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  • Recording Processes
    • Debits and Credits
    • Journal and Ledger
    • Trial Balance
    • Location Errors

  • Adjustment of Accounts
    • Type of year (Fiscal and Calendar)
    • Accrual versus Cash Basis
    • Type of Adjusting Entries
    • Adjusted Trial Balance
    • Preparation of Financial Statements

  • Accounting Cycle
    • Closing the books
    • Classified Balance Sheet

  • Inventories
    • Classification of Inventories
    • Cost of Inventories
    • Inventory Errors
    • FIFO and LIFO

  • Accounting Information Systems
    • Computerized Systems
    • Subsidiary Ledgers
    • Special Journals

  • Receivables
    • Accounts Receivables
    • Notes Receivables
    • Statements

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3.1. Solution: The steps in the correct sequence are:

1. Journalize and post the closing entries

2. Post to ledger

3. Prepare a trial balance

4. End of period adjustments

5. Prepare adjusted trial balance

6. Prepare financial statements

7. Journalize and post closing entries

8. After closing trial balance

(b) The use of accounting records provide key information that is summarized in the most common financial statements, such as the balance sheet, income statement, etc. Also, accounting records produced through the accounting cycle generate key information to render accurate tax returns. Also, the use of accounting records is of capital importance for keeping proper accountability of assets and liabilities.

3.2. Solution: The following is obtained:

3.7. Solution: (a) This is not revenue as it represents a contribution made by the owners (stockholders).

(b) This transaction should be not recorded as revenue for May, because the funds were earned in April.

(c) This transaction is not revenue, it is money obtained from a loan

(d) This transaction is not revenue, it is money obtained from interest earned.

(e) This transaction is revenue earned in May and it should be recorded as revenue.

3.9. Solution: According to the realization principle, that says that that revenue should be recorded whenever the goods or services are rendered to customers, the amount of revenue that should reported in the October income statement is $1,700,000 + $1,300,000 = $3,000,000.

4.2. Solution: (a) The following is the adjusting entry for Hilbourne Manufacturing:

(b) The following is the adjusting entry for Watson storage:

4.4. Solution: (a) The following journal entry for depreciation expense is obtained:

(b) The straight line depreciation is $144,000/8 = $18,000. Therefore, the depreciation for 6 years is 6*18,000 = $108,000, which means that the accumulated depreciation on December 31, 2015 is $108,000.

4.8. (a) First observe that the interest expense is $60,000*4%*1/12 = $200. Therefore, the following adjusting entry for interest expense on December 31, 2015 is obtained:

(b) On the other hand, we have that the journal entry to record the payment of the loan, with the corresponding interests is

5.1. (a) We use the following equation:

But since we have that

we get that

which means that the declared dividend is $110,000.

5.3. Solution:

a. CA
b. CL
c. CL
d. NCA
e. SHE
f. LTL
g. CL
h. CA
i. NCA
j. CA

5.4. Solution:

a. C
b. N
c. D
d. C
e. C
f. N
g. D
h. N
i. C
j. N
k. D
l. C

6.3. Solution: The following table is obtained:

Hence, Alberto & Sons profit for October is $1,500.

6.5. Solution: The following formula is used:

Hence, the cost of goods sold is $650,000.

6.6. Solution: The following formula is used:

so then the dollar amount of goods purchased by Yang & Min during the year is $600,000.

7.1. Solution: We get the following bank reconciliation:

The correct balance is $3,000, which is not shown by either of them. This is because neither of them contains complete information about the account activity during the current month.

7.5. (a) We get:

Hence, the adjusted cash balance is $16,700.

(b) The following is the journal entry

(c) The $25 charge possibly comes from the bounced $775 check.

7.8. Solution: (a) The following is obtained:

(b) Now we get:

(c) Now we get:

(d) The most accurate approach is adjusting the balance in the allowance for doubtful accounts based upon the aging schedule.

7.10. Solution: We get the following table: