Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 3, Problem 9AP
To determine
Prepare a statement determining the adjustments and show the accounts affected.
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Students have asked these similar questions
At the end of October, the ABC Company needed to make accrual adjustments to the accounts, using the following information:
Depreciation for the month is £50
An inventory count on October 31 revealed that 125units were in the company’s warehouse. The cost flow assumption followed for the preparation of statements is FIFO.
On September 1, ABC Company issued a 3-month, annual rate 6%, $1,000 Note Payable to Credit Bank. Capital and interest are to be paid at the end of November.
Prepare a worksheet showing the October transactions and the October accrual adjustments for the ABC Company.
The work sheet is attached below, which is solvevd. But I wonder how to get the lastest amount of inventory, which is 125?
Can you please show me the calculation process?
Jack Hammer Company completed the following transactions. The annual accounting period ends December 31.
April 30 Received $672,000 from Commerce Bank after signing a 12-month, 9.00 percent, promissory note.
June 6 Purchased merchandise on account at a cost of $81,000. (Assume a perpetual inventory system.)
July 15 Paid for the June 6 purchase.
August 31
Signed a contract to provide security service to a small apartment complex starting in September, and collected six
months' fees in advance, amounting to $27,000.
December 31 Determined salary and wages of $46,000 were earned but not yet paid as of December 31 (ignore payroll taxes).
December 31 Adjusted the accounts at year-end, relating to interest.
December 31 Adjusted the accounts at year-end, relating to security service.
Required:
1. For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation.
2. For each item, indicate whether the debt-to-assets ratio is…
Jack Hammer Company completed the following transactions. The annual accounting period ends December 31.
Apr. 30 Received $465,000 from Commerce Bank after signing a 12-month, 7 percent, promissory note.
June 6 Purchased merchandise on account at a cost of $66,000. (Assume a perpetual inventory system.)
July 15 Paid for the June 6 purchase.
Aug. 31 Signed a contract to provide security service to a small apartment complex starting in September, and collected six months' fees in advance amounting to $18,600.
Dec. 31 Determined salary and wages of $31,000 were earned but not yet paid as of December 31 (ignore payroll taxes).
Dec. 31 Adjusted the accounts at year-end, relating to interest.
Dec. 31 Adjusted the accounts at year-end, relating to security service.
Required:
1. & 2. Make journal entries for each of the transactions through August 31 and adjusting entries required on December 31.
3. Show how all of the liabilities arising from these items are reported on the balance sheet…
Chapter 3 Solutions
Principles of Accounting
Ch. 3 - Prob. 1DQCh. 3 - Will the carrying value of a long-term asset...Ch. 3 - If, at the end of the accounting period, you were...Ch. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Match the concepts of accrual accounting that...Ch. 3 - The Prepaid Insurance account began the year with...Ch. 3 - The Supplies account began the year with a balance...Ch. 3 - Prob. 4SE
Ch. 3 - Prob. 5SECh. 3 - During the month of August, deposits in the amount...Ch. 3 - Prob. 7SECh. 3 - Malesherbes Companys adjusted trial balance on...Ch. 3 - Prob. 9SECh. 3 - Prob. 10SECh. 3 - Carlos Companys accountant makes the assumptions...Ch. 3 - Four conditions must be met before revenue should...Ch. 3 - Prob. 3EACh. 3 - Prob. 4EACh. 3 - Prob. 5EACh. 3 - Prob. 6EACh. 3 - Prob. 7EACh. 3 - Prob. 8EACh. 3 - Prepare year-end adjusting entries for each of the...Ch. 3 - Prob. 10EACh. 3 - Prob. 11EACh. 3 - Wipro Companys income statement included the...Ch. 3 - At the end of the first three months of operation,...Ch. 3 - On November 30, the end of the current fiscal...Ch. 3 - Kinokawa Consultants Companys trial balance on...Ch. 3 - Hertz Limo Service was organized to provide...Ch. 3 - At the end of its fiscal year, Berwyn Cleaners...Ch. 3 - Brave Advisors Services trial balance on December...Ch. 3 - Prob. 7PCh. 3 - Prob. 8PCh. 3 - Prob. 9APCh. 3 - On March 31, the end of the current fiscal year,...Ch. 3 - Lee Technology Corporations trial balance on...Ch. 3 - Prob. 12APCh. 3 - Prob. 13APCh. 3 - Scoop Consulting Services trial balance on...Ch. 3 - Prob. 15APCh. 3 - Prob. 16APCh. 3 - Never Flake Company provided a rust-prevention...Ch. 3 - Prob. 2CCh. 3 - Prob. 3CCh. 3 - Prob. 4CCh. 3 - Prob. 5CCh. 3 - Prob. 6C
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