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XACC 290 Week 3 - BE4-1, B4-2, E4-1, and E4-10

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Description

XACC 290 Week 3 Answer Guide

XACC 290 is a grueling 9 week introduction into financial accounting. This fast paced course has students learning the basics of financial statements, the accounting cycle, and journal entries, and much more. Our innovative study guides contain sample papers and assignment/textbook solutions to help you earn better grades. 

What's Included in the XACC/291 Week 3 Study Guide?

  • Detailed Solutions to BE4-1, B4-2, E4-1, and E4-10
  • All Work Shown
  • Textbook: Financial Accounting: Tools for Business Decision Making (6th or 7th edition and WileyPlus).

  • Unlimited Support from ACC Nerd Accounting Experts 

Preview of Answers

BE4-2

The ledger of Hubbard includes the following accounts. Explain why they may need an adjustment:

A. Prepaid Insurance – Insurance policies are typically paid to cover a certain period of time. Companies need to adjust the prepaid insurance asset account based on the amount of time left on the policy.

B. Depreciation Expense – As an asset loses value, the depreciation expense account increases to record the total accumulated depreciation.  

E4-10

Adam Singh, D.D.S dental practice adjusting entries for January 31st.

 

1. 

 

Accounts Receivable

$760

 

  Service Revenue

 

$760

 

2.  

Utilities Expense

$450

 

  Utilities Payable

 

$450

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