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Bài giải bài tập Kế toán quốc tế (Tham khảo)
Thông tin:Bài giải bài tập Kế toán quốc tế (Tham khảo) phục vụ thi giữa kỳ
Exercise 2-8 (Pages 89) Adjusting entries
Prepare the necessary
adjusting entries at December 31, 2011, for the Falwell Company for each of the
following situations. Assume that no financial statements were prepared during
the year and no adjusting entries were recorded.
1.
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A three-year fire insurance
policy was purchased on July 1, 2011, for $12,000. The company debited
insurance expense for the entire amount.
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2.
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Depreciation on equipment
totaled $15,000 for the year.
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3.
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The company determined that
accounts receivable in the amount of $6,500 will probably not be collected.
The allowance for uncollectible accounts account has a credit balance of
$2,000 before any adjustment.
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4.
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Employee salaries of
$18,000 for the month of December will be paid in early January 2012.
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5.
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On November 1, 2011, the
company borrowed $200,000 from a bank. The note requires principal and
interest at 12% to be paid on April 30, 2012.
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6.
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On December 1, 2011, the
company received $3,000 in cash from another company that is renting office
space in Falwell's building. The payment, representing rent for December and
January, was credited to unearned rent revenue.
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1. Prepaid
insurance ($6,000 x 30/36).................................. 5,000
Insurance expense........................................................... 5,000
2. Depreciation
expense.......................................................... 15,000
Accumulated depreciation ............................................ 15,000
3. Bad debt
expense ($6,500 - 2,000).................................... 4,500
Allowance for uncollectible accounts.......................... 4,500
4. Salaries
expense................................................................... 18,000
Salaries payable............................................................... 18,000
5. Interest
expense ($100,000 x 12% x 2/12)....................... 2,000
Interest payable................................................................ 2,000
6. Unearned rent
revenue........................................................ 1,500
Rent revenue (1/2 x $3,000).......................................... 1,500
Exercise 2-9 (Pages 89) Adjusting entries
Prepare the necessary
adjusting entries at December 31, 2011, for the Microchip Company for each of
the following situations. Assume that no financial statements were prepared
during the year and no adjusting entries were recorded.
1.
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On October 1, 2011,
Microchip lent $90,000 to another company. A note was signed with principal
and 8% interest to be paid on September 30, 2012.
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2.
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On November 1, 2011, the
company paid its landlord $6,000 representing rent for the months of November
through January. Prepaid rent was debited.
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3.
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On August 1, 2011,
collected $12,000 in advance rent from another company that is renting a
portion of Microchip's factory. The $12,000 represents one year's rent and
the entire amount was credited to rent revenue.
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4.
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Depreciation on machinery
is $4,500 for the year.
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5.
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Vacation pay for the year
that had been earned by employees but not paid to them or recorded is $8,000.
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6.
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Microchip began the year
with $2,000 in its asset account, supplies. During the year, $6,500 in
supplies were purchased and debited to supplies. At year-end, supplies
costing $3,250 remain on hand.
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1. Interest
receivable ($60,000 x 10% x 3/12)..................... 1,500
Interest revenue............................................................... 1,500
2. Rent expense ($6,000 x 2/3)............................................... 4,000
Prepaid rent....................................................................... 4,000
3. Rent revenue ($12,000 x 7/12)........................................... 7,000
Unearned rent revenue ................................................... 7,000
4. Depreciation
expense.......................................................... 4,500
Accumulated depreciation............................................. 4,500
5. Salaries
expense .................................................................. 7,000
Salaries payable............................................................... 7,000
6. Supplies
expense ($2,000 + 6,500 -
3,250)...................... 5,250
Supplies 5,250
Problem 2-3 (Pages 94)
Information
necessary to prepare the year-end adjusting entries appears below.
1.
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Depreciation on the
equipment for the year is $10,000.
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2.
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The company estimates that
of the $40,000 in accounts receivable outstanding at year-end, $5,500
probably will not be collected.
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3.
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Employee wages are paid
twice a month, on the 22nd for wages earned from the 1st through the 15th,
and on the 7th of the following month for wages earned from the 16th through
the end of the month. Wages earned from December 16 through December 31,
2011, were $1,500.
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4.
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On October 1, 2011, Pastina
borrowed $50,000 from a local bank and signed a note. The note requires
interest to be paid annually on September 30 at 12%. The principal is due in
10 years.
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5.
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On March 1, 2011, the
company lent a supplier $20,000 and a note was signed requiring principal and
interest at 8% to be paid on February 28, 2012.
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6.
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On April 1, 2011, the
company paid an insurance company $6,000 for a two-year fire insurance
policy. The entire $6,000 was debited to insurance expense.
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7.
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$800 of supplies remained
on hand at December 31, 2011.
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8.
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A customer paid Pastina
$2,000 in December for 1,500 pounds of spaghetti to be manufactured and
delivered in January 2012. Pastina credited sales revenue.
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9.
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On December 1, 2011, $2,000
rent was paid to the owner of the building. The payment represented rent for
December and January 2012, at $1,000 per month.
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1. Depreciation
expense.......................................................... 10,000
Accumulated depreciation............................................. 10,000
2. Bad debt
expense ($5,500 – 3,000)................................... 2,500
Allowance for uncollectible accounts.......................... 2,500
3. Wage expense....................................................................... 1,500
Wages payable.................................................................. 1,500
4. Interest
expense ($50,000 x 12% x 3/12)......................... 1,500
Interest payable................................................................ 1,500
5. Interest
receivable ($20,000 x 8% x 10/12)..................... 1,333
Interest revenue............................................................... 1,333
6. Prepaid
insurance ($6,000 x 15/24).................................. 3,750
Insurance expense........................................................... 3,750
7. Supplies
expense ($1,500 – 800)....................................... 700
Supplies............................................................................. 700
8. Sales revenue........................................................................ 2,000
Unearned revenue............................................................ 2,000
9. Rent expense......................................................................... 1,000
Prepaid rent ...................................................................... 1,000
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