15th Edition

ISBN: 9781337902663

Author: WARREN, Carl S.

Publisher: Cengage Learning,

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Textbook Question

Chapter 3, Problem 6PB

Adjusting entries and errors

At the end of August, the first month of operations, the following selected data were taken from the financial statements of Tucker Jacobs, an attorney:

Chapter 3, Problem 6PB, Adjusting entries and errors At the end of August, the first month of operations, the following , example 1

In preparing the financial statements, adjustments for the following data were overlooked:

Unbilled fees earned at August 31, $31,900.
Depreciation of equipment for August, $7,500.
Accrued wages at August 31, $5,200.
Supplies used during August, $3,000.

Instructions

1. Journalize the entries to record the omitted adjustments.
2. Determine the correct amount of net income for August and the total assets, liabilities, and stockholders’ equity at August 31. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by setting up and completing a columnar table similar to the following. The first adjustment is presented as an example.

Chapter 3, Problem 6PB, Adjusting entries and errors At the end of August, the first month of operations, the following , example 2

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Chapter 3, Problem 5PB

Chapter 3, Problem 1CONP

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Chapter 3 Solutions

Financial And Managerial Accounting

Ch. 3 - How are revenues and expenses reported on the...Ch. 3 - Is the matching concept related to (A) the cash...Ch. 3 - Why are adjusting entries needed at the end of an...Ch. 3 - What is the difference between adjusting entries...Ch. 3 - Identify the four different categories of...Ch. 3 - If the effect of the debit portion of an adjusting...Ch. 3 - If the effect of the credit portion of an...Ch. 3 - Prob. 8DQ Ch. 3 - Prob. 9DQ Ch. 3 - (A) Explain the purpose of the two accounts:...

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