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Accounting Principles 10th Edition Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso - Solutions

The bookkeeper for Lance Briggs Equipment Repair made a number of errors in journalizing and posting, as described below.1. A credit posting of $525 to Accounts Receivable was omitted.2. A debit posting of $750 for Prepaid Insurance was debited to Insurance Expense.3. A collection from a customer
The accounts in the ledger of Bullucks Delivery Service contain the following balances on July 31, 2012. Instructions Prepare a trial balance with the accounts arranged as illustrated in the chapter and fi ll in the missing amount forCash.
Frontier Park was started on April 1 by H. Hillenmeyer. The following selected events and transactions occurred during April.Apr. 1 Hillenmeyer invested $35,000 cash in the business.4 Purchased land costing $27,000 for cash.8 Incurred advertising expense of $1,800 on account.11 Paid salaries to
Desiree Clark is a licensed CPA. During the fi rst month of operations of her business, the following events and transactions occurred.May 1 Clark invested $20,000 cash in her business.2 Hired a secretary-receptionist at a salary of $2,000 per month.3 Purchased $2,500 of supplies on account from
Jay Cutler owns and manages a computer repair service, which had the following trial balance on December 31, 2011 (the end of its fiscal year). Summarized transactions for January 2012 were as follows. 1. Advertising costs, paid in cash, $1,000. 2. Additional supplies acquired on account
The trial balance of the Kellen Davis Company shown below does not balance. Your review of the ledger reveals that each account has a normal balance. You also discover the following errors. 1. The totals of the debit sides of Prepaid Insurance, Accounts Payable, and Insurance Expense were each
The Chicago Theater is owned by Rashied Davis. All facilities were completed on March 31. At this time, the ledger showed: No. 101 Cash $4,000, No. 140 Land $10,000, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $8,000, No. 157 Equipment $6,000, No. 201 Accounts
Forte Disc Golf Course was opened on March 1 by Matt Forte. The following selected events and transactions occurred during March.Mar. 1 Invested $20,000 cash in the business.3 Purchased Heeren’s Golf Land for $15,000 cash. The price consists of land $12,000, shed $2,000, and equipment $1,000.
Victoria Hall is a licensed dentist. During the fi rst month of the operation of her business, the following events and transactions occurred.April 1 Invested $20,000 cash in her business.1 Hired a secretary-receptionist at a salary of $700 per week payable monthly.2 Paid office rent for the month
San Jose Services was formed on May 1, 2012. The following transactions took place during the first month.Transactions on May 1:1. Jarron Gilbert invested $40,000 cash in the company, as its sole owner.2. Hired two employees to work in the warehouse. They will each be paid a salary of $3,050 per
The trial balance of Robbie Gould Co. shown below does not balance.Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.1. Cash received from a customer in payment of its account was debited for $580, and
The Cora Theater, owned by Cora Graham, will begin operations in March. The Cora will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Cora showed: No. 101 Cash $3,000, No. 140 Land $24,000, No. 145 Buildings (concession stand, projection
The financial statements of PepsiCo, Inc. are presented in Appendix A. The notes accompanying the statements contain the following selected accounts, stated in millions of dollars.Accounts Payable Income Taxes PayableAccounts Receivable Interest ExpenseProperty, Plant, and Equipment
After researching the different forms of business organization. Natalie Koebel decides to operate “Cookie Creations” as a proprietorship. She then starts the process of getting the business running. In November 2011, the following activities take place.Nov. 8 Natalie cashes her U.S. Savings
M. Harrison Company debits Supplies Expense for all purchases of supplies and credits Rent Revenue for all advanced rentals. For each type of adjustment, give the adjusting entry.
