. Depreciation for the current year includes Equipment, $ 2 comma 500$2,500. Date Accounts and Explanation Debit Credit (a) Dec. 31 b. Each Monday, BettertonBetterton pays employees for the previous week's work. The amount of weekly payroll is $ 2 comma 800$2,800 for a seven-day workweek (Monday to Sunday). This year, December 31 falls on ThursdayThursday. Date Accounts and Explanation Debit Credit (b) Dec. 31 c. The beginning balance of Office Supplies was $ 2 comma 200$2,200. During the year, BettertonBetterton purchased office supplies for $ 3 comma 100$3,100, and at December 31 the office supplies on hand totaled $ 2 comma 000$2,000. (Assume that BettertonBetterton debits an asset account when supplies arepurchased.) Date Accounts and Explanation Debit Credit (c) Dec. 31 d. BettertonBetterton prepaid a two full years' insurance on JulyJuly 1 of the current year, $ 6 comma 000$6,000. Record insurance expense for the year ended December 31. (When the policy was purchased on JulyJuly 1, assume that BettertonBetterton debited an asset account.) Date Accounts and Explanation Debit Credit (d) Dec. 31 e. BettertonBetterton had earned $ 3 comma 200$3,200 of unearned revenue. (When the cash was received, assume that a liability account was credited.) Date Accounts and Explanation Debit Credit (e) Dec. 31 f. BettertonBetterton had incurred (but not recorded) $ 170$170 of interest expense on a note payable. The interest will not be paid until February 28. Date Accounts and Explanation Debit Credit (f) Dec. 31 g. BettertonBetterton billed customers $ 7 comma 500$7,500 for welding services performed. Date Accounts and Explanation Debit Credit (g) Dec. 31 . Depreciation for the current year includes Equipment, $ 2 comma 500$2,500. Date Accounts and Explanation Debit Credit (a) Dec. 31 b. Each Monday, BettertonBetterton pays employees for the previous week's work. The amount of weekly payroll is $ 2 comma 800$2,800 for a seven-day workweek (Monday to Sunday). This year, December 31 falls on ThursdayThursday. Date Accounts and Explanation Debit Credit (b) Dec. 31 c. The beginning balance of Office Supplies was $ 2 comma 200$2,200. During the year, BettertonBetterton purchased office supplies for $ 3 comma 100$3,100, and at December 31 the office supplies on hand totaled $ 2 comma 000$2,000. (Assume that BettertonBetterton debits an asset account when supplies arepurchased.) Date Accounts and Explanation Debit Credit (c) Dec. 31 d. BettertonBetterton prepaid a two full years' insurance on JulyJuly 1 of the current year, $ 6 comma 000$6,000. Record insurance expense for the year ended December 31. (When the policy was purchased on JulyJuly 1, assume that BettertonBetterton debited an asset account.) Date Accounts and Explanation Debit Credit (d) Dec. 31 e. BettertonBetterton had earned $ 3 comma 200$3,200 of unearned revenue. (When the cash was received, assume that a liability account was credited.) Date Accounts and Explanation Debit Credit (e) Dec. 31 f. BettertonBetterton had incurred (but not recorded) $ 170$170 of interest expense on a note payable. The interest will not be paid until February 28. Date Accounts and Explanation Debit Credit (f) Dec. 31 g. BettertonBetterton billed customers $ 7 comma 500$7,500 for welding services performed. Date Accounts and Explanation Debit Credit (g) Dec. 31 Choose from any list or enter any number in the input fields and then continue to the next question. Choose from any list or enter any number in the input fields and then continue to the next question.
. Depreciation for the current year includes Equipment, $ 2 comma 500$2,500. Date Accounts and Explanation Debit Credit (a) Dec. 31 b. Each Monday, BettertonBetterton pays employees for the previous week's work. The amount of weekly payroll is $ 2 comma 800$2,800 for a seven-day workweek (Monday to Sunday). This year, December 31 falls on ThursdayThursday. Date Accounts and Explanation Debit Credit (b) Dec. 31 c. The beginning balance of Office Supplies was $ 2 comma 200$2,200. During the year, BettertonBetterton purchased office supplies for $ 3 comma 100$3,100, and at December 31 the office supplies on hand totaled $ 2 comma 000$2,000. (Assume that BettertonBetterton debits an asset account when supplies arepurchased.) Date Accounts and Explanation Debit Credit (c) Dec. 31 d. BettertonBetterton prepaid a two full years' insurance on JulyJuly 1 of the current year, $ 6 comma 000$6,000. Record insurance expense for the year ended December 31. (When the policy was purchased on JulyJuly 1, assume that BettertonBetterton debited an asset account.) Date Accounts and Explanation Debit Credit (d) Dec. 31 e. BettertonBetterton had earned $ 3 comma 200$3,200 of unearned revenue. (When the cash was received, assume that a liability account was credited.) Date Accounts and Explanation Debit Credit (e) Dec. 31 f. BettertonBetterton had incurred (but not recorded) $ 170$170 of interest expense on a note payable. The interest will not be paid until February 28. Date Accounts and Explanation Debit Credit (f) Dec. 31 g. BettertonBetterton billed customers $ 7 comma 500$7,500 for welding services performed. Date Accounts and Explanation Debit Credit (g) Dec. 31 . Depreciation for the current year includes Equipment, $ 2 comma 500$2,500. Date Accounts and Explanation Debit Credit (a) Dec. 31 b. Each Monday, BettertonBetterton pays employees for the previous week's work. The amount of weekly payroll is $ 2 comma 800$2,800 for a seven-day workweek (Monday to Sunday). This year, December 31 falls on ThursdayThursday. Date Accounts and Explanation Debit Credit (b) Dec. 31 c. The beginning balance of Office Supplies was $ 2 comma 200$2,200. During the year, BettertonBetterton purchased office supplies for $ 3 comma 100$3,100, and at December 31 the office supplies on hand totaled $ 2 comma 000$2,000. (Assume that BettertonBetterton debits an asset account when supplies arepurchased.) Date Accounts and Explanation Debit Credit (c) Dec. 31 d. BettertonBetterton prepaid a two full years' insurance on JulyJuly 1 of the current year, $ 6 comma 000$6,000. Record insurance