西方财务会计课后答案第三章

CHAPTER3ADJUSTINGTHEACCOUNTSASSIGNMENTCLASSIFICATIONTABLEBRIEFABSTUDYOBJECTIVESQUESTIONSEXERCISESEXERCISESPROBLEMSPROBLEMS1EXPLAINTHETIMEPERIODASSUMPTION1,22EXPLAINTHEACCRUALBASIS3,4,51,6OFACCOUNTING3EXPLAINWHYADJUSTING1,6,71ENTRIESARENEEDED4IDENTIFYTHEMAJORTYPES8,9,10,182,82,7OFADJUSTINGENTRIES5PREPAREADJUSTINGENTRIESFORPREPAYMENTS8,9,10,11,12,13,3,4,5,62,3,4,5,6,7,8,9,1A,2A,3A,1B,2B,3B,18,19,20114A,5A,6A4B,5B6PREPAREADJUSTINGENTRIESFORACCRUALS8,14,15,16,17,18,72,3,4,5,6,7,8,9,1A,2A,3A,1B,2B,3B,19,20114A,5A,6A4B,5B7DESCRIBETHENATUREAND219,103,4,5,6,1A,2A,1B,2B,PURPOSEOFANADJUSTEDTRIALBALANCE7,8,9,103A,5A,6A3B,5B8PREPAREADJUSTINGENTRIES2211126AFORTHEALTERNATIVETREATMENTOFPREPAYMENTSNOTEALLASTERISKEDQUESTIONS,EXERCISES,ANDPROBLEMSRELATETOMATERIALCONTAINEDINTHEAPPENDIXTOTHECHAPTER31ASSIGNMENTCHARACTERISTICSTABLEPROBLEMDIFFICULTYTIMENUMBER1ADESCRIPTIONPREPAREADJUSTINGENTRIES,POSTTOLEDGERACCOUNTS,ANDLEVELSIMPLEALLOTTEDMIN4050PREPAREANADJUSTEDTRIALBALANCE2APREPAREADJUSTINGENTRIES,POST,ANDPREPAREANADJUSTEDSIMPLE5060TRIALBALANCEANDFINANCIALSTATEMENTS3A4A5APREPAREADJUSTINGENTRIESANDFINANCIALSTATEMENTSPREPAREADJUSTINGENTRIESJOURNALIZETRANSACTIONSANDFOLLOWTHROUGHACCOUNTINGMODERATEMODERATEMODERATE405030406070CYCLETOPREPARATIONOFFINANCIALSTATEMENTS6APREPAREADJUSTINGENTRIES,ANADJUSTEDTRIALBALANCE,ANDMODERATE4050FINANCIALSTATEMENTSUSINGAPPENDIX1BPREPAREADJUSTINGENTRIES,POSTTOLEDGERACCOUNTS,ANDSIMPLE4050PREPAREANADJUSTEDTRIALBALANCE2BPREPAREADJUSTINGENTRIES,POST,ANDPREPAREANADJUSTEDSIMPLE5060TRIALBALANCEANDFINANCIALSTATEMENTS3B4B5BPREPAREADJUSTINGENTRIESANDFINANCIALSTATEMENTSPREPAREADJUSTINGENTRIESJOURNALIZETRANSACTIONSANDFOLLOWTHROUGHACCOUNTINGMODERATEMODERATEMODERATE405030406070CYCLETOPREPARATIONOFFINANCIALSTATEMENTS32CORRELATIONCHARTBETWEENBLOOMSTAXONOMY,STUDYOBJECTIVESANDENDOFCHAPTEREXERCISESANDPROBLEMSSTUDYOBJECTIVEQ31Q33Q34Q31Q36Q38Q39Q38Q39Q310Q311Q312Q313Q319Q320Q317Q318BE33BE34BE35BE36E32E33E34E35E36E37E38E39E311P31AP32AP33AQ310Q318BE32BE38E37E32P34AE311P35AP36AP31BP32BP33BP34BP35BQ37BE31Q35E36Q32E31KNOWLEDGECOMPREHENSIONAPPLICATIONANALYSISSYNTHESISEVALUATION1EXPLAINTHETIMEPERIODASSUMPTION2EXPLAINTHEACCRUALBASISOFACCOUNTING3EXPLAINWHYADJUSTINGENTRIESARENEEDED4IDENTIFYTHEMAJORTYPESOFADJUSTINGENTRIES5PREPAREADJUSTINGENTRIESFORPREPAYMENTS6Q38Q314Q315Q319Q320PREPAREADJUSTINGENTRIESFORACCRUALSQ321COMMUNICATIONRESEARCHCASEQ316Q318BE37E32E33E34E35E36BE39BE310E310E33E34E35E36E37E38Q322COOKIECHRONICLEE37E38E39E311P31AP32AP33AP34AE39P31AP32AP33AP35ABE311P36AE312P35AE311P36AP31BP32BP33BP34BP35BP36AP31BP32BP33BP35B7DESCRIBETHENATUREANDPURPOSEOFANADJUSTEDTRIALBALANCE8PREPAREADJUSTINGENTRIESFORTHEALTERNATIVETREATMENTOFPREPAYMENTSBROADENINGYOURPERSPECTIVEGROUPDECISIONETHICSCASEFINANCIALREPORTINGINTERPRETINGCASECOMPARATIVEANALYSISFINANCIALINTERPRETINGEXPLORINGTHEWEBSTATEMENTSFINANCIALGLOBALFOCUSSTATEMENTSBLOOMSTAXONOMYTABLE33ANSWERSTOQUESTIONS1AUNDERTHETIMEPERIODASSUMPTION,ANACCOUNTANTISREQUIREDTODETERMINETHERELEVANCEOFEACHBUSINESSTRANSACTIONTOSPECIFICACCOUNTINGPERIODSBANACCOUNTINGTIMEPERIODOFONEYEARINLENGTHISREFERREDTOASAFISCALYEARAFISCALYEARTHATEXTENDSFROMJANUARY1TODECEMBER31ISREFERREDTOASACALENDARYEARACCOUNTINGPERIODSOFLESSTHANONEYEARARECALLEDINTERIMPERIODS234567891011THETWOGENERALLYACCEPTEDACCOUNTINGPRINCIPLESTHATRELATETOADJUSTINGTHEACCOUNTSARETHEREVENUERECOGNITIONPRINCIPLE,WHICHSTATESTHATREVENUESHOULDBERECOGNIZEDINTHEACCOUNTINGPERIODINWHICHITISEARNEDTHEMATCHINGPRINCIPLE,WHICHSTATESTHATEFFORTSEXPENSESBEMATCHEDWITHACCOMPLISHMENTSREVENUESTHELAWFIRMSHOULDRECOGNIZETHEREVENUEINAPRILTHEREVENUERECOGNITIONPRINCIPLESTATESTHATREVENUESHOULDBERECOGNIZEDINTHEACCOUNTINGPERIODINWHICHITISEARNEDINFORMATIONPRESENTEDONANACCRUALBASISISMOREUSEFULTHANONACASHBASISBECAUSEITREVEALSRELATIONSHIPSTHATARELIKELYTOBEIMPORTANTINPREDICTINGFUTURERESULTSTOILLUSTRATE,UNDERACCRUALACCOUNTING,REVENUESARERECOGNIZEDWHENEARNEDSOTHEYCANBERELATEDTOTHEECONOMICENVIRONMENTINWHICHTHEYOCCURTRENDSINREVENUESARETHUSMOREMEANINGFULEXPENSESOF4,500SHOULDBEDEDUCTEDFROMTHEREVENUESINAPRILUNDERTHEMATCHINGPRINCIPLEEFFORTSEXPENSESSHOULDBEMATCHEDWITHACCOMPLISHMENTSREVENUESNO,ADJUSTINGENTRIESAREREQUIREDBYTHEREVENUERECOGNITIONANDMATCHINGPRINCIPLESATRIALBALANCEMAYNOTCONTAINUPTODATEINFORMATIONFORFINANCIALSTATEMENTSBECAUSE1SOMEEVENTSARENOTJOURNALIZEDDAILYBECAUSEITISINEXPEDIENTTODOSO2THEEXPIRATIONOFSOMECOSTSOCCURSWITHTHEPASSAGEOFTIMERATHERTHANASARESULTOFRECURRINGDAILYTRANSACTIONS3SOMEITEMSMAYBEUNRECORDEDBECAUSETHETRANSACTIONDATAARENOTKNOWNTHETWOCATEGORIESOFADJUSTINGENTRIESAREPREPAYMENTSANDACCRUALSPREPAYMENTSCONSISTOFPREPAIDEXPENSESANDUNEARNEDREVENUESACCRUALSCONSISTOFACCRUEDREVENUESANDACCRUEDEXPENSESINTHEADJUSTINGENTRYFORAPREPAIDEXPENSE,ANEXPENSEISDEBITEDANDANASSETISCREDITEDNODEPRECIATIONISTHEPROCESSOFALLOCATINGTHECOSTOFANASSETTOEXPENSEOVERITSUSEFULLIFEINARATIONALANDSYSTEMATICMANNERDEPRECIATIONRESULTSINTHEPRESENTATIONOFTHEBOOKVALUEOFTHEASSET,NOTITSMARKETVALUEDEPRECIATIONEXPENSEISANEXPENSEACCOUNTWHOSENORMALBALANCEISADEBITTHISACCOUNTSHOWSTHECOSTTHATHASEXPIREDDURINGTHECURRENTACCOUNTINGPERIODACCUM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THEYHAVENTBEENPAIDYETIREALIZETHATTHEDEFICITWOULDDRAMATICALLYINCREASEIFWEWERETOIMPLEMENTANACCRUALSYSTEM,BUTINALLFAIRNESS,WECITIZENSSHOULDBEGIVENAMOREACCURATEPICTUREOFWHATOURGOVERNMENTISUPTOSINCERELY,CONCERNEDSTUDENT310EXERCISE32ABITEM123456TYPEOFADJUSTMENTACCRUEDREVENUESPREPAIDEXPENSESACCRUEDEXPENSESUNEARNEDREVENUESACCRUEDEXPENSESPREPAIDEXPENSESACCOUNTSBEFOREADJUSTMENTASSETSUNDERSTATEDREVENUESUNDERSTATEDASSETSOVERSTATEDEXPENSESUNDERSTATEDEXPENSESUNDERSTATEDLIABILITIESUNDERSTATEDLIABILITIESOVERSTATEDREVENUESUNDERSTATEDEXPENSESUNDERSTATEDLIABILITIESUNDERSTATEDASSETSOVERSTATEDEXPENSESUNDERSTATEDEXERCISE331MAR31DEPRECIATIONEXPENSE300X3900ACCUMULATEDDEPRECIATIONEQUIPMENT900234531313131UNEARNEDRENTRENTREVENUE12,000X1/3INTERESTEXPENSEINTERESTPAYABLESUPPLIESEXPENSESUPPLIES2,8001,100INSURANCEEXPENSE200X3PREPAIDINSURANCE4,0005001,7006004,0005001,700600311EXERCISE34123JAN313131ACCOUNTSRECEIVABLESERVICEREVENUEUTILITIESEXPENSEUTILITIESPAYABLEDEPRECIATIONEXPENSE875630400875630ACCUMULATEDDEPRECIATIONDENTALEQUIPMENT40031INTERESTEXPENSEINTERESTPAYABLE500500453131INSURANCEEXPENSE21,00012PREPAIDINSURANCESUPPLIESEXPENSE1,600600SUPPLIES1,7501,0001,7501,000EXERCISE351OCT31ADVERTISINGSUPPLIESEXPENSEADVERTISINGSUPPLIES1,6501,6502,500850233131INSURANCEEXPENSEPREPAIDINSURANCEDEPRECIATIONEXPENSE10050100ACCUMULATEDDEPRECIATIONOFFICEEQUIPMENT50453131UNEARNEDREVENUESERVICEREVENUEACCOUNTSRECEIVABLESERVICEREVENUE600450600450312EXERCISE35CONTINUED67OCT3131INTERESTEXPENSEINTERESTPAYABLESALARIESEXPENSESALARIESPAYABLE701,200701,200EXERCISE36OLYMPICCORPINCOMESTATEMENTFORTHEMONTHENDEDJULY31,2006REVENUESSERVICEREVENUE5,5001,000EXPENSESWAGESEXPENSE2,300300SUPPLIESEXPENSE1,200300UTILITIESEXPENSEINSURANCEEXPENSEDEPRECIATIONEXPENSETOTALEXPENSESNETINCOMEEXERCISE372,6009006004001506,5004,6501,850ANSWERCOMPUTATIONASUPPLIESBALANCE1,150SUPPLIESEXPENSEADDSUPPLIES1/31LESSSUPPLIESPURCHASEDSUPPLIES1/19508506501,150BTOTALPREMIUM4,800PURCHASEDATEAUG1,2005TOTALPREMIUMMONTHLYPREMIUMX12400X124,800PURCHASEDATEONJAN31,THEREARE6MONTHSCOVERAGEREMAINING400X6THUS,THEPURCHASEDATEWAS6MONTHSEARLIERONAUG1,2005313EXERCISE37CONTINUEDCSALARIESPAYABLE2,000DUNEARNEDREVENUE1,150EXERCISE38CASHPAIDSALARIESPAYABLE1/31/06LESSSALARIESEXPENSESALARIESPAYABLE12/31/05SERVICEREVENUEUNEARNEDSERVICEREVENUE1/31/06CASHRECEIVEDINJANUARYUNEARNEDSERVICEREVENUE12/31/053,0008003,8001,8002,0002,0007502,7501,6001,150AJULY10141520BJULY31313131SUPPLIESCASHCASHSERVICEREVENUESALARIESEXPENSECASHCASHUNEARNEDREVENUESUPPLIESEXPENSESUPPLIESACCOUNTSRECEIVABLESERVICEREVENUESALARIESEXPENSESALARIESPAYABLEUNEARNEDREVENUESERVICEREVENUE3142002,0001,2007508005001,2009002002,0001,2007508005001,200900EXERCISE39AUG313131313131ACCOUNTSRECEIVABLESERVICEREVENUEOFFICESUPPLIESEXPENSEOFFICESUPPLIESINSURANCEEXPENSEPREPAIDINSURANCEDEPRECIATIONEXPENSEACCUMULATEDDEPRECIATIONOFFICEEQUIPMENTSALARIESEXPENSESALARIESPAYABLEUNEARNEDRENTRENTREVENUE6001,6001,5001,3001,1009006001,6001,5001,3001,100900EXERCISE310VILLACOMPANYINCOMESTATEMENTFORTHEYEARENDEDAUGUST31,2006REVENUESSERVICEREVENUERENTREVENUETOTALREVENUESEXPENSESSALARIESEXPENSERENTEXPENSEOFFICESUPPLIESEXPENSEINSURANCEEXPENSEDEPRECIATIONEXPENSETOTALEXPENSESNETINCOME31518,10015,0001,6001,5001,30034,60011,90046,50037,5009,000EXERCISE310CONTINUEDVILLACOMPANYRETAINEDEARNINGSSTATEMENTFORTHEYEARENDEDAUGUST31,2006RETAINEDEARNINGS,SEPTEMBER1,2005ADDNETINCOMERETAINEDEARNINGS,AUGUST31,2006VILLACOMPANYBALANCESHEETAUGUST31,2006ASSETS5,6009,00014,600CASHACCOUNTSRECEIVABLEOFFICESUPPLIESPREPAIDINSURANCEOFFICEEQUIPMENT14,00010,4009,4007002,500LESSACCUMDEPRECIATIONOFFICEEQUIPMENTTOTALASSETSLIABILITIESANDSTOCKHOLDERSEQUITYLIABILITIES4,9009,10032,100ACCOUNTSPAYABLESALARIESPAYABLEUNEARNEDRENTTOTALLIABILITIESSTOCKHOLDERSEQUITYCOMMONSTOCK10,000RETAINEDEARNINGS14,600TOTALLIABILITIESANDSTOCKHOLDERSEQUITYEXERCISE3115,8001,1006007,50024,60032,100A12CASHFEESRECEIVABLEUNEARNEDFEESFEESREVENUES3169,00020,0009,00020,000EXERCISE311CONTINUED3ICASH35,000UNEARNEDFEESIIUNEARNEDFEES35,00017,000FEESREVENUE18,00035,00018,00045FEESRECEIVABLEFEESREVENUE153,00020,00018,000CASHFEESRECEIVABLE115,000103,000115,000103,000115,00012,000BCASHRECEIVEDWITHRESPECTTOFEES9,000103,00035,000147,000EXERCISE312AJAN21015INSURANCEEXPENSECASHSUPPLIESEXPENSECASHCASHSERVICEREVENUE2,4001,7006,1002,4001,7006,100INSURANCEEXPENSESUPPLIESEXPENSE1/22,400CASH1/101,700SERVICEREVENUE1/156,1001/22,4001/156,1001/101,700317EXERCISE312CONTINUEDBJAN313131PREPAIDINSURANCE200X11MONTHSINSURANCEEXPENSESUPPLIESSUPPLIESEXPENSESERVICEREVENUEUNEARNEDREVENUE2,2008004,6002,2008004,600INSURANCEEXPENSE1/22,4001/312,200BAL200PREPAIDINSURANCESUPPLIESEXPENSE1/101,7001/31800BAL900SUPPLIESSERVICEREVENUE1/314,6001/156,100BAL1,500UNEARNEDREVENUE1/312,2001/318001/314,600CINSURANCEEXPENSESUPPLIESEXPENSESERVICEREVENUEPREPAIDINSURANCESUPPLIESUNEARNEDREVENUE3182009001,5002,2008004,600SOLUTIONSTOPROBLEMSPROBLEM31AAJ4DATEACCOUNTTITLESANDEXPLANATIONREFDEBITCREDIT2006MAY313131SUPPLIESEXPENSESUPPLIESTRAVELEXPENSETRAVELPAYABLEINSURANCEEXPENSEPREPAIDINSURANCE5601305502105401205002001005002001002,40024MONTHS31UNEARNEDSERVICEREVENUESERVICEREVENUE2304002,0002,0003,0001,00031SALARIESEXPENSESALARIESPAYABLE5102206006003/5X500X2EMPLOYEES31DEPRECIATIONEXPENSE530200ACCUMULATEDDEPRECIATIONOFFICEFURNITURE13620031ACCOUNTSRECEIVABLESERVICEREVENUE1104001,0001,000BCASHNO101DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31BALANCE3197,700PROBLEM31ACONTINUEDACCOUNTSRECEIVABLENO110DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31BALANCE4,00031ADJUSTINGJ41,0005,000PREPAIDINSURANCENO120DