Principles of Financial Accounting.
22nd Edition
ISBN: 9780077632892
Author: John J. Wild
Publisher: McGraw Hill
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Chapter 4, Problem 10E
The adjusted
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The trial balances of Orton Company follow with the accounts arranged in alphabetical order. Analyze the data and prepare (a) the adjusting entries and (b) the closing entries made by Orton Company.
Use the following information to answer Exercises E5-23 through E5-25.
The adjusted trial balance of Quality Office Systems at March 31, 2018, follows:
Journalizing closing entries Requirements
Journalize the required dosing entries at March 31, 2018.
Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Post the closing entries to the T-accounts, and calculate their ending balances.
How much was Quality Office’s net income or net loss?
Listed below in random order are the eight steps comprising a complete accounting cycle:Prepare a trial balance.Journalize and post the closing entries.Prepare financial statements.Post transaction data to the ledger.Prepare an adjusted trial balance.Make end-of-period adjustments.Journalize transactions.Prepare an after-closing trial balance.a. List these steps in the sequence in which they would normally be performed. (A detailedunderstanding of these eight steps is not required until Chapters 4 and 5.)b. Describe ways in which the information produced through the accounting cycle is used by acompany’s management and employees.
Chapter 4 Solutions
Principles of Financial Accounting.
Ch. 4 - G. Venda, owner of Venda Services, withdrew 25,000...Ch. 4 - The following information is available for the R....Ch. 4 - Which of the following errors would cause the...Ch. 4 - The temporary account used only in the closing...Ch. 4 - Prob. 5MCQCh. 4 - Prob. 1DQCh. 4 - What accounts are affected by closing entries?...Ch. 4 - What two purposes are accomplished by recording...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQ
Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - What are the characteristics of plant assets?Ch. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - Prob. 4QSCh. 4 - Prob. 5QSCh. 4 - The ledger of Mai Company includes the following...Ch. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - These 16 accounts are from the Adjusted Trial...Ch. 4 - The Adjusted Trial Balance columns of a 10-column...Ch. 4 - Use the following information from the Adjustments...Ch. 4 - Prob. 4ECh. 4 - Capri Company began the current period with a...Ch. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Use the May 31 fiscal year-end information from...Ch. 4 - Prob. 9ECh. 4 - The adjusted trial balance for Salon Marketing Co....Ch. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Use the following adjusted year-end trial balance...Ch. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Hawk Company records prepaid assets and unearned...Ch. 4 - Prob. 17ECh. 4 - Prob. 1APCh. 4 - Prob. 2APCh. 4 - Prob. 3APCh. 4 - Prob. 4APCh. 4 - Problem 4-5A The adjusted trial balance of Karise...Ch. 4 - Prob. 6APCh. 4 - Prob. 1BPCh. 4 - Problem 4-2B The following unadjusted trial...Ch. 4 - Prob. 3BPCh. 4 - Prob. 4BPCh. 4 - Problem 4-5B Santo Company’s adjusted trial...Ch. 4 - Prob. 6BPCh. 4 - Prob. 4SPCh. 4 - BTN 4-1 Refer to Apple's financial statements in...Ch. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - One of your classmates states that a companys...Ch. 4 - Prob. 7BTNCh. 4 - Prob. 9BTN
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- Enter the adjusted balances in the T-accounts. 2. Write the closing entries on a journal page. Number each journal entry (e.g., CJE-1). Use proper form. 3. Post the closing entries to the T-accounts. Next to the posting, instead of the date, show CJE and the entry number (e.g. CJE1). 4. Prepare a post-closing trial balance.arrow_forwardRequirements 1. and 2. 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. The account names and unadjusted trial balance amounts as provided in the question have been entered into the worksheet for you. Finish the partial worksheet by completing the adjustments and adjusted trial balance columns. Complete the Adjustments columns by using the letters a through d to label the four adjustments.arrow_forwardRequirements 1. and 2. 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. The account names and unadjusted trial balance amounts as provided in the question have been entered into the worksheet for you. Finish the partial worksheet by completing the adjustments and adjusted trial balance columns. Complete the Adjustments columns by using the letters a through d to label the four adjustments. Account Names Cash Accounts Receivable Office Supplies Equipment Accumulated Depreciation-Equipment Salaries Payable Common Stock Dividends Service Revenue Salaries Expense Rent Expense Depreciation Expense-Equipment Supplies Expense Total $ Work Today Employment Service Worksheet April 30, 2024 Unadjusted Trial Balance Debit 1,200 4,200 800 32,800 4,500 2,300 1.400 Credit $ 14,200 23,900 9,100 $ 47,200 $ 47,200 Adjustments…arrow_forward
