Intermediate Accounting
3rd Edition
ISBN: 9780136912644
Author: Elizabeth A. Gordon; Jana S. Raedy; Alexander J. Sannella
Publisher: Pearson Education (US)
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Chapter 4, Problem 4.14BE
To determine
Toprepare: The t-accounts for subscription revenue and unearned subscription revenue as of March 31, before and after preparing the
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Adjusting Journal Entries. Prepare the adjusting journal entries for the case below. Please show computations below each journal entry.
Instructions:
1. Based on the information provided below, please calculate the total accrual needed at the end of Q1-2022 (3/31/2022) by vendor.
2. Round the total accrual to the nearest 10.
3. Utilizing the rounded total accrual amount, and the provided information, show what journal entry(s) should be posted at the end of Q1-2022.
4. Format/change/improve this tab however you like to make it easier to understand.
This is a list of all invoices received and paid related to Q1 for the respective vendors:
Invoice/Start Date Vendor
Invoice Number Amount
2/1/2021 California Roofing 3AD24DF982D
1/1/2022 Hot Cakes LLC
1/6/2022 Jammer Joes Pools D48F5A4D8
1/10/2022 Else's Hammer Sho
1/19/2022 Washmart Co
2/4/2022 Hot Cakes LLC
2/5/2022 ABC Plumbing
2/16/2022 Else's Hammer Sho
3/17/2022 Spooner forks Inc UUTTRSFS
3/19/2022 Else's Hammer Sho
Washmart Co
California Roofing
Jammer Joes Pools
Spooner forks Inc
Total Accrual
2. Rounded Total
3. JE(s) needed at 3/31/2022:
Account Type
Debit
Expense…
Noor started her business on June 1, 2020.
Noor
Trial Balance
August 31, 2020
SL Particulars
1 Cash
Debit
Credit
55,600
2
Supplies
16,300
3
Prepaid Insurance
16,000
4
Land
22,000
5
Cottages
5,000
Furniture
26,000
7 Account Payable
16,500
8 Unearned Rent
9 Mortgage Payable
10 Capital
11 Drawing
12
10,400
10,000
70,000
5,000
Rent Revenue
57,000
13 Repair Expense
Salaries Expense
15 Utility Expense
3,600
14
5,000
9,400
ТОTAL
163.900
163.900
Other information:
(1) End of August 31 the balance of prepaid insurance is Tk. 1600
(2) Supplies used during the period Tk. 800
(3) Furniture has 6 years life with no salvage value and cost is Tk 26000 [formula:
Depreciation = (cost - salvage value) /1
/lifetime]
(4) Balance of unearned revenue is 700 at the end of August 31.
(5) Salary expense is accrued Tk 9000 (not yet paid)
Chapter 4 Solutions
Intermediate Accounting
Ch. 4 - Prob. 4.1QCh. 4 - ShoeBuy uses reversing entries for events such as...Ch. 4 - What is equity? What are the three components of...Ch. 4 - Prob. 4.4QCh. 4 - Will all transactions have a dual effect on the...Ch. 4 - Prob. 4.6QCh. 4 - What is meant by the term normal balance? Provide...Ch. 4 - Why is the general journal referred to as the book...Ch. 4 - Are account balances found in the general ledger?...Ch. 4 - What is the purpose of an unadjusted trial...
Ch. 4 - Explain the difference between the accrual basis...Ch. 4 - Under the accrual basis of accounting when do...Ch. 4 - Why are adjusting journal entries made? When do...Ch. 4 - What is a deferred revenue? When will the full...Ch. 4 - What is the purpose of the adjusted trial...Ch. 4 - Which statements can be prepared from the adjusted...Ch. 4 - Prob. 4.17QCh. 4 - Jefferson, CPAs provides accounting services for a...Ch. 4 - Gates Accounting Services (GAS), a sole...Ch. 4 - Prob. 4.3MCCh. 4 - State University sold all of its basketball...Ch. 4 - Prob. 4.5MCCh. 4 - Sampson Manufacturing Company (SMC) has an empty...Ch. 4 - On July 15, Year 1, Southeastern University hired...Ch. 4 - Embree Corp. purchased a four-year insurance...Ch. 4 - The Cougars football team sells season tickets in...Ch. 4 - Prob. 4.10MCCh. 4 - Prob. 4.1BECh. 4 - Transaction Analysis. Florences Floral...Ch. 4 - Journal Entries. Using the information provided in...Ch. 4 - Transaction Analysis; Journal Entries. Cals...Ch. 4 - Transaction Analysis; Journal Entries. Using the...Ch. 4 - Journal Entries; T-accounts. Using the information...Ch. 4 - Retained Earnings. In its first year of...Ch. 4 - Retained Earnings. Using the information provided...Ch. 4 - Prob. 4.9BECh. 4 - Prob. 4.10BECh. 4 - Adjusting Journal Entries. Barnard and Associates...Ch. 4 - Prob. 4.12BECh. 4 - Prob. 4.13BECh. 4 - Prob. 4.14BECh. 4 - Prob. 4.15BECh. 4 - Closing Entries. Using the information provided in...Ch. 4 - Closing Entries. At year-end Nelsons Nursery, Inc...Ch. 4 - Closing Entries. Readers, Inc., an online...Ch. 4 - Adjusting Journal Entries. Barnard and Associates...Ch. 4 - Prob. 4.20BECh. 4 - Adjusting Journal Entries. Gerhard News collects...Ch. 4 - Prob. 4.22BECh. 4 - Prob. 4.23BECh. 4 - Prob. 4.24BECh. 4 - Transaction Analysis. The following transactions...Ch. 4 - Prob. 4.2ECh. 4 - Transaction Analysis; Journal Entries. Master Mind...Ch. 4 - Prob. 4.4ECh. 4 - Prob. 4.5ECh. 4 - Posting to the General Ledger. Using the...Ch. 4 - Preparing Journal Entries in the General Journal....Ch. 4 - Preparing the T-accounts. Using the information...Ch. 4 - Transaction Analysis: Journal Entries and Posting...Ch. 4 - Transaction Analysis: Journal Entries and Posting...Ch. 4 - Prob. 4.11ECh. 4 - Adjusting Journal Entries: T-accounts. Fanatical...Ch. 4 - Prob. 4.13ECh. 4 - Prob. 4.14ECh. 4 - Prob. 4.15ECh. 4 - Prob. 4.16ECh. 4 - Prob. 4.17ECh. 4 - Adjusting Journal Entries; Adjusted Trial Balance....Ch. 4 - Preparing Financial Statements. Using the adjusted...Ch. 4 - Prob. 4.20ECh. 4 - Prob. 4.21ECh. 4 - Closing Entries. Diane s Dairy Sales Delivery...Ch. 4 - Prob. 4.23ECh. 4 - Prob. 4.24ECh. 4 - Transaction Analysis; Journal Entries; Adjusting...Ch. 4 - Transaction Analysis; Journal Entries; Adjusting...Ch. 4 - Prob. 4.3PCh. 4 - Prob. 4.4PCh. 4 - Prob. 4.5PCh. 4 - Journal Entries; Post to the General Ledger;...Ch. 4 - Preparing the Trial Balance; Adjusting Journal...Ch. 4 - Transaction Analysis; Journal Entries; Adjusting...Ch. 4 - Closing Process. Using the information in P4-6 and...Ch. 4 - Closing Process. Sherlock Locksmiths, Inc has the...Ch. 4 - Transaction Analysis; Journal Entries, Posting,...Ch. 4 - Transaction Analysis; Journal Entries, Posting,...
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