Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 4, Problem 6BP
The following six-column table for Solutions Co. includes the unadjusted
Required
- 1. Complete the six-column table by entering adjustments that reflect the following information:
- a. As of December 31, employees had earned $400 of unpaid and unrecorded wages. The next payday is January 4, at which time $1,200 in wages will be paid.
- b. The cost of supplies still available at December 31 is $3,450.
- c. The notes payable require an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31 is $800. The next interest payment, at an amount of $900, is due on January 15.
- d. Analysis of the unearned rental fees shows that $3,200 remains unearned at December 31.
- e. In addition to the machinery rental fees included in the revenue account balance, the company has earned another $2,450 in unrecorded fees that will be collected on January 31. The company is also expected to collect $5,400 on that same day for new fees earned in January.
- f. Depreciation expense for the year is $3,800.
- 2. Prepare
journal entries for the adjustments entered in the six-column table for part 1. - 3. Prepare journal entries to reverse the effects of the
adjusting entries that involve accruals. - 4. Prepare journal entries to record the cash payments and cash collections described for January.
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Required 1. Complete the six-column table by entering adjustments that reflect the following information: a. As of December 31, employees had earned $400 of unpaid and unrecorded wages. The next payday is January 4, at which time $1,200 in wages will be paid. b. The cost of supplies still available at December 31 is $3,450. c. The notes payable require an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31 is $800. The next interest payment, at an amount of $900, is due on January 15. d. Analysis of the unearned rental fees shows that $3,200 remains unearned at December 31. e. In addition to the machinery rental fees included in the revenue account balance, the company has earned another $2,450 in unrecorded fees that will be collected on January 31. The company is also expected to collect $5,400 on that same day for new fees earned in January. f. Depreciation expense for the year is $3,800. 2. Prepare journal entries for the…
Schrand Services offers janitorial services on both a contract basis and an hourly basis. On January I, Schrand collected $26, I00 cash in advance on a six-month contract for work to be performed evenly during the next six months.
Prepare the entry on January I to reflect the receipt of $26,100 cash for contract work; use the financial statement effects template.
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Gamma Company makes the following entry whenever it pays employee wages:
Dr Wage Expense
Cr Cash
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Dr Wage Expense
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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 - The ledger of Claudell Company includes the...Ch. 4 - Choose from the following list of terms/phrases to...Ch. 4 - The ledger of Mai Company includes the following...Ch. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Classifying balance sheet items C3 The following...Ch. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 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 - The following data are taken from the unadjusted...Ch. 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 - Following are Nintendos revenue and expense...Ch. 4 - Prob. 15ECh. 4 - Hawk Company records prepaid assets and unearned...Ch. 4 - The following two events occurred for Trey Co. on...Ch. 4 - On April 1, Jiro Nozomi created a new travel...Ch. 4 - The following unadjusted trial balance is for Ace...Ch. 4 - Prob. 3APCh. 4 - The adjusted trial balance for Tybalt Construction...Ch. 4 - The adjusted trial balance of Karise Repairs on...Ch. 4 - The following six-column table for Hawkeye Ranges...Ch. 4 - On July 1, Lula Plume created a new self-storage...Ch. 4 - Prob. 2BPCh. 4 - Prob. 3BPCh. 4 - The adjusted trial balance for Anara Co. as of...Ch. 4 - Santo Companys adjusted trial balance on December...Ch. 4 - The following six-column table for Solutions Co....Ch. 4 - This serial problem began in Chapter 1 and...Ch. 4 - Accounting Analysis Refer to Apples financial...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - One of your classmates states that a companys...Ch. 4 - Review this chapters opening feature involving...
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