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31BALANCE2,40031ADJUSTINGJ41002,300SUPPLIESNO130DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31BALANCE1,50031ADJUSTINGJ45001,000OFFICEFURNITURENO135DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31BALANCEACCUMULATEDDEPRECIATIONOFFICEFURNITURE12,000NO136DATEEXPLANATIONREFDEBIT2006MAY31ADJUSTINGJ4ACCOUNTSPAYABLECREDIT200BALANCE200NO200DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31BALANCE3203,500PROBLEM31ACONTINUEDTRAVELPAYABLENO210DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31ADJUSTINGSALARIESPAYABLEJ4200200NO220DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31ADJUSTINGUNEARNEDSERVICEREVENUEJ4600600NO230DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31BALANCE3,00031ADJUSTINGJ42,0001,000COMMONSTOCKNO311DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31BALANCESERVICEREVENUE19,100NO400DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31BALANCE6,0003131ADJUSTINGADJUSTINGJ4J42,0001,0008,0009,000SALARIESEXPENSENO510DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31BALANCE3,00031ADJUSTINGJ46003,600321PROBLEM31ACONTINUEDRENTEXPENSENO520DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31BALANCEDEPRECIATIONEXPENSE1,000NO530DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31ADJUSTINGINSURANCEEXPENSEJ4200200NO540DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31ADJUSTINGTRAVELEXPENSEJ4100100NO550DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31ADJUSTINGSUPPLIESEXPENSEJ4200200NO560DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31ADJUSTINGJ4500500322PROBLEM31ACONTINUEDCVEKTEKCONSULTINGINCADJUSTEDTRIALBALANCEMAY31,2006DEBITCREDITCASHACCOUNTSRECEIVABLEPREPAIDINSURANCESUPPLIESOFFICEFURNITUREACCUMULATEDDEPRECIATIONOFFICE7,7005,0002,3001,00012,000FURNITURE200ACCOUNTSPAYABLETRAVELPAYABLESALARIESPAYABLEUNEARNEDSERVICEREVENUECOMMONSTOCKRETAINEDEARNINGSSERVICEREVENUESALARIESEXPENSERENTEXPENSEDEPRECIATIONEXPENSEINSURANCEEXPENSETRAVELEXPENSE3,6001,0002001002003,5002006001,00019,10009,000SUPPLIESEXPENSE32350033,600000,00033,600PROBLEM32AAJ1DATEMAY313131ACCOUNTTITLESANDEXPLANATIONINSURANCEEXPENSEPREPAIDINSURANCESUPPLIESEXPENSESUPPLIES1,900900DEPRECIATIONEXPENSELODGEREF722130631126619DEBIT2001,000200CREDIT2001,0002,400X1/12ACCUMULATEDDEPRECIATIONLODGE14220031DEPRECIATIONEXPENSEFURNITURE6212503,000X1/12ACCUMULATEDDEPRECIATIONFURNITURE15025031INTERESTEXPENSEINTERESTPAYABLE71823035035035,000X12X1/123131UNEARNEDRENTRENTREVENUESALARIESEXPENSESALARIESPAYABLE2084297262122,5008002,500800BCASHNO101DATEEXPLANATIONREFDEBITCREDITBALANCEMAY31BALANCE3242,500PROBLEM32ACONTINUEDSUPPLIESNO126DATEEXPLANATIONRE