Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 4, Problem 32E
Portions of the wages expense account of a business follow:
- a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made.
- b. Journalize the complete entry from which each numbered posting was made. Close revenues and expenses to D. Bower, Capital.
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Prepare general journal entries to record the transactions below for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Fees Earned; and Rent Expense. Use the letters beside eachtransaction to identify entries. After recording the transactions, post them to T-accounts, which serve as the general ledger for this assignment. Determine the ending balance of each T-account.
Which of the following is nonbusiness transaction?
a. Payment of advance salary to an employee just hired
b. Setting up of chart of accounts
c. Payment of rent in advance
d. Receipt of electricity bill
given:
the initial recognition of the wages expenses and the payment of all payables
required:
please answer this question by Posting the journals in their respective ledger accounts correctly.
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
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- Entries posted to wages expense account Portions of the salaries expense account of a business follow: A. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. B. Journalize the complete entry from which each numbered posting was made.arrow_forwardPortions of the salaries expense account of a business follow: a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. b. Journalize the complete entry from which each numbered posting was made. Close revenues and expenses to J. McHenry, Capital.arrow_forward1. Complete the statement: closing entries ________ A. Reflect the net income for the accounting period B. Are also posted in the subsidiary ledgers C. Involve all ledger accounts D. Are recorded in the special journalsarrow_forward
- given; initial recognition of the wages expenses and the payment of all payables required: please answer this question by Post the journals in their respective ledger accounts correctly. I need a help from you expect.arrow_forwardIdentify which of the following accounts would be listed on the company’s Post-Closing TrialBalance.A. Accounts ReceivableB. Accumulated DepreciationC. CashD. Office ExpenseE. Note PayableF. Rent RevenueG. Retained EarningsH. Unearned Rent Revenuearrow_forward2 3 1 4 5 7 8 9 10 12 Depreciation Expense Accumulated Depreciation Uneamed Revenue Services Revenue Insurance Expense Prepaid Insurance Salaries Payable Cash Prepaid Rent Cash Salaries Expense Salaries Payable Interest Receivable Interest Revenue Cash Accounts Receivable (from consulting) Cash Unearned Revenue Cash Interest Receivable Rent Expense Prepaid Rent Interest Expense Interest Payable 1,400 4,300 3,300 4,500 2,000 3,700 5,400 4,900 9,000 6,000 3,000 1,700 1,400 4,300 3,300 4,500 2,000 3,700 5,400 4,900 9,000 6,000 3,000 1,700arrow_forward
- Complete the statement: closing entries ________ A. Reflect the net income for the accounting period B. Are also posted in the subsidiary ledgers C. Involve all ledger accounts D. Are recorded in the special journals The process wherein transactions are recorded in the journal are transferred to the appropriate accounts in the general ledger and subsildiary ledgers, if appropriate, is called ___________ A. Ledgering B. Analyzing C. Posting D. Journalizingarrow_forwardThe revenue recognition principle dictates that revenue should be recognized in the accounting records Select one: a. when cash is received. b. in the period that income taxes are paid. c. when the performance obligation is satisfied. d. at the end of the month.arrow_forwardUsing the accrual basis, in which month should revenue be recorded?a. In the month that cash is collected from the customerb. In the month that goods are ordered by the customerc. In the month that goods are shipped to the customerd. In the month that the invoice is mailed to the customerarrow_forward
- For each account, identify whether it is included in a post-closing trial balance.. a. Haircutting Revenue b. Consulting Revenue c. Wages Payable d. Salaries Expense e. Commission Revenue f. Postage Expense Included in post-closing trial balance?arrow_forwardPrepare general journal entries to record the transactions below for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Fees Earned; and Rent Expense. Use the letters beside each transaction to identify entries. After recording the transactions, post them to T-accounts, which serve as the general ledger for this assignment. Determine the ending balance of each T-account. a. Kacy Spade, owner, invested $100,750 cash in the company. b. The company purchased office supplies for $1,250 cash. c. The company purchased $10,050 of office equipment on credit. d. The company received $15,500 cash as fees for services provided to a customer. e. The company paid $10,050 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,700 as fees for services provided. g. The company paid $1,225 cash for the monthly rent. h. The…arrow_forwardEntry 4 5 6 7 8 CO 3 2 9 1 10 Explanation Interest Expense Interest Payable Depreciation Expense Accumulated Depreciation Unearned Revenue Services Revenue Insurance Expense Prepaid Insurance Salaries Payable Cash Prepaid Rent Cash Salaries Expense Salaries Payable Interest Receivable Interest Revenue Cash Journal Entries Cash expense. Accounts Receivable (from consulting) Unearned Revenue Cash Debit 1,300 4,400 3,600 3,700 2,000 4,500 5,600 5,400 8,200 7,100 2,200 Credit 1,300 4,400 3,600 3,700 2,000 4,500 5,600 5,400 8,200 7,100arrow_forward
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