Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 4, Problem 6AP
The following six-column table for Hawkeye Ranges includes the unadjusted
Required
- 1. Complete the six-column table by entering adjustments that reflect the following information.
- a. As of December 31, employees had earned $1,200 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,500 of salaries will be paid.
- b. The cost of supplies still available at December 31 is $3,000.
- c. The notes payable require an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31 is $1,875. The next interest payment, at an amount of $2,250, is due on January 15.
- d. Analysis of the Unearned Member Fees account shows $5,800 remaining unearned at December 31.
- e. In addition to the member fees included in the revenue account balance, the company has earned another $9,300 in unrecorded fees that will be collected on January 31. The company is also expected to collect $10,000 on that same day for new fees earned in January.
- f. Depreciation expense for the year is $15,000.
- 2. Prepare
journal entries for the adjustments entered in the six-column table for part 1. - 3. Prepare journal entries to reverse the effects of the
adjusting entries that involve accruals. - 4. Prepare journal entries to record the cash payments and cash collections described for January.
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Check out a sample textbook solutionStudents have asked these similar questions
The Unadjusted Trial Balance for Hawkeye Ranges as of December 31 is presented in requirement 1. The following additional
Information relates to the required year-end adjustments.
a. As of December 31, employees had earned $717 of unpaid and unrecorded salaries. The next payday is January 4, at which time
$1,276 of salaries will be paid.
b. Cost of supplies still available at December 31 total is $2,160.
c. An interest payment is made every three months. The amount of unrecorded accrued interest at December 31 is $1,275. The next
Interest payment, at an amount of $1,530, is due on January 15.
d. Analysis of Unearned Revenue shows $4,480 remaining unearned at December 31.
e. Accrues $7,213 of revenue for services provided. Payment will be collected on January 31.
f. Depreciation expense is $10,184.
Required:
1. Complete the six-column table by entering adjustments that reflect the above information.
2. Prepare journal entries for adjustments entered in the six-column table for…
INSTRUCTIONS:
(1) Complete the adjustments section of the worksheet [WS]. Use the following information regarding unadjusted items.
(a) On September 30, the firm received its utilities bill for the month of September amounting to P14,300. This remains to be unpaid at month-end. Record an adjustment for the utilities for the month of September. Accrued Expense
(b) On September 21, the firm received a 6% 90-day note for money lent to Ling Ying Wei amounting to P400,000. The remainder of the amount pertains to a 12-month 9% promissory note received on May 1, 2021. Record an adjustment for the accrued interest from both notes for the month of September. Accrued Income
(c) On September 30, an inventory of Warehouse Supplies and Office Supplies showed that items costing P127,000 and P12,000 were on hand respectively. Record an adjustment for the supplies used in September. Prepaid Expense
(d) On July 1, 2021, the firm purchased a six-month insurance policy for P232,000. Record an…
Required 1. Complete the six-column table by entering adjustments that reflect the following information: a. As of December 31, employees had earned $400 of unpaid and unrecorded wages. The next payday is January 4, at which time $1,200 in wages will be paid. b. The cost of supplies still available at December 31 is $3,450. c. The notes payable require an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31 is $800. The next interest payment, at an amount of $900, is due on January 15. d. Analysis of the unearned rental fees shows that $3,200 remains unearned at December 31. e. In addition to the machinery rental fees included in the revenue account balance, the company has earned another $2,450 in unrecorded fees that will be collected on January 31. The company is also expected to collect $5,400 on that same day for new fees earned in January. f. Depreciation expense for the year is $3,800. 2. Prepare journal entries for the…
Chapter 4 Solutions
Principles of Financial Accounting.
Ch. 4 - G. Venda, owner of Venda Services, withdrew 25,000...Ch. 4 - The following information is available for the R....Ch. 4 - Which of the following errors would cause the...Ch. 4 - The temporary account used only in the closing...Ch. 4 - Prob. 5MCQCh. 4 - Prob. 1DQCh. 4 - What accounts are affected by closing entries?...Ch. 4 - What two purposes are accomplished by recording...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQ
Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - What are the characteristics of plant assets?Ch. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - The ledger of Claudell Company includes the...Ch. 4 - Choose from the following list of terms/phrases to...Ch. 4 - The ledger of Mai Company includes the following...Ch. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Classifying balance sheet items C3 The following...Ch. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - These 16 accounts are from the Adjusted Trial...Ch. 4 - The Adjusted Trial Balance columns of a 10-column...Ch. 4 - Use the following information from the Adjustments...Ch. 4 - The following data are taken from the unadjusted...Ch. 4 - Capri Company began the current period with a...Ch. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Use the May 31 fiscal year-end information from...Ch. 4 - Prob. 9ECh. 4 - The adjusted trial balance for Salon Marketing Co....Ch. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Use the following adjusted year-end trial balance...Ch. 4 - Following are Nintendos revenue and expense...Ch. 4 - Prob. 15ECh. 4 - Hawk Company records prepaid assets and unearned...Ch. 4 - The following two events occurred for Trey Co. on...Ch. 4 - On April 1, Jiro Nozomi created a new travel...Ch. 4 - The following unadjusted trial balance is for Ace...Ch. 4 - Prob. 3APCh. 4 - The adjusted trial balance for Tybalt Construction...Ch. 4 - The adjusted trial balance of Karise Repairs on...Ch. 4 - The following six-column table for Hawkeye Ranges...Ch. 4 - On July 1, Lula Plume created a new self-storage...Ch. 4 - Prob. 2BPCh. 4 - Prob. 3BPCh. 4 - The adjusted trial balance for Anara Co. as of...Ch. 4 - Santo Companys adjusted trial balance on December...Ch. 4 - The following six-column table for Solutions Co....Ch. 4 - This serial problem began in Chapter 1 and...Ch. 4 - Accounting Analysis Refer to Apples financial...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - One of your classmates states that a companys...Ch. 4 - Review this chapters opening feature involving...
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