(a) Explanation Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting transactions of an organization and then processing them. The accounting cycle starts when a transaction takes places and it ends at the time when these transactions are recorded in the financial statements of the company. Prepare the journal entries for the transactions 1-9. Date Account Titles and Explanation Post Ref. Debit ($) Credit ($) 2017 February 1 Cash 12,000 Unearned Service Revenue 12,000 (To record the service revenue received in advance.) February 1 Equipment (1) 9,600 Cash 3,000 Accounts Payable 6,600 (To record the purchase of computer equipment.) March 1 Patents 9,600 Cash 9,600 (To record the acquisition of patents.) March 28 Accounts Receivable 140,000 Service Revenue 140,000 (To record sales on account.) March 29 Cash 133,000 Accounts Receivable 133,000 (To record the cash collected from customers.) March 29 Accounts Payable 16,370 Cash 16,370 (To record amount paid on accounts payable.) March 29 Operating Expenses 97,525 Cash 97,525 (To record the payment of operating expenses.) March 31 Allowance for Doubtful Accounts 200 Accounts Receivable 200 (To record the writing off receivable) March 31 Depreciation Expense (1) 500 Accumulated Depreciation -Equipment 500 (To record the depreciation expense of the equipment sold... (e) To determine Prepare a bank reconciliation statement . (f) To determine Journalize the entries related to bank reconciliation and all adjusting entries . (b), (c), & (f) To determine Post all the journal entries for transaction 1-9, entries related to bank reconciliation, and the adjusting entries into the T-accounts. (d) & (g) To determine Prepare an unadjusted and an adjusted trial balance at March 31, 2017. (h) To determine Prepare the income statement of A Corporation for the year ended March 31, 2017, prepare the Retained Earnings Statement at March 31, 2017, and prepare a Classified Balance Sheet of A Corporation for the year ending March 31, 2017.

Accounting, Binder Ready Version: Tools for Business Decision Making - Standalone book

6th Edition

ISBN: 9781119191674

Author: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

Publisher: WILEY

See similar textbooks

Question

Chapter 9, Problem 2CACR

(a)

To determine

Prepare the journal entries for the transactions 1-9.

(e)

To determine

Prepare a bank reconciliation statement.

(f)

To determine

Journalize the entries related to bank reconciliation and all adjusting entries.

(b), (c), & (f)

To determine

Post all the journal entries for transaction 1-9, entries related to bank reconciliation, and the adjusting entries into the T-accounts.

(d) & (g)

To determine

Prepare an unadjusted and an adjusted trial balance at March 31, 2017.

(h)

To determine

Prepare the income statement of A Corporation for the year ended March 31, 2017, prepare the Retained Earnings Statement at March 31, 2017, and prepare a Classified Balance Sheet of A Corporation for the year ending March 31, 2017.

Expert Solution & Answer

Chapter 9 Solutions

Accounting, Binder Ready Version: Tools for Business Decision Making - Standalone book

Ch. 9 - Prob. 1Q Ch. 9 - Prob. 2Q Ch. 9 - Prob. 3Q Ch. 9 - Prob. 4Q Ch. 9 - Prob. 5Q Ch. 9 - Prob. 6Q Ch. 9 - Prob. 7Q Ch. 9 - Prob. 8Q Ch. 9 - Prob. 9Q Ch. 9 - Prob. 10Q

Ch. 9 - Prob. 11Q Ch. 9 - Prob. 12Q Ch. 9 - Prob. 13Q Ch. 9 - Prob. 14Q Ch. 9 - Prob. 15Q Ch. 9 - Prob. 16Q Ch. 9 - Prob. 17Q Ch. 9 - Prob. 18Q Ch. 9 - Prob. 19Q Ch. 9 - Prob. 20Q Ch. 9 - Prob. 21Q Ch. 9 - Prob. 22Q Ch. 9 - Prob. 23Q Ch. 9 - Prob. 24Q Ch. 9 - Prob. 25Q Ch. 9 - Prob. 26Q Ch. 9 - Prob. 27Q Ch. 9 - Prob. 1BE Ch. 9 - Prob. 2BE Ch. 9 - Prob. 3BE Ch. 9 - Prob. 4BE Ch. 9 - Prob. 5BE Ch. 9 - Prob. 6BE Ch. 9 - Prob. 7BE Ch. 9 - Prob. 8BE Ch. 9 - Prob. 9BE Ch. 9 - Prob. 10BE Ch. 9 - Prob. 11BE Ch. 9 - Prob. 12BE Ch. 9 - Prob. 13BE Ch. 9 - Prob. 14BE Ch. 9 - Prob. 1DIE Ch. 9 - Prob. 2ADIE Ch. 9 - Prob. 2BDIE Ch. 9 - Prob. 3DIE Ch. 9 - Prob. 4DIE Ch. 9 - Prob. 5DIE Ch. 9 - Prob. 1E Ch. 9 - Prob. 2E Ch. 9 - Prob. 3E Ch. 9 - Prob. 4E Ch. 9 - Prob. 5E Ch. 9 - Prob. 6E Ch. 9 - Prob. 7E Ch. 9 - Prob. 8E Ch. 9 - Prob. 9E Ch. 9 - Prob. 10E Ch. 9 - Prob. 11E Ch. 9 - Prob. 12E Ch. 9 - Prob. 13E Ch. 9 - Prob. 14E Ch. 9 - Prob. 15E Ch. 9 - Prob. 16E Ch. 9 - Prob. 17E Ch. 9 - Prob. 18E Ch. 9 - Prob. 19E Ch. 9 - Prob. 20E Ch. 9 - Prob. 1AP Ch. 9 - Prob. 2AP Ch. 9 - Prob. 3AP Ch. 9 - Prob. 4AP Ch. 9 - Prob. 5AP Ch. 9 - Prob. 6AP Ch. 9 - Prob. 7AP Ch. 9 - Prob. 8AP Ch. 9 - Prob. 9AP Ch. 9 - Prob. 1CACR Ch. 9 - Prob. 2CACR Ch. 9 - Prob. 1EYCT Ch. 9 - Prob. 2EYCT Ch. 9 - Prob. 3EYCT Ch. 9 - Prob. 4EYCT Ch. 9 - Prob. 6EYCT Ch. 9 - Prob. 7EYCT Ch. 9 - Prob. 8EYCT Ch. 9 - Prob. 9EYCT Ch. 9 - Prob. 10EYCT Ch. 9 - Prob. 12EYCT Ch. 9 - Prob. 1IFRS Ch. 9 - Prob. 2IFRS Ch. 9 - Prob. 3IFRS Ch. 9 - Prob. 4IFRS

Knowledge Booster

Recommended textbooks for you

FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education