Adjustment entries: Adjustment entries are required to pass at the end of the accounting period to update the all balances of financial statements according to the accounting principle of accrual basis. Accrual basis principle: According to this principle of accounting, revenue should be recognized at the time when it is earned, doesn’t matter, it is received or not and expense should be recognized when it is incurred, doesn’t matter it is paid or not. To determine: The type and status (before adjustment) of the following accounts: 1. Supplies of $100 are on hand. 2. Services performed but not recorded total $900. 3. Interest of $200 has accumulated on a note payable. 4. Rent collected in advance totaling $650 has been earned.

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Answer 1

Question

Chapter 3, Problem 3.2BE

To determine

Adjustment entries: Adjustment entries are required to pass at the end of the accounting period to update the all balances of financial statements according to the accounting principle of accrual basis.

Accrual basis principle: According to this principle of accounting, revenue should be recognized at the time when it is earned, doesn’t matter, it is received or not and expense should be recognized when it is incurred, doesn’t matter it is paid or not.

To determine: The type and status (before adjustment) of the following accounts:

1. Supplies of $100 are on hand.

2. Services performed but not recorded total $900.

3. Interest of $200 has accumulated on a note payable.

4. Rent collected in advance totaling $650 has been earned.

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Answer 2

Question

Chapter 3, Problem 3.2BE

To determine

Adjustment entries: Adjustment entries are required to pass at the end of the accounting period to update the all balances of financial statements according to the accounting principle of accrual basis.

Accrual basis principle: According to this principle of accounting, revenue should be recognized at the time when it is earned, doesn’t matter, it is received or not and expense should be recognized when it is incurred, doesn’t matter it is paid or not.

To determine: The type and status (before adjustment) of the following accounts:

1. Supplies of $100 are on hand.

2. Services performed but not recorded total $900.

3. Interest of $200 has accumulated on a note payable.

4. Rent collected in advance totaling $650 has been earned.

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Answer 3

Question

Chapter 3, Problem 3.2BE

To determine

Adjustment entries: Adjustment entries are required to pass at the end of the accounting period to update the all balances of financial statements according to the accounting principle of accrual basis.

Accrual basis principle: According to this principle of accounting, revenue should be recognized at the time when it is earned, doesn’t matter, it is received or not and expense should be recognized when it is incurred, doesn’t matter it is paid or not.

To determine: The type and status (before adjustment) of the following accounts:

1. Supplies of $100 are on hand.

2. Services performed but not recorded total $900.

3. Interest of $200 has accumulated on a note payable.

4. Rent collected in advance totaling $650 has been earned.

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Answer 4

Question

Chapter 3, Problem 3.2BE

To determine

Adjustment entries: Adjustment entries are required to pass at the end of the accounting period to update the all balances of financial statements according to the accounting principle of accrual basis.

Accrual basis principle: According to this principle of accounting, revenue should be recognized at the time when it is earned, doesn’t matter, it is received or not and expense should be recognized when it is incurred, doesn’t matter it is paid or not.

To determine: The type and status (before adjustment) of the following accounts:

1. Supplies of $100 are on hand.

2. Services performed but not recorded total $900.

3. Interest of $200 has accumulated on a note payable.

4. Rent collected in advance totaling $650 has been earned.

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Answer 5

Chapter 3, Problem 3.2BE

To determine

Adjustment entries: Adjustment entries are required to pass at the end of the accounting period to update the all balances of financial statements according to the accounting principle of accrual basis.

Accrual basis principle: According to this principle of accounting, revenue should be recognized at the time when it is earned, doesn’t matter, it is received or not and expense should be recognized when it is incurred, doesn’t matter it is paid or not.

To determine: The type and status (before adjustment) of the following accounts:

1. Supplies of $100 are on hand.

2. Services performed but not recorded total $900.

3. Interest of $200 has accumulated on a note payable.

4. Rent collected in advance totaling $650 has been earned.

Answer 6

Chapter 3, Problem 3.2BE

To determine

Adjustment entries: Adjustment entries are required to pass at the end of the accounting period to update the all balances of financial statements according to the accounting principle of accrual basis.

Accrual basis principle: According to this principle of accounting, revenue should be recognized at the time when it is earned, doesn’t matter, it is received or not and expense should be recognized when it is incurred, doesn’t matter it is paid or not.

To determine: The type and status (before adjustment) of the following accounts:

1. Supplies of $100 are on hand.

2. Services performed but not recorded total $900.

3. Interest of $200 has accumulated on a note payable.

4. Rent collected in advance totaling $650 has been earned.

Answer 7

Chapter 3, Problem 3.2BE

To determine

Adjustment entries: Adjustment entries are required to pass at the end of the accounting period to update the all balances of financial statements according to the accounting principle of accrual basis.

Accrual basis principle: According to this principle of accounting, revenue should be recognized at the time when it is earned, doesn’t matter, it is received or not and expense should be recognized when it is incurred, doesn’t matter it is paid or not.

To determine: The type and status (before adjustment) of the following accounts:

1. Supplies of $100 are on hand.

2. Services performed but not recorded total $900.

3. Interest of $200 has accumulated on a note payable.

4. Rent collected in advance totaling $650 has been earned.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 3 - Prob. 1Q Ch. 3 - Prob. 2Q Ch. 3 - Prob. 3Q Ch. 3 - Prob. 4Q Ch. 3 - Prob. 5Q Ch. 3 - Prob. 6Q Ch. 3 - 7. Why may a trial balance not contain up-to-date...Ch. 3 - Prob. 8Q Ch. 3 - Prob. 9Q Ch. 3 - Prob. 10Q

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