Fundamental Accounting Principles
24th Edition
ISBN: 9781259916960
Author: Wild, John J., Shaw, Ken W.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 4, Problem 4SP
The December 31. 2019= adjusted
| No. | Account Title | Debit | Credit |
| 101 | Cash | $ 48,372 |
|
| 106 | 5,668 |
||
| 126 | Computer supplies | 580 |
|
| 128 | Prepaid insurance | 1,665 |
|
| 131 | Prepaid rent. | 825 | |
| 163 | Office equipment | 8,000 | |
| 164 | $ 400 | ||
| 167 | Computer equipment | 20,000 | |
| 168 | Acc umulated depreciation—Computer equ ipment | 1,250 | |
| 201 | Accounts payable | 1,100 | |
| 210 | Wages payable | 500 | |
| 236 | Unearned computer services revenue | 1,500 | |
| 301 | S. Rev, Capital | 73,000 | |
| 302 | S. Rev. Withdrawals | 7,100 |
|
| 403 | Computer services revenue | 31,284 | |
| 612 | Depreciation expense—Office equipment | 400 |
|
| 613 | Depreciation expense—Computer equipment | 1,250 |
|
| 623 | Wages expense | 3,875 |
|
| 637 | Insurance expense | 555 |
|
| 640 | Rent expense. | 2,475 |
|
| 652 | Computer supplies expense | 3,065 |
|
| 655 | Advertising expense | 2,753 |
|
| 676 | Mileage expense | 896 |
|
| 677 | Miscellaneous expenses | 250 |
|
| 684 | Repairs expense—Computer | 1,305 |
|
| 901 | Income summary | 0 | |
| Totals | $109,034 |
$109,034 |
Required
- Record and post the necessary closing entries as of December 31,2019.
Prepare a post-closing trial balance as of December 31,2019.
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Using the ledger bal & addtl data given, do the following for Callahan Lumber for the yr ended December 31, 2019:
Account Balances for Callahan Lumber
Account No.
110 Cash $1,140
111 Accounts Receivable 1,270
112 Merch Inv 5,600
113 Lumber Supplies 260
114 Prepaid Insurance 117
121 Lumber Equip 2,600
122 Accu Depreciation, Lumber Equip 340
220 Accs Payable 1,330
221 Wages Payable -
330 L. Callahan, Cap 7,562
331 L. Callahan, Withdrawals 3,500
332 Income Summary -
440 Sales 23,000
441 Sales Returns and Allowances 400
550 Cost of Goods Sold 13,175
660 Wages Exp 2,390
661 Advertising Exp 940
662 Rent Exp840
663 Dep Exp, Lumber Equip -
664 Lumber Supplies Exp-
665 Ins Exp -
Addtl Data
a.
Physical count of inv, Dec 31
$4,700
b.
Lumber supp on hand, Dec 31
80
c.
Insurance expd
70
d.
Dep for the yr
460
e.
Accrued wages on Dec 31
165
d.
Prepare a post-closing trial balance.
e.
Journalize the reversing entry for…
IT IS URGENTTTT
Trial Balance of FRS Company’s accounts as of January 31 2020 given as follows:
Trial Balance
Account Title
Debit
Credit
Cash
372850
Accounts Receivable
48500
Supplies
26000
Prepaid Insurance
10800
Inventory
16425
Equipment
46000
Accumulated Depreciation-Equipment
20000
Accounts Payable
96000
Salary Payable
0
Unearned Sales Revenue
25000
Capital
341800
Withdrawals
0
Sales Revenue
96000
Sales Returns& Allowances
7500
Sales Discounts
1650
Cost of Goods Sold
49075
Insurance Expense
Depreciation Expense-Equipment
Supplies Expense
Salary Expense
Total
578800
578800
On January 31, 2018 FRS Company completed following adjusting entries:
Expiration of prepaid insurance for one month is 1800$
Depreciation of equipment for the month, $8,500…
The following accounts and account balances are available for Badger Auto Parts at December31, 2019:Accounts Payable $ 8,500Accounts Receivable 40,800Accumulated Depreciation (Furniture) 47,300Advertising Expense 29,200Cash 3,200Common Stock 100,000Cost of Goods Sold 184,300Depreciation Expense (Furniture) 10,400Furniture 128,000Income Taxes Expense 3,800Income Taxes Payable $ 3,600Interest Expense 6,650Interest Payable 1,800Inventory 60,500Notes Payable (Long-term) 50,000Prepaid Rent 15,250Retained Earnings, 12/31/2018 15,900Sales Revenue 264,700Utilities Expense 9,700Required:Prepare a trial balance. Assume that all accounts have normal balances.
