Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem 31BE
Analyzing errors (Learning Objective 2) 10-15 min.
The
- a. Prepaid rent expired, $1,250
- b.
Depreciation , $1,100 - c. Employee salaries owed for Monday through Wednesday of a five-day workweek, $4,250
- d. Supplies used during the period, $200
- e. Unearned service revenue now earned, $1,300
Requirement
Compute the amount by which net income for the year is overstated or understated for each omitted entry. Use the following format to help analyze the transactions.
| Transaction | Overstated/Understated | Amount |
| Sample a., b., etc. |
Overstated | $5,000 |
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Students have asked these similar questions
Requirements
1. Journalize the adjusting entries needed on July 31, 2018.
** Suppose the adjustments made in Requirement 1 were not made. Compute the
Overall overstatement or understatement of net income as a result of the omission
of these adjustments.
E3-29 Using the worksheet to record the adjusting journal entries
Learning Objective 6
The worksheet of Best Jobs Employment Service follows but is incomplete.
1. Adjustments $3,700 total
D.
B.
BEST JOBS EMPLOYMENT SERVICE
Worksheet
April 30, 2018
Adjustments
Unadjusted Trial Balance
Adjusted Trial Balance
Account Names
Credit
Debit
Credit
Debit
Debit
Credit
7 Cash
$ 1,100
8 Accounts Receivable
9 Office Supplies
10 Equipment
11 Accumulated Depreciation-Equipment
12 Salaries Payable
13 Kubota, Capital
4,100
1,200
32,700
$ 13,900
25,200
14 Kubota, Withdrawals
5,300
15 Service Revenue
9,000
16 Salaries Expense
2,200
17 Rent Expense
1,500
18 Depreciation Expense-Equipment
19 Supplies Expense
20 Total
$ 48,100
$ 48,100
21
The following data…
Year-end adjusting journal entries
Prepare budgetary and proprietary journal entries to record the following year-end adjustments:
Note: If a journal entry is not required, select No entry as your answers and leave the Debit and Credit answers blank (zero).
4. The agency recorded depreciation of $25,000 on its equipment.
Hankik Enterprises
Worksheet
For the Year Ended July 31, 2015
Adjusted Trial
Trial Balance
Adjustments
Description
Balance
Debit
Debit
Credit
Credit
Debit
Credit
Cash
36
Prepaid Insurance
12
Fees Receivable
56
Supplies
12
Equipment
60
Accum. Depreciation
12
Uncarned Revenue
20
Accounts Payable
32
Wages Payable
Ramon Hikik, Capital
84
Ramon Hikik,
4
Drawing
Service Revenue
80
Advertising Expense
28
Wage Expense
20
Insurance Expense
Supplies Expense
Depreciation Expense
228
Totals
228
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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