FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 3, Problem 40P
a.
To determine
Prepare T-accounts from the given accounts.
b.
To determine
Record transactions using financial statement effects template and in the form of journal entry
c.
To determine
Prepare an unadjusted trial balance.
d.
To determine
Prepare adjusting entries using financial statement effects template and in the form of journal entry.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
PA9-1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods
[LO 9-2, LO 9-3]
[The following information applies to the questions displayed below.]
At the beginning of the year, Cruz & Turner Corporation bought three used machines. The machines immediately were
overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in
the accounts. Details for Machine A are provided below.
Cost of the asset
Installation costa
Renovation costs prior to use
Repairs after production began
$10,700
970
1,110
850
PA9-1 (Algo) Part 3
3. Prepare the journal entry to record year 2 straight-line depreciation expense for Machine A, assuming an estimated life of 4 years
and $1,000 residual value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account
field.)
Journalizing transactions and posting to T-accounts
Roland Poster Optical Dispensary completed the following transactions during the latter part of March:
Requirements
Journalize the transactions of Roland Foster Optical Dispensary. Include an explanation with each journal entry.
Open the following accounts (use T-account format): Cash (Beginning Balance of $21,000), Office Supplies, and Accounts Payable. Post the journal entries from Requirement 1 to the accounts, and compute the balance in each account.
ACCOUNTING PROCEDURES, POLICIES, AND
INSTRUCTIONS
I. Maja’s Consultancy reports its operations monthly.
II. Maja’s Consultancy uses voucher system for every cash disbursement.
III. Prepaid expenses are recorded using asset method.
IV. Instructions:
a) Journalize each transaction using the source documents provided.
b) Post the journalized transactions to its corresponding general ledger.
c) Prepare trial balance.
d) Determine the balances in each account and prepare the unadjusted trial
balance in the worksheet.
e) Answer the data for adjustments.
f) Journalize the adjusting entries and prepare it in the worksheet.
g) Complete the worksheet.
h) Prepare the financial statements.
i) Post the adjusting entries
j) Journalize and post the closing entries.
k) Prepare the post-closing trial balance.
V. Data for adjusting entries:
a) Per count, the office supplies on hand amounted to P2,000.
b) Received the September billing from PLDT, P1,500.
c) 1% of accounts receivable is uncollectible.…
Chapter 3 Solutions
FINANCIAL ACCOUNTING
Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5Q
Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21MECh. 3 - Prob. 22MECh. 3 - Prob. 23MECh. 3 - Prob. 24MECh. 3 - Prob. 25MECh. 3 - Prob. 26MECh. 3 - Prob. 27MECh. 3 - Prob. 28MECh. 3 - Prob. 29MECh. 3 - Prob. 30MECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 38ECh. 3 - Prob. 39ECh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 53PCh. 3 - Prob. 54PCh. 3 - Prob. 55CPCh. 3 - Prob. 56CPCh. 3 - Prob. 57CPCh. 3 - Prob. 58CP
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
- The cash payments and purchases journals for Outdoor Artisan Landscaping follow. The accounts payable control account has a June 1, 20Y1, balance of 2,230, consisting of an amount owed to Augusta Sod Co. Prepare a schedule of the accounts payable creditor balances and determine that the total agrees with the ending balance of the accounts payable controlling account.arrow_forwardPrepare journal entries to record the following transactions. Create a T-account for Unearned Revenue, post any entries that affect the account, tally ending balance for the account (assume Unearned Revenue beginning balance of $12,500). A. May 1, collected an advance payment from client, $15,000 B. December 31, remaining unearned advances, $7,500arrow_forwardPrepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and tally ending balance for the account. Assume an Accounts Payable beginning balance of $5,000. A. February 2, purchased an asset, merchandise inventory, on account, $30,000 B. March 10, paid creditor for part of February purchase, $12,000arrow_forward
- Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500). A. March 1, paid interest due on note, $2,500 B. December 31, interest accrued on note payable, $4,250arrow_forwardPrepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and calculate the ending balance for the account. Assume an Accounts Payable beginning balance of $7,500. A. May 12, purchased merchandise inventory on account. $9,200 B. June 10, paid creditor for part of previous months purchase, $11,350arrow_forwardComplete the accounting cycle using the adjusted trial balance below. JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2019 Account Title Debit Credit Cash P 16.500.00 Accounts Receivable 7.500.00 Allowance for doubtful accounts P 150.00 Note Receivable 5,527.50 3.000.00 Unused Supplies Prepaid rent 5.000.00 Photocopying Equipment 30,000.00 450.00 Accumulated Depreciation - Photocopying Equipment Furniture and Fixtures 5.000.00 Accumulated Depreciation - Furniture & Fixtures 75.00 Accounts payable 2.500.00 Loan payable 50,000.00 Notes payable 5.000.00 Salaries Payable 816.67 Unearned Photocopying Revenues 1,800.00 Mercado, Capital 10,000.00 Mercado, Drawing 500.00 Photocopying Revenues 24,227.50 Taxes and Licenses Expense 2,000.00 Salaries expense 4.800.00 Supplies expense 7,000.00 Utilities expense 2,500.00 Rent expense 5,000.00 525.00 Depreciation Expense Bad debts expense 166.67 P 95,019.17 P 95,019.17 Totals Requirements: 1. Prepare Financial Statements: Profit and loss…arrow_forward
- Prepare the January 1, 2020 opening trial balance. Prepare the journal entries for the first six months of 2020. The owners would like to know the current (as of 6/30/20) cash and inventory They would like you to provide a “T” account showing the activity in each account.arrow_forwardInstruction: You are given the Trial Balance of Quick Service Company. You are asked to review its preparation and prepare a corrected one. Below are some of the data your discovered and gathered: QUICK SERVICE COMPANY Trial Balance December 31, 2019 Account Title Debit Credit Cash on Hand Accounts Receivable Supplies Inventory Prepaid Rent Furniture and Fixtures Delivery Equipment Accounts Payable Roces, Capital Roces, Drawing Service Income 25,000 10,000 1,000 2,000 8,000 18,000 18,000 38,000 1,000 24,000 Salary Expense Commission Expense Taxes and Licenses 5,000 1,000 1,000 86,000 Total P 80,000 Adjustment Data: 1. An amount of P10,000 of the Account Receivable were posted to the cash account. 2. A debit of P2,000 to delivery equipment was posted to furniture and fixtures. 3. A credit of P8,000 to Service Income was posted twice. 4. To debit column was wrongly footed. P.arrow_forwardRequired:Prepare the following accounts in the general ledger of Hogwarts Traders for the financial year ended 31 December 2019 ONLY. Start with the opening balances. Balance the accounts at the end of the month. Ignore VAT.‐ Vehicles‐ Accumulated depreciation: Vehicles‐ Depreciation ‐ Asset Disposal ‐ Profit/Loss on sale of vehicles.Show all your workings.arrow_forward
- Assuming the use of a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded:a. Payment of six months’ rent in advance.b. Purchase of an office computer on account.c. Purchase of office supplies on account.d. Adjustment to record depreciation at the end of the month.e. Adjustment to record accrued salaries at the end of the period.f. Purchase of services on account.g. Adjustment to prepaid rent at the end of the month.h. Purchase of office equipment for cash.i. Adjustment to prepaid insurance at the end of the month.j. Purchase of office supplies for cash.k. Advance payment of a one-year fire insurance policy on the office.arrow_forwardQuestion: Record the disposal of Machine A. Transaction General Journal Debit Credit January 1arrow_forwardJournalizing transactions, posting to T-accounts, and preparing a trial balance Consider the following transactional data for the first month of operations for Crystal Clear Cleaning. Requirements Journalize the transactions, using the following accounts: Cash; Accounts Receivable; Cleaning Supplies; Prepaid Rent; Prepaid insurance; Equipment; Truck; Accounts Payable; Unearned Revenue; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Advertising Expense; and Utilities Expense. Explanations are not required. Open a T-account for each account. Post the journal entries to the T-accounts, and calculate account balances. Prepare a trial balance as of November 30, 2018.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY