中级财务会计英 会计分录汇总
考点1调整分录和结账分录
Ex. 3-125—Adjusting entries.
Present, in journal form, the adjustments that would be made on July 31, 2011, the end of the fiscal year, for each of the following.
1.
The supplies inventory on August 1, 2010 was $7,350. Supplies costing $20,150 were acquired during the year and charged to the supplies inventory. A count on July 31, 2011 indicated supplies on hand of $8,810.
2.
On April 30, a ten-month, 9% note for $20,000 was received from a customer.
*3.
On March 1, $12,000 was collected as rent for one year and a nominal account was credited.
Solution 3-125
1.
Supplies Expense
18,690
Supplies
18,690
2.
Interest Receivable
450
Interest Revenue
450
*3.
Rent Revenue
7,000
Unearned Revenue
7,000
Ex. 3-126—Adjusting entries.
Reed Co. wishes to enter receipts and payments in such a manner that adjustments at the end of the period will not require reversing entries at the beginning of the next period. Record the following transactions in the desired manner and give the adjusting entry on December 31, 2010. (Two entries for each part.)
1.
An insurance policy for two years was acquired on April 1, 2010 for $8,000.
2.
Rent of $12,000 for six months for a portion of the building was received on November 1, 2010.
Solution 3-126
1.
Prepaid Insurance
8,000
Cash
8,000
Insurance Expense
3,000
Prepaid Insurance
3,000
2.
Cash
12,000
Unearned Rent
12,000
Unearned Rent
4,000
Rent Revenue
4,000
Pr. 3-133—Adjusting entries and account classification.
Selected amounts from Trent Company's trial balance of 12/31/10 appear below:
1.
Accounts Payable
$
160,000
2.
Accounts Receivable
150,000
3.
Accumulated Depreciation—Equipment
200,000
4.
Allowance for Doubtful Accounts
20,000
5.
Bonds Payable
500,000
6.
Cash
150,000
7.
Common Stock
60,000
8.
Equipment
840,000
9.
Insurance Expense
30,000
10.
Interest Expense
10,000
11.
Merchandise Inventory
300,000
12.
Notes Payable (due 6/1/11)
200,000
13.
Prepaid Rent
150,000
14.
Retained Earnings
818,000
15.
Salaries and Wages Expense
328,000
(All of the above accounts have their standard or normal debit or credit balance.)
Part A.
Prepare adjusting journal entries at year end, December 31, 2010, based on the following supplemental information.
a.
The equipment has a useful life of 15 years with no salvage value. (Straight-line method being used.)
b.
Interest accrued on the bonds payable is $15,000 as of 12/31/10.
c.
Expired insurance at 12/31/10 is $20,000.
d.
The rent payment of $150,000 covered the six months from November 30, 2010 through May 31, 2011.
e.
Salaries and wages earned but unpaid at 12/31/10, $22,000.
Part B.
Indicate the proper balance sheet classification of each of the 15 numbered accounts in the 12/31/10 trial balance before adjustments by placing appropriate numbers after each of the following classifications. If the account title would appear on the income statement, do not put the number in any of the classifications.
a.
Current assets
b.
Property, plant, and equipment
c.
Current liabilities
d.
Long-term liabilities
e.
Stockholders' equity
Solution 3-133
Part A.
a.
Depreciation Expense—Equipment ($840,000 – 0) ( 15
56,000
Accumulated Depreciation—Equipment
56,000
b.
Interest Expense
15,000
Interest Payable
15,000
c.
Prepaid Insurance
10,000
Insurance Expense ($30,000 - $20,000)
10,000
d.
Rent Expense ($150,000 ( 6)
25,000
Prepaid Rent
25,000
e.
Salaries and Wages Expense
22,000
Salaries and Wages Payable
22,000
Pr. 3-134—Adjusting entries.
Data relating to the balances of various accounts affected by adjusting or closing entries appear below. (The entries which caused the changes in the balances are not given.) You are asked to supply the missing journal entries which would logically account for the changes in the account balances.
1.
