Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 3, Problem 3.35BE
LO 3,4
(Learning Objectives 3,4: Adjust the accounts; construct the Financial statements) The adjusted
| 2018 | 2017 | |
| $470 | 4260 | |
| Prepaid insurance ………………….. | 330 | 450 |
| Accrued liabilities payable (for other operating expenses) …….. | 730 | 640 |
Verne competed these transactions (in millions) during the year ended August 31, 2018.
| Collections from customers …………………. | $20,800 |
| Payment of prepaid insurance……………….. | 480 |
| Cash payment for other operating expenses … | 4,800 |
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
P9-31A Accounting for notes receivable and accruing interest
Learning Objective 4
1. Note 3 Dec. 18, 2016
Cathy Realty loaned money and received the following notes during 2016.
Note
Date
Principal Amount
Interest Rate
Term
(1)
Jun. 1
$ 18,000
8%
1 year
(2)
Sep. 30
24,000
12%
6 months
(3)
Oct. 19
10,000
9%
60 days
Requirements
1. Determine the maturity date and maturity value of each note.
2. Journalize the entries to establisheach Note Receivable and to record collection of
principal and interest at maturity. Include a single adjusting entry on December 31, 2016,
the fiscal year-end, to record accrued interest revenue on any applicable note.
Explanations are not required.
Types of accounts answer choices:
Asset
Equity
Expense
Liability
Revenue
Normal balance answer choices:
Credit
Debt
Increase (Dr. or Cr.)
Credit
Debt
Given the ledger accounts of Barella Company as of January 31, 2020:
Accounts Payable
$3,000
Rent Expense
$5,600
Accounts Receivable
4,400
Service Revenue
10,400
Cash
8,800
Supplies
2,200
Share Capital-Ordinary
5,200
Notes Payable
2,400
Compute the total of the credit side of the trial balance. (show your computation).
A. 22,000
B. 28,000
C. 26,000
O D. 21,000
Chapter 3 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Ch. 3 - If Oxbow Corporation dees not record a sale mace...Ch. 3 - Which of the following transactions would be...Ch. 3 - A physician performs medical services for a...Ch. 3 - The Animal Adventure zoo gift shop sells stuffed...Ch. 3 - According to U S GAAP, when should revenue be...Ch. 3 - Prob. 6QCCh. 3 - Prob. 7QCCh. 3 - Prob. 8QCCh. 3 - What data flows from the statement of retained...Ch. 3 - Which financial statement reports assets,...
Ch. 3 - A companys balance of retained earnings on January...Ch. 3 - Prob. 12QCCh. 3 - All of the following accounts are temporary...Ch. 3 - Prob. 14QCCh. 3 - Prob. 15QCCh. 3 - Prob. 16QCCh. 3 - Prob. 3.1ECCh. 3 - LO 1 (Learning Objective 1: Explain how accrual...Ch. 3 - LO 1 (Learning Objective 1: Explain how accrual...Ch. 3 - Prob. 3.3SCh. 3 - (Learning Objective 2: Apply the revenue and...Ch. 3 - (Learning Objective 2: Apply the revenue and...Ch. 3 - Prob. 3.6SCh. 3 - LO 3 (Learning Objective 3: Adjust the accounts)...Ch. 3 - LO 3 (Learning Objective 3: Adjust the accounts...Ch. 3 - LO 3 (Learning Objective 3: Adjust the accounts...Ch. 3 - LO 3 (Learning Objective 3: Adjust the accounts...Ch. 3 - Prob. 3.11SCh. 3 - Prob. 3.12SCh. 3 - Prob. 3.13SCh. 3 - LO 4 (Learning Objective 4: Construct the...Ch. 3 - LO 4 (Learning Objective 4: Construct the...Ch. 3 - Prob. 3.16SCh. 3 - LO 5 (Learning Objective 5: Make closing entries...Ch. 3 - Group A LO 1, 2 (Learning Objectives 1. 2: Explain...Ch. 3 - LO 1, 3 (Learning Objectives 1, 3: Explain how...Ch. 3 - Prob. 3.20AECh. 3 - LO 3 (Learning Objective 3: Adjust the accounts)...Ch. 3 - Prob. 3.22AECh. 3 - LO 4 (Learning Objective 4: Construct the...Ch. 3 - LO 3, 4 (Learning Objectives 3, 4: Adjust the...Ch. 3 - (Learning Objective 5: Close the books) Prepare...Ch. 3 - LO 3, 5 (Learning Objectives 3. 5: Adjust the...Ch. 3 - Prob. 3.27AECh. 3 - LO 6 (Learning Objective 6: Analyze and evaluate...Ch. 3 - LO 1, 2 (Learning Objectives 1, 2: Explain how...Ch. 3 - LO 1, 3 (Learning Objectives 1. 3: Explain how...Ch. 3 - LO 2, 3 (Learning Objectives 2, 3: Apply the...Ch. 3 - LO 3 (Learning Objective 3: Adjust the accounts)...Ch. 3 - LO 3, 4 (Learning Objectives 3. 4: Adjust the...Ch. 3 - LO 4 (Learning Objective 4: Construct the...Ch. 3 - LO 3,4 (Learning Objectives 3,4: Adjust the...Ch. 3 - LO 5 (Learning Objective 5: Close the books)...Ch. 3 - LO 3, 5 (Learning Objective 3, 5: Adjust the...Ch. 3 - LO 3, 5 (Learning Objective 3, 5: Adjust the...Ch. 3 - LO 6 (Learning Objective 6: Analyze and evaluate...Ch. 3 - Prob. 3.40SECh. 3 - Questions 41-43 are based on the following facts:...Ch. 3 - Prob. 3.42QCh. 3 - Prob. 3.43QCh. 3 - Using the accrual basis, in which month should...Ch. 3 - On January 1 of the current year. Oliver Company...Ch. 3 - Assume the same facts as in question 3-45....Ch. 3 - What effect does the adjusting entry in question...Ch. 3 - Prob. 3.48QCh. 3 - Prob. 3.49QCh. 3 - The Unearned Revenue account of Melrose...Ch. 3 - What is the effect on the financial statements of...Ch. 3 - For 2018. Broadview company had revenues in excess...Ch. 3 - Which of the following accounts would not be...Ch. 3 - Prob. 3.54QCh. 3 - Prob. 3.55QCh. 3 - Unadjusted net income equals 5,500. Calculate what...Ch. 3 - Salary Payable at the beginning of the month...Ch. 3 - Group A LO 1 (Learning Objective 1: Explain how...Ch. 3 - (Learning Objective 3: Adjust the accounts)...Ch. 3 - Prob. 3.60APCh. 3 - (Learning Objective 3: Adjust the accounts)...Ch. 3 - LO 4. 