The ledger of Levi Company includes the following accounts. Explain why each account may require adjustment.(a) Prepaid Insurance(b) Depreciation Expense(c) Unearned Service Revenue(d) Interest Payable
Horn 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 recorded
Devin Advertising Company’s trial balance at December 31 shows Supplies $6,700 and Supplies Expense $0. On December 31, there are $2,500 of supplies on hand. Prepare the adjusting entry at December 31, and using T accounts, enter the balances in the accounts, post the adjusting entry, and
At the end of its first year, the trial balance of Hester Company shows Equipment $30,000 and zero balances in Accumulated Depreciation—Equipment and Depreciation Expense. Depreciation for the year is estimated to be $4,000. Prepare the adjusting entry for depreciation at December 31, post the
On July 1, 2012, Israel Co. pays $14,400 to Idonije Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Israel 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 Idonije Insurance Co. Idonije uses the accounts Unearned Service Revenue and Service Revenue.
The bookkeeper for Juaquin 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 $1,900.3. Salaries earned by employees of $900 have not been recorded.Use the following account
The trial balance of Iglesias Company includes the following balance sheet accounts, which 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 (b) The related
The adjusted trial balance of Iwuh Company at December 31, 2012, includes the following accounts: Owner’s Capital $15,600; Owner’s Drawings $7,000; Service Revenue $37,000; Salaries and Wages Expense $16,000; Insurance Expense $2,000; Rent Expense $4,000; Supplies Expense $1,500; and
Partial adjusted trial balance data for Iwuh Company is presented in BE3-9. The balance in Owner’s Capital is the balance as of January 1. Prepare an owner’s equity statement for the year assuming net income is $12,200 for the year.
Jennings 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) $700 of supplies on hand and (b)
Numerous timing concepts are discussed on pages 100–102. A list of concepts is provided below in the left column, with a description of the concept in the right column. There are more descriptions provided than concepts. Match the description of the concept to the concept.1. ____ Cash-basis
The ledger of Lefevour, Inc. on March 31, 2012, 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 $1,100.3. The equipment depreciates $500 per month.4. 2/5
Johnny Knox is the new owner of Swift Computer Services. At the end of July 2012, his first month of ownership, Johnny is trying to prepare monthly financial statements. He has the following information for the month.1. At July 31, Knox owed employees $1,300 in salaries that the company will pay in
Kreutz Co. was organized on April 1, 2012. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown on the next page. (a) Determine the net income for the quarter April 1 to June 30.(b) Determine the total assets and total liabilities at June
Lance Louis 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
Malast Industries collected $105,000 from customers in 2012. Of the amount collected, $25,000 was from revenue earned on account in 2011. In addition, Malast earned $40,000 of revenue in 2012, which will not be collected until 2013. Malast Industries also paid $72,000 for expenses in 2012. Of the
Mannelly Corporation encounters the following situations:1. Mannelly collects $1,300 from a customer in 2012 for services to be performed in 2013.2. Mannelly incurs utility expense which is not yet paid in cash or recorded.3. Mannelly’s employees worked 3 days in 2012 but will not be paid until
Garrett Wolfe Company has the following balances in selected accounts on December 31, 2012.Accounts Receivable $ -0-Accumulated Depreciation—Equipment -0-Equipment 7,000Interest Payable -0-Notes Payable 10,000Prepaid Insurance 2,100Salaries and Wages Payable
J. Marten Company accumulates the following adjustment data at December 31.1. Services provided but not recorded total $1,000.2. Supplies of $300 have been used.3. Utility expenses of $225 are unpaid.4. Unearned service revenue of $260 has been earned.5. Salaries of $800 are unpaid.6. Prepaid
The ledger of Danieal Rental Agency on March 31 of the current year includes the selected accounts, shown on the next page, 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
Danielle Manning, D.D.S., opened a dental practice on January 1, 2012. 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. 104. In lieu of the adjusting entries shown in the text at October 31, assume the following adjustment data.1. Supplies on hand at October 31 total $500.2. Expired insurance for the month is $100.3. Depreciation for
The income statement of Brandon Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salaries and 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
A partial adjusted trial balance of Manumaleuna Company at January 31, 2012, 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 $1,000 of supplies was purchased in January,
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 Matthews Company at the end of its fiscal year are presented on the next page. InstructionsPrepare the adjusting entries that weremade.