expense for the year ended December 31. (When the policy was purchased on JulyJuly 1, assume that BettertonBetterton debited an asset account.) Date Accounts and Explanation Debit Credit (d) Dec. 31 e. BettertonBetterton had earned $ 3 comma 200$3,200 of unearned revenue. (When the cash was received, assume that a liability account was credited.) Date Accounts and Explanation Debit Credit (e) Dec. 31 f. BettertonBetterton had incurred (but not recorded) $ 170$170 of interest expense on a note payable. The interest will not be paid until February 28. Date Accounts and Explanation Debit Credit (f) Dec. 31 g. BettertonBetterton billed customers $ 7 comma 500$7,500 for welding services performed. Date Accounts and Explanation Debit Credit (g) Dec. 31 Choose from any list or enter any number in the input fields and then continue to the next question. Choose from any list or enter any number in the input fields and then continue to the next question.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 3RE: Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that...
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Concept explainers
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Question
. Depreciation for the current year includes Equipment,
$ 2 comma 500$2,500.
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Accounts and Explanation
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Debit
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Credit
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(a) Dec. 31
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b. Each Monday,
BettertonBetterton
pays employees for the previous week's work. The amount of weekly payroll is
$ 2 comma 800$2,800
for a seven-day workweek (Monday to Sunday). This year, December 31 falls on
ThursdayThursday.
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Date
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Accounts and Explanation
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Debit
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Credit
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(b) Dec. 31
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c. The beginning balance of Office Supplies was
$ 2 comma 200$2,200.
During the year,
BettertonBetterton
purchased office supplies for
$ 3 comma 100$3,100,
and at December 31 the office supplies on hand totaled
$ 2 comma 000$2,000.
(Assume that
BettertonBetterton
debits an asset account when supplies arepurchased.)|
Date
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Accounts and Explanation
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Debit
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Credit
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(c) Dec. 31
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d.
BettertonBetterton
prepaid a two full years' insurance on
JulyJuly
1 of the current year,
$ 6 comma 000$6,000.
Record insurance expense for the year ended December 31. (When the policy was purchased on
JulyJuly
1, assume that
BettertonBetterton
debited an asset account.)|
Date
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Accounts and Explanation
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Debit
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Credit
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(d) Dec. 31
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e.
BettertonBetterton
had earned
$ 3 comma 200$3,200
of unearned revenue. (When the cash was received, assume that a liability account was credited.)|
Date
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Accounts and Explanation
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Debit
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Credit
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(e) Dec. 31
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f.
BettertonBetterton
had incurred (but not recorded)
$ 170$170
of interest expense on a note payable. The interest will not be paid until February 28.|
Date
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Accounts and Explanation
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Debit
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Credit
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(f) Dec. 31
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g.
BettertonBetterton
billed customers
$ 7 comma 500$7,500
for welding services performed.|
Date
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Accounts and Explanation
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Debit
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Credit
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(g) Dec. 31
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. Depreciation for the current year includes Equipment,
$ 2 comma 500$2,500.
b. Each Monday,
BettertonBetterton
pays employees for the previous week's work. The amount of weekly payroll is
$ 2 comma 800$2,800
for a seven-day workweek (Monday to Sunday). This year, December 31 falls on
ThursdayThursday.
c. The beginning balance of Office Supplies was
$ 2 comma 200$2,200.
During the year,
BettertonBetterton
purchased office supplies for
$ 3 comma 100$3,100,
and at December 31 the office supplies on hand totaled
$ 2 comma 000$2,000.
(Assume that
BettertonBetterton
debits an asset account when supplies arepurchased.)
d.
BettertonBetterton
prepaid a two full years' insurance on
JulyJuly
1 of the current year,
$ 6 comma 000$6,000.
Record insurance expense for the year ended December 31. (When the policy was purchased on
JulyJuly
1, assume that
BettertonBetterton
debited an asset account.)
e.
BettertonBetterton
had earned
$ 3 comma 200$3,200
of unearned revenue. (When the cash was received, assume that a liability account was credited.)
f.
BettertonBetterton
had incurred (but not recorded)
$ 170$170
of interest expense on a note payable. The interest will not be paid until February 28.
g.
BettertonBetterton
billed customers
$ 7 comma 500$7,500
for welding services performed.
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