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Accounting Principles 9th Edition Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso - Solutions

The ledger of Dey Company includes the following accounts. Explain why each account may require adjustment.(a) Prepaid Insurance (c) Unearned Revenue(b) Depreciation Expense (d) Interest Payable
Nunez Company accumulates the following adjustment data at December 31. Indicate(a) The type of adjustment (prepaid expense, accrued revenues and so on), and (b) The status of accounts before adjustment (overstated or understated).1. Supplies of $100 are on hand.2. Services provided but not
Windsor Advertising Company’s trial balance at December 31 shows Advertising Supplies $6,700 and Advertising Supplies Expense $0. On December 31, there are $2,700 of supplies on hand. Prepare the adjusting entry at December 31, and using T accounts, enter the balances in the accounts, post the
At the end of its first year, the trial balance of Denton Company shows Equipment $30,000 and zero balances in Accumulated Depreciation—Equipment and Depreciation Expense. Depreciation for the year is estimated to be $5,000. Prepare the adjusting entry for depreciation at December 31, post the
On July 1, 2010, Spahn Co. pays $18,000 to Randle Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Spahn Co., journalize and post the entry on July 1 and the adjusting entry on December 31.
Using the data in BE3-5, journalize and post the entry on July 1 and the adjusting entry on December 31 for Randle Insurance Co. Randle uses the accounts Unearned Insurance Revenue and Insurance Revenue.
The bookkeeper for Oglesby Company asks you to prepare the following accrued adjusting entries at December 31.1. Interest on notes payable of $400 is accrued.2. Services provided but not recorded total $1,500.3. Salaries earned by employees of $900 have not been recorded.Use the following account
The trial balance of Bair Company includes the following balance sheet accounts. Identify the accounts that may require adjustment. For each account that requires adjustment, indicate (a) The type of adjusting entry (prepaid expenses, unearned revenues, accrued revenues, and accrued expenses) and
The adjusted trial balance of Harmony Company at December 31, 2010, includes the following accounts: S. Harmony, Capital $15,600; S. Harmony, Drawing $6,000; Service Revenue $35,400; Salaries Expense $16,000; Insurance Expense $2,000; Rent Expense $4,000; Supplies Expense $1,500; and Depreciation
Partial adjusted trial balance data for Harmony Company is presented in BE3-9.The balance in S. Harmony, Capital is the balance as of January 1. Prepare an owner’s equity statement for the year assuming net income is $10,600 for the year.
Duncan Company records all prepayments in income statement accounts. At April 30, the trial balance shows Supplies Expense $2,800, Service Revenue $9,200, and zero balances in related balance sheet accounts. Prepare the adjusting entries at April 30 assuming (a) $1,000 of supplies on hand and (b)
Numerous timing concepts are discussed on pages 96 and 97. A list of concepts is provided below, on the left, with a description of the concept on the right. There are more descriptions provided than concepts. Match the description of the concept to the concept.1. ____ Cash basis accounting.2. ____
The ledger of Buerhle, Inc. on March 31, 2010, includes the following selected accounts before adjusting entries.An analysis of the accounts shows the following:1. Insurance expires at the rate of $300 per month.2. Supplies on hand total $900.3. The office equipment depreciates $500 per month.4.
Jose Contreras is the new owner of Curveball Computer Services. At the end of July 2010, his first month of ownership, Jose is trying to prepare monthly financial statements. He has the following information for the month.1. At July 31, Contreras owed employees $1,100 in salaries that the company
Danks Co. was organized on April 1, 2010.The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below.(a) Determine the net income for the quarter April 1 to June 30.(b) Determine the total assets and total liabilities at June 30, 2010 for Danks
Jo Seacat has prepared the following list of statements about the time period assumption.1. Adjusting entries would not be necessary if a company’s life were not divided into artificial time periods.2. The IRS requires companies to file annual tax returns.3. Accountants divide the economic life
On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue. If this basis were used, it would mean that billions in unrecorded liabilities would have to be booked, and the federal deficit would increase
Conan Industries collected $100,000 from customers in 2010. Of the amount collected, $25,000 was from revenue earned on account in 2009. In addition, Conan earned $40,000 of revenue in 2010, which will not be collected until 2011. Conan Industries also paid $70,000 for expenses in 2010. Of the
Emeril Corporation encounters the following situations:1. Emeril collects $1,000 from a customer in 2010 for services to be performed in 2011.2. Emeril incurs utility expense which is not yet paid in cash or recorded.3. Emeril’s employees worked 3 days in 2010, but will not be paid until 2011.4.
