Problem 3 3a Preparing Adjusting Entries

AICPA is the world's largest member association representing the accounting profession. Damaged goods totaling $300 are returned to Epps for credit on June 12. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation? IFRS Multiple Choice Question 01 As a recent graduate of State University you. Assume that adjusting entries are made only at year-end. Accrual-Basis Accounting and Adjusting Entries 3-2. ), unearned revenues (UR) b. P9-3A On January 1, 2011, Pele Company purchased the following two machines for use in its production process. 1: Prepare Wells Technical Institute's income statement for the year 2013. The company's annual accounting period ends on December 31, 2013. The following data have been collected to aid in the preparation of adjusting entries for Reynolds Computer Service for 2019: Computer equipment was purchased from IBM in 2016 at a cost of $540,000. follows the practice of recording prepaid expenses and unearned revenues in balance sheet accounts. This entry assumes prior entries and the following account balances at the end of the year: Beginning Inventory of $5,000, Purchases of $60,000 and Ending Inventory of $6,000. Prepare the adjusting entry at Dec. If previous chapter segments were not completed, the serial problem can s. Accounting Problem 9-2A, 9-3A, 9-4A, 9-6A - 00125975 Tutorials for Question of Accounting and Accounting Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined in (a). 7) • Explain the need for adjusting entries and record adjusting entries (1. ] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. The policy has a term of 3 years. The worksheet is merely a device used to make it easier to prepare adjusting entries and the financial statements. Problem Number Description Difficulty Level Time Allotted (min. P2 Explain and prepare an adjusted trial balance. Problem 3-3A Part 3. The allowance for uncollectible accounts shows the company expects its customers to be unable to pay $750 of the $50,000 they owe. The following data are available: Interest is owed at December 31, 2019, on a 6-month, 8% note. Prepare financial statements from adjusted account balances and assess the strength or weakness of the business. C1, C2, P1, P2 [The following information applies to the questions displayed below. Chapter 3 Adjusting Accounts and Preparing Financial Statements 115 After adjusting entries are posted, the two alternatives give identical results. 3A Prepare adjusting entries and financial statements. Problem 5-3A Preparing adjusting entries and income statements; and computing gross margin, acid-test, and current ratios L. Assume the company uses the balance sheet approach, and the initial recording is to an asset account. File name: P3-1A-E4-3-and-P4-3A. The purpose of a job cost sheet is to record the costs chargeable to a specific job and to determine. ] In January 2009, Solaris Co. P7 Appendix 3B. Moderate 30-40 2A Journalize and post note transactions and show balance sheet presentation. Study 9 Chapter 3 - Adjusting Accounting and Preparing Financial Statements flashcards from Richard D. Moderate 60. Prepare adjusting entries for accruals. Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements L. Evaluate each item and prepare the journal entries that would be needed for the initial recording and subsequent end-of-20X3 adjusting entry. Journal Entries and Trial Balance in. The fair value of these goods is $70. 3A Prepare adjusting entries and financial statements. ) 1A Identify internal control principles over cash disbursements. Accounting for Merchandising Operations Chapter 5-1 Study Study Objectives Objectives. GROUP 2 Problems (4 points each, total available 34 points) EX 3-3 Adjusting entry for supplies The balance in the supplies account, before adjustment at the end of the year, is $2,389. Q3-8 Q3-9 Q3-10 Q3-11 Q3-12 Q3-13 Q3-19 Q3-20 *3. Adjusting entries follow the principles of revenue recognition and matching. The accounts receivable account shows the company's customers owe it $50,000. Problem 1: Worksheet Problem 1 Following are three separate transactions that pertain to prepaid items. Adjusted trial balance contains balances of revenues and expenses along with those of assets, liabilities and equities. On July 1, 2018, Gamecock receives $6,000 from a customer for advertising services to be given. Moderate 50–60. Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO A1, P1, P2, P3 [The following information applies to the questions displayed below. The balance in unearned fees represented the June 1 receipt in advance for services to be provided. Assume that adjusting entries are made only at year-end. Jul 1 Established petty cash fund by writing a check on Cubs Bank for $200. BA 211 Chapter 3-3 "Adjusting Entries (Accrual Transactions & Preparing the Adjusted Trial Balance)" BA 211 Chapter 4-1 "Preparing Financial Statements 1- Chapter 3: Adjusting Entries. • Apply the double-entry system of accounting to record business transactions and prepare a trial balance (1. Shelton Engineering completed the following transactions in the month of June. Prepare financial statements from adjusted account balances and assess the strength or weakness of the