3 - Prob. 38BECh. 3 - Prob. 39BECh. 3 - Prob. 40BECh. 3 - Preparing closing entries (Learning Objective 4)...Ch. 3 - Problems (Group A) Common adjusting journal...Ch. 3 - Prob. 43APCh. 3 - Prob. 44APCh. 3 - Prob. 45APCh. 3 - Prob. 46APCh. 3 - Prob. 47APCh. 3 - Problems (Group B) Common adjusting journal...Ch. 3 - Re-creating adjusting journal entries from a trial...Ch. 3 - Preparing adjusting journal entries and an...Ch. 3 - Effects of adjusting journal entries on income...Ch. 3 - Preparing financial statements (Learning Objective...Ch. 3 - Preparing closing entries and a post-closing trial...Ch. 3 - This exercise continues the accounting process for...Ch. 3 - This problem continues the accounting process for...Ch. 3 - Prob. 1CFSAPCh. 3 - Prob. 1EIACh. 3 - Case 2. Brent Robertson and his banker were...Ch. 3 - Prob. 1FACh. 3 - Prob. 1IACh. 3 - Prob. 1SBACh. 3 - Written Communication You have received a letter...Ch. 3 - Journalizing, Posting, Adjusting, Preparing, and...
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