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Chapter_03

bluebreeze
2011-09-11 0人阅读 0 0 0 暂无简介 举报

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ChapterAdjustingAccountsandPreparingFinancialStatementsQUICKSTUDIESQuickStudy(minutes)CashAccountingRevenues(cashreceipts)$,Expenses(cashpayments:$,$,$,),Netincome$,AccrualAccountingRevenues(earned)$,Expenses(incurred),Netincome$,QuickStudy(minutes)aAEAccruedexpensesbPEPrepaidexpensescURUnearnedrevenuesdPEPrepaidexpenses(Depreciation)eARAccruedrevenues©McGrawHillCompanies,SolutionsManual,ChapterQuickStudy(minutes)AccountsDebitedandCreditedFinancialStatementaDebitUnearnedRevenueBalanceSheetCreditRevenueEarnedIncomeStatementbDebitWagesExpenseIncomeStatementCreditWagesPayableBalanceSheetcDebitAccountsReceivableBalanceSheetCreditRevenueEarnedIncomeStatementdDebitInsuranceExpenseIncomeStatementCreditPrepaidInsuranceBalanceSheeteDebitDepreciationExpenseIncomeStatementCreditAccumulatedDepreciationBalanceSheetQuickStudy(minutes)aInsuranceExpense,PrepaidInsurance,TorecordmonthinsurancecoverageexpiredbSuppliesExpense,Supplies,Torecordsuppliesusedduringtheyear($$,–=$)QuickStudy(minutes)aDepreciationExpenseEquipment,AccumulatedDepreciationEquipment,Torecorddepreciationexpensefortheyear($,$,)years=$,bNodepreciationadjustmentsaremadeforlandasitisexpectedtolastindefinitely©McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionQuickStudy(minutes)SalariesExpenseSalariesPayableTorecordsalariesincurredbutnotyetpaidOnestudentearns$xdays,MondaythroughThursdayQuickStudy(minutes)aUnearnedRevenue,LegalRevenue,Torecognizelegalrevenueearned(,x)bUnearnedSubscriptionRevenue,SubscriptionRevenue,Torecognizesubscriptionrevenueearnedx($months)xmonthsQuickStudy(minutes)AdjustingentryDebitCreditAccruesalariesexpenseegAdjusttheUnearnedServicesRevenueaccounttorecognizeearnedrevenueafRecordtheearningofservicesrevenueforwhichcashwillbereceivedthefollowingperiodbfQuickStudy(minutes)TheanswerisaExplanationThedebitbalanceinPrepaidInsurancewasreducedby$,implyinga$debittoInsuranceExpenseThecreditbalanceinInterestPayableincreasedby$,implyingan$debittoInterestExpense©McGrawHillCompanies,SolutionsManual,ChapterQuickStudy(minutes)TheanswerisExplanationInsurancepremiumerrorUnderstatesexpenses(andoverstatesassets)by$,AccruedsalarieserrorUnderstatesexpenses(andunderstatesliabilities)by,Thecollectiveeffectsfromthiscompany’serrorsfollow:Understatesexpensesby$,Overstatesassetsby$,Understatesliabilitiesby$,QuickStudy(minutes)Profitmargin=$,$,=Interpretation:ForeachdollarthatMillerCompanyrecordsasrevenue,itearnscentsinnetincomeMiller’sismarkedlylowerthancompetitors’averageprofitmarginofitmustimproveperformanceEXERCISESExercise(minutes)BAFDCE©McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionExercise(minutes)aDepreciationExpenseEquipment,AccumulatedDepreciationEquipment,TorecorddepreciationexpensefortheyearbInsuranceExpense,PrepaidInsurance*,Torecordinsurancecoveragethatexpired($,$)cOfficeSuppliesExpense,OfficeSupplies**,Torecordofficesuppliesused($$,$)dUnearnedFeeRevenue,FeeRevenue,Torecordearnedportionoffeereceivedinadvance($,x)eInsuranceExpense,PrepaidInsurance,TorecordinsurancecoveragethatexpiredfWagesExpense,WagesPayable,TorecordwagesaccruedbutnotyetpaidNotes:PrepaidInsurance*OfficeSupplies**BalBal,BegBalPurch,UsedUsedEndBalEndBal©McGrawHillCompanies,SolutionsManual,ChapterExercise(minutes)aAdjustingentryWagesExpenseDecWagesPayableTorecordaccruedwagesforoneday(workersx$)bPaydayentryWagesExpense,JanWagesPayableCash,TorecordaccruedandcurrentwagesWagesexpense=workersxdaysx$Cash=workersxdaysx$Exercise(minutes)a$,b$,c$,d$,Proof:(a)(b)(c)(d)Suppliesavailable–prioryearend$$,$,$,Suppliespurchasedincurrentyear,,,,Totalsuppliesavailable,,,,Suppliesavailable–currentyearend()(,)(,)()Suppliesexpenseforcurrentyear$,$,$,$,©McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionExercise(minutes)aAprLegalFeesExpense,LegalFeesPayable,TorecordaccruedlegalfeesMayLegalFeesPayable,Cash,TopayaccruedlegalfeesbAprInterestExpense,InterestPayable,Torecordaccruedinterestexpense($,x)MayInterestPayable,InterestExpense,Cash,Torecordpaymentofaccruedandcurrentinterestexpense($,x)cAprSalariesExpense,SalariesPayable,Torecordaccruedsalaries($,xweek)MaySalariesPayable,SalariesExpense,Cash,Torecordpaymentofaccruedandcurrentsalaries($,xweek)©McGrawHillCompanies,SolutionsManual,ChapterExercise(minutes)BalanceSheetPrepaidInsuranceAssetusingInsuranceExpenseusingAccrualBasisCashBasisAccrualBasisCashBasis***Dec,$,$$$,Dec,,,,Dec,,,Dec,Total$,$,Explanations:*Accrualassetbalanceequalsmonthsleftinthepolicyx$permonth(monthlycostiscomputedas$,months)MonthsLeftBalance$,,,**Accrualinsuranceexpenseequalsmonthscoveredintheyearx$permonthMonthsCoveredExpense$,,,$,©McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionExercise(minutes)DecAccountsReceivable,FeesEarned,Torecordearnedbutunbilledfees(x$,)UnearnedFees,FeesEarned,Torecordearnedfeescollectedinadvance(x$,)DepreciationExpenseComputers,AccumulatedDepreciationComputers,TorecorddepreciationoncomputersDepreciationExpenseOfficeFurniture,AccumulatedDepreciationOfficeFurniture,TorecorddepreciationonofficefurnitureSalariesExpense,SalariesPayable,TorecordaccruedsalariesInsuranceExpense,PrepaidInsurance,TorecordexpiredprepaidinsuranceRentExpenseRentPayableTorecordaccruedrentexpenseOfficeSuppliesExpenseOfficeSuppliesTorecorduseofofficesuppliesAdvertisingExpenseAdvertisingPayableTorecordaccruedadvertisingexpenseUtilitiesExpenseUtilitiesPayableTorecordincurredandunpaidutilitycosts©McGrawHillCompanies,SolutionsManual,ChapterPROBLEMSETAProblemA(minutes)IGHDCEFIHBABProblemA(minutes)PartAdjustment(a)DecOfficeSuppliesExpense,OfficeSupplies,Torecordcostofsuppliesused($,$,$,)Adjustment(b)InsuranceExpense,PrepaidInsurance,TorecordannualinsurancecoveragecostPolicyCostperMonthMonthsActiveinCostA$($,mo)$,B($,mo),C($,mo),Total$,Adjustment(c)SalariesExpense,SalariesPayable,Torecordaccruedbutunpaidwages(daysx$,)©McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionProblemA−concludedAdjustment(d)DecDepreciationExpenseBuilding,AccumulatedDepreciationBuilding,Torecordannualdepreciationexpense($,$,)years=$,Adjustment(e)RentReceivable,RentEarned,TorecordearnedbutunpaidDecrentAdjustment(f)UnearnedRent,RentEarned,TorecordtheamountofrentearnedforNovemberandDecember(x$,)PartCashPaymentfor(c)JanSalariesPayable,SalariesExpense*,Cash,Torecordpaymentofaccruedandcurrentsalaries*(daysx$,)CashPaymentfor(e)Cash,RentReceivable,RentEarned,Torecordpastduerentfortwomonths©McGrawHillCompanies,SolutionsManual,ChapterProblemA(minutes)PartsandCashEquipment,,UnadjBalUnadjBalAccumulatedDepreciationAccountsReceivableEquipment,UnadjBalUnadjBal(f),(c),,,AdjBalAdjBalTeachingSuppliesAccountsPayable,,UnadjBalBal(b),,AdjBalSalariesPayableUnadjBalPrepaidInsurance(g),UnadjBalAdjBal(a),,AdjBalUnearnedTrainingFees,UnadjBalPrepaidRent(e),,,UnadjBalAdjBal(h),AdjBalTWells,Capital,BalProfessionalLibrary,BalTWells,Withdrawals,BalAccumulatedDepreciationProfessionalLibrary,UnadjBal(d),,AdjBal©McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionProblemA(Continued)TuitionFeesEarnedRentExpense,,UnadjBalUnadjBal(f),(h),,,AdjBalAdjBalTrainingFeesEarnedTeachingSuppliesExpense,UnadjBalUnadjBal(e),(b),,,AdjBalAdjBalDepreciationExpenseProfessionalLibraryAdvertisingExpense,UnadjBalBal(d),,AdjBalDepreciationExpenseEquipmentUtilitiesExpense,UnadjBalBal(c),,AdjBalSalariesExpense,UnadjBal(g),AdjBalInsuranceExpenseUnadjBal(a),,AdjBal©McGrawHillCompanies,SolutionsManual,ChapterProblemA(Continued)PartAdjustment(a)DecInsuranceExpense,PrepaidInsurance,TorecordtheinsuranceexpiredAdjustment(b)TeachingSuppliesExpense,TeachingSupplies,Torecordsuppliesused($,$,)Adjustment(c)DepreciationExpenseEquipment,,AccumulatedDepreciationEquipmentTorecordequipmentdepreciationAdjustment(d)DepreciationExpenseProfessLibrary,AccumulDepreciationProfessLibrary,TorecordprofessionallibrarydepreciationAdjustment(e)UnearnedTrainingFees,TrainingFeesEarned,Torecordmonths’trainingfeesearnedthatwerecollectedinadvanceAdjustment(f)AccountsReceivable,TuitionFeesEarned,Torecordtuitionearned($,xmonths)Adjustment(g)SalariesExpenseSalariesPayableTorecordaccruedsalaries(daysx$xemployees)Adjustment(h)RentExpense,PrepaidRent,Torecordexpirationofprepaidrent©McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionProblemA(Continued)PartWELLSTEACHINGINSTITUTEAdjustedTrialBalanceDecember,DebitCreditCash$,Accountsreceivable,Teachingsupplies,Prepaidinsurance,PrepaidrentProfessionallibrary,$,AccumulateddepreciationProfessionallibraryEquipment,AccumulateddepreciationEquipment,Accountspayable,SalariespayableUnearnedtrainingfees,TWells,Capital,TWells,Withdrawals,Tuitionfeesearned,Trainingfeesearned,DepreciationexpenseProfessionallibrary,DepreciationexpenseEquipment,Salariesexpense,Insurance

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