Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Chapter 3, Problem 6E
Required:
Next Level Prepare the adjusting entry that caused the change in each account balance.
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Required: Prepare the following:
a. All necessary adjusting entries.
b. Post-closing trial balance.
c. Table for the computation of over and underestimation.
d. Entries to record the adjustment
Journalize the adjusting entries using the letter and December 31 date in a data column, using debits and credits
Journalize the necessary year-end adjusting entries based on the following account balances before adjustments.
Chapter 3 Solutions
Intermediate Accounting: Reporting And Analysis
Ch. 3 - What is the primary purpose of an accounting...Ch. 3 - What is the relationship between the accounting...Ch. 3 - Show the expanded accounting equation using the 10...Ch. 3 - Explain and distinguish between a transaction; an...Ch. 3 - Explain how the accounting equation organizes...Ch. 3 - What is the difference between a permanent and a...Ch. 3 - Prob. 7GICh. 3 - Why is it advantageous to a company to initially...Ch. 3 - What is a perpetual inventory accounting system?...Ch. 3 - Give examples of transactions that: a. Increase an...
Ch. 3 - Give examples of transactions that: a. Increase...Ch. 3 - Prob. 12GICh. 3 - Prob. 13GICh. 3 - Prob. 14GICh. 3 - Prob. 15GICh. 3 - Explain and provide examples of deferrals,...Ch. 3 - Prob. 17GICh. 3 - Prob. 18GICh. 3 - Prob. 19GICh. 3 - Prob. 20GICh. 3 - Prob. 21GICh. 3 - What are the major financial statements of a...Ch. 3 - Prob. 23GICh. 3 - Prob. 24GICh. 3 - Prob. 25GICh. 3 - Prob. 26GICh. 3 - Prob. 27GICh. 3 - Prob. 28GICh. 3 - Prob. 29GICh. 3 - What is cash-basis accounting? What must a company...Ch. 3 - On May 1, Johnson Corporation purchased inventory...Ch. 3 - On January 1, Tolson Company purchased a building...Ch. 3 - On July 1, Friler Company purchased a 1-year...Ch. 3 - Prob. 4RECh. 3 - Garcia Company rents out a portion of its building...Ch. 3 - Prob. 6RECh. 3 - Goldfinger Corporation had account balances at the...Ch. 3 - Prob. 8RECh. 3 - For the current year, Vidalia Company reported...Ch. 3 - Use the information in RE3-6, (a) assuming Ringo...Ch. 3 - (Appendix 3.1) Vickelly Company uses cash-basis...Ch. 3 - Financial Statement Interrelationship Draw a...Ch. 3 - Journal Entries Mead Company uses a perpetual...Ch. 3 - Journal Entries The following are selected...Ch. 3 - Adjusting Entries Your examination of Sullivan...Ch. 3 - Adjusting Entries The following are several...Ch. 3 - Adjusting Entries The following partial list of...Ch. 3 - Basic Income Statement The following are selected...Ch. 3 - Periodic Inventory System Raynolde Company uses a...Ch. 3 - Closing Entries Lloyd Bookstore shows the...Ch. 3 - Financial Statements Turtle Company has prepared...Ch. 3 - Worksheet for Service Company Whitaker Consulting...Ch. 3 - Worksheet, Including Inventory Surian Motors...Ch. 3 - Reversing Entries On December 31, 2019, Kellams...Ch. 3 - Special Journals The following are several...Ch. 3 - (Appendix 3.1) Cash-Basis Accounting Puntarelli...Ch. 3 - Adjusting Entries The following information is...Ch. 3 - Prob. 2PCh. 3 - Adjusting Entries Sarah Companys trial balance on...Ch. 3 - Prob. 4PCh. 3 - Errors in Financial Statements At the end of the...Ch. 3 - Journal Entries, Posting, and Trial Balance Luke...Ch. 3 - Effects of Errors: During the current accounting...Ch. 3 - Financial Statements Mackenzie Inc. uses a...Ch. 3 - Prob. 9PCh. 3 - Worksheet Victoria Company has the following...Ch. 3 - Worksheet Devlin Company has prepared the...Ch. 3 - Comprehensive On November 30, 2019. Davis Company...Ch. 3 - Reversing Entries Thomas Company entered into two...Ch. 3 - Reversing Entries On December 31, 2019, Mason...Ch. 3 - Adjusting Entries At the end of 2019, Richards...Ch. 3 - Prob. 16PCh. 3 - Comprehensive (Appendix 3.1) Dawson OConnor is the...
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- Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data.arrow_forwardSteps in the Accounting Cycle Rearrange the following steps in the accounting cycle in proper sequence: a. Transactions are analyzed and recorded in the journal. b. An unadjusted trial balance is prepared. c. Transactions are posted to the ledger. 2 d. Adjustment data are assembled and analyzed. e. An adjusted trial balance is prepared. 4. f. Adjusting entries are journalized and.posted to the ledger. 5. g. An optional end-of-period spreadsheet is prepared. h. A post-closing trial balance is prepared. 8. i. Financial statements are prepared. OL j. Closing entries are journalized and posted to the ledger. All work saved.arrow_forwardThe general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Debits $ 4,500 9,500 Credits Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable 3,500 36,000 $ 8,000 6,000 7,000 Deferred Revenue Common Stock 23,000 9,500 Retained Earnings Totals $53,500 $53,500 The following is a summary of the transactions for the year: 24 Provide plumbing services for cash, $20,000, and on account, $65,000 13 Collect on accounts receivable, $53,000 6 Issue shares of common stock in exchange for $11,000 cash. 30 Pay salaries for the current year, $33,000 1. January 2. Мarch 3. Маy 4. June 5. September 15 Pay utilities of $7,000 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $10,000. 30 Pay $3,000 cash dividends to stockholders. 7. December The following information is available for the adjusting entries. Depreciation for the year on the machinery is $8,000. Plumbing supplies…arrow_forward
- What are journal entries called that bring the accounts up-to-date at the end of the accounting period? Group of answer choices equation entries matching entries accrual entries adjusting entriesarrow_forwardPost the adjusting entries to the general ledger T-accounts and calculate balances for each T-account.arrow_forwardPrêpare a Journal Entries for Accounts Receivables. Is not a graded question If can't the part B is : what would the year-end adjusting journal entry be given the following Allow to DA 375arrow_forward
- teps in the Accounting Cycle Rearrange the following steps in the accounting cycle in proper sequence: a. Transactions are analyzed and recorded in the journal. b. An unadjusted trial balance is prepared. c. Transactions are posted to the ledger. d. Adjustment data are assembled and analyzed. e. An adjusted trial balance is prepared. f. Adjusting entries are journalized and posted to the ledger. g. An optional end-of-period spreadsheet is prepared. h. A post-closing trial balance is prepared. i. Financial statements are prepared. j. Closing entries are journalized and posted to the ledger.arrow_forwardINSTRUCTIONS: CHOOSE FROM THE FOLLOWING ACCOUNTS FOR THE CORRECT ACCOUNT OF ADJUSTING ENTRIES INSURANCE EXPENSE AND PREPAID INSURANCEarrow_forwardComplete the statement: closing entries ________ A. Reflect the net income for the accounting period B. Are also posted in the subsidiary ledgers C. Involve all ledger accounts D. Are recorded in the special journals The process wherein transactions are recorded in the journal are transferred to the appropriate accounts in the general ledger and subsildiary ledgers, if appropriate, is called ___________ A. Ledgering B. Analyzing C. Posting D. Journalizingarrow_forward
- Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. *not graded*arrow_forwardPrepare an adjusted trial balance, in correct format, from the following account information; solve for the one missing account balance: Retained Earnings. When listing accounts for each category, you are to insert them in the order in which they are listed here. If used, type in the account names exactly as written here.arrow_forwardUNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.arrow_forward
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