Drew Carey Company has the following balances in selected accounts on December 31, 2010.Accounts Receivable......... $ -0-Accumulated Depreciation—Equipment.. -0-Equipment............. 7,000Interest Payable........... -0-Notes Payable ............ 10,000Prepaid Insurance..........
Affleck Company accumulates the following adjustment data at December 31.1. Services provided but not recorded total $750.2. Store supplies of $300 have been used.3. Utility expenses of $225 are unpaid.4. Unearned revenue of $260 has been earned.5. Salaries of $900 are unpaid.6. Prepaid insurance
The ledger of Piper Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. An analysis of the accounts shows the following.1. The equipment depreciates $400 per month.2. One-third of the unearned rent revenue was earned
Andy Wright, D.D.S., opened a dental practice on January 1, 2010. During the first month of operations the following transactions occurred.1. Performed services for patients who had dental plan insurance. At January 31, $875 of such services was earned but not yet recorded.2. Utility expenses
The trial balance for Pioneer Advertising Agency is shown in Illustration 3-3, p. 100. In lieu of the adjusting entries shown in the text at October 31, assume the following adjustment data.1. Advertising supplies on hand at October 31 total $500.2. Expired insurance for the month is $100.3.
The income statement of Benning Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following.1. Insurance expired during July of $400 was
A partial adjusted trial balance of Sila Company at January 31, 2010, shows the following. InstructionsAnswer the following questions, assuming the year begins January 1.(a) If the amount in Supplies Expense is the January 31 adjusting entry, and $500 of supplies was purchased in January, what was
Selected accounts of Tabor Company are shown below. InstructionsAfter analyzing the accounts, journalize (a) The July transactions and (b) The adjusting entries that were made on July31.
The trial balances before and after adjustment for Garcia Company at the end of its fiscal year are presented below. InstructionsPrepare the adjusting entries that weremade.
The adjusted trial balance for Garcia Company is given in E3-13. Instructions. Prepare the income and owner’s equity statements for the year and the balance sheet at August 31.
The following data are taken from the comparative balance sheets of Girard Billiards Club, which prepares its financial statements using the accrual basis of accounting. Fees are billed to members based upon their use of the club??s facilities. Unearned fees arise from the sale of gift
Colin Mochrie Company has the following balances in selected accounts on December 31, 2010.Consulting Revenue....... $40,000Insurance Expense......... 2,100Supplies Expense........ 2,450All the accounts have normal balances. Colin Mochrie Company debits prepayments to expense accounts when
At Natasha Company, prepayments are debited to expense when paid, and unearned revenues are credited to revenue when received. During January of the current year, the following transactions occurred.Jan. 2 Paid $1,800 for fire insurance protection for the year.10 Paid $1,700 for supplies.15
Tony Masasi started his own consulting firm, Masasi Company, on June 1, 2010. The trial balance at June 30 is shown below.In addition to those accounts listed on the trial balance, the chart of accounts for MasasiCompany also contains the following accounts and account numbers: No. 158 Accumulated
Neosho River Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows.In addition to those accounts listed on the trial balance, the chart of accounts for Neosho River Resort also contains the following accounts and
Fernetti Advertising Agency was founded by John Fernetti in January of 2009. Presented on page 134 are both the adjusted and unadjusted trial balances as of December 31, 2010. Instructions(a) Journalize the annual adjusting entries that were made.(b) Prepare an income statement and a statement of
A review of the ledger of Remington Company at December 31, 2010, produces the following data pertaining to the preparation of annual adjusting entries. 1. Salaries Payable $0.There are eight salaried employees. Salaries are paid every Friday for the current week. Five employees receive a salary
On September 1, 2010, the account balances of Rand Equipment Repair were as follows.During September the following summary transactions were completed.Sept. 8 Paid $1,400 for salaries due employees, of which $900 is for September.10 Received $1,200 cash from customers on account.12 Received $3,400
Givens Graphics Company was organized on January 1, 2010, by Sue Givens. At the end of the first 6 months of operations, the trial balance contained the accounts on the next page.Analysis reveals the following additional data.1. The $3,700 balance in Supplies Expense represents supplies purchased
Ken Ham started his own consulting firm, Hambone Consulting, on May 1, 2010. The trial balance at May 31 is as follows. In addition to those accounts listed on the trial balance, the chart of accounts for Hambone Consulting also contains the following accounts and account numbers: No. 150
The Mound View Motel opened for business on May 1, 2010. Its trial balance before adjustment on May 31 is as follows In addition to those accounts listed on the trial balance, the chart of accounts for Mound View Motel also contains the following accounts and account numbers: No. 142 Accumulated