The adjusted trial balance for Matthews Company is given in E3-13.InstructionsPrepare 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 Mayberry Billiards Club, which prepares its financial statements using the accrual basis of accounting. Members are billed based upon their use of the club?s facilities. Unearned service revenues arise from the sale of gift
Brad Maynard Company has the following balances in selected accounts on December 31, 2012.Service Revenue $40,000Insurance Expense 2,700Supplies Expense 2,450All the accounts have normal balances. Brad Maynard Company debits prepayments to expense accounts when paid, and credits
At Richmond 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 $1,920 for fire insurance protection for the year.10 Paid $1,700 for supplies.15
Melton 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 Melton River Resort also contains the following accounts and
Minor Advertising Agency was founded by Brandon Minor in January of 2011. Presented below are both the adjusted and unadjusted trial balances as of December 31, 2012. Instructions (a) Journalize the annual adjusting entries that were made. (b) Prepare an income statement and an owner's equity
A review of the ledger of D. J. Moore Company at December 31, 2012, produces the following data pertaining to the preparation of annual adjusting entries.1. Salaries and Wages Payable $0. There are eight salaried employees. Salaries are paid every Friday for the current week. Five employees receive
On September 1, 2012, the account balances of Moore Equipment Repair were as 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 cash
Olsen Graphics Company was organized on January 1, 2012, by Gwen Olsen. At the end of the first 6 months of operations, the trial balance contained the accounts shown below. Analysis reveals the following additional data.1. The $3,700 balance in Supplies Expense represents supplies purchased in
Fran Omiyale started her own consulting firm, Omiyale Consulting, on May 1, 2012. The trial balance at May 31 is as follows. In addition to those accounts listed on the trial balance, the chart of accounts for Omiyale Consulting also contains the following accounts and account numbers: No. 150
The Bear Motel opened for business on May 1, 2012. 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 Bear Motel also contains the following accounts and account numbers: No. 142 Accumulated
Peterman Co. was organized on July 1, 2012. 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 Roach Company at December 31, 2012, produces the following data pertaining to the preparation of annual adjusting entries.1. Prepaid Insurance $10,440. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was
On November 1, 2012, the account balances of Robinson 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
No financial decision maker should ever rely solely on the financial information reported in the annual report to make decisions. It is important to keep abreast of financial news. This activity demonstrates how to search for financial news on the Web.Address: biz.yahoo.com/i, or go to
It is the end of November and Natalie has been in touch with her grandmother. Her grandmother asked Natalie how well things went in her first month of business. Natalie, too, would like to know if she has been profitable or not during November. Natalie realizes that in order to determine Cookie
The ledger of Saddler Company includes the following unadjusted balances: Prepaid Insurance $3,000, Service Revenue $58,000, and Salaries and Wages Expense $25,000. Adjusting entries are required for (a) Expired insurance $1,800; (b) Services provided $1,100, but unbilled and uncollected; and (c)
The ledger of Quentin Company contains the following balances: Owner’s Capital $30,000; Owner’s Drawings $2,000; Service Revenue $50,000; Salaries and Wages Expense $27,000; and Supplies Expense $7,000. Prepare the closing entries at December 31.
The income statement for Evergreen Golf Club for the month ending July 31 shows Service Revenue $16,400, Salaries and Wages Expense $8,200, Maintenance and RepairsExpense $2,500 and Net Income $5,700. Prepare the entries to close the revenue and expense accounts. Post the entries to the revenue and
At Shaffer Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries.1. A collection on account from a customer for $870 was recorded as a debit to Cash $870 and a credit to Service Revenue $870.2. The purchase of store
The balance sheet debit column of the worksheet for Shaw Company includes the following accounts: Accounts Receivable $12,500; Prepaid Insurance $3,600; Cash $4,100; Supplies $5,200 and Short-term Investments $6,700. Prepare the current assets section of the balance sheet, listing the accounts
The following are the major balance sheet classifications: Current assets (CA) Current liabilities (CL) Long-term investments (LTI) Long-term liabilities (LTL) Property, plant, and equipment (PPE) Owner’s equity (OE) Intangible assets (IA)Match each of the following accounts to its proper
At October 31, Steltz Company made an accrued expense adjusting entry of $2,100 for salaries. Prepare the reversing entry on November 1, and indicate the balances in Salaries and Wages Payable and Salaries and Wages Expense after posting the reversing entry.
