FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 3, Problem 7E
To determine
Concept Introduction:
To Prepare:Theadjusting entries.
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Adjusting Entry for Accrued Fees
At the end of the current year, $59,500 of fees have been earned but have not been billed to clients.
a. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank.
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b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?
Prêpare a Journal Entries for Accounts
Receivables.
Is not a graded question
If can't the part B is : what would the year-end adjusting journal entry be given the following Allow to DA 375
1. Calculate Ingrid's balance in accounts receivable on December 31, 2019, prior to the adjustment.
$
838,000 x
2. Calculate Ingrid's balance in allowance for doubtful accounts on December 31, 2019, prior to the adjustment.
$
Feedback
VCheck My Work
1. and 2. Using T-accounts, start with the balance at the beginning of the year and make the necessary debits and/or credits for the transactions that occurred during
the year.
3. Prepare the necessary adjusting entry for 2019.
Bad Debt Expense
478,000 X
Allowance for Doubtful Accounts
7,900
Chapter 3 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
Ch. 3 - A company forgot to record accrued and unpaid...Ch. 3 - Prior to recording adjusting entries, the Supplies...Ch. 3 - Prob. 3MCQCh. 3 - On November 1, Stockton Co. receives $3,600 cash...Ch. 3 - Prob. 5MCQCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQ
Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 9DQCh. 3 - Prob. 10DQCh. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - Prob. 13DQCh. 3 - Prob. 14DQCh. 3 - Prob. 15DQCh. 3 - Prob. 16DQCh. 3 - Prob. 17DQCh. 3 - Prob. 18DQCh. 3 - Prob. 1QSCh. 3 - Prob. 2QSCh. 3 - Prob. 3QSCh. 3 - Prob. 4QSCh. 3 - Prob. 5QSCh. 3 - Prob. 6QSCh. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - Prob. 9QSCh. 3 - Prob. 10QSCh. 3 - Prob. 11QSCh. 3 - Prob. 12QSCh. 3 - Prob. 13QSCh. 3 - Prob. 14QSCh. 3 - Prob. 15QSCh. 3 - Prob. 16QSCh. 3 - Prob. 17QSCh. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Prob. 21QSCh. 3 - Prob. 22QSCh. 3 - Preparing a classified balance sheet C3 Use the...Ch. 3 - Prob. 24QSCh. 3 - Prob. 25QSCh. 3 - Prob. 26QSCh. 3 - Prob. 27QSCh. 3 - Prob. 28QSCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Prob. 8ECh. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Preparing unadjusted and adjusted trial balances,...Ch. 3 - Prob. 17ECh. 3 - Prob. 1PSACh. 3 - Prob. 2PSACh. 3 - Prob. 6PSACh. 3 - Prob. 7PSACh. 3 - Prob. 1PSBCh. 3 - Prob. 2PSBCh. 3 - Prob. 3PSBCh. 3 - Preparing financial statements from adjusted trial...Ch. 3 - Prob. 5PSBCh. 3 - Preparing closing entries and financial statements...Ch. 3 - Determining balance sheet classifications C3 In...Ch. 3 - After the success of the company’s first two...Ch. 3 - Prob. 1GLPCh. 3 - Prob. 2GLPCh. 3 - Prob. 3GLPCh. 3 - Prob. 4GLPCh. 3 - Prob. 5GLPCh. 3 - Prob. 1AACh. 3 - Prob. 2AACh. 3 - Prob. 3AACh. 3 - Prob. 1BTNCh. 3 - Prob. 2BTNCh. 3 - Prob. 3BTNCh. 3 - Prob. 4BTNCh. 3 - Prob. 5BTNCh. 3 - Prob. 6BTN
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- UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--. REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31.arrow_forwardUNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.arrow_forwardThe balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co. failed to record the adjusting entry for $600 of rent earned during December, the effect on the balance sheet and income statement for December would 1w: A. Assets understated by $600; net income overstated by $600. B. Liabilities understated by $600; net income understated by $600. C. Liabilities overstated by $600; net income understated by $600. D. Liabilities overstated by $600; net income overstated by $600.arrow_forward
- Answer the following questions that are related to the following Interest Payable T-account: February transactions Debit Req A Required: a. What is the amount of the February 28 adjustment? b. What account would most likely have been credited for the amount of the February transactions? c. What account would most likely have been debited for the amount of the February 28 adjustment? d. Why would this adjusting entry have been made? Complete this question by entering your answers in the tabs below. Req B to D Interest Payable Debit February transactions What is the amount of the February 28 adjustment? February 28 adjustment Req A February 1 balance 1,500 February 28 adjustment February 28 balance 4 Req B to D www February 1 balance 1,500 February 28 adjustment February 28 balance. Credit Complete this question by entering your answers in the tabs below. Navt b. What account would most likely have been credited for the amount of the February transactions? c. What account would most…arrow_forwardAdjustment for Accrued Revenues At the end of the current year, $15,070 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank. 88 Accounts Receivable v Fees Earned v Feedback ▼ Check My Work At the end of an accounting period, there may be revenue that has been earned but has not been recorded. In such cases, the revenue is increased. What account is used when you are receiving cash later?arrow_forwardAdjustment for accrued revenues Instructions Chart of Accounts Journal Instructions At the end of the current year, $36,920 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees. Refer to the Chart of Accounts for exact wording of account titles. k My Work All work saved.arrow_forward
- Adjustment for accrued revenues At the end of the current year, $17,950 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank. Account Debit Credit Accounts PayableAccounts ReceivableFees EarnedFees ExpenseUnearned Fees - Select - - Select - Accounts PayableAccounts ReceivableFees EarnedFees ExpenseUnearned Fees - Select - - Select -arrow_forwardAdjusting Entries for Unearned and Accrued Fees The balance in the unearned fees account, before adjustment at the end of the year, is $119,790. Of these fees, $74,270 have been earned. In addition, $14,370 of fees have been earned but have not been billed. a. Journalize the adjusting entry to adjust the unearned fees account. If an amount box does not require an entry, leave it blank. fill in the blank 6f7618f8bf96fcf_2 fill in the blank 6f7618f8bf96fcf_3 fill in the blank 6f7618f8bf96fcf_5 fill in the blank 6f7618f8bf96fcf_6 b. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank. fill in the blank 509adef84fd6009_2 fill in the blank 509adef84fd6009_3 fill in the blank 509adef84fd6009_5 fill in the blank 509adef84fd6009_6arrow_forwardAdjustment for Accrued Revenues At the end of the current year, $15,070 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank. Accounts Receivable v 88 Fees Earned Feedback Checy Wo At the end of an accounting period, there may be revenue that has been eamed but has not been recorded. In such cases, the revenue is increased. What account is used when you are receiving cash later?arrow_forward
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