Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
5th Edition
ISBN: 9780134078939
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 4, Problem 4.30AP
Preparing a worksheet, financial statements, and dosing entries
The unadjusted
Adjustment data at December 31, 2016:
a. Unearned Revenue earned during the year, $ 100.
b. Office Supplies on hand, $4,000.
c. Depredation for the year, $7, 000.
d. Acc rued Salaries Expense, $2,000.
e. Accrued Service Revenue, $6,000.
Requirements
1. Prepare a worksheet for Fran k Investment Advisers at December 31, 2016.
2. Prepare the income statement, the statement of retained earnings, and the classified
3. Prepare closing entries.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Prepare an income statement, balance sheet and statement of owner’s equity for theyear ended January 31, 2018 from the following adjusted trial balance:P. S SuppliesAdjusted Trial BalanceDecember 31, 2012Accounts Debit CreditCash $2,000Prepaid insurance 2,000Office supplies 600Office equipment 16,000Accumulated depreciation $3,000Accounts payable 5,000Salaries payable 900Unearned service revenue 2,500C. Devours, capital 7,450C. Devours, drawing 5,600Service revenue 15,350Salaries expense 4,600Depreciation expense 1,000Supplies expense 400Insurance expense 2,000Totals $34,200 $34,200
Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow:
Debits
Credits
Accounts Receivable
$52,310
Equipment
81,000
Accumulated Depreciation - Equipment
$8,060
Prepaid Rent
6,600
Supplies
1,570
Wages Payable
_
Unearned Fees
7,220
Fees Earned
305,490
Wages Expense
103,050
Rent Expense
_
Depreciation Expense
_
Supplies Expense
_
Data needed for year-end adjustments are as follows:
Supplies on hand at November 30, $470.
Depreciation of equipment during year, $780.
Rent expired during year, $4,810.
Wages accrued but not paid at November 30, $1,520.
Unearned fees at November 30, $3,030.
Unbilled fees at November 30, $3,610.
Required:
Question Content Area
1. Journalize the six adjusting entries required at November 30, based on the data presented.
Nov. 30
Supplies Expense
Supplies
30…
Journalizing adjusting entries and analyzing their effect on the income statement
The following data at July 31, 2018, are given for RCO:
Depreciation, $600.
Prepaid rent expires, $200.
Interest expense accrued, $700.
Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $8,000.
Unearned revenue earned $1,000.
Office supplies used $150.
Requirements
Journalize the adjusting entries needed on July 31, 2018.
Suppose the adjustments made in Requirement 1 were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments.
Chapter 4 Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
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? a....Ch. 4 - What do closing entries accomplish? a. Zero out...Ch. 4 - Which of the following is not a closing entry?Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - 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 - Prob. 2RQCh. 4 - What does the statement of retained earnings show?Ch. 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 - What are the steps in the closing process?Ch. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - List the steps of the accounting cycle.Ch. 4 - What is the current ratio, and how is it...Ch. 4 - What are reversing entries? Are they required by...Ch. 4 - Preparing an income statement Daylen Hair...Ch. 4 - Preparing a statement of retained earnings Refer...Ch. 4 - Preparing a balance sheet (unclassified, account...Ch. 4 - Preparing a balance sheet (classified, report...Ch. 4 - Classifying balance sheet accounts For each...Ch. 4 - Using the worksheet to prepare financial...Ch. 4 - Determining net income using a worksheet A partial...Ch. 4 - Determining net loss using a worksheet A partial...Ch. 4 - Prob. 4.9SECh. 4 - Posting dosing entries directly to T-accounts The...Ch. 4 - Identifying accounts included on a post-dosing...Ch. 4 - Identifying steps in the accounting cycle Review...Ch. 4 - Calculating the current ratio Heart of Tennessee...Ch. 4 - Journalizing reversing entries Lake View...Ch. 4 - Preparing the financial statements The adjusted...Ch. 4 - Prob. 4.16ECh. 4 - Preparing a classified balance sheet and...Ch. 4 - Preparing a worksheet The unadjusted trial balance...Ch. 4 - Preparing financial statements from the completed...Ch. 4 - Preparing dosing entries from an adjusted trial...Ch. 4 - Preparing closing entries from T-accounts Selected...Ch. 4 - Determining the effects of dosing entries on the...Ch. 4 - Preparing a worksheet and dosing entries Cadence...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing a worksheet, dosing entries, and a...Ch. 4 - Journalizing reversing entries Krisp Architects...Ch. 4 - Journalizing reversing entries Ocean View Services...Ch. 4 - Preparing financial statements including a...Ch. 4 - Prob. 4.29APCh. 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 - Prob. 4.35BPCh. 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 - Completing the accounting cycle from adjusted...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Comprehensive Problem 1 for Chapters 1-4 Miller...Ch. 4 - Comprehensive Problem 2 for Chapters 1-4 This...Ch. 4 - Prob. 4.1CTEICh. 4 - Prob. 4.1CTFCCh. 4 - Prob. 4.1CTFSCCh. 4 - Kathy Wintz formed a lawn service business as a...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. supplies actual count at year end, $6,500 B. remaining unexpired insurance, $6,000 C. remaining unearned service revenue, $1,200 D. salaries owed to employees, $2,400 E. depreciation on property plant and equipment, $18,000arrow_forwardAssume the following data for Oshkosh Company before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer refunds and allowances b. Estimated customer returnsarrow_forward
