Exercise 02.15 – T-Accounts w/ Journal Entries
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition
Given a list of journal entries along with beginning balances… post each to a T-account.
Given a list of journal entries along with beginning balances… post each to a T-account.
Given a list of transactions… record each transaction, post each transaction to a T-account, and lastly use the T-account balances to create a trial balance.
For each situation, determine the date for which the company recognizes the revenue under accrual-basis accounting.
For each situation, determine the date for which the company recognizes the expense under accrual-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.
Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and deferred revenue on December 31.
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.
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.