Cengagenowv2, 1 Term Printed Access Card For Warren/jones’ Corporate Financial Accounting, 15th
15th Edition
ISBN: 9781337398244
Author: Carl Warren, Jeff Jones
Publisher: Cengage Learning
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Question
Chapter 3, Problem 3.1EX
To determine
Accrual Accounting:
Accrual Accounting is an accounting method in which all the revenue and expenses are recorded only when they incurred, irrespective of the receipt or payment of cash.
To Classify: The transactions to various types of adjustments
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Explanation
Interest Expense
Interest Payable
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Services Revenue
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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.
Which of the following entries will be necessary to close the Insurance Expense account at the end of the year?
A.
debit Income Summary and credit Insurance Expense
B.
debit Common Stock and credit Insurance Expense
C.
debit Insurance Expense and credit Common Stock
D.
debit Insurance Expense and credit Income Summary
Chapter 3 Solutions
Cengagenowv2, 1 Term Printed Access Card For Warren/jones’ Corporate Financial Accounting, 15th
Ch. 3 - How are revenues and expenses reported on the...Ch. 3 - Is the matching concept related to (A) the cash...Ch. 3 - Why are adjusting entries needed at the end of an...Ch. 3 - What is the difference between adjusting entries...Ch. 3 - Identify the four different categories of...Ch. 3 - If the effect of the debit portion of an adjusting...Ch. 3 - If the effect of the credit portion of an...Ch. 3 - Prob. 8DQCh. 3 - Prob. 9DQCh. 3 - (A) Explain the purpose of the two accounts:...
Ch. 3 - Account requiring adjustment Indicate with a Yes...Ch. 3 - Type of adjustment Classify the following items as...Ch. 3 - Adjustment for accrued revenues At the end of the...Ch. 3 - Adjustment for accrued expense Prospect Realty Co....Ch. 3 - Adjustment for unearned revenue On June 1, 20Y2,...Ch. 3 - Adjustment for prepaid expense The prepaid...Ch. 3 - Adjustment for depreciation The estimated amount...Ch. 3 - Effect of omitting adjustments For the year ending...Ch. 3 - Effect of errors on adjusted trial balance For...Ch. 3 - Vertical analysis Two income statements for Cornea...Ch. 3 - Prob. 3.1EXCh. 3 - Classifying adjusting entries The following...Ch. 3 - Adjusting entry for accrued fees At the end of the...Ch. 3 - Effect of omitting adjusting entry The adjusting...Ch. 3 - Adjusting entries for accrued salaries Paradise...Ch. 3 - Determining wages paid The wages payable and wages...Ch. 3 - Effect of omitting adjusting entry Accrued...Ch. 3 - Effect of omitting adjusting entry When preparing...Ch. 3 - Adjusting entries for unearned fees The balance in...Ch. 3 - Effect of omitting adjusting entry At the end of...Ch. 3 - Adjusting entry for supplies The balance in the...Ch. 3 - Determining supplies purchased The supplies and...Ch. 3 - Effect of omitting adjusting entry At March 31,...Ch. 3 - Adjusting entries for prepaid insurance The...Ch. 3 - Adjusting entries for prepaid insurance The...Ch. 3 - Adjusting entries for unearned and accrued fees...Ch. 3 - Prob. 3.17EXCh. 3 - Adjustment for depreciation The estimated amount...Ch. 3 - Determining fixed assets book value The balance in...Ch. 3 - Prob. 3.20EXCh. 3 - Effects of errors on financial statements For a...Ch. 3 - Effects of errors on financial statements For a...Ch. 3 - Effects of errors on financial statements The...Ch. 3 - Effects of errors on financial statements If the...Ch. 3 - Prob. 3.25EXCh. 3 - Adjusting entries from trial balances The...Ch. 3 - Corrected trial balance totals, 369,000 Adjusting...Ch. 3 - Adjusting entries On March 31, the following data...Ch. 3 - Prob. 3.2APRCh. 3 - Adjusting entries Trident Repairs Service, an...Ch. 3 - Adjusting entries Good Note Company specializes in...Ch. 3 - Adjusting entries and adjusted trial balances...Ch. 3 - Adjusting entries and errors At the end of April,...Ch. 3 - Adjusting entries On May 31, the following data...Ch. 3 - Adjusting entries Selected account balances before...Ch. 3 - Adjusting entries Crazy Mountain Outfitters Co.,...Ch. 3 - Adjusting entries The Signage Company specializes...Ch. 3 - Adjusting entries and adjusted trial balances...Ch. 3 - Adjusting entries and errors At the end of August,...Ch. 3 - Continuing Problem 3. Total of Debit column:...Ch. 3 - Prob. 3.1MADCh. 3 - Analyze Pandora Media Pandora Media, Inc. (P)...Ch. 3 - Analyze World Wrestling Entertainment World...Ch. 3 - Prob. 3.4MADCh. 3 - Prob. 3.5MADCh. 3 - Analyze and Compare ATT and Verizon Communications...Ch. 3 - Prob. 3.1TIFCh. 3 - Loan application Daryl Kirby opened Squid Realty...Ch. 3 - Prob. 3.4TIFCh. 3 - Prob. 3.5TIF
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- compare the current year balance in prepaid insurance and insurance expense with the prior year's balances considering any changes in operations. You said that you would examine reconciliation of the account and segregation of duties, can you give an example as to why?arrow_forward2 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 1,700arrow_forwardWhich of the following types of adjusting entries would result in a decrease in the amount of a one-year insurance policy premium reported on the balance sheet? Select one: O a. Prepaid expense b. Accrued expense C. Accrued revenue d. Unearned revenuearrow_forward
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