Interest receivable at 1/1/10 was $1,000. During 2010 cash received from debtors for interest on outstanding notes receivable amounted to $5,000. The 2010 income statement showed interest revenue in the amount of $5,400. You are to provide the missing adjusting entry that must have been made, assuming reversing entries are not made.
2.
Unearned rent at 1/1/10 was $5,300 and at 12/31/10 was $8,000. The records indicate cash receipts from rental sources during 2010 amounted to $40,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry.
3.
Accumulated depreciation—equipment at 1/1/10 was $230,000. At 12/31/10 the balance of the account was $270,000. During 2010, one piece of equipment was sold. The equipment had an original cost of $40,000 and was 3/4 depreciated when sold. You are to prepare the missing adjusting entry.
4.
Allowance for doubtful accounts on 1/1/10 was $50,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $65,000 and during 2010 bad debts written off amounted to $30,000. You are to provide the missing adjusting entry.
5.
Prepaid rent at 1/1/10 was $9,000. During 2010 rent payments of $120,000 were made and charged to "rent expense." The 2010 income statement shows as a general expense the item "rent expense" in the amount of $125,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made.
6.
Retained earnings at 1/1/10 was $150,000 and at 12/31/10 it was $210,000. During 2010, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry.
Solution 3-134
1.
Interest Receivable
1,400
Interest Revenue
1,400
Interest revenue per books
$5,400
Interest revenue received related to 2010
($5,000 – $1,000)
4,000
Interest accrued
$1,400
2.
Unearned Rent Revenue
37,300
Rent Revenue
37,300
Cash receipts
$40,000
Beginning balance
5,300
Ending balance
(8,000)
Rent revenue
$37,300
Solution 3-134 (cont.)
3.
Depreciation Expense
70,000
Accumulated Depreciation—Equipment
70,000
Ending balance
$270,000
Beginning balance
230,000
Difference
40,000
Write-off at time of sale 3/4 × $40,000
30,000
$ 70,000
4.
Bad Debt Expense
45,000
Allowance for Doubtful Accounts
45,000
Ending balance
$65,000
Beginning balance
50,000
Difference
15,000
Written off
30,000
$45,000
5.
Rent Expense
5,000
Prepaid Rent
5,000
Rent expense
$125,000
Less cash paid
120,000
Reduction in prepaid rent account
$ 5,000
6.
Income Summary
150,000
Retained Earnings
150,000
Ending balance
$210,000
Beginning balance
150,000
Difference
60,000
Cash dividends
$50,000
Stock dividends
40,000
90,000
$150,000
Pr. 3-135—Adjusting and closing entries.
The following trial balance was taken from the books of Fisk Corporation on December 31, 2010.
Account
Debit
Credit
Cash
$ 12,000
Accounts Receivable
40,000
Note Receivable
7,000
Allowance for Doubtful Accounts
$ 1,800
Merchandise Inventory
44,000
Prepaid Insurance
4,800
Furniture and Equipment
125,000
Accumulated Depreciation--F. & E.
15,000
Accounts Payable
10,800
Common Stock
44,000
Retained Earnings
55,000
Sales
280,000
Cost of Goods Sold
111,000
Salaries Expense
50,000
Rent Expense
12,800
Totals
$406,600
$406,600
Pr. 3-135 (cont.)
At year end, the following items have not yet been recorded.
a.
Insurance expired during the year, $2,000.
b.
Estimated bad debts, 1% of gross sales.
c.
Depreciation on furniture and equipment, 10% per year.
d.
Interest at 6% is receivable on the note for one full year.
*e.
Rent paid in advance at December 31, $5,400 (originally charged to expense).
f.
Accrued salaries at December 31, $5,800.
Instructions
(a)
Prepare the necessary adjusting entries.
(b)
Prepare the necessary closing entries.
Solution 3-135
(a)
Adjusting Entries
a.
Insurance Expense
2,000
Prepaid Insurance
2,000
b.
Bad Debt Expense
2,800
Allowance for Doubtful Accounts
2,800
c.
