Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 4, Problem 3PEB
To determine
Indicate the category in which the account would appear on a classified
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Identify which of the following accounts would be listed on the company’s Post-Closing TrialBalance.A. Accounts ReceivableB. Accumulated DepreciationC. CashD. Office ExpenseE. Note PayableF. Rent RevenueG. Retained EarningsH. Unearned Rent Revenue
J. To record cash payment of a prepaid expense.
Explanation
Insurance Expense
Journal Entries
Prepaid Insurance
Interest Receivable
Interest Revenue
Interest Expense
Interest Payable
Accounts Payable
Cash
Cash
Accounts Receivable (from services)
Prepaid Rent
Cash
Unearned Revenue
Cash
Services Revenue
Unearned Revenue
Depreciation Expense
Accumulated Depreciation
Salaries Expense
Salaries Payable
ma
Dobit
3,180
3,300
2,208
1,700
12,300
500
19,250
4,200
38,217
13,280
Credit
3,180
3,300
2,208
1,700
12,300
500
19,250
4,200
38,217
13,280
Prepare the entries to reallocate the proper balances into the Land, Buildings, and Accumulated Depreciation accounts at December 31, 2020.
Date
Account Titles and Explanation
Debit
Credit
Dec. 31, 2020
(To record correction forinitial entries of transactions)
Dec. 31, 2020…
Chapter 4 Solutions
Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQCh. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Recent fiscal years for several well-known...
Ch. 4 - The balances for the accounts that follow appear...Ch. 4 - The balances for the accounts that follow appear...Ch. 4 - Marcie Davies owns and operates Gemini Advertising...Ch. 4 - Blake Knudson owns and operates Grab Bag Delivery...Ch. 4 - The following accounts appear in an adjusted trial...Ch. 4 - Prob. 3PEBCh. 4 - After the accounts have been adjusted at December...Ch. 4 - After the accounts have been adjusted at April 30,...Ch. 4 - From the following list of steps in the accounting...Ch. 4 - From the following list of steps in the accounting...Ch. 4 - Current assets and current liabilities for HQ...Ch. 4 - Current assets and current liabilities for...Ch. 4 - The balances for the accounts that follow appear...Ch. 4 - Balances for each of the following accounts appear...Ch. 4 - Bamboo Consulting is a consulting firm owned and...Ch. 4 - Elliptical Consulting is a consulting firm owned...Ch. 4 - The following account balances were taken from the...Ch. 4 - Prob. 6ECh. 4 - FedEx Corporation had the following revenue and...Ch. 4 - Apex Systems Co. offers its services to residents...Ch. 4 - Selected accounts from the ledger of Restoration...Ch. 4 - Ex 410 Classifying assets Identify each of the...Ch. 4 - At the balance sheet date, a business owes a...Ch. 4 - Optimum Weight Loss Co. offers personal weight...Ch. 4 - List the errors you find in the following balance...Ch. 4 - Prob. 14ECh. 4 - Prior to closing, total revenues were 12,840,000...Ch. 4 - Assume that the entry closing total revenues of...Ch. 4 - Stylist Services Co. offers its services to...Ch. 4 - Which of the following accounts will usually...Ch. 4 - An accountant prepared the following post-closing...Ch. 4 - Rearrange the following steps in the accounting...Ch. 4 - The following data (in thousands) were taken from...Ch. 4 - The following data (in thousands) were taken from...Ch. 4 - Prob. 23ECh. 4 - Alert Security Services Co. offers security...Ch. 4 - Alert Security Services Co. offers security...Ch. 4 - Based on the data in Exercise 4-25, prepare an...Ch. 4 - Prob. 27ECh. 4 - Prob. 28ECh. 4 - Prob. 29ECh. 4 - On the basis of the following data, (a) journalize...Ch. 4 - On the basis of the following data, (a) journalize...Ch. 4 - Portions of the wages expense account of a...Ch. 4 - Portions of the salaries expense account of a...Ch. 4 - Beacon Signals Company maintains and repairs...Ch. 4 - Finders Investigative Services is an investigative...Ch. 4 - The unadjusted trial balance of Epicenter Laundry...Ch. 4 - The unadjusted trial balance of Lakota Freight Co....Ch. 4 - For the past several years, Jolene Upton has...Ch. 4 - Last Chance Company offers legal consulting advice...Ch. 4 - The Gorman Group is a financial planning services...Ch. 4 - The unadjusted trial balance of La Mesa Laundry at...Ch. 4 - The unadjusted trial balance of Recessive...Ch. 4 - For the past several years, Jeff Horton has...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - New Wave Images is a graphics design firm that...Ch. 4 - Prob. 3CPCh. 4 - The following is an excerpt from a telephone...Ch. 4 - Prob. 5CP
