Q1. Differentiate between fundamental qualities and enhancing qualities for qualitative characteristics of financial information, give examples. Q2.
Question:
Q1. Differentiate between fundamental qualities and enhancing qualities for qualitative characteristics of financial information, give examples.
Q2. Both the unadjusted trial balance and adjusted trial balance for Smith Corporation on December 31, 2013,are listed below:
Smith Corporation Trial Balance December 31, 2013 | ||||
| Unadjusted | Adjusted | ||
Debit | Credit | Debit | Credit | |
Cash Accounts Receivables Supplies Prepaid Insurance Land Vehicles Accumulated Depreciation-Vehicles Notes Payable Wages Payable Common Stock Dividends Revenue Wages Expense Utilities Expense Insurance Expense Rent Expense Depreciation Expense Supplies Expense
| 8,000 19,000 6,000 10,000 13,000 20,000
4,000
12,000 4,000 0 4,000 0 0
|
4,000 13,000 0 46,000
37,000
| 8,000 21,000 5,000 6,000 13,000 20,000
4,000
13,000 4,000 4,000 4,000 1,000 1,000
|
5,000 13,000 1,000 46,000
39,000
|
| 100,000 | 100,000 | 104,000 | 104,000 |
Required: Prepare the five adjusting entries required at December 31, 2013.
Financial and Managerial Accounting Using Excel for Success
ISBN: 978-1111993979
1st edition
Authors: James Reeve, Carl S. Warren, Jonathan Duchac