mcgraw hill accounting chapter 4 homework answers

Connect on WhatsApp: +91 74786 38563 , Uninterrupted Access, 24x7 Availability, 100% Confidential. Connect Now

Online Tutoring

Mcgraw hill connect accounting answers chapter 4.

Aug. 8, 2023 • 10 min read

The key concepts from McGraw Hill Connect Accounting Answers Chapter 4:

• Normal journal entries are recorded during an accounting period to reflect a business's day-to-day transactions. Events such as the sale of goods, the purchase of inventory, and the payment of expenses set them off.
• At the end of an accounting period, adjusting entries are recorded to bring the accounts back to their correct balances. They are required because standard journal entries do not always accurately reflect the full financial impact of a transaction. For example, if a company buys inventory on credit, the purchase will be recorded as an expense in the normal journal entry. However, the company will not pay for the inventory until later. The liability for unpaid inventory will be recorded in the adjusting entry at the end of the accounting period.
• The cash basis of accounting records revenues when they are received in cash and expenses when they are paid in cash. This is a simple method of accounting, but it does not always accurately reflect a company's financial performance. For example, a company may sell goods on credit but not receive payment until later. The revenue from the sale would not be recorded under the cash basis of accounting until the cash was received.
• Accounting on an accrual basis records revenues when they are earned and expenses when they are incurred. This is a more accurate method of accounting, but it necessitates adjusting entries at the end of the accounting period.

Students are found struggling with presentations and homework assignments . However, with the advent of online education homework help providers like us, the task has been more straightforward. TutorGenix is one such platform where the entire McGraw hill connects accounting answers chapter 4 can be found.

Timely Submissions Possible With Mcgraw Hill Connect Accounting Answers Chapter 4 Help 

Yes, with McGraw Hill Connect Accounting Answers Chapter 4 assistance, timely submissions are possible. McGraw Hill Connect Accounting Answers Chapter 4 contains a comprehensive set of solutions to all of the textbook's questions. This means that students can find the answers they need to complete their assignments quickly and easily. Furthermore, the answer bank is regularly updated to ensure that it is always up to date with the most recent changes to the textbook.

In addition to the answer bank, McGraw Hill Connect Accounting Answers Chapter 4 also provides a variety of other resources that can help students succeed in their accounting courses. These resources include:

• Instructional videos: These videos provide step-by-step instructions on how to solve common accounting problems.
• Practice problems: These problems allow students to practice their skills and get feedback on their work.
• Quizzes: These quizzes help students assess their understanding of the material.
• Discussion forums: These forums allow students to ask questions and get help from their peers and instructors.

By using McGraw Hill Connect Accounting Answers Chapter 4, students can get the help they need to succeed in their accounting courses and make timely submissions.

What does the McGraw hill connect accounting chapter 4 comprises of –

• The process of making journal entries at the end of an accounting period to bring the accounts to their correct balances is known as adjusting. Because normal journal entries do not always reflect the full financial impact of a transaction, adjusting entries are required. For example, if a company buys inventory on credit, the purchase will be recorded as an expense in the normal journal entry. However, the company will not pay for the inventory until later. The liability for unpaid inventory will be recorded in the adjusting entry at the end of the accounting period.
• Accrued expenses are those that have been incurred but not yet paid for. For example, a company may incur salary and wage expenses during an accounting period, but it may also incur other expenses.The adjusting entry at the end of the accounting period will record the accrued salaries and wages expense.
• Deferred revenues are those that have been received but not yet earned. For example, a company may be paid in advance for services that have yet to be rendered. The deferred revenue will be recorded as a liability in the adjusting entry at the end of the accounting period.
• Prepaid expenses are those that have been pre-paid but have yet to be used or consumed. A company, for example, may pay for a year's worth of rent in advance. The prepaid rent will be recorded as an asset in the adjusting entry at the end of the accounting period.
• The adjusted trial balance is a list of all the accounts in the ledger with their adjusted balances. The adjusted trial balance is prepared after all of the adjusting entries have been made. It is used to prepare the financial statements.

