财务会计课后习题答案英文原版第3单元

31CHAPTER3ADJUSTINGTHEACCOUNTSASSIGNMENTCLASSIFICATIONTABLESTUDYOBJECTIVESQUESTIONSBRIEFEXERCISESEXERCISESAPROBLEMSBPROBLEMS1EXPLAINTHETIMEPERIODASSUMPTION1,22EXPLAINTHEACCRUALBASISOFACCOUNTING3,4,51,63EXPLAINWHYADJUSTINGENTRIESARENEEDED1,6,714IDENTIFYTHEMAJORTYPESOFADJUSTINGENTRIES8,9,10,182,82,75PREPAREADJUSTINGENTRIESFORPREPAYMENTS8,9,10,11,12,13,18,19,203,4,5,62,3,4,5,6,7,8,9,111A,2A,3A,4A,5A,6A1B,2B,3B,4B,5B6PREPAREADJUSTINGENTRIESFORACCRUALS8,14,15,16,17,18,19,2072,3,4,5,6,7,8,9,111A,2A,3A,4A,5A,6A1B,2B,3B,4B,5B7DESCRIBETHENATUREANDPURPOSEOFANADJUSTEDTRIALBALANCE219,103,4,5,6,7,8,9,101A,2A,3A,5A,6A1B,2B,3B,5B8PREPAREADJUSTINGENTRIESFORTHEALTERNATIVETREATMENTOFPREPAYMENTS2211126ANOTEALLASTERISKEDQUESTIONS,EXERCISES,ANDPROBLEMSRELATETOMATERIALCONTAINEDINTHEAPPENDIXTOTHECHAPTER32ASSIGNMENTCHARACTERISTICSTABLEPROBLEMNUMBERDESCRIPTIONDIFFICULTYLEVELTIMEALLOTTEDMIN1APREPAREADJUSTINGENTRIES,POSTTOLEDGERACCOUNTS,ANDPREPAREANADJUSTEDTRIALBALANCESIMPLE40502APREPAREADJUSTINGENTRIES,POST,ANDPREPAREANADJUSTEDTRIALBALANCEANDFINANCIALSTATEMENTSSIMPLE50603APREPAREADJUSTINGENTRIESANDFINANCIALSTATEMENTSMODERATE40504APREPAREADJUSTINGENTRIESMODERATE30405AJOURNALIZETRANSACTIONSANDFOLLOWTHROUGHACCOUNTINGCYCLETOPREPARATIONOFFINANCIALSTATEMENTSMODERATE60706APREPAREADJUSTINGENTRIES,ANADJUSTEDTRIALBALANCE,ANDFINANCIALSTATEMENTSUSINGAPPENDIXMODERATE40501BPREPAREADJUSTINGENTRIES,POSTTOLEDGERACCOUNTS,ANDPREPAREANADJUSTEDTRIALBALANCESIMPLE40502BPREPAREADJUSTINGENTRIES,POST,ANDPREPAREANADJUSTEDTRIALBALANCEANDFINANCIALSTATEMENTSSIMPLE50603BPREPAREADJUSTINGENTRIESANDFINANCIALSTATEMENTSMODERATE40504BPREPAREADJUSTINGENTRIESMODERATE30405BJOURNALIZETRANSACTIONSANDFOLLOWTHROUGHACCOUNTINGCYCLETOPREPARATIONOFFINANCIALSTATEMENTSMODERATE6070BLOOMSTAXONOMYTABLECORRELATIONCHARTBETWEENBLOOMSTAXONOMY,STUDYOBJECTIVESANDENDOFCHAPTEREXERCISESANDPROBLEMSSTUDYOBJECTIVEKNOWLEDGECOMPREHENSIONAPPLICATIONANALYSISSYNTHESISEVALUATION1EXPLAINTHETIMEPERIODASSUMPTIONQ31Q322EXPLAINTHEACCRUALBASISOFACCOUNTINGQ33Q34Q35E36E313EXPLAINWHYADJUSTINGENTRIESARENEEDEDQ31Q36Q37BE314IDENTIFYTHEMAJORTYPESOFADJUSTINGENTRIESQ38Q39Q310Q318BE32BE38E32E375PREPAREADJUSTINGENTRIESFORPREPAYMENTSQ38Q39Q310Q311Q312Q313Q319Q320Q318BE33BE34BE35BE36E32E33E34E35E36E37E38E39E311P31AP32AP33AP34AP35AP36AP31BP32BP33BP34BP35BE3116PREPAREADJUSTINGENTRIESFORACCRUALSQ38Q314Q315Q319Q320Q317Q316Q318BE