Chapter 3 accounting answers
[DOC File]CHAPTERS 3 AND 9—ADJUSTING ENTRIES AND …
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Study Objectives—after studying the chapter, you should be able to: Explain the time period assumption. Explain the accrual basis of accounting. Explain why adjusting entries are needed. Identify the major types of adjusting entries. Prepare adjusting entries for deferrals (prepayments). Prepare adjusting entries for …
[DOC File]CHAPTER 3
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Dec 31, 2003 · CHAPTER 3. AN INTRODUCTION TO CONSOLIDATED FINANCIAL STATEMENTS. Answers to Questions. 1. A corporation becomes a subsidiary when another corporation either directly or indirectly acquires a majority (over 50 percent) of its outstanding voting stock. 2.
[DOC File]PROBLEM 3-1A
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[(3/5 X $500) X 2 employees] 510. 220 600 600 31 Depreciation Expense. Accumulated Depreciation— Office Furniture 530. 136 200 200 31 Accounts Receivable. Service Revenue 110. 400 1,000 1,000 (b) Cash No. 101. Date Explanation Ref. Debit Credit Balance 2006. May 31 Balance 7,700 PROBLEM 3-1A (Continued) Accounts Receivable No. 110
[DOC File]CHAPTER 3
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The two generally accepted accounting principles that pertain to adjusting the accounts are: The revenue recognition principle, which states that revenue should be recognized in the time period in which it is earned. The matching principle, which states that efforts (expenses) be matched with accomplishments (revenues). 3.
[DOC File]CHAPTER 3
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CHAPTER 4. The MECHANICS OF FINANCIAL ACCOUNTING. BRIEF EXERCISES. BE4–3. Transaction Assets = Liabilities + Stockholders’ Equity. Recognized revenues +50 = +50 of $50, in exchange for accounts receivable. Paid $25 for sales and -25 = -25. marketing. Issued common stock for $318 +318 = +318
[DOC File]Solutions to Chapter 3 Problems
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$1,000 (1/24 of $24,000) for both tax and financial accounting. b. $23,000 for tax accounting and $12,000 for financial accounting. Deferral for tax is not permitted beyond the year following the prepayment. c. $0 for tax accounting and $11,000 ($24,000 - $1,000 - $12,000) for financial accounting. 24. Municipal Bonds
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