Poblano Co. was organized on July 1, 2010. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below. Instructions(a) Journalize the adjusting entries that were made.(b) Prepare an income statement and an owner's equity statement
A review of the ledger of Obi Company at December 31, 2010, produces the following data pertaining to the preparation of annual adjusting entries.1. Prepaid Insurance $9,900. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was
On November 1, 2010, the account balances of Morelli Equipment Repair were as follows. During November the following summary transactions were completed.Nov. 8 Paid $1,700 for salaries due employees, of which $700 is for October salaries.10 Received $3,420 cash from customers on account.12
The financial statements of PepsiCo, Inc. are presented in Appendix A at the end of this textbook.Instructions(a) Using the consolidated financial statements and related information, identify items that may result in adjusting entries for prepayments.(b) Using the consolidated financial
PepsiCo’s financial statements are presented in Appendix A. Financial statements for The Coca-Cola Company are presented in Appendix B.InstructionsBased on information contained in these financial statements, determine the following for each company.(a) Net increase (decrease) in property,
A wealth of accounting-related information is available via the Internet. For example the Rutgers Accounting Web offers access to a great variety of sources. Address: www.accounting.rutgers.edu/ or go to www.wiley.com/college/weygandtSteps: Click on Accounting Resources. (Note: Once on this page,
Happy Camper Park was organized on April 1, 2009, by Amaya Berge. Amaya is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Amaya prepared the following income statement for the quarter that ended March 31, 2010. Amaya thought that something was
In reviewing the accounts of Keri Ann Co. at the end of the year, you discover that adjusting entries have not been made. InstructionsWrite a memo to Keri Ann Nickels, the owner of Keri Ann Co. that explains the following: the nature and purpose of adjusting entries, why adjusting entries are
Bluestem Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Bluestem’s chemical pesticides. In the coming year, Bluestem will have environmentally safe and competitive chemicals to replace these discontinued
Companies must report or disclose in their financial statements information about all liabilities, including potential liabilities related to environmental clean-up. There are many situations in which you will be asked to provide personal financial information about your assets, liabilities,
(a) What is an accounting information system?(b) An accounting information system applies only to a manual system. Do you agree? Explain.
Certain principles should be followed in the development of an accounting information system. Identify and explain each of the principles.
What are common features of computerized accounting packages beyond recording transactions and preparing financial statements?
What are the advantages of using subsidiary ledgers?
(a) When do companies normally post to? (1) The subsidiary accounts and (2) The general ledger control accounts? (b) Describe the relationship between a control account and a subsidiary ledger.
Identify and explain the four special journals discussed in the chapter. List an advantage of using each of these journals rather than using only a general journal.
Thogmartin Company uses special journals. It recorded in a sales journal a sale made on account to R. Peters for $435.A few days later, R. Peters returns $70 worth of merchandise for credit. Where should Thogmartin Company record the sales return? Why?
A $500 purchase of merchandise on account from Lore Company was properly recorded in the purchases journal. When posted, however, the amount recorded in the subsidiary ledger was $50. How might this error be discovered?
Why would special journals used in different businesses not be identical in format? What type of business would maintain a cash receipts journal but not include a column for accounts receivable?
The cash and the accounts receivable columns in the cash receipts journal were mistakenly over added by $4,000 at the end of the month. (a) Will the customers’ ledger agree with the Accounts Receivable control account? (b) Assuming no other errors, will the trial balance totals be equal?
In what journal would the following transactions be recorded? (Assume that a two-column sales journal and a single-column purchases journal are used.)(a) Recording of depreciation expense for the year.(b) Credit given to a customer for merchandise purchased on credit and returned.(c) Sales of
In what journal would the following transactions be recorded? (Assume that a two-column sales journal and a single-column purchases journal are used.)(a) Cash received from signing a note payable.(b) Investment of cash by the owner of the business.(c) Closing of the expense accounts at the end of
Give an example of a transaction in the general journal that causes an entry to be posted twice (i.e., to two accounts), one in the general ledger, the other in the subsidiary ledger. Does this affect the debit/credit equality of the general ledger?
