FINANCIAL ACCOUNTING-TEXT
6th Edition
ISBN: 2810023103767
Author: DYCKMAN
Publisher: CAMB BUS
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Chapter 3, Problem 46P
a.
To determine
Prepare
b.
To determine
Prepare adjusting entries using financial statement effects template and in journal entry form on January 4, 2019.
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Comprehensive On November 30, 2019. Davis Company had the following account balance.
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During the month of December, Davis entered into the following transactions:
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Required:
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a.Prepare generaljournal entries to record the preceding transactions.
b.Post to general ledger T accoun
c.Prepare a year-end trial balance on a worksheet and complete theworksheet using the following information: (a) accrued salaries at year-end total s1,200; (b) for simplicity, the building and equipment are being depreciated using the straight-line method over an estimated life of 20 yean with no residual value;(c) supplies on hand at the end of the year total $630; (d) bad debts expense for the year totals $830; and (e)the income tax rate is 30%; income taxes are payable in the first quarter of
d.Prepare the companis financial statements for 2019.
e.Prepare the 2019 (a) adjusting and (b) closing entries in the general journal.
Reviewing payroll records indicates that employee salaries that are due to be paid on
January 3 include $3,575 in wages for the last week of December. There was no
previous balance in the Salaries Payable account at that time. Based on the
information provided, make the December 31 adjusting journal entry to bring the
balances to correct.
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Reviewing payroll records indicates that employee salaries that are due to be paid on
January 3 include $3,575 in wages for the last week of December. There was no
previous balance in the Salaries Payable account at that time. Based on the
information provided, make the December 31 adjusting journal entry to bring the
balances to correct.
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...
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Chapter 3 Solutions
FINANCIAL ACCOUNTING-TEXT
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
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- Assume the following data for Lusk Inc. before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer allowances b. Estimated customer returnsarrow_forwardJournalizing and posting an adjusting entry for accrued salaries expense Birch Park Senior Center has a weekly payroll of $12,500. December 31 falls on Wednesday, and Birch Park Senior Center will pay its employees the following Monday (January 5) for the previous full week. Assume Birch Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense of $620,000. Requirements Record the adjusting entry for accrued salaries on December 31. Post the adjusting entry to the accounts involved, and show their balances after adjustments. Record the journal entry for payment of salaries made on January 5.arrow_forwardInformation to prepare adjusting journal entries The following information relates to Gatsby, Inc. as of December 31 of the current year. The company uses the calendar year as its annual reporting period and the Accrual Method of Accounting. Prepaid and unearned items are recorded as assets and liabilities, respectively. Prepare all necessary adjusting journal entries and post to the T-accounts. 1 The company's weekly payroll is $3,000 and is paid each Friday for a five-day work week. Assume December 31st falls on a Thursday, but the employees will not be paid their wages until Friday, January 3rd. 2 Eighteen months earlier, on July 1st the company purchased equipment that cost $160,000. Its useful life is predicted to be ten years, at which time the equipment is expected to have a zero salvage/residual value. Gatsby, Inc. uses the straight-line depreciation method. Deprecation has NOT been recorded for this year. 3 On September 1st of the current year Gatsby, Inc. was paid $60,000 in…arrow_forward
- Adjusting, Closing, and Reversing Entries Prepare adjusting, closing, and payroll entries for wages using two methods. Wages paid during 20-1 are $24,080. Wages earned but not paid (accrued) as of December 31, 20-1, are $240. On January 3, 20-2, payroll of $920 is paid, which includes the $240 of wages earned but not paid in December. 1. Â Prepare the entries without making a reversing entry.arrow_forwardThe company determines that the interest expense on a note payable for the period ending December 31 is $630. This amount is payable on January 1. Prepare the journal entries required on December 31 and January 1. If an amount box does not require an entry, leave it blank. Dec. 31 Â Â Â Â Â Â Â Jan. 1arrow_forwardRecord journal entries for the following transactions. a. On December 1, $14,000 was received for a service contract to be performed from December 1 through April 30. If an amount box does not require an entry, leave it blank. Dec. 1 Accounts Receivable 14,000 Fees Earned 14,000 b. Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31. If an amount box does not reguire an entry, leave it blank. Dec. 31 dropdown Nextarrow_forward
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