Accounting Notes by Collin O'Brien https://padlet.com/80104871/d1i3jvhfbhp8 en-us 2017-05-09 15:30:05 UTC 2017-05-16 01:04:41 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Prizecup.png Problem Steps 80104871 https://padlet.com/80104871/d1i3jvhfbhp8/wish/171030854
  • Total, prove and rule the Unadjusted Trial Balance
  • Journalize the adjusting entries for Supplies and Prepaid Insurance.
    • 3. Journalize the adjusting entries for Merchandise Inventory and Interest Receivable.
    ]]>     2017-05-10 15:00:14 UTC https://padlet.com/80104871/d1i3jvhfbhp8/wish/171030854     Problem Steps 80104871 https://padlet.com/80104871/d1i3jvhfbhp8/wish/171031626 15-3
    1. Journalize the adjusting entries for accumulated depreciation. (There will be two entries… one for office equipment and one for store equipment.)
    15-4
    1. Post the adjusting entries to the general ledger.
    2. Record all account balances, except for Federal Income Tax Expense, on the adjusted  trial balance.
    3. Using the tax table (and calculation outline provided), calculate the federal income tax owed for the fiscal year.
    4. Journalize and post the adjusting entry for federal income tax payable.
    5. Complete the adjusted trial balance (fill in the amounts for Federal Income Tax Payable and Federal Income Tax Expense).
    6. Total, prove and rule the adjusted trial balance.



    ]]>     2017-05-10 15:02:47 UTC https://padlet.com/80104871/d1i3jvhfbhp8/wish/171031626     Tax 80104871 https://padlet.com/80104871/d1i3jvhfbhp8/wish/171975807 Net income before federal tax - over= net income subject to tax x tax rate= marginal tax 

    Bracket minimum income tax + Marginal income tax= federal income tax]]>     2017-05-16 00:37:48 UTC https://padlet.com/80104871/d1i3jvhfbhp8/wish/171975807     80104871 https://padlet.com/80104871/d1i3jvhfbhp8/wish/171976480 The adjusting entry for Merchandise inventory is unique to a merchandising business]]> 2017-05-16 00:43:46 UTC https://padlet.com/80104871/d1i3jvhfbhp8/wish/171976480 80104871 https://padlet.com/80104871/d1i3jvhfbhp8/wish/171976588 Te first step in preparing adjusting entries is to prepare and adjusted trail balance]]> 2017-05-16 00:44:47 UTC https://padlet.com/80104871/d1i3jvhfbhp8/wish/171976588 80104871 https://padlet.com/80104871/d1i3jvhfbhp8/wish/171976689 A trial balance provides a complete list of accounts that may need to be brought up to date]]> 2017-05-16 00:45:43 UTC https://padlet.com/80104871/d1i3jvhfbhp8/wish/171976689 80104871 https://padlet.com/80104871/d1i3jvhfbhp8/wish/171976874 Rather than a work sheet a business can use an unadjusted trail balance and record adjustment directly to a general journal]]> 2017-05-16 00:47:04 UTC https://padlet.com/80104871/d1i3jvhfbhp8/wish/171976874 80104871 https://padlet.com/80104871/d1i3jvhfbhp8/wish/171977257 the amount of the adjustment for prepaid insurance represents the values of the insurance premium used during the fiscal period]]> 2017-05-16 00:50:31 UTC https://padlet.com/80104871/d1i3jvhfbhp8/wish/171977257 80104871 https://padlet.com/80104871/d1i3jvhfbhp8/wish/171977395 The adjustment for the supplies - office account is will result in a debit to supplies expense]]> 2017-05-16 00:51:51 UTC https://padlet.com/80104871/d1i3jvhfbhp8/wish/171977395 80104871 https://padlet.com/80104871/d1i3jvhfbhp8/wish/171977711 The adjusting entry for accrued revenue is increases a revenue account and a recieveable account]]> 2017-05-16 00:54:34 UTC https://padlet.com/80104871/d1i3jvhfbhp8/wish/171977711 80104871 https://padlet.com/80104871/d1i3jvhfbhp8/wish/171978055 functional depreciation occurs when a plant asset becomes inadequate or obsolete]]> 2017-05-16 00:57:39 UTC https://padlet.com/80104871/d1i3jvhfbhp8/wish/171978055 80104871 https://padlet.com/80104871/d1i3jvhfbhp8/wish/171978105 The annual straight line depreciation of equipment costing 4000 with a salvage value of 500 and a useful life of 5 years would be 700 ]]> 2017-05-16 00:58:15 UTC https://padlet.com/80104871/d1i3jvhfbhp8/wish/171978105 80104871 https://padlet.com/80104871/d1i3jvhfbhp8/wish/171978396 the adjustment for federal income tax payable and federal income tax expense is determined only after all other adjusting entries are posted and the net income before federal income tax is determined]]> 2017-05-16 01:01:28 UTC https://padlet.com/80104871/d1i3jvhfbhp8/wish/171978396 80104871 https://padlet.com/80104871/d1i3jvhfbhp8/wish/171978539 tax rates for corporations can be changed by an act of congress]]> 2017-05-16 01:03:11 UTC https://padlet.com/80104871/d1i3jvhfbhp8/wish/171978539