Fundamentals of Financial Accounting
5th Edition
ISBN: 9780078025914
Author: Fred Phillips Associate Professor, Robert Libby, Patricia Libby
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 4, Problem 4.1SDC
Finding Financial Information
Refer to the financial statements of The Home Depot in Appendix A at the end of this book, or download the annual report from the Cases section of the Connect library.
Required:
- 1. How much did The Home Depot owe for salaries and related expenses at February 2, 2014? Was this an increase or decrease from the previous year?
- a. $1,428 million (Increase)
- b. $1,428 million (Decrease)
- c. $5,797 million (Decrease)
- d. $5,797 million (Increase)
- 2. Refer to the Revenues note in the Summary of Significant Accounting Policies that follows The Home Depot’s statements of cash flows. How does the company account for customer payments received in advance of providing services?
- a. Record the prepayment as revenue.
- b. The funds are deposited in the bank account and no entry is recorded.
- c. The funds are not deposited in the bank account and no entry is recorded.
- d. The revenue is deferred until the goods or services are provided to the customer.
- 3. What
adjusting journal entry must The Home Depot make when it provides services paid by gift card?- a. debit Cash, credit Unearned Revenue
- b. debit Unearned Revenue, credit Service Revenue
- c. debit Service Revenue, credit Unearned Revenue
- d. debit Unearned Revenue, credit Cash
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Using the given information, calculate the amount in respect of Subscription that is needed to be
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Required information
[The following information applies to the questions displayed below.]
On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $122,400 on December 31, 2022. The
proceeds of the note were $116,400.
c. 1. Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022.
2. Record the journal entry to show the effects of recording interest expense for the month of September.
3. Record the journal entry to show the effects of repaying the note on December 31, 2022.
Complete this question by entering your answers in the tabs below.
Required C1 Required C2 Required C3
Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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Journal entry worksheet
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The treasurer of Kakeldadi’S Club has presented the following Information to you on 31st December, 2018Cash transactions for the year ended 31st December, 2018 were as followsGH¢ GH¢ Cash -balance (1st January, 2018) 9,300Members’ subscription 26,500Bar Purchases 60,000Bar sales 154,000Additional Information: 1. The insurance covers one and a half years to 30/03/2019. 20% depreciation is charged on cost of fixed asset. 2. Other assets and liabilities were: 01/01/2018 31/12/ 2018GH¢ GH¢Bar inventory 6,800 9,650Owings to bar stock suppliers 6,000 7,750Subscription in arrears 4,000 5,200Subscription received in advance 800 1,000Old Office Equipment 24,000 ------3. The bar keeper who had handled bar sales all for cash had disappeared taking with him some monies. It was not known how much money he had stolen, but all bar sales were sold at a profit margin of 25%. The cash stolen should be credited to Bar Trading Account and debited to the Income and Expenditure Account. 4. The old office…
Chapter 4 Solutions
Fundamentals of Financial Accounting
Ch. 4 - Prob. 1QCh. 4 - Explain the relationships between adjustments and...Ch. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - What is a contra-asset? Give an example of one.Ch. 4 - Explain the differences between depreciation...Ch. 4 - What is an adjusted trial balance? What is its...Ch. 4 - On December 31, a company makes a 59,000 payment...Ch. 4 - Using the information in question 8, determine the...Ch. 4 - Using the information in question 8, prepare the...
