Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
5th Edition
ISBN: 9780134078939
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem 4.39BP
Preparing
The unadjusted
Adjustment data at December 31, 2016:
a. Depreciation on equipment, $ 1,600.
b. Accrued Wages Expense, $ 1,000.
c. Office Supplies on hand, $ 100.
d. Prepaid Insurance expired during December, $200.
e. Unearned Revenue earned during December, $4,400.
f. Accrued Service Revenue, $800.
2017 transactions:
a. On January 4, Mark’s Motors paid wages of $1,200. Of this, $1,000 related to the accrued wages recorded on December 31.
b. On January 10, Mark’s Motors received $ 1,500 for Service Revenue. Of this, $800 related to the accrued Service Revenue recorded on December 31.
Requirements
1. Journalize adjusting entries.
2. Journalize reversing entries for the appropriate adjusting entries.
3. Refer to the 2017 data. Journalize the cash payment and the cash receipt chat occurred in 2017.
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Journalizing adjusting entries and analyzing their effect on the income statement
The following data at July 31, 2018, are given for RCO:
Depreciation, $600.
Prepaid rent expires, $200.
Interest expense accrued, $700.
Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $8,000.
Unearned revenue earned $1,000.
Office supplies used $150.
Requirements
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.
At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $25,500 and zero balances in Accumulated
Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $5,100.
Required:
1. Prepare the adjusting journal entry on December 31.
2. Post the beginning balances and adjusting entries to the following T-accounts.
Complete this question by entering your answers in the tabs below.
Required 11 Required 2
Post the beginning balances and adjusting entries to the following T-accounts.
Accumulated Depreciation
Beginning
Balance
Debit
Ending Balance
Credit
Answer is not complete.
5,100
5,100
Beginning
Balance
Debit
Ending Balance
Credit
At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $25,500 and zero balances in Accumulated
Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $5,100.
Required:
1. Prepare the adjusting journal entry on December 31.
2. Post the beginning balances and adjusting entries to the following T-accounts.
Complete this question by entering your answers in the tabs below.
Required 11 Required 2
Post the beginning balances and adjusting entries to the following T-accounts.
Accumulated Depreciation
Beginning
Balance
Debit
Ending Balance
Credit
Answer is not complete.
5,100
5,100
Beginning
Balance
Debit
Ending Balance
Credit
Chapter 4 Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
Ch. 4 - Assets are listed on the balance sheet in the...Ch. 4 - Which of the following accounts would be included...Ch. 4 - Which situation indicates a net loss within the...Ch. 4 - Which of the following accounts is not closed? a....Ch. 4 - What do closing entries accomplish? a. Zero out...Ch. 4 - Which of the following is not a closing entry?Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - Which of the following steps of the accounting...Ch. 4 - Clean Water Softener Systems has Cash of 600,...Ch. 4 - Which of the following statements concerning...
Ch. 4 - What document are financial statements prepared...Ch. 4 - Prob. 2RQCh. 4 - What does the statement of retained earnings show?Ch. 4 - Prob. 4RQCh. 4 - Why are financial statements prepared in a...Ch. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - How could a worksheet help in preparing financial...Ch. 4 - If a business had a net loss for the year, where...Ch. 4 - Prob. 12RQCh. 4 - What are temporary accounts? Are temporary...Ch. 4 - What are permanent accounts? Are permanent...Ch. 4 - How is the Income Summary account used? Is it a...Ch. 4 - What are the steps in the closing process?Ch. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - List the steps of the accounting cycle.Ch. 4 - What is the current ratio, and how is it...Ch. 4 - What are reversing entries? Are they required by...Ch. 4 - Preparing an income statement Daylen Hair...Ch. 4 - Preparing a statement of retained earnings Refer...Ch. 4 - Preparing a balance sheet (unclassified, account...Ch. 4 - Preparing a balance sheet (classified, report...Ch. 4 - Classifying balance sheet accounts For each...Ch. 4 - Using the worksheet to prepare financial...Ch. 4 - Determining net income using a worksheet A partial...Ch. 4 - Determining net loss using a worksheet A partial...Ch. 4 - Prob. 4.9SECh. 4 - Posting dosing entries directly to T-accounts The...Ch. 4 - Identifying accounts included on a post-dosing...Ch. 4 - Identifying steps in the accounting cycle Review...Ch. 4 - Calculating the current ratio Heart of Tennessee...Ch. 4 - Journalizing reversing entries Lake View...Ch. 4 - Preparing the financial statements The adjusted...Ch. 4 - Prob. 4.16ECh. 4 - Preparing a classified balance sheet and...Ch. 4 - Preparing a worksheet The unadjusted trial balance...Ch. 4 - Preparing financial statements from the completed...Ch. 4 - Preparing dosing entries from an adjusted trial...Ch. 4 - Preparing closing entries from T-accounts Selected...Ch. 4 - Determining the effects of dosing entries on the...Ch. 4 - Preparing a worksheet and dosing entries Cadence...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing a worksheet, dosing entries, and a...Ch. 4 - Journalizing reversing entries Krisp Architects...Ch. 4 - Journalizing reversing entries Ocean View Services...Ch. 4 - Preparing financial statements including a...Ch. 4 - Prob. 4.29APCh. 4 - Preparing a worksheet, financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Preparing financial statements including a...Ch. 4 - Prob. 4.35BPCh. 4 - Preparing a worksheet, financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Comprehensive Problem 1 for Chapters 1-4 Miller...Ch. 4 - Comprehensive Problem 2 for Chapters 1-4 This...Ch. 4 - Prob. 4.1CTEICh. 4 - Prob. 4.1CTFCCh. 4 - Prob. 4.1CTFSCCh. 4 - Kathy Wintz formed a lawn service business as a...
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