Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN: 9781305654174
Author: Gary A. Porter, Curtis L. Norton
Publisher: Cengage Learning
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Textbook Question
Chapter 4, Problem 4.12E
Customer Deposits
Wolfe $ Wolfe collected $9,000 from a customer on April 1 and agreed to provide legal services during the next three months. Wolfe $ Wolfe expects to provide an equal amount of services each month.
Required
- Prepare the
journal entry for the receipt of the customer deposit on April 1. - Prepare the
adjusting entry on April 30. - What will be the effect on net income for April if the entry in (2) is not recorded?
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Prepare journal entries for the following transactions of Danica Company. Dec. 13 Accepted a $9,500, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note.
Following are transactions for Vitalo Company.
November 1 Accepted a $7,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account
receivable.
December 31 Adjusted the year-end accounts for the accrued interest earned on the White note.
April 30 White honored her note when presented for payment.
Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your
journal entries. (Do not round intermediate calculations. Use 365 days a year.)
Complete this question by entering your answers in the tabs below.
Interest
Amounts
General
Journal
Complete the table to calculate the interest amounts at December 31st and April 30th.
Following are transactions for Vitalo Company.
November 1 Accepted a $5,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account.
receivable.
December 31 Adjusted the year-end accounts for the accrued interest earned on the White note.
April 30 White honored her note when presented for payment.
Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your
journal entries. (Do not round intermediate calculations. Use 360 days a year.)
Complete this question by entering your answers in the tabs below.
Interest
Amounts
General
Journal
Complete the table to calculate the interest amounts at December 31st and April 30th.
November 1
Through
December 31
January 1
Through
April 30
Principal
Rate (%)
Time
Total interest
Total Through
Maturity
Chapter 4 Solutions
Financial Accounting: The Impact on Decision Makers
Ch. 4 - Read each definition below and write the number of...Ch. 4 - Prob. 4.1ECh. 4 - Comparing the Income Statement and the Statement...Ch. 4 - Prob. 4.3ECh. 4 - Accruals and Deferrals For the following...Ch. 4 - Office Supplies Somerville Corp. purchases office...Ch. 4 - Prepaid Rent—Quarterly Adjustments On September...Ch. 4 - Prob. 4.7ECh. 4 - Depreciation On July 1, 2016, Dexter Corp. buys a...Ch. 4 - Working Backward: Depreciation Polk Corp....
Ch. 4 - Prob. 4.10ECh. 4 - Subscriptions Horse Country Living publishes a...Ch. 4 - Customer Deposits Wolfe $ Wolfe collected $9,000...Ch. 4 - Concert Tickets Sold in Advance Rock N Roll...Ch. 4 - Prob. 4.14ECh. 4 - Wages Payable Denton Corporation employs 50...Ch. 4 - Prob. 4.16ECh. 4 - Prob. 4.17ECh. 4 - Interest Payable—Quarterly Adjustments Glendive...Ch. 4 - Prob. 4.19ECh. 4 - Interest Receivable On June 1, 2016, MicroTel...Ch. 4 - Rent Receivable Hudson Corp. has extra space in...Ch. 4 - Working Backward: Rent Receivable Randys Rentals...Ch. 4 - The Effect of Ignoring Adjusting Entries on Net...Ch. 4 - The Effect of Adjusting Entries on the Accounting...Ch. 4 - Reconstruction of Adjusting Entries from...Ch. 4 - The Accounting Cycle The steps in the accounting...Ch. 4 - Trial Balance The following account titles,...Ch. 4 - Prob. 4.28ECh. 4 - Preparation of a Statement of Retained Earnings...Ch. 4 - Reconstruction of Closing Entries The following T...Ch. 4 - Closing Entries for Nordstrom The following...Ch. 4 - Prob. 4.32ECh. 4 - Prob. 4.33ECh. 4 - Prob. 4.34ECh. 4 - Revenue Recognition, Cash and Accrual Bases...Ch. 4 - Depreciation Expense During 2016, Carter Company...Ch. 4 - Prob. 4.37MCECh. 4 - Adjusting Entries Kretz Corporation prepares...Ch. 4 - Prob. 4.2PCh. 4 - Prob. 4.3PCh. 4 - Recurring and Adjusting Entries Following are...Ch. 4 - Prob. 4.5PCh. 4 - Prob. 4.6PCh. 4 - Prob. 4.7PCh. 4 - Prob. 4.8PCh. 4 - Prob. 4.9PCh. 4 - Prob. 4.10PCh. 4 - Prob. 4.1IPCh. 4 - Prob. 4.2APCh. 4 - Prob. 4.3APCh. 4 - Prob. 4.7APCh. 4 - Prob. 4.9APCh. 4 - Prob. 4.10APCh. 4 - Prob. 4.11MCPCh. 4 - Prob. 4.12MCPCh. 4 - Prob. 4.13MCPCh. 4 - Prob. 4.11AMCPCh. 4 - Prob. 4.12AMCPCh. 4 - Prob. 4.13AMCPCh. 4 - Prob. 4.1APCh. 4 - Prob. 4.4APCh. 4 - Prob. 4.5APCh. 4 - Prob. 4.6APCh. 4 - Prob. 4.8APCh. 4 - Prob. 4.1DCCh. 4 - Prob. 4.2DCCh. 4 - Prob. 4.3DCCh. 4 - Prob. 4.4DCCh. 4 - Depreciation Jensen Inc., a graphic arts studio,...Ch. 4 - Prob. 4.6DCCh. 4 - Prob. 4.7DC
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