Chapter 3 Solution Manual Intro to Financial Accouting Ifrs Edition

CHAPTER 3

Adjusting the Accounts

ASSIGNMENT CLASSIFICATION TABLE

Learning Objectives *1. Explain the time period assumption. Explain the accrual basis of accounting. Explain the reasons for adjusting entries. Identify the major types of adjusting entries. Prepare adjusting entries for deferrals. Questions 1 Brief Exercises Do It! 1 Exercises 1 A Problems B Problems

*2.

2, 3, 4, 5

1

2, 3, 10,16

*3.

6, 7

1

*4.

8, 18

2, 8

4, 6, 11

*5.

8, 9, 10, 11, 12, 13, 18, 19, 20 8, 14, 15, 16, 17, 18, 19, 20 21

2, 3, 4, 5, 6

2

5, 6, 7, 8, 9, 10, 11, 12, 13, 15 5, 6, 7, 8, 9, 10, 11, 12, 13, 15 10, 11, 12, 13, 14

1A, 2A, 3A, 4A, 5A, 6A

1B, 2B, 3B, 4B, 5B

*6.

Prepare adjusting entries for accruals.

7

3

1A, 2A, 3A, 4A, 5A, 6A

1B, 2B, 3B, 4B, 5B

*7.

Describe the nature and purpose of an adjusted trial balance. Prepare adjusting entries for the alternative treatment of deferrals. Discuss financial reporting concepts.

9, 10

4

1A, 2A, 3A, 5A, 6A

1B, 2B, 3B, 5B

*8.

22

11

17, 18

6A

*9.

23, 24, 25, 26, 27, 28

12, 13 14, 15

19, 20, 21, 22, 23

*Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendix to the chapter.

Copyright © 2013 John Wiley & Sons, Inc. Weygandt Financial, IFRS, 2/e, Solution’s Manual (For Instructor Use Only)

3-1

ASSIGNMENT CHARACTERISTICS TABLE

Problem Number 1A 2A 3A 4A 5A *6A* 1B 2B 3B 4B 5B Description Prepare adjusting entries, post to ledger accounts, and prepare an adjusted trial balance. Prepare adjusting entries, post, and prepare adjusted trial balance and financial statements. Prepare adjusting entries and financial statements. Prepare adjusting entries. Journalize transactions and follow through accounting cycle to preparation of financial statements. Prepare adjusting entries, adjusted trial balance, and financial statements using appendix. Prepare adjusting entries, post to ledger...