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C4-3 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4)

[LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6]

[The following information applies to the questions displayed below.]

Drs. Glenn Feltham and Gary Entwistle began operations of their physical therapy clinic called Northland Physical Therapy on January 1, 2014. The annual reporting period ends December 31. The trial balance on January 1, 2015, was as follows (the amounts are rounded to thousands of dollars to simplify):

Account TitlesDebitCreditCash$7Accounts Receivable3Supplies3Equipment10Accumulated Depreciation$3Software7Accumulated Amortization3Accounts Payable4Notes Payable (short-term)0Salaries and Wages Payable0Interest Payable0Income Taxes Payable0Unearned Revenue0Common Stock15Retained Earnings5Service Revenue0Depreciation Expense0Amortization Expense0Income Tax Expense0Interest Expense0Supplies Expense0Totals$30$30

Transactions during 2015 (summarized in thousands of dollars) follow:1.Borrowed $31 cash on July 1, 2015, signing a six-month note payable.2.Purchased equipment for $34 cash on July 1, 2015.3.Issued additional shares of common stock for $5.4.Earned revenues for 2015 of $64, including $8 on credit and $56 received in cash.5.Recognized salaries and wages expense for 2015 of $39; paid in cash.6.Purchased software, $3 cash.7.Collected accounts receivable, $9.8.Purchased supplies on account for future use, $7.9.Paid accounts payable, $10.10.Received a $3 cash deposit from a hospital for a contract to start January 5, 2016.

Data for adjusting journal entries:11.Amortization for 2015, $3.12.Supplies of $3 were counted on December 31, 2015.13.Depreciation for 2015, $4.14.Accrued interest of $1 on notes payable.15.Salaries and wages incurred not yet paid or recorded, $3.16.Income tax expense for 2015 was $4 and will be paid in 2016.

CS-29788 01-14-2016

References

Section BreakC4-3 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6]

1.

value:

2.00 points

Required information

C4-3 Part 2

Required:2.Record journal entries for transactions (1) through (10).(If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.)

References

eBook & Resources

General JournalLearning Objective: 04-01 Explain why adjustments are needed.Learning Objective: 04-04 Prepare financial statements.

C4-3 Part 2Learning Objective: 04-02 Prepare adjustments needed at the end of the period.Learning Objective: 04-05 Explain the closing process.

Difficulty: 3 HardLearning Objective: 04-03 Prepare an adjusted trial balance.Learning Objective: 04-06 Explain how adjustments affect financial results.

Check my work

2.

value:

2.00 points

Required information

C4-3 Part 3, 5, and 8

3, 5 and 8.Set up T-accounts for the accounts on the trial balance. Enter beginning balances and post the transactions 1-10, adjusting entries 11-16, and closing entry.(Enter your answers in thousands of dollars.)

rev: 10_05_2015_QC_CS-27569

References

eBook & Resources

WorksheetLearning Objective: 04-01 Explain why adjustments are needed.Learning Objective: 04-04 Prepare financial statements.

C4-3 Part 3, 5, and 8Learning Objective: 04-02 Prepare adjustments needed at the end of the period.Learning Objective: 04-05 Explain the closing process.

Difficulty: 3 HardLearning Objective: 04-03 Prepare an adjusted trial balance.Learning Objective: 04-06 Explain how adjustments affect financial results.

Check my work

3.

value:

2.00 points

Required information

C4-3 Part 3

3.Post the journal entries from requirement 2 to T-accounts and prepare an unadjusted trial balance.(Enter your answers in thousands of dollars.)

References

eBook & Resources

WorksheetLearning Objective: 04-01 Explain why adjustments are needed.Learning Objective: 04-04 Prepare financial statements.

C4-3 Part 3Learning Objective: 04-02 Prepare adjustments needed at the end of the period.Learning Objective: 04-05 Explain the closing process.

Difficulty: 3 HardLearning Objective: 04-03 Prepare an adjusted trial balance.Learning Objective: 04-06 Explain how adjustments affect financial results.