6 (Learning Objectives 4, 6: Construct the...Ch. 3 - LO 5 (Learning Objective 5: Close the books, and...Ch. 3 - LO 5 P3-63A (Learning Objective 5: Close the...Ch. 3 - Prob. 3.65APCh. 3 - LO 1 (Learning Objective 1: Explain how Accrual...Ch. 3 - LO 3 (Learning Objective 3: Adjust the accounts)...Ch. 3 - Prob. 3.68BPCh. 3 - LO 3 (Learning Objective 3: Adjust the accounts)...Ch. 3 - Prob. 3.70BPCh. 3 - Prob. 3.71BPCh. 3 - LO 5 (Learning Objective 5: Close the books,...Ch. 3 - Prob. 3.73BPCh. 3 - Prob. 3.74CEPCh. 3 - Prob. 3.75CEPCh. 3 - Prob. 3.76CEPCh. 3 - Prob. 3.77SCCh. 3 - LO 3, 6 (Learning Objectives 3, 6: Adjust the...Ch. 3 - Prob. 3.79DCCh. 3 - Prob. 3.80DCCh. 3 - Prob. 3.81EICCh. 3 - Prob. 3.82EICCh. 3 - Prob. 1FFCh. 3 - Prob. 1FACh. 3 - Group Project After completing his electrical...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Accounting question: If you are doing a balance sheet with notes payable of 96,600. Assuming 13,600 of the note payable will be paid the following year. Where are how do you enter it. Long Term Liability?arrow_forward(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Andrews and Johnson, a lawfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $100,000■ Allowance for Uncollectible Accounts, $14,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $697,000, all on accountb. Collections on account, $714,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $11,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Andrews and Johnson will report accounts receivable on its balance sheet atDecember 31, 2018.arrow_forwardACCT101 FALL 2020-2021 Collection of an R.O 1500 Accounts Receivable. The effect on the components of the basic accounting equation of the Company is: Select one: a. Decreases a liability R.O 1500; increases owner's equity R.O 1500. O b. Increases an asset R.O 1500; decreases an asset R.O 1500. c. Increases an asset R.O 1500; decreases a liability R.O 1500. O d. Decreases a liability R.O 1500; decreases a liability R.O 1500. e. Decreases an asset R.O 1500; decreases a liability R.O 1500. Nextagearrow_forward
- E. Accounts receivable P 60,000 Allowance for doubtuful accounts 350 (credit balance) Doubtul of collection % 2% 1. Provide Adjusting Entries by the year end Dec. 31, 2021arrow_forwardTaylor R incorporation reported the following balances after adjustment at the end of 2020 and 2019. total accounts receivable 2020 100,000 2019 95,000 net accounts receivable 2020 75,000 2019 85,000 During 2020 Taylor road of customer accounts, totaling 3000 and collected 750 on accounts written off In previous years, tailors doubtful accounts expense for the year ending December 3120 20 Isarrow_forward(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Hawkins and Harris, a CPAfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $104,000■ Allowance for Uncollectible Accounts, $12,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $695,000, all on accountb. Collections on account, $720,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $15,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Hawkins and Harris will report accounts receivable on its balance sheet atDecember 31, 2018.arrow_forward
- ah6 please help me. Thankyou. Aurora Company received a four-month 6%, 2,800 note receivable on December 1. The adjusting entry on December 31 will include Question content area bottom Part 1 A. debit Interest Receivable 14. B. credit Interest Revenue 14. C. both a and b. D. credit Interest Revenue 168 .arrow_forwardi need the answer quicklyarrow_forwardProblem 5: The following selected accounts were taken from the trial balance of Romen Company as December 31, 2020: 750,000 150,000 450,000 2,700,000 525,000 3,900,000 30,000 150,000 240,000 900,000 1,800,000 4,460,000 222,000 393,600 150,000 2,787,500 Accounts receivable Installment receivable – 2018 Installment receivable - 2019 Installment receivable – 2020 Beginning inventory Purchases Freight-in Repossessed merchandise @ NRV Repossession loss Cash sales Credit sales Installment sales Deferred gross profit – 2018 Deferred gross profit – 2019 Operating expenses Cost of installment sales Additional information: a. Gross profit rate for 2018 and 2019 installment sales were 30% and 32%, respectively. b. The entry for repossessed goods was: Repossessed Merchandise Repossession loss Installment Receivable – 2018 150,000 240,000 180,000 210,000 c. Merchandise on hand at the end of 2020 (new and repossessed) was 282,000. Installment Received - 2019 Required: Compute for the following : 1.…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
Consolidated financial statements; Author: The Finance Storyteller;https://www.youtube.com/watch?v=DTFD912ZJQg;License: Standard Youtube License