Depreciation Expense
12,500
Accumulated Depreciation--F. & E.
12,500
d.
Interest Receivable
420
Interest Revenue
420
*e.
Prepaid Rent
5,400
Rent Expense
5,400
f.
Salaries Expense
5,800
Salaries Payable
5,800
(b)
Closing Entries
Sales
280,000
Interest Revenue
420
Income Summary
280,420
Income Summary
191,500
Salaries Expense
55,800
Rent Expense
7,400
Depreciation Expense
12,500
Bad Debt Expense
2,800
Insurance Expense
2,000
Cost of Goods Sold
111,000
Income Summary
88,920
Retained Earnings
88,920
考点2应收帐款总价净价法,坏账处理,应收票据折价
Ex. 7-136—Entries for bad debt expense.
A trial balance before adjustment included the following:
Debit
Credit
Accounts receivable
$80,000
Allowance for doubtful accounts
730
Sales
$340,000
Sales returns and allowances
8,000
Give journal entries assuming that the estimate of uncollectibles is determined by taking (1) 5% of gross accounts receivable and (2) 1% of net sales.
Solution 7-136
(1)
Bad Debt Expense
3,270
Allowance for Doubtful Accounts
3,270
Gross receivables
$80,000
Rate
5%
Total allowance needed
4,000
Present allowance
(730)
Adjustment needed
$ 3,270
Solution 7-136 (cont.)
(2)
Bad Debt Expense
3,320
Allowance for Doubtful Accounts
3,320
Sales
$340,000
Sales returns and allowances
8,000
Net sales
332,000
Rate
1%
Bad debt expense
$ 3,320
Ex. 7-137—Accounts receivable assigned.
Accounts receivable in the amount of $250,000 were assigned to the Fast Finance Company by Marsh, Inc., as security for a loan of $200,000. The finance company charged a 4% commission on the face amount of the loan, and the note bears interest at 9% per year.
During the first month, Marsh collected $130,000 on assigned accounts. This amount was remitted to the finance company along with one month's interest on the note.
Instructions
Make all the entries for Marsh Inc. associated with the transfer of the accounts receivable, the loan, and the remittance to the finance company.
Solution 7-137
Cash
192,000
Finance Charge
8,000
Notes Payable
200,000
Cash
130,000
Accounts Receivable
130,000
Notes Payable
130,000
Interest Expense
1,500
Cash
131,500
PROBLEMS
Pr. 7-138—Entries for bad debt expense.
The trial balance before adjustment of Risen Company reports the following balances:
Dr.
Cr.
Accounts receivable
$100,000
Allowance for doubtful accounts
$ 2,500
Sales (all on credit)
750,000
Sales returns and allowances
40,000
Instructions
(a)
Prepare the entries for estimated bad debts assuming that doubtful accounts are estimated to be (1) 6% of gross accounts receivable and (2) 1% of net sales.
(b)
Assume that all the information above is the same, except that the Allowance for Doubtful Accounts has a debit balance of $2,500 instead of a credit balance. How will this difference affect the journal entries in part (a)?
Solution 7-138
(a)
(1)
Bad Debt Expense
3,500
Allowance for Doubtful Accounts
3,500
Gross receivables
$100,000
Rate
6%
Total allowance needed
6,000
Present allowance
(2,500)
Bad debt expense
$ 3,500
(2)
Bad Debt Expense
7,100
Allowance for Doubtful Accounts
7,100
Sales
$750,000
Sales returns and allowances
(40,000)
Net sales
710,000
Rate
1%
Bad debt expense
$ 7,100
(b)
The percentage of receivables approach would be affected as follows:
Gross receivables
$100,000
Rate
6%
Total allowance needed
6,000
Present allowance
2,500
Additional amount required
$ 8,500
The journal entry is therefore as follows:
Bad Debt Expense
8,500
Allowance for Doubtful Accounts
8,500
The entry would not change under the percentage of sales method.
Pr. 7-140—Accounts receivable assigned.