Terms to be well versed in accounting, but here are some of the most important ones:

• Assets: Resources owned by a business that have a monetary value.
• Liabilities: Debts owed by a business.
• Equity: The difference between assets and liabilities.
• Revenue: Income generated by a business from selling goods or services.
• Expenses: Costs incurred by a business in the course of generating revenue.
• Net income: The difference between revenue and expenses.
• Cash basis accounting: A method of accounting that records revenues when cash is received and expenses when cash is paid.
• Accrual basis accounting: A method of accounting that records revenues when they are earned and expenses when they are incurred.
• The adjusted trial balance: A list of all the accounts in the ledger with their adjusted balances.
• The financial statements: A set of reports that summarize the financial performance and position of a business.

Here are some additional terms that you may want to know:

• Accounting equation: The equation that represents the relationship between assets, liabilities, and equity.
• Depreciation: The allocation of the cost of an asset over its useful life.
• Amortization: The allocation of the cost of an intangible asset over its useful life.
• Accrued interest: Interest that has been earned but not yet paid.
• Unearned revenue: Revenue that has been received but not yet earned.
• Prepaid expense: An expense that has been paid in advance but not yet incurred.
• Trial balance: A list of all the accounts in the ledger with their unadjusted balances.
• Balance sheet: A financial statement that reports the assets, liabilities, and equity of a business at a specific point in time.
• Income statement: A financial statement that reports the revenues, expenses, and net income of a business over a period of time.
• Statement of cash flows: A financial statement that reports the cash inflows and outflows of a business over a period of time.

Stuck With Your Homework? Get Your Homework Done From Our Expert Writers

Is there any desired work length (in words)?

No. of pages (1 page = 250 words)

Fill Your Mobile Number & Get 5$

I accept the T&C and other policies of the website and agree to receive offers and updates.

Useful Links:

• Homework Help
• Assignment Help
• Live Session Help
• Lab Report Writing
• Project Report Writing
• PowerPoint Presentation
• Case Study Writing
• Essay Writing
• Coursework Writing

Related Articles

Learn How to Use Python for Mathematical Statistics and Data Analysis

June 28, 2023 • 10 min read

The Benefits Of Seeking Assistance with "Do My Physics Homework"

June 26, 2023 • 10 min read

Rational Zeros Theorem Calculator: Unlocking Polynomial Roots

June 25, 2023 • 7 min read

Select a product below:

• Connect Math Hosted by ALEKS C
• My Bookshelf (eBook Access) C

Sign in to Shop:

• Professional
• International
•   Sign In
• There are currently no items in your shopping cart.
• News & Insights
• Diversity, Equity & Inclusion
• Social Responsibility
• About   
• Get Support   

Get Support

• My Account Details

Managerial Accounting Course Products

Choose a content option below that suits your rigor, writing and teaching preferences..

Briefer, accessible, and student-friendly text that satisfies the basic needs of the student without unnecessary depth on advanced topics

Introduction to Managerial Accounting, Eighth Edition By Brewer, Garrison, and Noreen Copyright: 2019

Long standing market leader, known for relevance, accuracy and clarity.

Managerial Accounting, Sixteenth Edition By Garrison, Noreen, and Brewer Copyright: 2018

An integrated solution with balanced managerial content that has a corporate approach throughout

Managerial Accounting, Sixth Edition By Wild and Shaw Copyright: 2018

Known for pioneering the "focus company approach" and using more service company examples, helping make the material relevant and engaging to non-majors

Managerial Accounting: Creating Value in a Dynamic Business Environment, Eleventh Edition By Hilton and Platt Copyright: 2017

Focus is on managers, specifically for MBA level or those instructors who do not wish to teach the financial accounting-oriented content; no debits and credits

Managerial Accounting for Managers, Fourth Edition By Noreen, Brewer, and Garrison Copyright: 2017

Uses context of real, recognizable companies to help students connect their learning to the real world

Managerial Accounting, Third Edition By Whitecotton, Libby, and Phillips Copyright: 2017

Focuses on concepts that are isolated and introduced in a logical sequence, helping students understand the underlying principles of accounting, not just memorize content

Fundamental Managerial Accounting Concepts, Eighth Edition By Edmonds, Edmonds, Tsay, and Olds Copyright: 2017

Visit the Accounting discipline page for additional tools and resources, including case studies from your peers.

Digital tools to help your students succeed in your Managerial Accounting course

McGraw Hill Connect® for Managerial Accounting provides the most comprehensive solution to the market. Each asset in Connect is designed to address pressing course challenges, like student engagement, student preparedness, and relevancy. No matter how your course is designed, we have a solution that's got you covered.

Helping students get ready for your course

SMARTBOOK® - Smartbook makes study time as productive and efficient as possible. SmartBook identifies and closes knowledge gaps through a continually adapting reading experience that highlights portions of the content based on comprehension. Students have a visual representation of the areas in which they have demonstrated understanding, as well as areas in which they need to focus. The result? More confidence, better grades, and greater success.

Multiple Choice

The revenue recognition principle mandates that revenue be reported when earned, regardless of when the revenue is collected. For this reason, when revenue is earned but not yet collected, an accrual entry is required to accurately report revenue earned. For the same reason, when cash is collected, in advance of the earnings process, a deferral entry is required, to accurately report revenue earned.

Analyzing transactions (to enable journal entries) is the only analytical part of the accounting cycle. Analysis is required for both the original transaction entries and the adjusting entries. All of the other steps are just methodical posting of the entries, summarizing of the balances, regrouping of the accounts for financial reports, and closing of the accounts for year-end. Only the journal entries require decision-making processes.

Accruals—when cash has not moved, but it is time to record the transaction (examples: Accounts Payable or Accounts Receivable). Deferrals—when cash has moved, but it is not time to record the transaction (examples: Prepaid Insurance or Unearned Revenue).

Adjusting entries always include at least one income statement account and at least one balance sheet account, because the adjustment process is done to shift revenues and expenses between the Balance Sheet and the Income Statement, depending on whether it is the correct period to include that income or expense (report on the Income Statement) or not (report on the Balance Sheet).

An entry to adjust the supplies account to the $400 balance is needed; Debit Supplies Expense for 800; Credit Supplies for 800.

An entry to adjust the Prepaid Insurance account to $6,000 balance is needed; Debit Insurance Expense for 6,000; Credit Prepaid Insurance for 6,000.

The adjusted trial balance is the summary of account balances after the adjustments have been posted, so it reflects the corrected balances of all accounts.

(A) Income Statement; (B) Balance Sheet; (C) Balance Sheet; (D) Income Statement; (E) Retained Earnings Statement; (F) Balance Sheet

As an Amazon Associate we earn from qualifying purchases.

This book may not be used in the training of large language models or otherwise be ingested into large language models or generative AI offerings without OpenStax's permission.

Want to cite, share, or modify this book? This book uses the Creative Commons Attribution-NonCommercial-ShareAlike License and you must attribute OpenStax.

Access for free at https://openstax.org/books/principles-financial-accounting/pages/1-why-it-matters

• Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper
• Publisher/website: OpenStax
• Book title: Principles of Accounting, Volume 1: Financial Accounting
• Publication date: Apr 11, 2019
• Location: Houston, Texas
• Book URL: https://openstax.org/books/principles-financial-accounting/pages/1-why-it-matters
• Section URL: https://openstax.org/books/principles-financial-accounting/pages/chapter-4

© Dec 13, 2023 OpenStax. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike License . The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo are not subject to the Creative Commons license and may not be reproduced without the prior and express written consent of Rice University.