Ch2 Comprehensive answer (1)

Ch2 Comprehensive answer (1) - SOLUTION TOCHAPTER3...

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SOLUTION TO CHAPTER 3 NOTES (III OF IV) COMPREHENSIVE PROBLEM Refer to Abercrombie prior year income statement and balance sheet. Create a t-account for each balance sheet and income statement account, as well as t-accounts for Dividends Declared and Income Summary. For each balance sheet t-account, enter the beginning balance for fiscal 2009. that the beginning balance in Accumulated Depreciation for fiscal 2009 (i.e, the ending balance from 2008) is $386.       Cash (A) ST Investments (A) $339 BB $0 BB Accounts Receivable (A) Inventories (A) $38 BB $211 BB Store Supplies (A) Other Current Assets (A) $16 BB $67 BB Accumulated Depreciation (Contra-A) $1,073 BB Other LT Assets (A) Accounts Payable (L) $29 BB $138 BB
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Accrued Expenses (L) Other Current Liabilities(L) $205 BB $87 BB Deferred Income Taxes (L) Other LT Liabilities (L) $50 BB $238 BB Contributed Capital (SE) Retained Earnings (SE) $407 BB $1076 BB Net Sales (R) Cost of Goods Sold (E) G, A, and SO Expenses (E) Interest Income (R) Income Tax Expense (E) Dividends Declared (contra-SE) Income Summary 2
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After regular journal entries:     Cash (A) ST Investments (A) $339 BB $411 (iii) $0 BB $440 (iv) $1118 (vi) $411 (iii) $2341 (v) $213 (vii) $44 (ix) $52 (viii) $1319 (extra entry) Accounts Receivable (A) Inventories (A) $38 BB $2341 (v) $211 BB $933 (iv) $2345 (iv) $1085 (i) Store Supplies (A) Other Current Assets (A) $16 BB $67 BB $40 (ii) $84 (extra entry) Accumulated Depreciation (Contra-A) $1,073 BB $386 BB $213 (vii) Other LT Assets (A) Accounts Payable (L) $29 BB $1118 (vi) $138 BB $1085 (i) $40 (ii) 3
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Accrued Expenses (L) Other Current Liabilities(L) $10 (extra entry) $205 BB $87 BB $44 (extra entry) Deferred Income Taxes (L) Other LT Liabilities (L) $11 (extra entry) $50 BB $238 BB $27 (extra entry) Contributed Capital (SE) Retained Earnings (SE) $407 BB $44 (ix) $1076 BB Net Sales (R) Cost of Goods Sold (E) $2,785 (iv) $933 (iv) G, A, and SO Expenses (E) Interest Income (R) $1076 (extra entry) $6 (extra entry) Income Tax Expense (E) Dividends Declared (contra-SE) $215 (extra entry) $52 (viii) Income Summary 4
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After adjusting journal entries :     Cash (A) ST Investments (A) $339 BB $411 (iii) $0 BB $440 (iv) $1118 (vi) $411 (iii) $2341 (v) $213 (vii) $44 (ix) $52 (viii) $1319 (extra entry) $51 EB $411 EB Accounts Receivable (A) Inventories (A) $38 BB $2341 (v) $211 BB $933 (iv) $2345 (iv) $1085 (i) $42 EB $363 EB Store Supplies (A) Other Current Assets (A) $16 BB $40 (AJE #1) $67 BB $87 (AJE #2) $40 (ii) $84 (extra entry)
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This note was uploaded on 02/16/2012 for the course ACC 15324 taught by Professor Forsyth during the Spring '10 term at ASU.

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Ch2 Comprehensive answer (1) - SOLUTION TOCHAPTER3...

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