Adjustment entries are the entries recorded in the closing period of the financial year to record all the expenses and revenues incurred for the year, or received in the year. They are normally made to record the accrued expenses, accrued revenues, prepaid expenses and unearned revenues. Adjustment entries affect at least one balance sheet account and at least one income statement account. Prepaid expenses are a part of accounting adjustment entries which are recorded in the closing period of the entity. These are those expenses which have not yet been incurred but have been paid in advance. They are recorded in the books following the matching principle of accounting. To determine: a) The journal entry to reflect the expiration of the insurance as of December 31, 2017. b) The adjusting journal entry to report the balance of the Supplies account and the Supplies Expense Account as of December 31, 2017.

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Answer 1

Question

Chapter 3, Problem 7QS

To determine

Concept Introduction:

Adjustment entries are the entries recorded in the closing period of the financial year to record all the expenses and revenues incurred for the year, or received in the year. They are normally made to record the accrued expenses, accrued revenues, prepaid expenses and unearned revenues. Adjustment entries affect at least one balance sheet account and at least one income statement account.

Prepaid expenses are a part of accounting adjustment entries which are recorded in the closing period of the entity. These are those expenses which have not yet been incurred but have been paid in advance. They are recorded in the books following the matching principle of accounting.

To determine:

a) The journal entry to reflect the expiration of the insurance as of December 31, 2017.

b) The adjusting journal entry to report the balance of the Supplies account and the Supplies Expense Account as of December 31, 2017.

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Answer 2

Question

Chapter 3, Problem 7QS

To determine

Concept Introduction:

Adjustment entries are the entries recorded in the closing period of the financial year to record all the expenses and revenues incurred for the year, or received in the year. They are normally made to record the accrued expenses, accrued revenues, prepaid expenses and unearned revenues. Adjustment entries affect at least one balance sheet account and at least one income statement account.

Prepaid expenses are a part of accounting adjustment entries which are recorded in the closing period of the entity. These are those expenses which have not yet been incurred but have been paid in advance. They are recorded in the books following the matching principle of accounting.

To determine:

a) The journal entry to reflect the expiration of the insurance as of December 31, 2017.

b) The adjusting journal entry to report the balance of the Supplies account and the Supplies Expense Account as of December 31, 2017.

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Answer 3

Question

Chapter 3, Problem 7QS

To determine

Concept Introduction:

Adjustment entries are the entries recorded in the closing period of the financial year to record all the expenses and revenues incurred for the year, or received in the year. They are normally made to record the accrued expenses, accrued revenues, prepaid expenses and unearned revenues. Adjustment entries affect at least one balance sheet account and at least one income statement account.

Prepaid expenses are a part of accounting adjustment entries which are recorded in the closing period of the entity. These are those expenses which have not yet been incurred but have been paid in advance. They are recorded in the books following the matching principle of accounting.

To determine:

a) The journal entry to reflect the expiration of the insurance as of December 31, 2017.

b) The adjusting journal entry to report the balance of the Supplies account and the Supplies Expense Account as of December 31, 2017.

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Answer 4

Question

Chapter 3, Problem 7QS

To determine

Concept Introduction:

Adjustment entries are the entries recorded in the closing period of the financial year to record all the expenses and revenues incurred for the year, or received in the year. They are normally made to record the accrued expenses, accrued revenues, prepaid expenses and unearned revenues. Adjustment entries affect at least one balance sheet account and at least one income statement account.

Prepaid expenses are a part of accounting adjustment entries which are recorded in the closing period of the entity. These are those expenses which have not yet been incurred but have been paid in advance. They are recorded in the books following the matching principle of accounting.

To determine:

a) The journal entry to reflect the expiration of the insurance as of December 31, 2017.

b) The adjusting journal entry to report the balance of the Supplies account and the Supplies Expense Account as of December 31, 2017.

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Answer 5

Chapter 3, Problem 7QS

To determine

Concept Introduction:

Adjustment entries are the entries recorded in the closing period of the financial year to record all the expenses and revenues incurred for the year, or received in the year. They are normally made to record the accrued expenses, accrued revenues, prepaid expenses and unearned revenues. Adjustment entries affect at least one balance sheet account and at least one income statement account.

Prepaid expenses are a part of accounting adjustment entries which are recorded in the closing period of the entity. These are those expenses which have not yet been incurred but have been paid in advance. They are recorded in the books following the matching principle of accounting.

To determine:

a) The journal entry to reflect the expiration of the insurance as of December 31, 2017.

b) The adjusting journal entry to report the balance of the Supplies account and the Supplies Expense Account as of December 31, 2017.

Answer 6

Chapter 3, Problem 7QS

To determine

Concept Introduction:

Adjustment entries are the entries recorded in the closing period of the financial year to record all the expenses and revenues incurred for the year, or received in the year. They are normally made to record the accrued expenses, accrued revenues, prepaid expenses and unearned revenues. Adjustment entries affect at least one balance sheet account and at least one income statement account.

Prepaid expenses are a part of accounting adjustment entries which are recorded in the closing period of the entity. These are those expenses which have not yet been incurred but have been paid in advance. They are recorded in the books following the matching principle of accounting.

To determine:

a) The journal entry to reflect the expiration of the insurance as of December 31, 2017.

b) The adjusting journal entry to report the balance of the Supplies account and the Supplies Expense Account as of December 31, 2017.

Answer 7

Chapter 3, Problem 7QS

To determine

Concept Introduction:

Adjustment entries are the entries recorded in the closing period of the financial year to record all the expenses and revenues incurred for the year, or received in the year. They are normally made to record the accrued expenses, accrued revenues, prepaid expenses and unearned revenues. Adjustment entries affect at least one balance sheet account and at least one income statement account.

Prepaid expenses are a part of accounting adjustment entries which are recorded in the closing period of the entity. These are those expenses which have not yet been incurred but have been paid in advance. They are recorded in the books following the matching principle of accounting.

To determine:

a) The journal entry to reflect the expiration of the insurance as of December 31, 2017.

b) The adjusting journal entry to report the balance of the Supplies account and the Supplies Expense Account as of December 31, 2017.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 3 - Prob. 1DQ Ch. 3 - Prob. 2DQ Ch. 3 - Prob. 3DQ Ch. 3 - Prob. 4DQ Ch. 3 - Prob. 5DQ Ch. 3 - Prob. 6DQ Ch. 3 - What is an accrued revenue? Give an example..Ch. 3 - Prob. 8DQ Ch. 3 - Prob. 9DQ Ch. 3 - Prob. 10DQ

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