Averell Spicer is preparing a worksheet. Explain to Averell how he should extend the following adjusted trial balance accounts to the financial statement columns of the worksheet.Service Revenue Accounts ReceivableNotes Payable Accumulated DepreciationOwner’s Capital Utilities Expense
The worksheet for Ta’ufo’ou Company shows the following in the financial statement columns.Owner’s drawings $22,000Owner’s capital 70,000Net income 41,000Prepare the closing entries at December 31 that affect owner’s capital.
Chester Taylor recently received the following information related to Taylor Company’s December 31, 2012, balance sheet.Inventory $ 2,900 Short-term investments $1,200Cash 4,300 Accumulated depreciation 5,700Equipment 21,700 Accounts receivable 4,300Investments in stock (long-term) 6,500Prepare
The following accounts were taken from the financial statements of Tillman Company.______ Interest revenue ______ Owner’s capital______ Utilities payable
The trial balance columns of the worksheet for Tinoisamoa Company at June 30, 2012, are as follows. Other data:1. A physical count reveals $500 of supplies on hand.2. $100 of the unearned revenue is still unearned at month-end.3. Accrued salaries are $210.InstructionsEnter the trial balance on a
The adjusted trial balance columns of the worksheet for Pisa Company are as follows. InstructionsComplete theworksheet.
Worksheet data for Pisa Company are presented in E4-2. The owner did not make any additional investments in the business in April.InstructionsPrepare an income statement, an owner’s equity statement, and a classified balance sheet.
Worksheet data for Pisa Company are presented in E4-2.Instructions(a) Journalize the closing entries at April 30.(b) Post the closing entries to Income Summary and Owner’s Capital. Use T accounts.(c) Prepare a post-closing trial balance at April 30.
The adjustments columns of the worksheet for Toeaina Company are shown below.Instructions(a) Prepare the adjusting entries.(b) Assuming the adjusted trial balance amount for each account is normal, indicate the financial statement column to which each balance should beextended.
Selected worksheet data for Woodny Company are presented below.Instructions(a) Fill in the missing amounts.(b) Prepare the adjusting entries that weremade.
Willow Turenne Company had the following adjusted trial balance.Instructions(a) Prepare closing entries at June 30, 2012.(b) Prepare a post-closing trialbalance.
Turner Company ended its fiscal year on July 31, 2012. The company's adjusted trial balance as of the end of its fiscal year is as shown below. Instructions (a) Prepare the closing entries using page J15. (b) Post to Owner?s Capital and No. 350 Income Summary accounts. (Use the three-column
The adjusted trial balance for Turner Company is presented in E4-8.Instructions(a) Prepare an income statement and an owner’s equity statement for the year. Turner did not make any capital investments during the year.(b) Prepare a classified balance sheet at July 31.
Vince Vance has prepared the following list of statements about the accounting cycle.1. “Journalize the transactions” is the first step in the accounting cycle.2. Reversing entries are a required step in the accounting cycle.3. Correcting entries do not have to be part of the accounting
Selected accounts for Brianna??s Salon are presented below. All June 30 postings are from closing entries.Instructions(a) Prepare the closing entries that were made.(b) Post the closing entries to IncomeSummary.
J’Morcus Webb Company discovered the following errors made in January 2012.1. A payment of Salaries and Wages Expense of $700 was debited to Equipment and credited to Cash, both for $700.2. A collection of $1,000 from a client on account was debited to Cash $100 and credited to Service Revenue
Williams Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.1. A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash
The adjusted trial balance for Wootton Bowling Alley at December 31, 2012, contains the following accounts. Instructions (a) Prepare a classified balance sheet; assume that $22,000 of the note payable will be paid in 2013. (b) Comment on the liquidity of thecompany.
