Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 4, Problem 14E
To determine
Identify the accounts to be closed.
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Students have asked these similar questions
For each account listed, identify the category in which it would appear on a classified balance sheet.
Account
Category
a. Office Supplies
b. Interest Payable
c. Golub, Capital
d. Copyrights
e. Land
f. Accumulated Depreciation - Furniture
g. Land (held for long-term investment purposes)
h. Unearned Revenue
i. Notes Payable (due in six years)
Current assets
Current liabilities
Intangible assets
Long-term investments
Long-term liabilities
Owner's equity
Property, Plant, and Equipment
On 1 September 20X2, Ad-Deen Enterprise had a van which was purchased on
1 January 20X2 at a cost of RM34,000. During the year ended 31 August 20X3, two
more vans were purchased in cash. The details are as follows:
Date of Purchase
1 April 20X3
1 July 20X3
RM
RM
Purchase price
40,000 /
52,000
400 /
520
Delivery charges
Plate number
50
50
Road tax
1,300
1,600
Petrol
20
30
Painting of company's van
(inclusive of company's name, address and logo)
500
600
Insurance R
2,000
2,500
Ad-Deen Enterprise depreciated the vans using the straight line method over
four years and assumed that the vans would have zero scrap value. Depreciation.
was provided for a full year in the year of purchase. Ad-Deen Enterprise's accounting
year ends 31 August every year.
After all account balances are adjusted for the first year allocations and distributions, what is Fabios's 704(b) book capital account balance?
Chapter 4 Solutions
Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQCh. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Recent fiscal years for several well-known...
Ch. 4 - The balances for the accounts that follow appear...Ch. 4 - The balances for the accounts that follow appear...Ch. 4 - Marcie Davies owns and operates Gemini Advertising...Ch. 4 - Blake Knudson owns and operates Grab Bag Delivery...Ch. 4 - The following accounts appear in an adjusted trial...Ch. 4 - Prob. 3PEBCh. 4 - After the accounts have been adjusted at December...Ch. 4 - After the accounts have been adjusted at April 30,...Ch. 4 - From the following list of steps in the accounting...Ch. 4 - From the following list of steps in the accounting...Ch. 4 - Current assets and current liabilities for HQ...Ch. 4 - Current assets and current liabilities for...Ch. 4 - The balances for the accounts that follow appear...Ch. 4 - Balances for each of the following accounts appear...Ch. 4 - Bamboo Consulting is a consulting firm owned and...Ch. 4 - Elliptical Consulting is a consulting firm owned...Ch. 4 - The following account balances were taken from the...Ch. 4 - Prob. 6ECh. 4 - FedEx Corporation had the following revenue and...Ch. 4 - Apex Systems Co. offers its services to residents...Ch. 4 - Selected accounts from the ledger of Restoration...Ch. 4 - Ex 410 Classifying assets Identify each of the...Ch. 4 - At the balance sheet date, a business owes a...Ch. 4 - Optimum Weight Loss Co. offers personal weight...Ch. 4 - List the errors you find in the following balance...Ch. 4 - Prob. 14ECh. 4 - Prior to closing, total revenues were 12,840,000...Ch. 4 - Assume that the entry closing total revenues of...Ch. 4 - Stylist Services Co. offers its services to...Ch. 4 - Which of the following accounts will usually...Ch. 4 - An accountant prepared the following post-closing...Ch. 4 - Rearrange the following steps in the accounting...Ch. 4 - The following data (in thousands) were taken from...Ch. 4 - The following data (in thousands) were taken from...Ch. 4 - Prob. 23ECh. 4 - Alert Security Services Co. offers security...Ch. 4 - Alert Security Services Co. offers security...Ch. 4 - Based on the data in Exercise 4-25, prepare an...Ch. 4 - Prob. 27ECh. 4 - Prob. 28ECh. 4 - Prob. 29ECh. 4 - On the basis of the following data, (a) journalize...Ch. 4 - On the basis of the following data, (a) journalize...Ch. 4 - Portions of the wages expense account of a...Ch. 4 - Portions of the salaries expense account of a...Ch. 4 - Beacon Signals Company maintains and repairs...Ch. 4 - Finders Investigative Services is an investigative...Ch. 4 - The unadjusted trial balance of Epicenter Laundry...Ch. 4 - The unadjusted trial balance of Lakota Freight Co....Ch. 4 - For the past several years, Jolene Upton has...Ch. 4 - Last Chance Company offers legal consulting advice...Ch. 4 - The Gorman Group is a financial planning services...Ch. 4 - The unadjusted trial balance of La Mesa Laundry at...Ch. 4 - The unadjusted trial balance of Recessive...Ch. 4 - For the past several years, Jeff Horton has...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - New Wave Images is a graphics design firm that...Ch. 4 - Prob. 3CPCh. 4 - The following is an excerpt from a telephone...Ch. 4 - Prob. 5CP
