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Extra resources for Schaum's Outline of Intermediate Accounting I, Second Edition (Schaum's Outlines)
A) Prepare the required adjusting entries for December 31. (b) Prepare optional reversing entries on January 1. (c) Prepare the entries for the January transactions (d) If reversing entries were not made on January 1, how would the entries for part (c) be different? 32 [CHAP. 19 For each of the following adjusting entries, indicate whether or not reversals are appropriate. (a) Accrued revenue (b) Depreciation (c) Bad debts (d) Accrued expenses Insurance expired, where the original entry debited Prepaid Insurance (e) (f) Unearned revenue, where the original entry credited Revenue (g) Closing entries SOLUTION (a) Reverse (b) Do not reverse (c) Do not reverse (d) Reverse (e) Do not reverse (f) Reverse (g) Do not reverse Note: Even when appropriate, reversing entries are merely optional, not required.
The capital account has several branches: expenses, revenue, and drawings. Expenses and drawings decrease capital; revenue increases capital. 20 REVIEW OF THE ACCOUNTING PROCESS [CHAP. 1 6. In the double-entry bookkeeping system, every transaction has a debit and an equal credit. Entries that have more than one debit or one credit are called compound entries. 7. The accounting cycle is the series of steps taken to maintain a company's books and prepare its statements. It begins with the occurrence of a transaction and ends with the optional step of reversing entries.
A) By December 31 , property taxes in the amount of $7,000 have accrued. (b) Fees for services performed but not yet billed are $18,000. (c) At the beginning of the period, the Supplies account had a balance of $7,000. During the period, supplies of $10,000 were purchased and debited to Supplies Expense. At the end of the period, a physical count of supplies shows $12,000 worth remaining. (d) Same as transaction (c), except that the purchases were debited to Supplies. (e) On October 1, $12,000 in cash was received as an advance payment for services to be rendered evenly over the next 6 years.