Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN: 9781305654174
Author: Gary A. Porter, Curtis L. Norton
Publisher: Cengage Learning
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Textbook Question
Chapter 4, Problem 4.24E
The Effect of
Determine whether recording each of the following adjusting entries will increase (I), decrease (D), or have no effect (NE) on each of the three elements of the accounting equation.
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B. Complete the table.
Soope of PAS 8
Description
Accounting
Effect
of
Adjustment
BS/PL
Treatment
in
1. Change
Accounting
Policy
2. Change
Accounting
in
in
Estimate
3. Correction of
prior period
error
Identify the four different categories of adjusting entries frequently required at the end of an accountingperiod.
A change in accounting policy requires what kind of adjustment to thefinancial statements?
A. Current period adjustmentB. Prospective adjustmentC. Retrospective adjustmentD. Current and prospective adjustment
Chapter 4 Solutions
Financial Accounting: The Impact on Decision Makers
Ch. 4 - Read each definition below and write the number of...Ch. 4 - Prob. 4.1ECh. 4 - Comparing the Income Statement and the Statement...Ch. 4 - Prob. 4.3ECh. 4 - Accruals and Deferrals For the following...Ch. 4 - Office Supplies Somerville Corp. purchases office...Ch. 4 - Prepaid Rent—Quarterly Adjustments On September...Ch. 4 - Prob. 4.7ECh. 4 - Depreciation On July 1, 2016, Dexter Corp. buys a...Ch. 4 - Working Backward: Depreciation Polk Corp....
Ch. 4 - Prob. 4.10ECh. 4 - Subscriptions Horse Country Living publishes a...Ch. 4 - Customer Deposits Wolfe $ Wolfe collected $9,000...Ch. 4 - Concert Tickets Sold in Advance Rock N Roll...Ch. 4 - Prob. 4.14ECh. 4 - Wages Payable Denton Corporation employs 50...Ch. 4 - Prob. 4.16ECh. 4 - Prob. 4.17ECh. 4 - Interest Payable—Quarterly Adjustments Glendive...Ch. 4 - Prob. 4.19ECh. 4 - Interest Receivable On June 1, 2016, MicroTel...Ch. 4 - Rent Receivable Hudson Corp. has extra space in...Ch. 4 - Working Backward: Rent Receivable Randys Rentals...Ch. 4 - The Effect of Ignoring Adjusting Entries on Net...Ch. 4 - The Effect of Adjusting Entries on the Accounting...Ch. 4 - Reconstruction of Adjusting Entries from...Ch. 4 - The Accounting Cycle The steps in the accounting...Ch. 4 - Trial Balance The following account titles,...Ch. 4 - Prob. 4.28ECh. 4 - Preparation of a Statement of Retained Earnings...Ch. 4 - Reconstruction of Closing Entries The following T...Ch. 4 - Closing Entries for Nordstrom The following...Ch. 4 - Prob. 4.32ECh. 4 - Prob. 4.33ECh. 4 - Prob. 4.34ECh. 4 - Revenue Recognition, Cash and Accrual Bases...Ch. 4 - Depreciation Expense During 2016, Carter Company...Ch. 4 - Prob. 4.37MCECh. 4 - Adjusting Entries Kretz Corporation prepares...Ch. 4 - Prob. 4.2PCh. 4 - Prob. 4.3PCh. 4 - Recurring and Adjusting Entries Following are...Ch. 4 - Prob. 4.5PCh. 4 - Prob. 4.6PCh. 4 - Prob. 4.7PCh. 4 - Prob. 4.8PCh. 4 - Prob. 4.9PCh. 4 - Prob. 4.10PCh. 4 - Prob. 4.1IPCh. 4 - Prob. 4.2APCh. 4 - Prob. 4.3APCh. 4 - Prob. 4.7APCh. 4 - Prob. 4.9APCh. 4 - Prob. 4.10APCh. 4 - Prob. 4.11MCPCh. 4 - Prob. 4.12MCPCh. 4 - Prob. 4.13MCPCh. 4 - Prob. 4.11AMCPCh. 4 - Prob. 4.12AMCPCh. 4 - Prob. 4.13AMCPCh. 4 - Prob. 4.1APCh. 4 - Prob. 4.4APCh. 4 - Prob. 4.5APCh. 4 - Prob. 4.6APCh. 4 - Prob. 4.8APCh. 4 - Prob. 4.1DCCh. 4 - Prob. 4.2DCCh. 4 - Prob. 4.3DCCh. 4 - Prob. 4.4DCCh. 4 - Depreciation Jensen Inc., a graphic arts studio,...Ch. 4 - Prob. 4.6DCCh. 4 - Prob. 4.7DC
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- Describe the effect on the financial statements when an adjustment is prepared that records (a) unrecorded revenue and (b) unrecorded expense.arrow_forwardThe Effect of Ignoring Adjusting Entries on Net Income For each of the following independent situations, determine whether the effect of ignoring the required adjusting entry will result in an understatement (U), will result in an overstatement (O), or will have no effect (NE) on net income for the period.arrow_forwardWhich of the following journals would correctly post an adjustment for deferred (prepaid) income? Select one: A. DR Income Account / CR Asset B. DR Asset / CR Income Account C. DR Income Account / CR Deferred Income D. DR Deferred income / CR Income Accountarrow_forward
- CHOOSE FROM THE FOLLOWING ACCOUNTS FOR THE CORRECT ACCOUNT OF ADJUSTING ENTRIES: deferred revenue salesarrow_forwardWhich of the following accounts would normally not be affected by an adjusting entry? Group of answer choices A. Supplies B. Service Revenue C. Depreciation Expense D. Casharrow_forward, Which of the following adjusting entries cannot be reversed? a. An adjusting entry to accrue an expense b. An adjusting entry to accrue an income c. An adjusting entry to record the expired portion of a prepayment of an item of expense d. An adjusting entry to record the unearned portion of an advanced collection of an item of incomearrow_forward
- please explain the difference between an adjusting difference and a timing difference and provide an example of each in accounting Subject Thank youarrow_forwardIf an adjustment includes an entry to a payable or receivable account, which type of adjustment is it? a. Estimate b. Accruals c. Deferrals d. Provisionarrow_forwardHow is a change from a non-GAAP accounting method to a GAAP method recorded?arrow_forward
- Reversing entries are used in income collected in advance when the | point adjusting entry has a Debit to an asset Debit to a Liabilty credit to Expense Credit to Incomearrow_forwardWhat is the purpose of the other adjustments account (OAA)? What types of items increase it or decrease it? What is the purpose of the accumulated adjustments account (AAA)? What types of items increase it or decrease it?arrow_forwardWhat is the effect on income (overstated or understated), if the adjusting entries are notrecorded?arrow_forward
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