business. ) 1A Journalize purchase and sales transactions under a perpetual inventory system. Moderate 30–40 1B Prepare current liability entries, adjusting entries, and current liabilities section. owns apartments that it rents to university students. Unadjusted. Accrual-Basis Accounting and Adjusting Entries 3-2. P3 Prepare financial statements from an adjusted trial balance. (a) Journalize the adjusting entries on May 31. ) 1A Journalize purchase and sales transactions under a perpetual inventory system. In our detailed accounting cycle, we just finished step 5 preparing adjusting journal entries. A number of accounting practices such as adjusting entries or the reporting of corrections of prior periods result directly from efforts to make each period’s calculations as accurate as possible and yet recognizing that they are only provisional in nature. Simple 30-40 3A Prepare financial statements and adjusting and closing entries. 3A Prepare adjusting entries and financial statements. Utilize technology to complete solutions to accounting problems and prepare financial statements on the computer. The following information concerns the adjusting entries to be recorded as of that date. Machine A: The cash price of this machine was $38,000. Exercise 3-61 Preparation of a Worksheet (Appendix 3A) Unadjusted account balances at December 31, 2019, for Rapisarda Company are as follows: The following data are not yet recorded: Depreciation on the equipment is $18,350. Describe the accounting 1A Prepare current liability entries, adjusting entries, and current liabilities section. The remaining $6,000 amount would be transferred to expense over the next two years by preparing similar adjusting entries at the end of 20X2 and 20X3. purchased supplies on account for $2,000 on Dec 31, 2012. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $12,300. Problem 3-2A Preparing adjusting and subsequent journal entries LO C1, A1, P1 Arnez Co. Problem 3-2A Preparing adjusting and subsequent journal entries LO A1, P1? An analysis of the company s insurance policies provided the following facts. 7-2 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty prepare adjusting entries; prepare an adjusted trial balance. ACC290 WEEK 3 BE4-1 P4-2A P4-3A Price: $5. Shelton Engineering completed the following transactions in the month of June. Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO A1, P1, P2, P3 [The following information applies to the questions displayed below. Simple 30–40 *5A Complete accounting cycle beginning with a worksheet. PE 3-4A Adjustment for unearned revenue The balance in the unearned fees account, before adjustment at the end of the year, is $78,500. Assume that adjusting entries are made only at year-end. The amount shown in the adjusted trial balance column for an account equals the account balance in the ledger after adjusting entries have been journalized and posted. Score: 22/22 Points 100 % Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO A1, P1, P2, P3 [The following information applies to the questions displayed below. 2A Prepare entries to record issuance of bonds, interest accrual, and bond redemption. Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO A1, P1, P2, P3 /[The following information applies to the questions displayed below. Prepare an income statement, a retained earnings statement, and a classified balance sheet. Simple 40–50 2A Prepare adjusting entries, post, and prepare adjusted trial balance, and financial statements. com Complete the following in WileyPLUS: Brief Exercise BE4-1, Problem P4-2A, and Problem P4-3A. , a business owned by Kumi Emiko. Exercise 3-61 Preparation of a Worksheet (Appendix 3A) Unadjusted account balances at December 31, 2019, for Rapisarda Company are as follows: The following data are not yet recorded: Depreciation on the equipment is $18,350. AC 231 03 Principles of Accounting I. Records show that 1,350 of supplies were used. 6 show unearned consulting revenue of $2,750 and consulting revenue of $250 for both methods. 40/25 Points 97. This entry assumes prior entries and the following account balances at the end of the year: Beginning Inventory of $5,000, Purchases of $60,000 and Ending Inventory of $6,000. Problem 4-5A Preparing a work sheet, adjusting and closing entries, and financial statements. Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO A1, P1, P2, P3 /[The following information applies to the questions displayed below. WTI also offers training to groups in off-site locations. Identify steps in the accounting cycle. Supplies on hand on June 30 were $4,175. Prepare adjusting entries for deferrals. owns apartments that it rents to university students. A1, A2, P3, P4 [The following information applies to the questions displayed below. ]/ Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to. ] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. On December 31, there is $1700 of supplies on hand. $10,100 of inventory is still available at fiscal year-end. Prepare an unadjusted Trial Balance and explain how it may be used to discover errors. Get 15% discount on your first order. Problem Number Description Difficulty Level Time Allotted (min. We will analyse and examine the importance of adjusting entries, difficulties in creating adjusting entries for receivables and their impact on economic performance of selected companies. • Prepare a simple bank reconciliation to include EFT transactions and related entries. chapter adjusting the accounts assignment classification table brief exercises problems problems 10, 11, 12, 13, 15 1a, 2a, 3a, 4a, 5a, 6a 1b, 2b, 3b, 4b, 5b 10. P7 Appendix 3B. Policy CD-3. Moderate 60-70 *6A* Prepare adjusting entries, adjusted trial balance,. Description. Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31, 2013. Update balances in the T-accounts for the adjusting entries and prepare an adjusted trial balance. • Construct/analyze/interpret basic financial statements (service and merchandise firm) including the basic cash flow statement. Example Practice Key Points Key Learning OutcomesExercises Exercises The primary differences between a service business and a merchandising business relate to revenue activities. Raw Materials of $36,000 were requisitioned to the factory. Debit Credit Prepaid Insurance $ 3,600 Supplies 2,800 Equipment 25,000 Accumulated Depreciation—Equipment $ 8,400 Notes Payable 20,000. Assume a two-month lease is entered and rent paid in advance on March 1, 20X1, for $3,000. Problem 3-2A Preparing adjusting and subsequent journal entries LO C1, A1, P1 Arnez Co. Prepare each adjusting journal entry calculated in Requirement 1. Adjusting entries in the banking industry. 3A ŒDue 07/05/07 Sect. ) Problem 5-5A Preparing. IXL is the world's most popular subscription-based learning site for K–12. Loading Unsubscribe from Tony Bell? Adjusting Entries - Unearned Revenue - Duration: 2:40. Post the balance from the unadjusted trial balance and the adjusting entries in to T-accounts. P7 Appendix 3B. Income Statement excel link will download the file containing a spreadsheet for the problem and a template worksheet on which you can prepare the solution. Problem Number Description Difficulty Level Time Allotted (min. Sign in Register; Hide. Prepare journal entries to record the events and transactions a through i. Problem 5-3A Preparing adjusting entries and income statements; and computing gross margin, acid-test, and current ratios LO A1, A2, P3, P4 [The following information applies to the questions displayed below. P3 Prepare financial statements from an adjusted trial balance. Ruston Mini Practice Exam #2. owns apartments that it rents to university students. PE 3-4A Adjustment for unearned revenue The balance in the unearned fees account, before adjustment at the end of the year, is $78,500. This is the third step in the accounting cycle. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $12,300. Post all journal entries, adjusting entries and closing entries to the general ledger given in Part 6. the account balances for south coast boards co. Acct301 Essentials of Accounting Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements [The following information applies to the questions displayed below. Problem 3-71 A Preparing a Worksheet (Appendix 3A) Marsteller Properties Inc. Fiscal and Calendar Years 3-3. LO 9 Differentiate the cash basis of accounting from the accrual basis. Problem 2-4A Preparing and posting journal entries; preparing a trial balance L. ] In January 2009, Solaris Co. Prepare adjusting entries for accruals. Moderate 30-40 2A Journalize and post note transactions and show balance sheet presentation. Problem 3-3A Part 3. Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO A1, P1, P2, P3. Instructions (a) Journalize the adjusting entries that were made. Moderate 40–50 4A Prepare adjusting entries. Fees earned but unbilled on June 30 were $12,700. follows the practice of recording prepaid expenses and unearned revenues in balance sheet accounts. Prepare the adjusting entry a. pays $2,650,000 for a tract of land with two buildings on it. Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements [The following information applies to the questions displayed below. Prepare Watson Technical Institute’s income statement and statement of owner’s equity for the. Moderate 30–40 5A Journalize transactions and follow through accounting cycle to preparation of financial statements. What is Accounting Equation - Ch. Module 3 examines five types of adjustments: 1. Prepare adjusting entries, post to ledger accounts, and prepare an adjusted trial balance. Moderate 40-50 4A Prepare adjusting entries. (Credit account titles are automatically indented when the amount is entered. There are eight salaried employees. The company's annual accounting period ends on December 31, 2013. Problem 3-67B Adjusting Entries and Financial Statements The unadjusted trial balance for Mitchell Pharmacy appears below. and practices using a problem solving focus. Chapter 03 – Adjusting Accounts and Preparing Financial Statements CHAPTER 3 ADJUSTING ACCOUNTS AND PREPARING FINANCIAL STATEMENTS Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Winningham Company maintains a petty cash fund for small expenditures. The cash basis of accounting reports revenues when cash is received while the accrual basis reports revenues when they are earned. Moderate 60. Prepare journal entries to record the transactions for Ap