Knowledge Booster
Similar questions
- A portion of Johnsons Farm Supply work sheet for the year ended December 31 follows: Required 1. Determine the entries that appeared in the Adjustments columns and prepare the general journal entries for the adjustments in the general journal, page 19. 2. Determine the net income for the year. 3. What is the amount of the ending capital?arrow_forwardJ. To record cash payment of a prepaid expense. Explanation Insurance Expense Journal Entries Prepaid Insurance Interest Receivable Interest Revenue Interest Expense Interest Payable Accounts Payable Cash Cash Accounts Receivable (from services) Prepaid Rent Cash Unearned Revenue Cash Services Revenue Unearned Revenue Depreciation Expense Accumulated Depreciation Salaries Expense Salaries Payable ma Dobit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200 38,217 13,280 Credit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200 38,217 13,280arrow_forwardFor journal entries 1 through 10, identify the explanation that mostly closely describes it. A. To record this period's depreciation expense. B. To record accrued salaries expense. C. To record this period's use of a prepaid expense. D. To record accrued interest revenue. E. To record accrued interest expense. F. To record the earning of previously unearned income. G. To record cash receipt of unearned revenue. H. To record cash payment of an accrued expense. 1. To record cash receipt of an accrued revenue. J. To record cash payment of a prepaid expense. Explanation Insurance Expense Journal Entries Prepaid Insurance Interest Receivable Interest Revenue Interest Expense Interest Payable Accounts Payable Cash Cash Accounts Receivable (from services) Prepaid Rent Cash Unearned Revenue Services Revenue Cash Unearned Revenue Depreciation Expense Accumulated Depreciation Debit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200 38,217 Credit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200…arrow_forward
- Classify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired Goodwillarrow_forwardClassifying balance sheet accounts For each account listed, identify the category in which it would appear on a classified balance sheet. a. Office Supplies b. Interest Payable c. Retained Earnings d. Copyrights e. Land f. Accumulated Depreciation—Furniture g. Land (held for long-term investment purposes) h. Unearned Revenue i. Notes Payable (due in six years)arrow_forwardDetermine which permanent accounts should be included in the post closing trial balance. Income Tax Expense Choose. Land Choose. Salaries Payable Choose. Accounts Receivable Choose. Salaries Expense Choose.arrow_forward
- How would each of the following items be reported on the balance sheet? Item Reported on (a) Accrued vacation pay. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (b) Estimated taxes payable. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (c) Service warranties on appliance sales. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (d) Bank overdraft.…arrow_forwardWhich of the following accounts will. It be closed to the capital account at the end of the year ? Fees earned Utilities expense Insurance expense Prepaid insurancearrow_forwardWhich of the following are items which are likely to need an accrual adjustment at the year end? Select one: A. Motor vehicles B. Bank O C. Interest received O D. Salesarrow_forward
- The Income Summary is always closed into the Capital account by the amount of: Select one: Revenue minus expenses Total assets minus total liabilities plus owner’s equity The Net Income from the previous year’s closed accounts Liabilities minus Capital plus drawingsarrow_forwardIt is added to income received to determine the total income for the year that is recorded under the accrual basis of accounting: a. deferred income - ending b. prepaid expense - beginning c. accrued income - beginning d. deferred income - beginningarrow_forwardA portion of Anderson Publishings work sheet for the year ended December 31 follows: Required 1. Determine the entries that appeared in the Adjustments columns and prepare the general journal entries for the adjustments. If using Working Papers, start on page 120 in the general journal. 2. Determine the net income for the year. 3. What is the amount of ending capital?arrow_forward
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