The following items were taken from the financial statements of M. Wright Company. (All dollars are in thousands.) Instructions Prepare a classified balance sheet in good form as of December 31,2012.
These financial statement items are for Major Company at year-end, July 31, 2012. Instructions (a) Prepare an income statement and an owner?s equity statement for the year. The owner did not make any new investments during the year. (b) Prepare a classified balance sheet at July 31.
Alexander Company pays salaries of $12,000 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Alexander’s employees have worked 2 days without being paid.Instructions(a) Assume the company does not use reversing entries. Prepare the
On December 31, the adjusted trial balance of Johnson Employment Agency shows the following selected data.Accounts Receivable $24,500 Service Revenue $92,500Interest Expense 8,300 Interest Payable 2,000Analysis shows that adjusting entries were made to (1) accrue $5,000 of service
Omer Asik began operations as a private investigator on January 1, 2012. The trial balance columns of the worksheet for Omer Asik, P.I. at March 31 are as follows. Other data:1. Supplies on hand total $480.2. Depreciation is $800 per quarter.3. Interest accrued on 6-month note payable, issued
The adjusted trial balance columns of the worksheet for Boozer Company are as follows. Instructions(a) Complete the worksheet by extending the balances to the financial statement columns.(b) Prepare an income statement, owner's equity statement, and a classified balance sheet. $5,000 of the notes
The completed financial statement columns of the worksheet for Carlos Company Instructions(a) Prepare an income statement, owner??s equity statement, and a classified balance sheet.B. Carlos made an additional investment in the business of $4,000 during 2012.(b) Prepare the closing entries.(c)
Noah Amusement Park has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below. Instructions(a) Prepare a complete worksheet.(b) Prepare a classified balance sheet. (Note: $15,000 of the mortgage note payable is due for payment in the next fiscal
Devine Brown opened Devine’s Carpet Cleaners on March 1. During March, the following transactions were completed.Mar. 1 Invested $10,000 cash in the business.1 Purchased used truck for $6,000, paying $3,000 cash and the balance on account.3 Purchased cleaning supplies for $1,200 on account.5 Paid
Luol Deng CPA, was retained by Acie Cable to prepare financial statements for April 2012. Deng accumulated all the ledger balances per Acie?s records and found the following. Luol Deng reviewed the records and found the following errors.1. Cash received from a customer on account was recorded as
The trial balance columns of the worksheet for Gibson Roofing at March 31, 2012, are as follows. Other data:1. A physical count reveals only $550 of roofing supplies on hand.2. Depreciation for March is $250.3. Unearned revenue amounted to $210 at March 31.4. Accrued salaries are
The adjusted trial balance columns of the worksheet for Taj Company, owned by Gabby Taj, are as follows. Instructions(a) Complete the worksheet by extending the balances to the financial statement columns. (b) Prepare an income statement, owner?s equity statement, and a classified balance sheet.
The completed financial statement columns of the worksheet for Korver Company Instructions (a) Prepare an income statement, an owner?s equity statement, and a classified balance sheet. (b) Prepare the closing entries. Korver did not make any additional investments during the year.(c) Post the
Law Management Services began business on January 1, 2012, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at the end
Jannero Pargo opened Pargo’s Cleaning Service on July 1, 2012. During July the following transactions were completed.July 1 Pargo invested $20,000 cash in the business.1 Purchased used truck for $9,000, paying $4,000 cash and the balance on account.3 Purchased cleaning supplies for $2,100 on
Whitegloves Janitorial Service was started 2 years ago by Nancy Kohl. Because business has been exceptionally good, Nancy decided on July 1, 2012, to expand operations by acquiring an additional truck and hiring two more assistants. To finance the expansion, Nancy obtained on July 1, 2012, a
Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance. InstructionsUsing the information in the adjusted trial balance, do the following. (a) Prepare an

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