This website uses cookies to ensure you have the best experience. Learn more

Accounting 3&4 Chapter 10 Exercise Solutions Wlc Solution

3490 words - 14 pages

Chapter 10 Balance Day Adjustments: Expenses – Solutions to exercises
Exercise 10.1
Prepaid expense
a
Cash Payments Journal
Date
Details
Ch. No.
Bank
Disc
Rev.
Creditors Control
Stock Control
Wages
Sundries
GST
Mar. 1
Prepaid Rent Expense
34
6 600
6 000
600
b
Accounting principle
Reporting Period
Explanation
The business will have the use of the premises for March–June 2015, and will therefore consume some of the rent in the Reporting Period ending 30 June 2015. The amount incurred will be reported as an expense. (The remaining rent for July and August will remain prepaid as at 30 June 2015.)
c
Calculation
$6 000
x
4 months’ consumed (Mar.–June inclusive)
6 months
=
$1 000
x
4
Rent expense
$ 4 000
d
General Journal
General
Ledger
Subsidiary
Ledger
Date
Details
Debit
$
Credit
$
Debit
$
Credit
$
June 30
Rent Expense
4 000
Prepaid Rent Expense
4 000
e
Increase/Decrease/No effect
Amount
$
Assets
Decrease (Prepaid Rent Expense)
4 000
Liabilities
No effect
Owner’s Equity
Decrease (Rent Expense decreases Net Profit)
4 000
f
General Ledger
Prepaid Rent Expense (A)
Date
Cross-reference
Amount
$
Date
Cross-reference
Amount
$
Mar. 31
Bank
6 000
June 30
Rent Expense
4 000
Balance
2 000
6 000
6 000
July 1
Balance
2 000
Rent Expense (E)
Date
Cross-reference
Amount
$
Date
Cross-reference
Amount
$
June 30
Prepaid Rent Expense
4 000
June 30
Profit & Loss Summary
4 000
4 000
4 000
Exercise 10.2
Prepaid expense
a
Cash Payments Journal
Date
Details
Ch. No.
Bank
Disc.
Rev.
Creditors Control
Stock Control
Wages
Sundries
GST
Feb. 11
Prepaid Office Supplies
153
330
300
30
b
Calculation
$300 prepaid
less
$60 still on hand
=
$240
Office supplies expense
$ 240
c
General Journal
General
Ledger
Subsidiary
Ledger
Date
Details
Debit
$
Credit
$
Debit
$
Credit
$
Feb. 28
Office Supplies Expense
240
Prepaid Office Supplies
240
Balance day adjustment to record office supplies consumed (Memo 84)
d
General Ledger
Prepaid Office Supplies (A)
Date
Cross-reference
Amount
$
Date
Cross-reference
Amount
$
Feb. 28
Bank
300
Feb. 28
Office Supplies Expense
240
Balance
60
300
300
Mar. 1
Balance
60
Office Supplies Expense (E)
Date
Cross-reference
Amount
$
Date
Cross-reference
Amount
$
Feb. 28
Prepaid Office Supplies
240
Feb. 28
Profit & Loss Summary
240
240
240
e
RONNIE’S CAR PARTS
Balance Sheet (extract) as at 28 February 2015
Current Assets
$
$
Prepaid Office Supplies
60
Exercise 10.3
Prepaid expense
a
Qualitative characteristic
Relevance
Explanation
Balance day adjustments ensure that profit is calculated accurately by comparing revenues earned against expenses incurred in the current Reporting Period. This ensures reports contain all information that is useful for decision-making.
b
Calculation
$1 800
x
1 month consumed
9 months remaining
(i.e. Jan.–Mar. consumed already)
Insurance expense
$ 200
c
General Journal
General
Ledger
Subsidiary
Ledger
Date
Details
Debit
$
Credit
$
Debit
$
Credit
$
April 30
Insurance Expense
200
Prepaid Insurance
200
d
Overstated/Understated/No effect
Amount
$...