Give some examples of appropriate general journal transactions for an organization using special journals.
Indicate whether each of the following statements is true or false.1. When designing an accounting system, we need to think about the needs and knowledge of both the top managers and various other users.2. When the environment changes as a result of technological advances, increased competition, or
Here is a list of words or phrases related to computerized accounting systems.1. Entry-level software.2. Enterprise resource planning systems.3. Network-compatible.4. Audit trail.5. Internal control.InstructionsMatch each word or phrase with the best description of it.______(a) Allows multiple
Beka Borke has prepared the following list of statements about accounting information systems.1. The accounting information system includes each of the steps of the accounting cycle, the documents that provide evidence of transactions that have occurred, and the accounting records.2. The benefits
Presented below is information related to Kienholz Company for its first month of operations. Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at the end ofJanuary.
Identify in what ledger (general or subsidiary) each of the following accounts is shown.1. Rent Expense 2. Accounts Receivable—Char3. Notes Payable4. Accounts Payable—Thebeau
Identify the journal in which each of the following transactions is recorded.1. Cash sales 2. Owner withdrawal of cash 3. Cash purchase of land 4. Credit sales5. Purchase of merchandise on account6. Receipt of cash for services performed
Indicate whether each of the following debits and credits is included in the cash receipts journal. (Use “Yes” or “No” to answer this question.)1. Debit to Sales2. Credit to Merchandise Inventory3. Credit to Accounts Receivable4. Debit to Accounts Payable
Galindo Co. uses special journals and a general journal. Identify the journal in which each of the following transactions is recorded.(a) Purchased equipment on account.(b) Purchased merchandise on account.(c) Paid utility expense in cash.(d) Sold merchandise on account.
Identify the special journal(s) in which the following column headings appear.1. Sales Discounts Dr. 2. Accounts Receivable Cr. 3. Cash Dr.4. Sales Cr.5. Merchandise Inventory Dr.
Kidwell Computer Components Inc. uses a multi-column cash receipts journal. Indicate which column(s) is/are posted only in total, only daily, or both in total and daily.1. Accounts Receivable 2. Sales Discounts 3. Cash4. Other Accounts
Presented below is information related to City Company for its first month of operations. Determine the balances that appear in the accounts payable subsidiary ledger. What Accounts Payable balance appears in the general ledger at the end ofJanuary?
Nick Company had the following transactions during April.1. Sold merchandise on account.2. Purchased merchandise on account.3. Collected cash from a sale to Athletic Company.4. Recorded accrued interest on a note payable.5. Paid $2,000 for supplies.Identify the journal in which each of the
Donahue Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $320,000; the Accounts Payable control account had a
Presented below is the subsidiary accounts receivable account of Jeremy Dody. Write a memo to Andrea Barden, chief financial officer, that explains eachtransaction.
On September 1 the balance of the Accounts Receivable control account in the general ledger of Seaver Company was $10,960.The customers’ subsidiary ledger contained account balances as follows: Ruiz $1,440, Kingston $2,640, Bannister $2,060, Crampton $4,820. At the end of September the various
Yu Suzuki Company has a balance in its Accounts Receivable control account of $11,000 on January 1, 2010. The subsidiary ledger contains three accounts: Smith Company, balance $4,000; Green Company, balance $2,500; and Koyan Company. During January, the following receivable-related transactions
Nobo Uematsu Company has a balance in its Accounts Payable control account of $8,250 on January 1, 2010. The subsidiary ledger contains three accounts: Jones Company, balance $3,000; Brown Company, balance $1,875; and Aatski Company. During January, the following payable-related transactions
Montalvo Company uses special journals and a general journal. The following transactions occurred during September 2010.Sept. 2 Sold merchandise on account to T. Hossfeld, invoice no. 101, $720, terms n/30.The cost of the merchandise sold was $420.10 Purchased merchandise on account from L. Rincon
Pherigo Co. uses special journals and a general journal. The following transactions occurred during May 2010.May 1 I. Pherigo invested $50,000 cash in the business.2 Sold merchandise to B. Sherrick for $6,300 cash.The cost of the merchandise sold was $4,200.3 Purchased merchandise for $7,200 from
Wick Company uses the columnar cash journals illustrated in the textbook. In April, the following selected cash transactions occurred.1. Made a refund to a customer as an allowance for damaged goods.2. Received collection from customer within the 3% discount period.3. Purchased merchandise for
Velasquez Company has the following selected transactions during March.Mar. 2 Purchased equipment costing $9,400 from Chang Company on account.5 Received credit of $410 from Lyden Company for merchandise damaged in shipment to Velasquez.7 Issued credit of $400 to Higley Company for merchandise the
Below are some typical transactions incurred by Kwun Company?1. Payment of creditors on account.2. Return of merchandise sold for credit.3. Collection on account from customers.4. Sale of land for cash.5. Sale of merchandise on account.6. Sale of merchandise for cash.7. Received credit for
The general ledger of Sanchez Company contained the following Accounts Payable control account (in T-account form). Also shown is the related subsidiary ledger. Instructions(a) Indicate the missing posting reference and amount in the control account, and the missing ending balance in the
Selected accounts from the ledgers of Lockhart Company at July 31 showed the following. InstructionsFrom the data prepare:(a) The single-column purchases journal for July.(b) The general journal entries forJuly.