- Prepare an annual income statement from the following adjusted trial balance.Blossom EnterprisesAdjusted Trial Balance December 31, 2020AccountDebitCreditCash$1,900Accounts Receivable 14, 100Allowance for Doubtful Accounts$900Prepaid Insurance1, 900Equipment26, 400Accumulated Depreciation4, 600Notes Payable9, 000Accounts Payable2, 800Salaries and Wages Payable2, 000 Interest Payable100Common Stock16,000Retained Earnings7, 800Dividends2, 500Service Revenue123, 500Salaries and Wages Expense84, 700Rent Expense23, 000Supplies Expense5, 500Insurance Expense3, 000Interest Expense600Bad Debt Expense900Depreciation Expense2, 200$166, 700$166, 700arrow_forwardAssume the following data for Casper Company before its year-end adjustments: Journalize the adjusting entries for the following:a. Estimated customer allowancesb. Estimated customer returnsarrow_forwardSelected account balances before adjustment for Newhouse Realty at March 31, the end of the current year, follow: Debits Credits Accounts Receivable $54,860 Equipment 85,000 Accumulated Depreciation - Equipment 8,450 Prepaid Rent 6,900 Supplies 1,650 Wages Payable _ Unearned Fees 7,570 Fees Earned 320,380 Wages Expense 108,070 Rent Expense _ Depreciation Expense _ Supplies Expense _ Data needed for year-end adjustments are as follows: Supplies on hand at March 31, $490. Depreciation of equipment during year, $820. Rent expired during year, $5,050. Wages accrued but not paid at March 31, $1,590. Unearned fees at March 31, $3,180. Unbilled fees at March 31, $3,790.arrow_forward
- Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Debits Credits Accounts Receivable $ 75,000 Equipment 345,700 Accumulated Depreciation—Equipment $112,500 Prepaid Rent 9,000 Supplies 3,350 Wages Payable – Unearned Fees 12,000 Fees Earned 660,000 Wages Expense 325,000 Rent Expense – Depreciation Expense – Supplies Expense – Data needed for year-end adjustments are as follows: • Unbilled fees at July 31, $11,150. • Supplies on hand at July 31, $900. • Rent expired, $6,000. • Depreciation of equipment during year, $8,950. • Unearned fees at July 31, $2,000. • Wages accrued but not paid at July 31, $4,840. Required: 1. Journalize the six adjusting entries required at July 31, based on the data presented. Refer to the Chart of Accounts for exact wording of account titles. 2. What would be the effect on the income…arrow_forwardSelected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Debits Credits Accounts Receivable $ 75,000 Equipment 345,700 Accumulated Depreciation—Equipment $112,500 Prepaid Rent 9,000 Supplies 3,350 Wages Payable – Unearned Fees 12,000 Fees Earned 660,000 Wages Expense 325,000 Rent Expense – Depreciation Expense – Supplies Expense – Data needed for year-end adjustments are as follows: • Unbilled fees at July 31, $11,150. • Supplies on hand at July 31, $900. • Rent expired, $6,000. • Depreciation of equipment during year, $8,950. • Unearned fees at July 31, $2,000. • Wages accrued but not paid at July 31, $4,840. Required: 1. Journalize the six adjusting entries required at July 31, based on the data presented. Refer to the Chart of Accounts for exact wording of account titles. 2. What would be the effect on the income…arrow_forwardSelected year-end account balances from the adjusted trial balance as of December 31, 2017, for Bridgeport Corp. is provided below. Debit Credit Accounts Receivable $66,790 Dividends 24,200 Depreciation Expense 12,140 Equipment 195,780 Salaries and Wages Expense 83,810 Accounts Payable $48,760 Accumulated Depreciation—Equipment 105,620 Unearned Rent Revenue 21,070 Service Revenue 169,100 Rent Revenue 5,700 Rent Expense 3,310 Retained Earnings 56,860 Supplies Expense 1,290 Prepare closing entries. Determine the post-closing balance in Retained Earnings. (Post entries in the order of journal entries presented in the previous part.) Retained Earnings choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose a transaction date enter a debit amount choose a transaction date…arrow_forward
- Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Debits Credits Accounts Receivable $ 79,500 Equipment 342,700 Accumulated Depreciation—Equipment $102,700 Prepaid Rent 9,300 Supplies 3,180 Wages Payable – Unearned Fees 14,100 Fees Earned 670,200 Wages Expense 329,600 Rent Expense – Depreciation Expense – Supplies Expense – Data needed for year-end adjustments are as follows: • Unbilled fees at July 31, $10,250. • Supplies on hand at July 31, $930. • Rent expired, $5,800. • Depreciation of equipment during year, $8,750. • Unearned fees at July 31, $2,100. • Wages accrued but not paid at July 31, $4,900. Required: 1. Journalize the six adjusting entries required at July 31, based on the data presented. Refer to the Chart of Accounts for exact wording of account titles. 2. What would be the effect on the income…arrow_forwardSelected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Debits Credits Accounts Receivable $79,500 Equipment 342,700 Accumulated Depreciation—Equipment $102,700 Prepaid Rent 9,300 Supplies 3,180 Wages Payable – Unearned Fees 14,100 Fees Earned 670,200 Wages Expense 329,600 Rent Expense – Depreciation Expense – Supplies Expense – Data needed for year-end adjustments are as follows: • Unbilled fees at July 31, $10,250. • Supplies on hand at July 31, $930. • Rent expired, $5,800. • Depreciation of equipment during year, $8,750. • Unearned fees at July 31, $2,100. • Wages accrued but not paid at July 31, $4,900. Required: 1. Journalize the six adjusting entries required at July 31, based on the data presented. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for…arrow_forwardREQUIRED Record the adjustment journal entry in respect of rent income in the books of NT Stores as at 28 February 2022. INFORMATION The Rent Income account of NT Stores reflected a total of R276 000 on 28 February 2022, the end of the accounting period. This was in respect of rent for an office occupied by a tenant for the entire financial year. The monthly rental was increased by 10% with effect from 01 September 2021. The rent for February 2022 was due to be received on 01 March 2022.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeFinancial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY