What This Document Is
This resource is a focused collection of practice problems designed to reinforce your understanding of key concepts in Intermediate Accounting I (ACC 3010) at Wright State University. It centers around the application of adjusting entries and the potential use of reversing entries in various common accounting scenarios. The problems presented require you to demonstrate your ability to correctly record transactions impacting accruals, deferrals, and the matching principle. It’s built to help you move beyond theoretical knowledge and into practical application.
Why This Document Matters
If you’re enrolled in ACC 3010 and aiming for a strong grasp of the period-end adjustments process, this is a valuable tool. It’s particularly helpful for students who learn best by *doing* – by working through problems and solidifying their understanding through application. Use this practice set to test your comprehension after lectures, while studying for quizzes, or as part of your exam preparation. It’s ideal for identifying areas where you might need further review or clarification from course materials or your instructor.
Common Limitations or Challenges
This set of problems is designed to be a practice tool, and does not include detailed explanations of the underlying accounting principles. It assumes you have a foundational understanding of adjusting and reversing entries as presented in your course lectures and textbook. It also doesn’t cover every possible scenario; it focuses on frequently encountered situations. While it aims to be comprehensive within that scope, it’s not a substitute for a complete review of all course material. Solutions and step-by-step walkthroughs are not included within this preview.
What This Document Provides
* A series of independent practice problems covering a range of adjusting entry applications.
* Scenarios involving accrued expenses, such as salaries payable.
* Problems relating to accrued revenues, including interest earned on investments.
* Practice with deferred expenses, specifically prepaid assets like maintenance contracts.
* Application of concepts related to deferred revenues, such as unearned rent.
* Opportunities to practice journal entries with and without the use of reversing entries.
* Exposure to different timing considerations for recognizing revenues and expenses.