Ch. 4 - What is the equation for each of the following...Ch. 4 - Prob. 12QCh. 4 - What is the purpose of closing journal entries?Ch. 4 - Prob. 14QCh. 4 - Prob. 15QCh. 4 - What is a post-closing trial balance? Is it a...Ch. 4 - The owner of a local business complains that the...Ch. 4 - Which of the following accounts would not appear...Ch. 4 - Which account is least likely to appear in an...Ch. 4 - When a concert promotions company collects cash...Ch. 4 - On December 31, an adjustments made to reduce...Ch. 4 - An adjusting journal entry to recognize accrued...Ch. 4 - Prob. 6MCCh. 4 - Company A has owned a building for several years....Ch. 4 - Which of the following trial balances is used as a...Ch. 4 - Assume the balance in Prepaid Insurance is 2,500...Ch. 4 - Assume a company receives a bill for 10,000 for...Ch. 4 - Understanding Concepts Related to Adjustments...Ch. 4 - Understanding Concepts Related to Adjustments...Ch. 4 - Matching Transactions with Type of Adjustment...Ch. 4 - Recording Adjusting Journal Entries Using the...Ch. 4 - Determine Accounting Equation Effects of Deferral...Ch. 4 - Prob. 4.6MECh. 4 - Determining Accounting Equation Effects of Accrual...Ch. 4 - Recording Adjusting Journal Entries Using be...Ch. 4 - Preparing Journal Entries for Deferral...Ch. 4 - Preparing Journal Entries for Deferral...Ch. 4 - Preparing Journal Entries for Deferral and Accrual...Ch. 4 - Reporting Adjusted Account Balances Indicate...Ch. 4 - Preparing an Adjusted Trial Balance Macro Company...Ch. 4 - Reporting an Income Statement The Sky Blue...Ch. 4 - Reporting an Income Statement The Sky Blue...Ch. 4 - Reporting a Balance Sheet Refer to M4-14. Prepare...Ch. 4 - Reporting an Income Statement The Sky Blue...Ch. 4 - Preparing and Posting Adjusting Journal Entries At...Ch. 4 - Preparing and Posting Adjusting Journal Entries At...Ch. 4 - Prob. 4.20MECh. 4 - Prob. 4.21MECh. 4 - Prob. 4.22MECh. 4 - Prob. 4.23MECh. 4 - Prob. 4.24MECh. 4 - Prob. 4.25MECh. 4 - Prob. 4.26MECh. 4 - Posting AJEs and Preparing an Adjusted Trial...Ch. 4 - Identifying Adjustments and Preparing Financial...Ch. 4 - Prob. 4.3ECh. 4 - Determining Adjustments and Accounting Equation...Ch. 4 - Determining Adjustments and Accounting Equation...Ch. 4 - Prob. 4.6ECh. 4 - Prob. 4.7ECh. 4 - Prob. 4.8ECh. 4 - Prob. 4.9ECh. 4 - Inferring Transactions from Accrual and Deferral...Ch. 4 - Reporting Depreciation The adjusted trial balance...Ch. 4 - Recording Transactions Including Adjusting and...Ch. 4 - Prob. 4.13ECh. 4 - Prob. 4.14ECh. 4 - Recording Adjusting Entries and Preparing an...Ch. 4 - Recording Four Adjusting Journal Entries and...Ch. 4 - Recording Four Adjusting Journal Entries and...Ch. 4 - Prob. 4.18ECh. 4 - Prob. 4.19ECh. 4 - Prob. 4.1CPCh. 4 - Prob. 4.2CPCh. 4 - Prob. 4.3CPCh. 4 - identifying and Preparing Adjusting Journal...Ch. 4 - Preparing a Trial Balance, Closing Journal Entry,...Ch. 4 - Prob. 4.2PACh. 4 - Determining Accounting Equation Effects of...Ch. 4 - Prob. 4.4PACh. 4 - Preparing a Trial Balance, Closing Journal Entry,...Ch. 4 - Recording Adjusting Journal Entries Cactus...Ch. 4 - Determining Accounting Equation Effects of...Ch. 4 - Prob. 4.4PBCh. 4 - From Recording Transactions to Preparing Accrual...Ch. 4 - Prob. 4.2COPCh. 4 - Prob. 4.3COPCh. 4 - Prob. 4.4COPCh. 4 - From Recording Transactions to Preparing Accrual...Ch. 4 - Prob. 4.6COPCh. 4 - Finding Financial Information Refer to the...Ch. 4 - Prob. 4.2SDCCh. 4 - Ethical Decision Making: A Mini-Case Assume you...Ch. 4 - Adjusting the Accounting Records Assume it is now...
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