HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
7th Edition
ISBN: 9780136505273
Author: MILLER-NOBLES
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 3.30E
1.
To determine
Concept Introduction: Adjusted
The
2.
To determine
Concept Introduction: Adjusted trial balance lists all accounts with their adjusted balances. These adjustments generally include prepayments and accruals and certain yearend adjustments like depreciation, prepared at the end of the year act as a basis for the preparation of financial statements.
The explanation for each adjustment entry.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
At the end of the fiscal period, we record an adjusting entry to account for rent expense for which we had previously paid the landlord. This entry will include a ____ to Prepaid Rent.
A. Debit
B.Credit
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.
following information is also available:
d Accrued interest on the mortgage payable is P5,000.
At the end of its fiscal year, the trial balance for Calaguas Cleaners appeared as shown
below. Theodore Calaguas, the owner, made no investments during the year. The
An analysis of the insurance polices showed that P3,400 is still unexpired.
An inventory of cleaning supplies amounted to P6,220 on hand.
Annual depreciation is P43,000 on the building and P21,000 on the delivery truck.
Prob
comprehensive Problem
On Aug. 1, the entity signed a contract effective immediately with the Fairview
General Hospital to dry clean, for a fixed monthly charge of P2,000, the doctors
uniforms used during surgery. The hospital paid for four months' service in
advance.
I Unrecorded plant wages totaled P9,820.
Sales and delivery wages are paid on Saturdays. The weekly payroll is P4,800.
Assume that Sept. 30 falls on a Monday and the entity has a six-day pay week.
Calaguas Cleaners
Trial Balance
Sept. 30, 2021…
Chapter 3 Solutions
HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
Ch. 3 - Which of the following is true of accrual basis...Ch. 3 - Get Fit Now gains a client who prepays 540 for a...Ch. 3 - The revenue recognition principle requires a. time...Ch. 3 - Adjusting the accounts is the process of a....Ch. 3 - Which of the following is an example of a deferral...Ch. 3 - Assume that the weekly payroll of In the Woods...Ch. 3 - The adjusted trial balance shows a. amounts that...Ch. 3 - A D Window Cleaning performed 450 of services but...Ch. 3 - A worksheet a. is a journal used to record...Ch. 3 - On February 1, Clovis Wilson Law Firm contracted...
Ch. 3 - What is the difference between cash basis...Ch. 3 - Which method of accounting (cash or accrual basis)...Ch. 3 - Which accounting concept or principle requires...Ch. 3 - What is a fiscal year? Why might companies choose...Ch. 3 - Under the revenue recognition principle, when is...Ch. 3 - Prob. 6RQCh. 3 - When are adjusting entries completed, and what is...Ch. 3 - Prob. 8RQCh. 3 - Prob. 9RQCh. 3 - Prob. 10RQCh. 3 - Prob. 11RQCh. 3 - Prob. 12RQCh. 3 - Prob. 13RQCh. 3 - Prob. 14RQCh. 3 - Prob. 15RQCh. 3 - What is an accrued expense? Provide an example.Ch. 3 - What is an accrued revenue? Provide an example.Ch. 3 - Prob. 18RQCh. 3 - When is an adjusted trial balance prepared, and...Ch. 3 - If an accrued expense is not recorded at the end...Ch. 3 - What is a worksheet, and how is it used to help...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - Prob. 3.1SECh. 3 - Prob. 3.2SECh. 3 - Prob. 3.3SECh. 3 - Prob. 3.4SECh. 3 - Identifying types of adjusting entries A select...Ch. 3 - Prob. 3.6SECh. 3 - Prob. 3.7SECh. 3 - Prob. 3.8SECh. 3 - Prob. 3.9SECh. 3 - Prob. 3.10SECh. 3 - Prob. 3.11SECh. 3 - Prob. 3.12SECh. 3 - Prob. 3.13SECh. 3 - Determining the effects on financial statements In...Ch. 3 - Prob. 3.15SECh. 3 - Prob. 3.16SECh. 3 - Prob. 3.17SECh. 3 - Prob. 3.18ECh. 3 - Prob. 3.19ECh. 3 - Prob. 3.20ECh. 3 - Prob. 3.21ECh. 3 - Prob. 3.22ECh. 3 - Prob. 3.23ECh. 3 - Prob. 3.24ECh. 3 - Prob. 3.25ECh. 3 - Prob. 3.26ECh. 3 - Identifying the impact of adjusting entries on the...Ch. 3 - Prob. 3.28ECh. 3 - Prob. 3.29ECh. 3 - Prob. 3.30ECh. 3 - Prob. 3.31ECh. 3 - Prob. 3.32ECh. 3 - Prob. 3.33APCh. 3 - Prob. 3.34APCh. 3 - Prob. 3.35APCh. 3 - Prob. 3.36APCh. 3 - Prob. 3.37APCh. 3 - Prob. 3.38APCh. 3 - Prob. 3.39BPCh. 3 - Prob. 3.40BPCh. 3 - Prob. 3.41BPCh. 3 - Prob. 3.42BPCh. 3 - Prob. 3.43BPCh. 3 - Prob. 3.44BPCh. 3 - Prob. 3.45CPCh. 3 - Prob. 3.46PSCh. 3 - Prob. 3.1CTDCCh. 3 - Prob. 3.1CTEICh. 3 - Prob. 3.1CTFCCh. 3 - Prob. 3.1CTCA
Knowledge Booster
Similar questions
- A select list of transactions for Anuradha's Goals follows: (Click the icon to view the transactions.) For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Apr. 1 Paid six months of rent, $4,800. Apr. 10 Received $1,200 from customer for six month service contract that began April 1. Apr. 15 Purchased a computer for $1,000. Apr. 18 Purchased $300 of office supplies on account. Apr. 30 Work performed but not yet billed to customer, $500 Apr. 30 Employees earned $600 in salaries that will be paid May 2. More Info Apr. 1 Paid six months of rent, $4,800. Apr. 10 Received $1,200 from customer for six-month service contract that began April 1. Apr. 15 Purchased a computer for $1,000. Apr. 18 Purchased $300 of office supplies on account. Apr. 30 Work performed but not yet billed to customer, $500. Apг. 30 Employees earned $600 in salaries…arrow_forwardThe Journal entry to update the accounts for rent expense recorded that has not expired is which of the following types of adjusting entries? Multiple Choice Prepaid item Unearned Revenue Accrued Expense Accrued Revenuearrow_forwardRequirement:a. Give all the necessary entries to correct the account on December 31, 2022. Write your entriesin a columnar paper.b. Using a T-Account, show the corrected balance of the delivery equipment by posting youradjusting entries.arrow_forward