- Put the following accounting cycle transactions-recording processes in order by selecting the corresponding sequence number of each activity Group of answer choices Journalize external business transactions Post closing entries to the general ledger (T-accounts) Prepare the adjusted trial balance Journalize closing entries…arrow_forwardThe required steps in the accounting cycle are listed below in random order. List the steps in the correct order by selecting the numbers 1 to 9 in the dropdown boxes (a) Prepare a post-closing trial balance. (b) Prepare an adjusted trial balance (c) Analyze business transactions (d)Prepare a trial balance. (e)Jornalize the transactions. (f)Journalize and post the closing entries. (g)Prepare the financial statements. (h) Journalize and post the adjusting entries (i) Post to the ledger accounts.arrow_forwardSPRE ADSHEET, ADJUSTING ENTRIES, AND FIN ANCIAL STATEMENTS Lundberg Company had the following trial balance columns on its spreadsheet: Data for adjusting the accounts are as follows: Additional information needed to prepare the financial statements is as follows: Required 1. Prepare a 6-column spreadsheet. 2. Prepare the following financial statements and schedule: (a) income statement (b) schedule of cost of goods manufactured (c) statement of retained earnings (d) balance sheetarrow_forward
- I need help with this practice problem. Put the balances from the adjusted trial balance into the T accountsCreate properly formatted income statement and balance sheet for the year and the balance sheet as of 12/31.Create the closing entries.Post the results of the closing entries into the T accountDraw off balances for the T accounts.Create the post-closing trial balancearrow_forwardNumber in their proper order the following steps in the accounting cycle. a. Prepare a trial balance. b. Post to the general ledger accounts. c. Journalize and post the closing entries. d. Complete an end-of-period work sheet. e. Prepare a post-closing trial balance. f. Journalize and post the adjusting entries. g. Analyze source documents. h. Record the adjusting entries on a work sheet. i. Journalize the transactions. j. Prepare the financial statements.arrow_forwardThe unadjusted trial balance of Lakota Freight Co. at March 31, 2019, the end of the year, follows: Lakota Freight Co. Unadjusted Trial Balance March 31, 2019 Account No. Debit Balances Credit Balances Cash 11 12,000 Supplies Prepaid Insurance. 13 30,000 14 3,600 Equipment.... Accumulated Depreciation-Equipment. 16 110,000 17 25,000 Trucks.. 18 60,000 Accumulated Depreciation-Trucks. Accounts Payable... 19 15,000 21 4,000 Kaya Tarango, Capital 31 96,000 Kaya Tarango, Drawing. 32 15,000 Service Revenue 41 160,000 Wages Expense. Rent Expense. Truck Expense . Miscellaneous Expense.. 51 45,000 53 10,600 9,000 54 59 4,800 300,000 300,000 The data needed to determine year-end adjustments are as follows: a. Supplies on hand at March 31 are $7,500. b. Insurance premiums expired during the year are $1,800. c. Depreciation of equipment during the year is $8,350. d. Depreciation of trucks during the year is $6,200. e. Wages accrued but not paid at March 31 are $600.arrow_forward
- A. Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books. B. Prepare the Post-Closing Trial Balance after closing entries are done.arrow_forwardThe adjusted trial balance of Tiger Company appears below. Using the information from the adjusted trail balance and the financial statements prepared in question 6, use the journal template below to journalize the necessary closing entries at Dec. 31 then scroll down to find the template to prepare the Post Closing Trial Balance.arrow_forwardComplete the accounting cycle using the adjusted trial balance below. Requirements:1. Prepare Financial Statements: Profit and loss Statement, Statement ofchanges in Equity and Statement of Financial Position2. Closing entries: Prepare closing entries in the general journal; 2. Post theclosing entries in the general ledger and; 3. Creating Post-closing Trialbalance.arrow_forward
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