College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 5, Problem 4PA
The account balances of Bryan Company as of June 30, the end of the current fiscal year, are as follows:
Required
- 1. Data for the adjustments are as follows:
- a. Expired or used up insurance, $495
- b.
Depreciation expense on equipment, $670. - c. Depreciation expense on the van, $1,190.
- d. Salary accrued (earned) since the last payday, $540 (owed and to be paid on the next payday).
- e. Supplies used during the period, $97.
Your instructor may want you to use a work sheet for these adjustments.
- 2. Journalize the
adjusting entries . - 3. Prepare an income statement.
- 4. Prepare a statement of owner’s equity. Assume that there was an additional investment of $2,000 on June 10.
- 5. Prepare a balance sheet.
- 6. Journalize the closing entries using the four steps in the correct sequence.
Check Figure
Net Income, $13,627
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Students have asked these similar questions
Unadjusted account balances at December 31, 2019, for Rapisarda Company are as follows: The following data are not yet recorded:a. Depreciation on the equipment is $18,350.b. Unrecorded wages owed at December 31, 2019: $4,680.c. Prepaid rent at December 31, 2019: $9,240.d. Income taxes expense: $5,463.Required:Prepare a completed worksheet for Rapisarda Company.
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company’s income tax rate is 30% for all items.
Debit
Credit
a.
Interest revenue
$ 14,600
b.
Depreciation expense—Equipment
$ 34,600
c.
Loss on sale of equipment
26,450
d.
Accounts payable
44,600
e.
Other operating expenses
107,000
f.
Accumulated depreciation—Equipment
72,200
g.
Gain from settlement of lawsuit
44,600
h.
Accumulated depreciation—Buildings
175,700
i.
Loss from operating a discontinued segment (pretax)
18,850
j.
Gain on insurance recovery of tornado damage
29,720
k.
Net sales
1,004,500
l.
Depreciation expense—Buildings
52,600
m.
Correction of overstatement of prior year’s sales (pretax)
16,600
n.
Gain on sale of discontinued segment’s assets (pretax)
37,000
o.
Loss from settlement of lawsuit
24,350
p.
Income tax expense
?
q.
Cost of goods sold
488,500…
The following items are taken from the adjusted trial balance of Westley Company for the month ending July 31, 2021:
Accounts payable
Accounts receivable
Accumulated depreciation - equipment
Cash
Common Stock
Depreciation expense
Equipment
Retained earnings 7/1/21
Service revenue
Supplies
$2,000
3,300
8,000
2,600
30,000
2,000
54,000
22,000
33,000
1,200
Prepare the current assets section of Westley's classified balance sheet. (List Current Assets in order of liquidity)
WESTLEY COMPANY
Balance Sheet (Partial)
Assets
$
Chapter 5 Solutions
College Accounting (Book Only): A Career Approach
Ch. 5 - What is the third step in the accounting cycle?...Ch. 5 - Which of the following accounts would be closed...Ch. 5 - If Income from Services had a 20,400 credit...Ch. 5 - Which of the following accounts would appear on a...Ch. 5 - Under the cash basis of accounting, which of the...Ch. 5 - Prob. 6QYCh. 5 - Number in order the following steps in the...Ch. 5 - List the steps in the closing procedure in the...Ch. 5 - What is the purpose of closing entries? What is a...Ch. 5 - What are real accounts? What are nominal accounts?...
Ch. 5 - What is the purpose of the Income Summary account?...Ch. 5 - What is the purpose of the post-closing trial...Ch. 5 - Write the third closing entry to transfer the net...Ch. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - Classify the following accounts as real...Ch. 5 - The ledger accounts after adjusting entries for...Ch. 5 - As of December 31, the end of the current year,...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - After all revenue and expenses have been closed at...Ch. 5 - Identify whether the following accounts would be...Ch. 5 - Considering the following events, determine which...Ch. 5 - Indicate with an X whether each of the following...Ch. 5 - Prepare a statement of owners equity for The...Ch. 5 - Prob. 1PACh. 5 - The partial work sheet for Ho Consulting for May...Ch. 5 - The account balances of Bryan Company as of June...Ch. 5 - Williams Mechanic Services prepared the following...Ch. 5 - Prob. 1PBCh. 5 - The partial work sheet for Emil Consulting for...Ch. 5 - The account balances of Miss Beverlys Tutoring...Ch. 5 - Toms Catering Services prepared the following work...Ch. 5 - Rather than going directly to college, some...Ch. 5 - Prob. 2ACh. 5 - The post-closing trial balance submitted to you by...Ch. 5 - You are preparing a post-closing trial balance for...Ch. 5 - The bookkeeper has completed a work sheet and has...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - After the adjusting entries are recorded and...
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