Intermediate accounting chapter 03

Cash Receipt Revenue Recorded Adjusting entry results in: Debits and Credits If Debit entries are greater than Credit entries, the account will have a debit balance.

LO 5 Explain the reasons for preparing adjusting entries. The note requires interest at an annual rate of 12 percent. Under the strict cash basis, companies record revenue only when they receive cash, and record expenses only when they disperse cash. There is continuing debate over whether foreign issuers should have to comply.

Show the journal entry to record the receipt on Oct. Prepare closing journal entries and post to the ledger s. Internal — event occurring entirely within a business. Retained earnings 5, Dividends 5, Service revenueSalaries expense 46, Advertising expense 15, Rent expense 9, Insurance expense Interest expense Depreciation expense Bad debt expense 1, Retained earnings 33, Illustration Closing Journal Entries: It makes the adjusting entry for bad debts as follows.

Recognize that reversing entries do not have to be used. The accrual basis, not the cash basis, recognizes all aspects of the credit phenomenon. What were our cash inflows and outflows?

Take an unadjusted trial balance trial balance. LO 8 Differentiate the cash basis of accounting from the accrual basis of accounting. Debits and Credits LO 2 Explain double-entry rules. Prepare the journal entry to record the purchase of the supplies.

Interest payable Interest expense Oct. Adjusting entries for depreciation and bad debts are not reversed. Prepare the entry to record the payment of salaries on November Closing Entries LO 7 Prepare closing entries.

Did we make a profit last period? Posting 12, LO 4 Record transactions in journals, post to ledger accounts, and prepare a trial balance. Prepaid insurance Insurance expense Oct. Accounts payable 25, Advertising supplies 25, Oct. A customer pays its open account.

Illustration 3A-5 Illustration 3A-8 Solution on notes page LO 8 Differentiate the cash basis of accounting from the accrual basis of accounting. Accounting Information System Helps management answer such questions as: External — between a business and its environment.

Prepare financial statement from the adjusted trial balance. Revenues received in cash and recorded as liabilities before they are earned. The accountant determines the federal income taxes owed based on the income earned.

Service revenue 2, Accounts receivable 2, Oct. Expenses incurred but not yet paid in cash or recorded. Service revenue 4, Unearned service revenue 4, Oct. Salaries payable 6, Salaries expense 6, Oct. Identify steps in the accounting cycle.

Identify and Recording Transactions What to Record? Posting 12, 9, 6, LO 4 Record transactions in journals, post to ledger accounts, and prepare a trial balance.

Disseminates the information to interested parties. Journalizing LO 4 Record transactions in journals, post to ledger accounts, and prepare a trial balance. LO 7 Prepare closing entries. Journal Entries are recorded in the journal.Intermediate Accounting: Solutions Manual to 9r.e.

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Intermediate accounting chapter 03
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