ch.4 drill sheet - Chapter 4 Adjustments Drill Exercises...

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Chapter 4: Adjustments: Drill Exercises M4-7 Determining Accounting Equation Effects of Adjustments Assets Liabilities Stockholders Revenue Expenses Net Income a) b) c) M4-8 Recording Adjusting Journal Entries Using the information in M4-7, prepare the adjusting journal entries required on December 31, 2008. a) b) C) M 4-9 Preparing Journal entries for deferral transactions and adjustment Initial transaction a) Adjusting entry a) Initial transaction b) Adjusting entry b) Initial transaction c) Adjusting entry c) M 4-12 –M 4=15 Financial Statements and Closing Entries M 4-12 Income Statement Acc 2013 Chapter 4 Drill Exercises , 3 rd edition Page 1 of 10
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M 4-13 Statement of Retained Earnings M 4-14 Balance Sheet Balance Sheet ASSETS LIABILITIES STOCKHOLDERS’ EQUITY Total assets Total Liabilities & Stock. Equity M 4-15 Closing entries M4-16 Preparing and Posting Adjusting Journal Entries At December 31, the unadjusted trial balance of H&R Tacks reports Supplies Inventory of $9,000 and Supplies Expense of $0. On December 31, supplies costing $1,300 are on hand. Prepare the adjusting journal entry on December 31. In separate T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Supplies Supplies Expense Acc 2013 Chapter 4 Drill Exercises , 3 rd edition Page 2 of 10
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M4-17 Preparing and Posting Adjusting Journal Entries At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $30,000 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $6,000. Prepare the adjusting journal entry on December 31. In separate T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Accum Depreciation Depreciation Expense M4-18 Preparing and Posting Adjusting Journal Entries At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $7,200 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 12 months. Prepare the adjusting journal entry on December 31. In separate T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Prepaid Insurance Insurance Expense M4-19 Preparing and Posting Adjusting Journal Entries At December 31, the unadjusted trial balance of H&R Tacks reports Unearned Revenue of $5,000 and Sales and Service Revenues of $33,800. One-half of the unearned revenues have been earned as of December 31. Prepare
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