Exercise 03.03 – Consider the following situations
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
For each situation, determine the date for which the company recognizes revenue using cash basis accounting.
For each situation, determine the date for which the company recognizes revenue using cash basis accounting.
For each situation, determine the date for which the company recognizes the expense using cash-basis accounting.
Given information regarding items that need further consideration for financial statements… determine the adjusted amount of net income at year-end.
Your numbers will vary.
Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and deferred revenue on December 31.
Your numbers will vary.
NOTE: This solver answers TWO separate Huskies problems! The second calculator is below the first one! Involves two questions. First question gives a list of transactions where you need to record adjusting entries at year-end. Second question gives you a list of transactions where you need to calculate the effect on net income.
Your numbers will vary.
Contains two questions. First asks you to prepare to adjust journal entries given a list of transactions. Second asks you to determine the effect that the transactions would have on the assets, liabilities, and equity on the balance sheet.
Your numbers will vary.
Given a list of transactions for the company… prepare to adjust journal entries for the year-end.
Your numbers will vary.
Given a list of transactions… prepare adjusting journal entries.
Your numbers will vary.
Update account balances for the year-end information by recording any necessary adjusting entries. Rent, Revenue, Salary, Supplies.
Your numbers will vary.
Calculate the balance of retained earnings each year for each company.
Your numbers will vary.