Kansas Products uses both special journals and a general journal as described in this chapter. Kansas also posts customers?? accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T accounts below. InstructionsDetermine the
Selected account balances for Matisyahu Company at January 1, 2010, are presented below.Accounts Payable.... $14,000Accounts Receivable.... 22,000Cash......... 17,000Inventory........ 13,500Matisyahu’s sales journal for January shows a total of $100,000 in the selling price column, and its
Grider Company’s chart of accounts includes the following selected accounts.101 Cash..........401 Sales112 Accounts Receivable....414 Sales Discounts120 Merchandise Inventory....505 Cost of Goods Sold301 O. Grider, CapitalOn April 1 the accounts receivable ledger of Grider Company showed the
Ming Company’s chart of accounts includes the following selected accounts.101 Cash 201........Accounts Payable120 Merchandise Inventory...306 T. Ming, Drawing130 Prepaid Insurance.....505 Cost of Goods Sold157 EquipmentOn October 1 the accounts payable ledger of Ming Company showed the following
The chart of accounts of Lopez Company includes the following selected accounts.112 Accounts Receivable………… 401 Sales120 Merchandise Inventory……… 412 Sales Returns and Allowances126 Supplies……………………… 505 Cost of Goods
Selected accounts from the chart of accounts of Boyden Company are shown below.101 Cash.......... 120 Merchandise Inventory112 Accounts Receivable.... 126 Supplies157 Equipment........ 414 Sales Discounts201 Accounts Payable..... 505 Cost of Goods Sold401 Sales.......... 726 Salaries Expense412
Presented below are the purchases and cash payments journals for Reyes Co. for its first month of operations. In addition, the following transactions have not been journalized for July. The cost of all merchandise sold was 65% of the sales price.July 1 The founder, D. Reyes, invests $80,000 in
The post-closing trial balance for Cortez Co. is as follows. The subsidiary ledgers contain the following information: (1) accounts receivable'J. Anders $2,500, F. Cone $7,500, T. Dudley $5,000; (2) accounts payable'J. Feeney $10,000, D. Goodman $18,000, and K. Inwood $15,000. The cost of all
Kentucky Company’s chart of accounts includes the following selected accounts.101 Cash.........401 Sales112 Accounts Receivable....414 Sales Discounts120 Merchandise Inventory..505 Cost of Goods Sold301 Ken Tucky, CapitalOn June 1 the accounts receivable ledger of Kentucky Company showed the
Starr Company’s chart of accounts includes the following selected accounts.101 Cash..........157 Equipment120 Merchandise Inventory.. 201 Accounts Payable130 Prepaid Insurance....306 R. Starr, DrawingOn November 1 the accounts payable ledger of Starr Company showed the following balances:P.
The chart of accounts of Dickinson Company includes the following selected accounts.112 Accounts Receivable.......401 Sales120 Merchandise Inventory...... 412 Sales Returns and Allowances126 Supplies...........505 Cost of Goods Sold157 Equipment..........610 Advertising Expense201 Accounts
Selected accounts from the chart of accounts of Valente Company are shown below.101 Cash...........201 Accounts Payable112 Accounts Receivable...401 Sales120 Merchandise Inventory...414 Sales Discounts126 Supplies........505 Cost of Goods Sold140 Land..........610 Advertising Expense145

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