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Chapter 3—The Matching Concept and the Adjusting Process
the asset account to the expense account.
(b) No adjusting entry was made to record accrued fees of $750 for services
provided to customers.
Assuming that financial statements are prepared before the errors are discovered, indicate the effect of each error, considered individually, by inserting the dollar amount in the appropriate spaces. Insert \ Error (a) Error (b) Over- Under- Over- Under- stated stated stated stated (1) Assets at December 31
would be $ $ $ $ (2) Liabilities at Dec. 31
would be $ $ $ $ (3) Net income for the
year would be $ $ $ $ (4) Owner's equity at Dec.
31 would be $ $ $ $
ANS: Error (a) Error (b) Over- Under- Over- Under- stated stated stated stated (1) Assets at December 31
would be $2,500 $ -0- $ -0- $750 (2) Liabilities at Dec. 31
would be $ -0- $ -0- $ -0- $ -0- (3) Net income for the
year would be $2,500 $ -0- $ -0- $750 (4) Owner's equity at Dec.
31 would be $2,500 $ -0- $ -0- $750
DIF: 4 OBJ: 03
4. There was a $1,500 balance in the supplies account at the beginning of the period. During the
period, the supplies account was increased by $3,000 for supplies purchased. At the end of the period before adjustment, $550 of supplies were on hand. Journalize the necessary adjusting entry.
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Chapter 3—The Matching Concept and the Adjusting Process
ANS:
Supplies Expense 3,950 Supplies 3,950
DIF: 3 OBJ: 03
5. At January 31, the end of the first month of the year, the usual adjusting entry transferring
expired insurance to an expense account is omitted. Which items will be incorrectly stated, because of the error, on (a) the income statement for January and (b) the balance sheet as of January 31? Also indicate whether the items in error will be overstated or understated.
ANS:
(a) Insurance expense (or expenses) will be understated. Net income will be
overstated.
(b) Prepaid insurance (or assets) will be overstated. Owner's equity will be
overstated.
DIF: 3 OBJ: 03
6. On December 1, 2005, $7,500 was received for services to be performed from December 1,
2005 until May 31, 2006. Make the December 31, 2005 adjusting journal entry if the Unearned Fees at the end of December 2005 was $4,200.
ANS:
Unearned Fees 3,300 Fees Earned 3,300
DIF: 3 OBJ: 03
7. At the end of June, the first month of the year, the usual adjusting entry transferring rent earned
to a revenue account from the unearned rent account was omitted. Indicate which items will be incorrectly stated, because of the error, on (a) the income statement for June and (b) the balance sheet as of June 30. Also indicate whether the items in error will be overstated or understated.
ANS:
(a) Rent revenue (or revenues) will be understated. Net income will be
understated.
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Chapter 3—The Matching Concept and the Adjusting Process
8.
9.
10.
11.
(b) Owner's equity at the end of the period will be understated. Unearned rent (or
liabilities) will be overstated.
DIF: 3 OBJ: 03
Journalize the adjusting entry to record depreciation on equipment for the year of $925.
ANS:
Depreciation Expense 925 Accumulated Depreciation-Equipment 925
DIF: 2 OBJ: 03
On June 30, a business estimates depreciation on equipment used during the first year of operations to be $1,500. (a) Journalize the adjusting entry required as of June 30. (b) If the adjusting entry in (a) were omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of June 30?
ANS: (a) Depreciation Expense 1,500 Accumulated Depreciation - Equipment 1,500 (b) (1) Depreciation expense would be understated. Net income would be overstated. (2) Accumulated depreciation would be understated, and total assets would be
overstated. Owner's equity would be overstated.
DIF: 3 OBJ: 03
Salaries of $3,500 are paid for a five-day week on Friday. The month ended on Tuesday. Prepare the adjusting journal entry.
ANS:
Salaries Expense 1,400 Salaries Payable 1,400
DIF: 2 OBJ: 03
Accrued salaries of $825 owed to employees for December 29, 30, and 31 are not taken into consideration in preparing the financial statements for the year ended December 31. Indicate which items will be erroneously stated, because of the error, on (a) the income statement for the year and (b) the balance sheet as of December 31. Also indicate whether the items in error will be overstated or understated.
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Chapter 3—The Matching Concept and the Adjusting Process
ANS:
(a) Salary expense (or expenses) will be understated. Net income will be
overstated.
(b) Salaries payable (or liabilities) will be understated. Owner's equity will be
overstated.
DIF: 3 OBJ: 03
12. Journalize the six entries that adjust the accounts at December 31. One of the accounts was
affected by two different adjusting entries. Unadjusted Adjusted Trial Balance Trial Balance Cash 3,000 3,000 Accounts Receivable 30,000 30,500 Supplies 1,700 100 Prepaid Insurance 2,000 400 Equipment 9,000 9,000 Accumulated Depreciation 1,500 Wages Payable 4,000 Unearned Fees 6,000 1,500 Ann Cole, Capital 20,000 20,000 Fees Earned 62,000 67,000 Wages Expense 42,300 46,300 Supplies Expense 1,600 Insurance Expense 1,600 Depreciation Expense 1,500 Total 88,000 88,000 94,000 94,000 ====== ====== ====== ======
ANS:
Accounts Receivable 500 Fees Earned 500
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