Prepare journal entries for Mars Co. for:
(a)
Accounts receivable in the amount of $500,000 were assigned to Utley Finance Co. by Mars as security for a loan of $425,000. Utley charged a 3% commission on the accounts; the interest rate on the note is 12%.
(b)
During the first month, Mars collected $200,000 on assigned accounts after deducting $450 of discounts. Mars wrote off a $530 assigned account.
(c)
Mars paid to Utley the amount collected plus one month's interest on the note.
Solution 7-140
(a)
Cash
410,000
Finance Charge
15,000
Notes Payable
425,000
(b)
Cash
200,000
Sales Discounts
450
Allowance for Doubtful Accounts
530
Accounts Receivable
200,980
(c)
Notes Payable
200,000
Interest Expense
4,250
Cash
204,250
考点三存货盘存
方法
快递客服问题件处理详细方法山木方法pdf计算方法pdf华与华方法下载八字理论方法下载
,折扣
Ex. 8-148—Recording purchases at net amounts.
Flint Co. records purchase discounts lost and uses perpetual inventories. Prepare journal entries in general journal form for the following:
(a)
Purchased merchandise costing $900 with terms 2/10, n/30.
(b)
Payment was made thirty days after the purchase.
Solution 8-148
(a)
Inventory (.98 × $900)
882
Accounts Payable
882
(b)
Accounts Payable
882
Purchase Discounts Lost
18
Cash
900
Ex. 8-149—Recording purchases at net amounts.
Dill Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following:
June
11
Purchased merchandise on account, $5,000, terms 2/10, n/30.
15
Returned part of June 11 purchase, $800, and received credit on account.
30
Prepared the adjusting entry required for financial statements.
Solution 8-149
June
11
Purchases (.98 × $5,000)
4,900
Accounts Payable
4,900
15
Accounts Payable (.98 × $800)
784
Purchase Returns and Allowances
784
30
Purchase Discounts Lost (.02 × $4,200)
84
Accounts Payable
84
Pr. 8-159—Accounting for purchase discounts.
Otto Corp. purchased merchandise during 2010 on credit for $300,000; terms 2/10, n/30. All of the gross liability except $60,000 was paid within the discount period. The remainder was paid within the 30-day term. At the end of the annual accounting period, December 31, 2010, 90% of the merchandise had been sold and 10% remained in inventory. The company uses a periodic system.
Instructions
(a)
Assuming that the net method is used for recording purchases, prepare the entries for the purchase and two subsequent payments.
(b)
What dollar amounts should be reported for the final inventory and cost of goods sold under the (1) net method; (2) gross method? Assume that there was no beginning inventory.
Solution 8-159
(a)
Purchases
294,000
Accounts Payable
294,000
(To record the purchase at net amount:
.98 × $300,000 = $294,000.)
Accounts Payable
235,200
Cash
235,200
(To record payment within the discount period:
$300,000 – $60,000 = $240,000;
.98 × $240,000 = $235,200.)
Accounts Payable
58,800
Purchase Discounts Lost
1,200
Cash
60,000
(To record the final payment.)
考点四,存货减值跌价准备LCM
Ex. 9-143—Lower-of-cost-or-market.
At 12/31/10, the end of Jenner Company's first year of business, inventory was $4,100 and $2,800 at cost and at market, respectively.
Following is data relative to the 12/31/11 inventory of Jenner:
Original
Net
Net Realizable
Appropriate
Cost
Replacement
Realizable
Value Less
Inventory
Item
Per Unit
Cost
Value
Normal Profit
Value
A
$ .65
$ .45
B
.45
.40
C
.70
.75
D
.75
.65
E
.90
.85
Selling price is $1.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal" profit is 30% of selling price. There are 1,000 units of each item in the 12/31/11 inventory.
Instructions
(a)
Prepare the entry at 12/31/10 necessary to implement the lower-of-cost-or-market procedure assuming Jenner uses a contra account for its balance sheet.
(b)
Complete the last three columns in the 12/31/11 schedule above based upon the lower-of-cost-or-market rules.
(c)
Prepare the entry(ies) necessary at 12/31/11 based on the data above.
