Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Question
Chapter 3, Problem 1BP
To determine
Enter the letter of the explanation that mostly closely describes each entry.
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Check out a sample textbook solutionStudents have asked these similar questions
Entry
4
5
6
7
8
CO
3
2
9
1
10
Explanation
Interest Expense
Interest Payable
Depreciation Expense
Accumulated Depreciation
Unearned Revenue
Services Revenue
Insurance Expense
Prepaid Insurance
Salaries Payable
Cash
Prepaid Rent
Cash
Salaries Expense
Salaries Payable
Interest Receivable
Interest Revenue
Cash
Journal Entries
Cash
expense.
Accounts Receivable (from consulting)
Unearned Revenue
Cash
Debit
1,300
4,400
3,600
3,700
2,000
4,500
5,600
5,400
8,200
7,100
2,200
Credit
1,300
4,400
3,600
3,700
2,000
4,500
5,600
5,400
8,200
7,100
For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use explanations more than once.
To record receipt of unearned revenue.
To record this period's earning of prior unearned revenue.
To record payment of an accrued expense.
To record receipt of an accrued revenue.
To record an accrued expense.
To record an accrued revenue.
To record this period's use of a prepaid expense.
To record payment of a prepaid expense.
To record this period's depreciation expense.
2
3
1
4
5
7
8
9
10
12
Depreciation Expense
Accumulated Depreciation
Uneamed Revenue
Services Revenue
Insurance Expense
Prepaid Insurance
Salaries Payable
Cash
Prepaid Rent
Cash
Salaries Expense
Salaries Payable
Interest Receivable
Interest Revenue
Cash
Accounts Receivable (from consulting)
Cash
Unearned Revenue
Cash
Interest Receivable
Rent Expense
Prepaid Rent
Interest Expense
Interest Payable
1,400
4,300
3,300
4,500
2,000
3,700
5,400
4,900
9,000
6,000
3,000
1,700
1,400
4,300
3,300
4,500
2,000
3,700
5,400
4,900
9,000
6,000
3,000
1,700
Chapter 3 Solutions
Principles of Financial Accounting.
Ch. 3 - Prob. 1MCQCh. 3 - Prob. 2MCQCh. 3 - Prob. 3MCQCh. 3 - Prob. 4MCQCh. 3 - Prob. 5MCQCh. 3 - What is the difference between the cash basis and...Ch. 3 - Prob. 2DQCh. 3 - What type of business is most likely to select a...Ch. 3 - What is a prepaid expense and where is it reported...Ch. 3 - What type of assets requires adjusting entries to...
Ch. 3 - What contra account is used when recording and...Ch. 3 - Prob. 7DQCh. 3 - If a company initially records prepaid expenses...Ch. 3 - Prob. 9DQCh. 3 - Prob. 10DQCh. 3 - Samsung Assume Samsung has unearned revenue. What...Ch. 3 - Prob. 12DQCh. 3 - Question: QUICK STUDY Periodic reporting C1 Choose...Ch. 3 - Prob. 2QSCh. 3 - Identifying accounting adjustments Classify the...Ch. 3 - Prob. 4QSCh. 3 - Prepaid (deferred) expenses adjustments For each...Ch. 3 - Prob. 6QSCh. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - Prob. 9QSCh. 3 - Prob. 10QSCh. 3 - Prob. 11QSCh. 3 - Accrued expenses adjustments For each separate...Ch. 3 - Prob. 13QSCh. 3 - Accrued revenues adjustments For each separate...Ch. 3 - Prob. 15QSCh. 3 - Prob. 16QSCh. 3 - Preparing an adjusted trial balance P5 Following...Ch. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Prob. 21QSCh. 3 - Prob. 22QSCh. 3 - Prob. 1ECh. 3 - Classifying adjusting entries P1 P2 P3 P4 In the...Ch. 3 - Question: Adjusting and paying accrued wages P3...Ch. 3 - Question: Determining cost flows through accounts...Ch. 3 - Prob. 5ECh. 3 - Preparing adjusting entries P1 P2 P3 Prepare...Ch. 3 - Prob. 7ECh. 3 - Analyzing and preparing adjusting entries P5...Ch. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Question: Computing and interpreting profit margin...Ch. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Preparing adjusting entries P1 P2 P3 P4 For each...Ch. 3 - Prob. 1APCh. 3 - Prob. 2APCh. 3 - Prob. 3APCh. 3 - Prob. 4APCh. 3 - Prob. 5APCh. 3 - Prob. 1BPCh. 3 - Prob. 2BPCh. 3 - Prob. 3BPCh. 3 - Prob. 4BPCh. 3 - Prob. 5BPCh. 3 - Question: SERIAL PROBLEM Business Solutions P1 P2...Ch. 3 - Prob. 1AACh. 3 - Prob. 2AACh. 3 - Prob. 3AACh. 3 - Question: TAKING IT TO THE NET A1 Access EDGAR...
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- Please check my work For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use explanations more than once. To record receipt of unearned revenue. To record this period's earning of prior unearned revenue. To record payment of an accrued expense. To record receipt of an accrued revenue. To record an accrued expense. To record an accrued revenue. To record this period's use of a prepaid expense. To record payment of a prepaid expense. To record this period's depreciation expense.arrow_forwardClassify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR),accrued expenses (AE), or accrued revenues (AR). To record annual depreciation expense.arrow_forwardWhat adjusting journal entry is needed to record depreciation expense for the period? A.a debit to Depreciation Expense; a credit to Cash B.a debit to Depreciation Expense; a credit to Accumulated Depreciation C.a debit to Accumulated Depreciation; a credit to Depreciation Expense D.a debit to Accumulated Depreciation; a credit to Casharrow_forward
- Use the following account T-balances (assume normal balances) and correct balance information to make the December 31 adjusting journal entries. Specifially for supplies, interest paybale, and accumlated depreciation.arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on fixed assets, $ 8,500 B. unexpired prepaid rent, $12,500 C. remaining balance of unearned revenue, $555arrow_forwardIf adjusting entries include these listed accounts, what other account must be in that entry as well? (A) Depreciation expense; (B) Unearned Service Revenue; (C) Prepaid Insurance; (D) Interest Payable.arrow_forward
- Identify which type of adjustment is associated with this account, and what is the other account in the adjustment? Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. accounts receivable B. interest payable C. prepaid insurance D. unearned rentarrow_forwardUnder the allowance method, what journal entries are made if an account is collected that was previously written off?arrow_forwardWhich of the following is most likely not considered an adjusting entry? a. The accrual of an electricity bill for electricity used but not yet paid b. The recognition of depreciation expense for the period c. The recognition of the used and unused portions of a prepaid rent d. The entry to record the collection of interest receivablearrow_forward
- Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. depreciation on fixed assets, $8,500 unexpired prepaid rent, $12,500 remaining balance of unearned revenue, $555arrow_forwardRequired: Prepare the following: a. All necessary adjusting entries. b. Post-closing trial balance. c. Table for the computation of over and underestimation. d. Entries to record the adjustmentarrow_forwardJournalize the necessary year-end adjusting entries based on the following account balances before adjustments.arrow_forward
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