Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem P4A.40BPGB
Preparing
Learning Objectives 7 Appendix 4A 6
The unadjusted
Adjustment data at December 31, 2018:
- Depreciation on equipment, $1,700.
- Accrued Wages Expense, $1,300.
- Office Supplies on hand, $400.
- Prepaid Insurance expired during December, $250.
- Unearned Revenue earned during December, 54,200.
- Accrued Service Revenue, $1,000.
2019 transactions:
- On January 4, Myla's Motors paid wages of S1.900. Of this, $1,300 related to the accrued wages recorded on December 31.
- On January 10, Myla's Motors received 51,700 for Service Revenue. Of this, S1.000 related to the accrued Service Revenue recorded on December 31
Requirements
- Journalise adjusting entries.
- Journalise reversing entries for the appropriate adjusting entries.
D. Refer to the 2019 data. Journalise the cash payment and the cash receipt that occurred in 2019.
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ACTIVITY/Workshop VI
Worksheets/ adjustments
(trial balance, adjustments and adjusted trial balance)
WORKSHOP NO. 6
ADJUSTMENT
PARTICULAR
QUANTITY
AMOUNT
LIFE SPAN
DEPRECIATION DEPRECIATION
PER YEAR
PER MONTH
OFFICE EQUIPMENT
1
24,000.00
S YEARS
4,800.00
400
JOURNAL ENTRY
2015
PARTICULAR
PR
DEBIT
CREDIT
JAN. 31
DEPRECIATION EXPENSE
ACCUMULATED DEPRECIATION
Trial balance
DEBIT
adjusted trial balance
DEBIT
adjustment
DEBIT
ACCT
NO.
101
ACCOUNT NAME
CREDIT
CREDIT
CREDIT
Cash on Hand
97,430.00
54
COOP 30193
PUP, CSSD Department of Cooperatives and Social Development
Dr. A. S. Villaruel, 2021
Loan Receivable
Office equipment
Office supplies-prepaid
Savings deposit
Loan payable
Accounts payable
EC/SSS/Payable
Withholding tax payable
Share capital
Interest income
Service fee
Salaries and wages
102
103
91,340.00
24,000.00
700.00
104
201
202
203
204
205
301
401
402
501
502
503
504
101,500.00
100,000.00
900.00
1,100.00
3,500.00
16,810.00
2,010.00
11,000.00
50.00
300.00
500.00
900.00
Office…
R. Burke Trial Balance as at 31 December 2019
Gross profit
Accumulated depreciation on office equipment
Capital
Accounts payable
Cash at bank
Accounts receivable
Drawings
Insurance
Commission received
Motor repairs
Closing inventory
Office equipment at cost
DR$
100
8350
5500
6300
750
3000
12500
36500
CR$
19500
7500
4200
5000
300
36500
i. Insurance prepaid $20
ii. Motor repairs owing $60
iii. Depreciate office equipment at 20% using the reducing balance method
Required:
(i) Prepare R Burke's Income Statement for the year ended 31 December 2019.
Problem 8: From the following receipt and payment account of Edhi Centre, prepare an
income and expenditure account for the year ended 31-12-2023 and a Balance sheet as
on that date.
Particulars
Balance b/d
Entrance fee
Subscription
2022
2023
2024
Locker rent
Miscellaneous
Adjustments:
Receipt and payment account
For the year ended 31-12-2023
Dr.(AED)
Particulars
Cr.
(AED)
130 Rates
2,500
210 Stationery
340
General expenses
3,610
70 Building (Purchased on 1-
2,500
7-2023)
10,520 Repairs
300
420 Mortgage interest
1,600
300 Balance c/d
2,460
1,660
13,310
13,310
1. Locker rent AED 20 referred to the previous year and AED 30 is still owing.
2. Rates AED 20 referred to the previous year and AED 500 is still owing.
3. Subscription unpaid for the current year AED 200.
4. Depreciate building by 5% p.a.
||
Chapter 4 Solutions
Horngren's Accounting (12th Edition)
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?...Ch. 4 - What do closing entries accomplish? Learning...Ch. 4 - Which of the following is not a closing entry?...Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - 8. 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 - What does the income statement report?Ch. 4 - Prob. 3RQCh. 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 - Prob. 16RQCh. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - Prob. 19RQCh. 4 - What is the current ratio, and how is it...Ch. 4 - Prob. 21ARQCh. 4 - Preparing an income statement Learning Objective 1Ch. 4 - Preparing a statement of owner’s equity. Learning...Ch. 4 - Preparing a balance sheet (unclassified, account...Ch. 4 - Preparing a balance sheet (classified, report...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Prob. S4.6SECh. 4 - Prob. S4.7SECh. 4 - Determine net loss using a worksheet Learning...Ch. 4 - Identifying temporary and permanent accounts...Ch. 4 - Prob. S4.10SECh. 4 - Posting closing entries directly to Taccounts...Ch. 4 - S412 Identifying accounts included on a...Ch. 4 - Identifying steps in the accounting cycle Learning...Ch. 4 - Calculating the current ratio Learning Objective 6...Ch. 4 - Journalizing reversing entries Learning Objective...Ch. 4 - E416 Preparing the financial statements The...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Preparing a classified balance sheet and...Ch. 4 - Preparing a worksheet Learning Objective 2: Title...Ch. 4 - Preparing financial statements from the completed...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing closing entries from T-accounts Learning...Ch. 4 - Determining the effects of closing entries on the...Ch. 4 - Preparing a worksheet and closing entries Learning...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing a worksheet, closing entries, and a...Ch. 4 - Journalizing reversing entries. Learning Objective...Ch. 4 - Journalizing reversing entries Leaning Objectives...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing financial statements including a...Ch. 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 - Preparing financial statements including a...Ch. 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 - Using Excel to prepare financial statements,...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Prob. 4.1TIATCCh. 4 - Prob. 4.1EICh. 4 - Prob. 4.1FSC
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