Check my work

4.

value:

2.00 points

Required information

C4-3 Part 4

4.Recordthe adjusting journal entries (11) through (16).(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.)

rev: 12_22_2015_CS-34623

References

eBook & Resources

General JournalLearning Objective: 04-01 Explain why adjustments are needed.Learning Objective: 04-04 Prepare financial statements.

C4-3 Part 4Learning Objective: 04-02 Prepare adjustments needed at the end of the period.Learning Objective: 04-05 Explain the closing process.

Difficulty: 3 HardLearning Objective: 04-03 Prepare an adjusted trial balance.Learning Objective: 04-06 Explain how adjustments affect financial results.

Check my work

5.

value:

2.00 points

Required information

C4-3 Part 5

5.Post the adjusting entries from requirement 4 and prepare an adjusted trial balance.(Enter your answers in thousands of dollars.)

References

eBook & Resources

WorksheetLearning Objective: 04-01 Explain why adjustments are needed.Learning Objective: 04-04 Prepare financial statements.

C4-3 Part 5Learning Objective: 04-02 Prepare adjustments needed at the end of the period.Learning Objective: 04-05 Explain the closing process.

Difficulty: 3 HardLearning Objective: 04-03 Prepare an adjusted trial balance.Learning Objective: 04-06 Explain how adjustments affect financial results.

Check my work

6.

value:

3.00 points

Required information

C4-3 Part 6

6-a.Prepare an income statement(Enter your answers in thousands of dollars.)

6-b.Prepare the statement of retained earnings.(Enter your answers in thousands of dollars.)

6-c.Prepare the balance sheet.(Enter your answers in thousands of dollars. Amounts to be deducted should be indicated by a minus sign)

References

eBook & Resources

Financial StatementsLearning Objective: 04-01 Explain why adjustments are needed.Learning Objective: 04-04 Prepare financial statements.

C4-3 Part 6Learning Objective: 04-02 Prepare adjustments needed at the end of the period.Learning Objective: 04-05 Explain the closing process.

Difficulty: 3 HardLearning Objective: 04-03 Prepare an adjusted trial balance.Learning Objective: 04-06 Explain how adjustments affect financial results.

Check my work

7.

value:

2.00 points

Required information

C4-3 Part 7

7.Prepare the closing journal entry.(If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.)

CS-29788 01-14-2016

References

eBook & Resources

General JournalLearning Objective: 04-01 Explain why adjustments are needed.Learning Objective: 04-04 Prepare financial statements.

C4-3 Part 7Learning Objective: 04-02 Prepare adjustments needed at the end of the period.Learning Objective: 04-05 Explain the closing process.

Difficulty: 3 HardLearning Objective: 04-03 Prepare an adjusted trial balance.Learning Objective: 04-06 Explain how adjustments affect financial results.

Check my work

8.

value:

2.00 points

Required information

C4-3 Part 8

8.Post the closing entry from requirement 7 and prepare a post-closing trial balance.(Enter your answers in thousands of dollars.)

References

eBook & Resources

WorksheetLearning Objective: 04-01 Explain why adjustments are needed.Learning Objective: 04-04 Prepare financial statements.

C4-3 Part 8Learning Objective: 04-02 Prepare adjustments needed at the end of the period.Learning Objective: 04-05 Explain the closing process.

Difficulty: 3 HardLearning Objective: 04-03 Prepare an adjusted trial balance.Learning Objective: 04-06 Explain how adjustments affect financial results.

Check my work

9.

value:

2.00 points

Required information

C4-3 Part 9

9-a.How much net income did the physical therapy clinic generate during 2015?(Enter your answers in thousands of dollars.)

9-b.Is the business financed primarily by liabilities or stockholders equity?

Stockholders' EquityLiabilities

9-c.What is its current ratio?(Enter your answers in thousands of dollars.)

References

eBook & Resources

WorksheetLearning Objective: 04-01 Explain why adjustments are needed.Learning Objective: 04-04 Prepare financial statements.

C4-3 Part 9Learning Objective: 04-02 Prepare adjustments needed at the end of the period.Learning Objective: 04-05 Explain the closing process.

Difficulty: 3 HardLearning Objective: 04-03 Prepare an adjusted trial balance.Learning Objective: 04-06 Explain how adjustments affect financial results.

Check my work

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