Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem E3.29E
Using the worksheet to record the adjusting journal entries
Learning Objective 6 |
Adjustments $3,700 total |
The worksheet of Best Jobs Employment Service follows but is incomplete.
Account Names | Unadjusted |
Adjustments | Adjusted Trial Balance | |||
Debit | Credit | Debit | Credit | Debit | Credit | |
Cash | $1,100 | |||||
4,100 | ||||||
Office Supplies | 1,200 | |||||
Equipment | 32,700 | |||||
$13,900 | ||||||
Salaries Payable | ||||||
Kubota, Capital | 25,200 | |||||
Kubota, Withdrawals | 5,300 | |||||
Service Revenue | 9,000 | |||||
Salaries Expense | 2,200 | |||||
Rent Expense | ||||||
Depreciation Expense−Equipment | ||||||
Supplies Expense | ||||||
Total | $48,100 | $48,100 |
The following data at April 30, 2018, are given for Best Jobs Employment Service.
- Service revenue accrued $700.
- Office supplies used, $300.
- Depreciation on equipment, $1,300.
- Salaries owed to employees $1,400.
Requirements
- Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments.
- Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns.
- Prepare each
adjusting journal entry calculated in Requirement 1. Date the entries, and include explanations.
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Analysis of Receivables Method
At the end of the current year, Accounts Receivable has
balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale
for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000.
a. Determine the amount of the adjusting entry for uncollectible acfounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
Allowance for Doubtful Accounts
Bad Debt Expense
c. Determine the net realizable value of accounts receivable.
Feedback
T Check My Work
The analysis of receivables method is based on the assumption that the longer an account receivable is outstanding the less likely that it will be
collected.
The…
Requirements
1. Journalize the adjusting entries needed on July 31, 2018.
** Suppose the adjustments made in Requirement 1 were not made. Compute the
Overall overstatement or understatement of net income as a result of the omission
of these adjustments.
E3-29 Using the worksheet to record the adjusting journal entries
Learning Objective 6
The worksheet of Best Jobs Employment Service follows but is incomplete.
1. Adjustments $3,700 total
D.
B.
BEST JOBS EMPLOYMENT SERVICE
Worksheet
April 30, 2018
Adjustments
Unadjusted Trial Balance
Adjusted Trial Balance
Account Names
Credit
Debit
Credit
Debit
Debit
Credit
7 Cash
$ 1,100
8 Accounts Receivable
9 Office Supplies
10 Equipment
11 Accumulated Depreciation-Equipment
12 Salaries Payable
13 Kubota, Capital
4,100
1,200
32,700
$ 13,900
25,200
14 Kubota, Withdrawals
5,300
15 Service Revenue
9,000
16 Salaries Expense
2,200
17 Rent Expense
1,500
18 Depreciation Expense-Equipment
19 Supplies Expense
20 Total
$ 48,100
$ 48,100
21
The following data…
Chapter 3 Solutions
Horngren's Accounting (12th Edition)
Ch. 3 - Prob. 1QCCh. 3 - Get Fit Now gains a client who prepays S540 for a...Ch. 3 - The revenue recognition principle requires...Ch. 3 - Adjusting the accounts is the process of Learning...Ch. 3 - Which of the following is an example of a deferral...Ch. 3 - Assume that the weekly payroll of In the Woods...Ch. 3 - Prob. 7QCCh. 3 - A equity overstated income statement: expense...Ch. 3 - A worksheet Learning Objective 6 is a journal used...Ch. 3 - On February 1, Clovis Wilson Law Firm contracted...
Ch. 3 - What is the difference between cash basis...Ch. 3 - Which method of accounting (cash or accrual basis)...Ch. 3 - Prob. 3RQCh. 3 - What is a fiscal year? Why might companies choose...Ch. 3 - Under the revenue recognition principle, when is...Ch. 3 - Under the matching principle, when are expenses...Ch. 3 - When are adjusting entries completed and what is...Ch. 3 - What are the two basic categories of adjusting...Ch. 3 - What is a deferred expense? Provide an example.Ch. 3 - What is the process of allocating the cost of a...Ch. 3 - What is a contra account?Ch. 3 - Prob. 12RQCh. 3 - What does accumulated depreciation represent?Ch. 3 - Prob. 14RQCh. 3 - What is a deferred revenue? Provide an example.Ch. 3 - What is an accrued expense? Provide an example.Ch. 3 - What is an accrued revenue? Provide an example.Ch. 3 - What are the two rules to remember about adjusting...Ch. 3 - When is an adjusted trial balance prepared, and...Ch. 3 - Prob. 20RQCh. 3 - What is a worksheet, and how is it used to help...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - Comparing cash and accrual basis accounting for...Ch. 3 - Comparing cash and accrual basis accounting for...Ch. 3 - Applying the revenue recognition principle...Ch. 3 - S3-4 Applying the matching principle Learning...Ch. 3 - S3-5 Identifying types of adjusting entries...Ch. 3 - Journalizing and posting adjusting entries for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Prob. S3.11SECh. 3 - Journalizing an adjusting entry for accrued...Ch. 3 - Preparing an adjusted trial balance Learning...Ch. 3 - Determining the effects on financial statements...Ch. 3 - Preparing a partial worksheet Learning Objective 6...Ch. 3 - Prob. S3A.16SECh. 3 - Prob. S3A.17SECh. 3 - E3-18 Comparing cash and accrual basis accounting...Ch. 3 - Comparing cash and accrual basis accounting and...Ch. 3 - Determining the amount of prepaid expenses...Ch. 3 - E3-21 Journalizing adjusting entries Learning...Ch. 3 - E3-22 Journalizing adjusting entries Learning...Ch. 3 - Journalizing adjusting entries Learning Objective...Ch. 3 - Journalizing adjusting entries and posting to...Ch. 3 - Journalizing adjusting entries and posting to...Ch. 3 - Preparing an adjusted trial balance Learning...Ch. 3 - Identifying the impact of adjusting entries on the...Ch. 3 - Journalizing adjusting entries and analyzing their...Ch. 3 - Using the worksheet to record the adjusting...Ch. 3 - Using the worksheet to prepare the adjusted trial...Ch. 3 - Understanding the alternative treatment of prepaid...Ch. 3 - Understanding the alternative treatment of...Ch. 3 - Journalizing adjusting entries and subsequent...Ch. 3 - Journalizing adjusting entries and identifying the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Using the worksheet to record the adjusting...Ch. 3 - Prob. P3A.38APGACh. 3 - Prob. P3.39BPGBCh. 3 - P3-40B Journalizing adjusting entries and...Ch. 3 - P3-41B Journalizing and posting adjustments to the...Ch. 3 - Prob. P3.42BPGBCh. 3 - Prob. P3.43BPGBCh. 3 - Prob. P3A.44BPGBCh. 3 - Using Excel to journalize and post adjusting...Ch. 3 - Prob. P3.46CPCh. 3 - Prob. P3.47PSCh. 3 - Tying It All Together Case 3-1
Before you begin...Ch. 3 - One year ago, Tyler Stasney founded Swift...Ch. 3 - Prob. 3.1EICh. 3 - Prob. 3.1FCCh. 3 - Prob. 3.1FSC
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