- Among the ledger accounts used by Glenwood Speedway are the following: Prepaid Rent, RentExpense, Unearned Admissions Revenue, Admissions Revenue, Prepaid Printing, PrintingExpense, Concessions Receivable, and Concessions Revenue. For each of the following items, provide the journal entry (if one is needed) to record the initial transaction and provide the adjust-ing entry, if any, required on May 31, the end of the fiscal year. a. On May 1, borrowed $300,000 cash from National Bank by issuing a 12 percent note payabledue in three months.b. On May 1, paid rent for six months beginning May 1 at $30,000 per month.c. On May 2, sold season tickets for a total of $910,000 cash. The season includes 70 racingdays: 20 in May, 25 in June, and 25 in July.d. On May 4, an agreement was reached with Snack-Bars, Inc., allowing that company to sellrefreshments at the track in return for 10 percent of the gross receipts from refreshment sales.arrow_forwardFor each of the following transactions below, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on September 30, the end of the fiscal year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) On September 1, paid rent on the track facility for three months, $210,000. (b) On September 1, sold season tickets for admission to the racetrack. The racing season is year-round with 25 racing days each month. Season ticket sales totaled $900,000. (c) On September 1, borrowed $350,000 from First National Bank by issuing a 9% note payable due in three months. (d) On September 5, programs for 20 racing days in September, 25 racing days in October, and 15 racing days in November were printed for $3,600. (e) The accountant for the concessions…arrow_forwardA select list of transactions for Anuradha's Goals follows: A (Click the icon to view the transactions. For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Apr. 1 Paid six months of rent, $4,800. Apг. 10 Received $1,200 from customer for six month service contract that began April 1. Apr. 15 Purchased a computer for $1,000. Apr. 18 Purchased $300 of office supplies on account. Apr. 30 Work performed but not yet billed to customer, $500 Apr. 30 Employees earned $600 in salaries that will be paid May 2. More Info Aprг. 1 Paid six months of rent, $4,800. Apr. 10 Received $1,200 from customer for six-month service contract that began April 1. Apr. 15 Purchased a computer for $1,00. Apr. 18 Purchased $300 of office supplies on account. Apr. 3 Work performed but not yet billed to customer, $500. Aprг. 30 Employees earned $600 in…arrow_forward
- Sam's Plumbing records monthly depreciation. The adjusting entry to record depreciation would include: a. a debit to Accumulated Depreciation. b. a debit to Equipment. c. a debit to Depreciation Expense. d. a credit to Depreciation Expense.arrow_forwardPrepare 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_forwardWhat is the Income statement, statement of owners oquityAdjusted Trial Balance Adjusted Trial Balance: It is the last step before the financial statements are prepared. Adjusted trial balances involve all the accounts, temporary and permanent. It can be used directly for the preparation of the financial statements. After all the adjusting entries are recorded and posted to its ledger. The account balances of each account is computed and then the balances are recorded in the adjusted trial balance. The adjusted trial balance for the company M T is as under: In the books of M T Adjusted Trial Balance Particulars Debit $ Credit $ Cash $127,157.75 Notes Receivable $4,500.00 Accounts Receivable $12,132.40 Interest Receivable $40.00 Merchandise inventory $31,000.86 Estimated Returns Inventory $1,654.00 Office supplies $500.00 Store supplies $1,800.00 Prepaid Insurance $3,000.00 Land $55,000.00 Office Equipment $75,000.00…arrow_forward
- Jordan Carr is preparing a worksheet. Choose for Jordan and guide how he should extend the following adjusted trial balance accounts to the financial statement columns of the worksheet. Trial Balance accounts Financial Statement Column Service Revenue Notes Payable Owner's Capital Accounts Receivable Accumulated Depreciation Utilities Expense > > > > > > >arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted fromthe unadjusted trial balance and the adjustment data. A. depreciation on fixed assets, $ 8,500B. unexpired prepaid rent, $12,500C. remaining balance of unearned revenue, $555arrow_forwardRecord the following in the adjustment journal template then post it to the T-accounts. additional information for adjustments for December 31, 2021. a. Unexpired prepaid rent is $1,000. b. The annual prepaid insurance was paid Nov. 1 $2,500. Record the expired portion. c. Cleaning supplies on hand, $3,200. d. Depreciation expense office equipment, $110. e. Cleaning Equipment original cost $12,000 with a residual value $800, useful life is 5 years. Record the annual depreciation expense. f. Record the vehicle depreciation expense $280. g. Accrued wages $ 950.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College