Other Essays On Accounting 3&4 Chapter 10 Exercise Solutions - WLC - Solution

HW answers chapter 2 spreadsheet - queens college - Paper

1326 words - 6 pages ) and (174, 0) are alternate optimal solutions, but there are an infinite number of alternate optimal solutions along the edge connecting these extreme points. This is true of all LP models with alternate optimal solutions. 2. There is no guarantee that the optimal solution to an LP problem will occur at an integer-valued extreme point of the feasible region. (An exception to this general rule is discussed in Chapter 5 on networks). 3. We can

Amsco Answers from the. book for classes 2016-xxxx until then - Apush - Test

674 words - 3 pages United States History Preparing for the Advanced Placement Examination Revised John J. Newman AMSCO Publications Chapter 1 1. C 2. A 3. B 4. D 5. E 6. C 7. C 8. E 9. C 10. B Chapter 2 1. A 2. E 3. C 4. D 5. D 6. E 7. B 8. C 9. B 10. C Chapter 3 1. C 2. E 3. A 4. B 5. D 6. E 7. A 8. D 9. C 10. D Chapter 4 1. E 2. E 3. B 4. C 5. D 6. C 7. B 8. C 9. E 10. A Chapter 5 1. E 2. A 3. C 4. C 5. D 6. A 7. A 8. A 9. D 10. C Chapter 6 1. A 2. B 3. E 4. C 5

Experiment 4 and 5 for chem 117 - chem 117 - lab report

1726 words - 7 pages which was: 2 mL of 1.25 x 10^-2 M sodium citrate, 5 mL of 3.75 x 10^-4 M silver nitrate, and 5 mL of 5 x 10^-2 M hydrogen peroxide. After all the solutions are added to each vial, each solution is given different amounts of sodium bromide to differentiate each vial to create different colors. Vial 1 through 5 is given sodium bromide in respective order: 0 uL, 20 uL, 25 uL, and 40 uL. After that, 2.5 mL of 5 x 10^-3 M of sodium borohydride is

How Salty Is A Potato- A Lab Report

512 words - 3 pages 9 of the 10% salt solutions into 9%, 8%, 7%, 5%, 3%, 1%, 0.5%, and 0.01% solutions. To change 50mm of 10% salt solution into a 7% salt solution, I pour (5 x (10-7)) mm of salt solution out and then I add (5 x (10-7)) mm of distilled water into the current solution. To change 50mm of 10% salt solution into an 0.5% salt solution, I pour (5 x (10-0.5)) mm of salt solution out and then I add (5 x (10-0.5)) mm of distilled water into the current

Comparing Elie Wiesel And Eliezer From Night

1534 words - 7 pages Wiesel." 2012. FamousAuthors.org 13 May,http://www.famousauthors.org/elie-wiesel ][2: "Elie Wiesel." United States Holocaust Memorial Museum. United States Holocaust Memorial Council, 10 June 2013. Web. 12 May 2014.<http://www.ushmm.org/wlc/en/article.php?ModuleId=10007176>]Eliezer the character who represents Elie Wiesel from "Night" also express his dignity of survival in the concentration camp throughout the novel; has shown that Elie wants

accounts final exam review conestoga sem1 - gbbbb - eductaional

556 words - 3 pages problem from grey workbook on page 448. Problem AP-7A 4. One question is completing a Bank Reconciliation and the Journal Entries worth 15 marks. Similar to Quiz 5 and practice problem in class. You are given a General Ledger Cash account and a Bank Statement. You are asked to prepare the Bank Reconciliation and then the corresponding general journal entries. Review Chapter 10 PowerPoint presentation and tutorials. The practice problem in the grey

The Great Gatsby critical question from my teacher - school assignment - homework assignments

1609 words - 7 pages , metaphors, symbols, colors, figures of speech, or other uses of language that inform or highlight your critical perspective? What themes from your critical perspective was presented in chapters 1 – 3? In what manner were the themes presented—through action, language, author’s narration, characters, or setting? Exercise 5: Chapter 4 Group Answers 1. At the beginning of chapter 4, Nick wrote down a list of guests who came to Gatsby’s house that

Colloidal synthesis of gold nanoparticles - city university of hong kong - coursework

1665 words - 7 pages degree Celsius there will be color change (Figure 1). And we will also add the mixed solution into a small container and add in different amount of water by the pipet (Figure 2), in order to provide different density of the solution. Then put the solution into the Perkin Elmer Lambda 2 machine (Figure 3) to find out the absorption and reflection of the UV of the solutions. Also, we will heated up the solution in a longer period of time and find out

To build a firehjjhdhdddddddddddddddddddd - Bay Academy 741 - Essay

2249 words - 9 pages NYS COMMON CORE MATHEMATICS CURRICULUM 7•3 Lesson 15 Lesson 15: Graphing Solutions to Inequalities Student Outcomes Students graph solutions to inequalities taking care to interpret the solutions in the context of the problem. Classwork Rapid White Board Exchange (10 minutes): Inequalities Students complete a rapid whiteboard exchange where they practice their knowledge of solving linear inequalities in the form and . Discussion/Exercise 1

UCSD Finance Mgmt- Chapter solutions - UCSD -Finance Management - Homework Solutions

1108 words - 5 pages Solutions to End-of-Chapter 9 Problems 9-8 a. b. 9-9 a. The preferred stock pays $8 annually in dividends. Therefore, its nominal rate of return would be: Nominal rate of return = $8/$80 = 10%. Or alternatively, you could determine the security’s periodic return and multiply by 4. Periodic rate of return = $2/$80 = 2.5%. Nominal rate of return = 2.5% 4 = 10%. b. EAR = (1 + rNOM/4)4 – 1 = (1 + 0.10/4)4 – 1 = 0.103813 = 10.3813%. 9-11 First

24 hour trial yeah yeah yeah yeah - 24 hour free trial - 24 hour trial

764 words - 4 pages © P ea rs o n E d u ca ti o n , I n c. , p u b lis h in g a s Pe ar so n P re n ti ce H al l. A ll ri g h ts r es er ve d . Name Class Date Lesson 1-8 Practice Geometry Chapter 18 Practice 1-8 The Coordinate Plane Graph each point in the coordinate plane. 1. A(�2, 5) 2. B(5, �2) 3. C(0, 6) 4. D(�4, 0) 5. E(�4, �2) Find the distance between the points to the nearest tenth. 6. L(�4, 11), M(�3, 4) 7. N(1, 0), P(3, 8) 8. Q(10, 10), R(10, �2) 9. S(0

Similar Papers

Engineering Review For Chapter 3 And Chapter 4 Of Material Science Class Prairie View A&M University, Cheg 2013 Test Review

890 words - 4 pages Tiarra Rodrigues Chemical Engineering 11/1/2017—Wed (2:00-2:50) 1. Which of the following statements best describes "cognitive learning"? · It entails the acquisition of new knowledge and intellectual skills 2. In Bloom's Taxonomy, the highest level intellectual skill is: · Creating 3. Mr. C. M. Knaphle, Jr., of Philadelphia, was: · A coal salesman 4. Which statement are true about taking notes on a computer · Perfect legible notes · Keep notes

What Does Romeo And Juliet Illustrate About The Nature Of Love? English Essay

1156 words - 5 pages : Total Minutes for Week 2: Week 3 Date: Exercise: Minutes: Date: Exercise: Minutes: Date: Exercise: Minutes: Date: Exercise: Minutes: Date: Exercise: Minutes: Date: Exercise: Minutes: Date: Exercise: Minutes: Total Minutes for Week 3: Week 4 Date: Exercise: Minutes: Date: Exercise: Minutes: Date: Exercise: Minutes: Date: Exercise: Minutes: Date: Exercise: Minutes: Date: Exercise: Minutes: Date: Exercise: Minutes: Total Minutes for Week 4: Week 5

Inflation And Interests Accounting And Finance Berkeley Assignment

3798 words - 16 pages you pay? Solution: Your payment stream is an annuity with: Interest rate per month : r = Compounding intervals : n = Present value : PV = Effective annual rate? Are you really paying 10%? Donatella Taurasi (Fung Institute) Accounting and Finance for Engineers – Lecture Notes Spring 2019 26 / 28 Supplementary Material: Car Loan Example Solutions Exercise (Car Loan Payments cont’d) You purchase a car for $20,000 with $5,000 down and the remaining

David G. Myers Chapter Descriptions Elko High School Ap Psychology Assignment

554 words - 3 pages the behavior of the individual. And how we can understand the knowledge we are given. Chapter 9- Talks about memory and the how information is processed through encoding. We forget certain things because of an encoding failure. Chapter 10- We use algorithm which is a step by step procedure to solve get a solution. How we form concepts to simplify things and how we make our own judgements that involve belief bias. Chapter 11- Talks about how we