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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Chapter 4, Problem P4A.34APGA
Preparing
Learning Objectives 7 Appendix 4
The unadjusted
Adjustment data at December 31,2018:
Depreciation on equipment, $2,100.- Accrued Wages Expense. $1,100.
- Office Supplies cm hand, $500.
- Prepaid Insurance expired during December,$600.
- Unearned Revenue earned during December,$4,800
- Accrued Service Revenue, 51,300.
2019 transactions:
- On January 4, Martha's Motors paid wages of $1,900. Of this, $1,100 related to the accrued wages recorded on December 31.
- On January 10, Martha’s Motors received $1,500 for Service Revenue. Of this, $1,300 is related to the accrued Service Revenue recorded on December 31
Requirements
- Journalize adjusting entries.
- Journalize reversing entries for the appropriate adjusting entries.
- Refer to the 2019 data. Journalize the cash payment and the cash receipt that occurred in 2019.
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Please answer Requirements 7 & 8
Purchasing Supplies and the Monthly Supplies Adjusting EntryOn July 1, 2021, Martha Jones started Martha’s Auto Repair Shop, Inc. On that same day, Marthapurchased the following supplies for use in the repair shop:Item Unit ofMeasureQuantityPurchasedPrice perUnitExtendedTotal CostShop Towels Rolls 120 $4 $480Degreasing Fluid Quarts 75 $9 $675Gasket Sealer Tubes 40 $6 $240Total $1,395On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies wouldinitially be recorded in the Supplies asset account.At the end of July, Martha counted the supplies that were left and prepared the following listing:Item Unit ofMeasureQuantityRemainingShop Towels Rolls 80Degreasing Fluid Quarts 65Gasket Sealer Tubes 32At the end of August, Martha counted the supplies that were left and prepared the following listing:Item Unit ofMeasureQuantityRemainingShop Towels Rolls 55Degreasing Fluid Quarts 48Gasket Sealer Tubes 22The following is a…
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.
||
Preparing the Adjusting Entries at Year-End
On Nov. 30, 2019, the end of fiscal year, the following information is available to enable
Chapter 6: Adjusting the Accounts 6-39
NAME:
SCORE:
SECTION:
PROFESSOR:
Problem #4
you
to prepare Edgar Detoya Research and Development adjusting entries:
The Supplies account showed a beginning balance of P21,740. Purchases during the
tear were P45,260. The ending inventory revealed supplies on hand of P 13,970.
The Prepaid Insurance account showed the following on November 30:
Beginning balance
July 1
P35,800
42,000
72,720
October 1
The beginning balance represented .the unexpired portion of a one-year policy
nurchased in September 2018. The July 1 entry represented a new one-year policy, and
the Oct. 1 entry is additional coverage in the form of a three-year policy.
C The following table contains the cost and annual depreciation for buildings and
equipment, all of which the entity purchased before the current year:
Account
Cost
Annual Depreciation…
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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