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- For each account listed, identify the category in which it would appear on a classified balance sheet. Account Category a. Office Supplies b. Interest Payable c. Golub, Capital d. Copyrights e. Land f. Accumulated Depreciation - Furniture g. Land (held for long-term investment purposes) h. Unearned Revenue i. Notes Payable (due in six years) Current assets Current liabilities Intangible assets Long-term investments Long-term liabilities Owner's equity Property, Plant, and Equipmentarrow_forwardFor journal entries 1 through 10, identify the explanation that mostly closely describes it. A. To record this period's depreciation expense. B. To record accrued salaries expense. C. To record this period's use of a prepaid expense. D. To record accrued interest revenue. E. To record accrued interest expense. F. To record the earning of previously unearned income. G. To record cash receipt of unearned revenue. H. To record cash payment of an accrued expense. 1. To record cash receipt of an accrued revenue. J. To record cash payment of a prepaid expense. Explanation Insurance Expense Journal Entries Prepaid Insurance Interest Receivable Interest Revenue Interest Expense Interest Payable Accounts Payable Cash Cash Accounts Receivable (from services) Prepaid Rent Cash Unearned Revenue Services Revenue Cash Unearned Revenue Depreciation Expense Accumulated Depreciation Debit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200 38,217 Credit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200…arrow_forwardCommon categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, and Long-Term Liabilities. For each of the following items, identify the balance sheet category where the item would best appear. Items Balance Sheet Category 1. Notes payable (due in five years) 2. Supplies 3. Land 4. Copyrights 5. Prepaid insurance (expires in 3 months) 6. Accounts receivable 7. Income taxes payable (due in 1 month) 8. Accounts payablearrow_forward
- Use the following account T-balances (assume normal balances) and correct balance information to make the December 31 adjusting journal entries. Specifially for supplies, interest paybale, and accumlated depreciation.arrow_forwardAlcorn Service Company was formed on January 1. Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $64,000 cash from the issue common stock. 2. Purchased $2,000 of supplies on account. 3. Purchased land that cost $26,000 cash. 4. Paid $2,000 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $50,000. 6. Paid $25,000 cash for other operating expenses. 7. Collected $42,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $3,600 on December 31, Year 1 9. Had $600 of supplies on hand at the end of the accounting period. Events Affecting the Year 2 Accounting Period 1. Acquired $24,000 cash from the issue of common stock. 2. Paid $3,600 cash to settle the salaries payable obligation. 3. Paid $4,800 cash in advance to lease office space. 4. Sold the land that cost $26,000 for $26,000 cash. 5. Received $6,000 cash in advance for services to be performed in the future. 6. Purchased…arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on fixed assets, $ 8,500 B. unexpired prepaid rent, $12,500 C. remaining balance of unearned revenue, $555arrow_forward
- For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Building B. Cash C. Common Stock D. Copyright E. Prepaid Advertising F. Notes Payable (due six months later) G. Taxes Payable H. Unearned Rent Revenuearrow_forwardOn the work sheet, Accumulated Depreciation, Equipment would be recorded in which of the following columns? a. Adjusted Trial Balance, Credit b. Income Statement, Debit c. Balance Sheet, Debit d. Income Statement, Creditarrow_forwardWhat adjusting journal entry is needed to record depreciation expense for the period? A. a debit to Depreciation Expense; a credit to Cash B. a debit to Accumulated Depreciation; a credit to Depreciation Expense C. a debit to Depreciation Expense; a credit to Accumulated Depreciation D. a debit to Accumulated Depreciation; a credit to Casharrow_forward
- For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Accounts Payable B. Accounts Receivable C. Cash D. Equipment E. Land F. Notes Payable (due two years later) G. Prepaid Insurance H. Suppliesarrow_forwardUsing the following information, A. Make the December 31 adjusting journal entry for depreciation. B. Determine the net book value (NBV) of the asset on December 31. Cost of asset, $195,000 Accumulated depreciation, beginning of year, $26,000 Current year depreciation, $13,000arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. amount due for employee salaries, $4,800 B. actual count of supplies inventory, $ 2,300 C. depreciation on equipment, $3,000arrow_forward
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