(d)
How are inventory losses disclosed on the income statement?
Solution 9-143
(a)
Loss Due to Market Decline of Inventory
1,300
Allowance to Reduce Inventory to Market
1,300
Solution 9-143 (Cont.)
(b)
Original
Net
Net Realizable
Appropriate
Cost
Replacement
Realizable
Value Less
Inventory
Item
Per Unit
Cost
Value
Normal Profit
Value
A
$ .65
$ .45
$ .90
$ .60
$ .60
B
.45
.40
.90
.60
.45
C
.70
.75
.90
.60
.70
D
.75
.65
.90
.60
.65
E
.90
.85
.90
.60
.85
$3.45
$3.25*
*$3.25 × 1,000 = $3,250
(c)
Allowance to Reduce Inventory to Market
1,300
Cost of Goods Sold
1,300
Loss Due to Market Decline of Inventory
200
Allowance to Reduce Inventory to Market
200
(Cost of inventory at 12/31/07 = $7,250)
OR
A student can record a recovery of $1,100.
(d)
Inventory losses can be disclosed separately (below gross profit in operating expenses) or they can be shown as part of cost of goods sold.
Pr. 9-149—Gross profit method.
On December 31, 2010 Felt Company's inventory burned. Sales and purchases for the year had been $1,400,000 and $980,000, respectively. The beginning inventory (Jan. 1, 2010) was $170,000; in the past Felt's gross profit has averaged 40% of selling price.
Instructions
Compute the estimated cost of inventory burned, and give entries as of December 31, 2010 to close merchandise accounts.
Solution 9-149
Beginning inventory
$ 170,000
Add: Purchases
980,000
Cost of goods available
1,150,000
Sales
$1,400,000
Less 40%
(560,000)
840,000
Estimated inventory lost
$ 310,000
Sales
1,400,000
Income Summary
1,400,000
Cost of Goods Sold
840,000
Fire Loss
310,000
Inventory
170,000
Purchases
980,000
处置出售捐赠Ex. 10-136—Donated assets.
Cheng Company has recently decided to accept a proposal from the City of Bel Aire that publicly owned property with a large warehouse located on it will be donated to Cheng if Cheng will build a branch plant in Bel Aire. The appraised value of the property is $490,000 and of the warehouse is $980,000.
Instructions
Prepare the entry by Cheng for the receipt of the properties.
Solution 10-136
Building (Warehouse)
980,000
Land
490,000
Contribution Revenue
1,470,000
Ex. 11-132—Composite depreciation.
Kemp Co. uses the composite method to depreciate its equipment. The following totals are for all of the equipment in the group:
Initial
Residual
Depreciable
Depreciation
Cost
Value
Cost
Per Year
$700,000
$100,000
$600,000
$60,000
Instructions
(a)
What is the composite rate of depreciation? (To nearest tenth of a percent.)
(b)
A machine with a cost of $18,000 was sold for $11,000 at the end of the third year. What entry should be made?
Solution 11-132
(a)
$60,000
———— = 8.6%
$700,000
(b)
Cash
11,000
Accumulated Depreciation
7,000
Equipment
18,000
Pr. 11-135—Adjustment of Depreciable Base.
A truck was acquired on July 1, 2008, at a cost of $216,000. The truck had a six-year useful life and an estimated salvage value of $24,000. The straight-line method of depreciation was used. On January 1, 2011, the truck was overhauled at a cost of $20,000, which extended the useful life of the truck for an additional two years beyond that originally estimated (salvage value is still estimated at $24,000). In computing depreciation for annual adjustment purposes, expense is calculated for each month the asset is owned.
Instructions
Prepare the appropriate entries for January 1, 2011 and December 31, 2011.
Solution 11-135
Cost
$216,000
Less salvage value
24,000
Depreciable base, July 1, 2008
192,000
Less depreciation to date [($192,000 ÷ 6) × 2 1/2]
80,000
Depreciable base, Jan. 1, 2011 (unadjusted)
112,000
Overhaul
20,00