Chapter 4 Solutions
Fundamental Accounting Principles
Ch. 4 - Prob. 1DQCh. 4 - That accounts are affected by closing entries?...Ch. 4 - Prob. 3DQCh. 4 - What is the purpose of the Income Summary account?Ch. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Why are the debit and credit entries in the...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - How is unearned revenue classified on the balance...
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Preparing a work sheet P1 In the blank space...Ch. 4 - Computing ending capital balance using work sheet...Ch. 4 - Preparing a partial work sheet P1 The ledger of...Ch. 4 - Explaining temporary and permanent accounts Choose...Ch. 4 - Preparing closing entries from the ledger P2 The...Ch. 4 - Identifying post-closing accounts P3 Identify...Ch. 4 - Identifying the accounting cycle C2 List the...Ch. 4 - Classifying balance sheet items C3 The following...Ch. 4 - Preparing financial statements C2 Use the...Ch. 4 - Preparing a classified balance sheet C3 Use the...Ch. 4 - Identifying current accounts and computing the...Ch. 4 - Prob. 13QSCh. 4 - Exercise 4-1 Extending adjusted account balances...Ch. 4 - Exercise 4-2 Extending accounts in a work sheet Pl...Ch. 4 - Exercise 4-3 Preparing adjusting entries from a...Ch. 4 - Exercise 4-4 Preparing unadjusted and adjusted...Ch. 4 - Exercise 4-5 Determining effects of closing...Ch. 4 - Exercise 4-6 Completing the income statement...Ch. 4 - Exercise 4-7 Preparing a work sheet and recording...Ch. 4 - Exercise 4-8
Preparing and posting closing...Ch. 4 - Exercise 4-9 Preparing closing entries and a...Ch. 4 - Exercise 4-10 Preparing closing entries and a...Ch. 4 - Prob. 11ECh. 4 - Exercise 4-12 Preparing a classified balance sheet...Ch. 4 - Exercise 4-13 Computing the current ratio A1 Use...Ch. 4 - Exercise 4-14 Preparing closing entries P2...Ch. 4 - Exercise 4-15 Computing and analysing the current...Ch. 4 - Exercise 4.16A Preparing reversing entries P4 Hawk...Ch. 4 - Exercise 4-17APreparing reversing entries P4 The...Ch. 4 - Problem 4-1A Applying the accounting cycle C2 P2...Ch. 4 - Problem 4-2A Preparing a work sheet, adjusting and...Ch. 4 - Problem 4-3A Determining balance sheet...Ch. 4 - Problem 4-4A Preparing closing entries, financial...Ch. 4 - Problem 4-5A Preparing trial balances, closing...Ch. 4 - Problem 4-6AA Preparing adjusting, reversing, and...Ch. 4 - Problem 4-1B Applying the accounting cycle C2 P2...Ch. 4 - Prob. 2BPSBCh. 4 - Problem 4-3B Determining balance sheet...Ch. 4 - Prob. 4BPSBCh. 4 - Problem 4-5B Preparing trial balances, closing...Ch. 4 - Problem 4-6BAPreparing adjusting, reversing, and...Ch. 4 - The December 31. 2019= adjusted trial balance of...Ch. 4 - Transactions from the Fast Forward illustration in...Ch. 4 - Prob. 2GLPCh. 4 - Prob. 3GLPCh. 4 - Based on Problem 4-6ACh. 4 - Prob. 5GLPCh. 4 - Refer to Apple' s financial statements in Appendix...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - The unadjusted trial balance and information for...Ch. 4 - Prob. 5BTNCh. 4 - Prob. 6BTN
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