37E32E33E34E35E36E37E38E39E311P31AP32AP33AP34AP35AP36AP31BP32BP33BP34BP35BE3117DESCRIBETHENATUREANDPURPOSEOFANADJUSTEDTRIALBALANCEQ321BE39BE310E310E33E34E35E36E37E38E39P31AP32AP33AP35AP36AP31BP32BP33BP35B8PREPAREADJUSTINGENTRIESFORTHEALTERNATIVETREATMENTOFPREPAYMENTSQ322BE311E312P36ABROADENINGYOURPERSPECTIVECOMMUNICATIONRESEARCHCASECOOKIECHRONICLEFINANCIALREPORTINGCOMPARATIVEANALYSISEXPLORINGTHEWEBGROUPDECISIONCASEINTERPRETINGFINANCIALSTATEMENTSETHICSCASEINTERPRETINGFINANCIALSTATEMENTSGLOBALFOCUS3334ANSWERSTOQUESTIONS1AUNDERTHETIMEPERIODASSUMPTION,ANACCOUNTANTISREQUIREDTODETERMINETHERELEVANCEOFEACHBUSINESSTRANSACTIONTOSPECIFICACCOUNTINGPERIODSBANACCOUNTINGTIMEPERIODOFONEYEARINLENGTHISREFERREDTOASAFISCALYEARAFISCALYEARTHATEXTENDSFROMJANUARY1TODECEMBER31ISREFERREDTOASACALENDARYEARACCOUNTINGPERIODSOFLESSTHANONEYEARARECALLEDINTERIMPERIODS2THETWOGENERALLYACCEPTEDACCOUNTINGPRINCIPLESTHATRELATETOADJUSTINGTHEACCOUNTSARETHEREVENUERECOGNITIONPRINCIPLE,WHICHSTATESTHATREVENUESHOULDBERECOGNIZEDINTHEACCOUNTINGPERIODINWHICHITISEARNEDTHEMATCHINGPRINCIPLE,WHICHSTATESTHATEFFORTSEXPENSESBEMATCHEDWITHACCOMPLISHMENTSREVENUES3THELAWFIRMSHOULDRECOGNIZETHEREVENUEINAPRILTHEREVENUERECOGNITIONPRINCIPLESTATESTHATREVENUESHOULDBERECOGNIZEDINTHEACCOUNTINGPERIODINWHICHITISEARNED4INFORMATIONPRESENTEDONANACCRUALBASISISMOREUSEFULTHANONACASHBASISBECAUSEITREVEALSRELATIONSHIPSTHATARELIKELYTOBEIMPORTANTINPREDICTINGFUTURERESULTSTOILLUSTRATE,UNDERACCRUALACCOUNTING,REVENUESARERECOGNIZEDWHENEARNEDSOTHEYCANBERELATEDTOTHEECONOMICENVIRONMENTINWHICHTHEYOCCURTRENDSINREVENUESARETHUSMOREMEANINGFUL5EXPENSESOF4,500SHOULDBEDEDUCTEDFROMTHEREVENUESINAPRILUNDERTHEMATCHINGPRINCIPLEEFFORTSEXPENSESSHOULDBEMATCHEDWITHACCOMPLISHMENTSREVENUES6NO,ADJUSTINGENTRIESAREREQUIREDBYTHEREVENUERECOGNITIONANDMATCHINGPRINCIPLES7ATRIALBALANCEMAYNOTCONTAINUPTODATEINFORMATIONFORFINANCIALSTATEMENTSBECAUSE1SOMEEVENTSARENOTJOURNALIZEDDAILYBECAUSEITISINEXPEDIENTTODOSO2THEEXPIRATIONOFSOMECOSTSOCCURSWITHTHEPASSAGEOFTIMERATHERTHANASARESULTOFRECURRINGDAILYTRANSACTIONS3SOMEITEMSMAYBEUNRECORDEDBECAUSETHETRANSACTIONDATAARENOTKNOWN8THETWOCATEGORIESOFADJUSTINGENTRIESAREPREPAYMENTSANDACCRUALSPREPAYMENTSCONSISTOFPREPAIDEXPENSESANDUNEARNEDREVENUESACCRUALSCONSISTOFACCRUEDREVENUESANDACCRUEDEXPENSES9INTHEADJUSTINGENTRYFORAPREPAIDEXPENSE,ANEXPENSEISDEBITEDANDANASSETISCREDITED10NODEPRECIATIONISTHEPROCESSOFALLOCATINGTHECOSTOFANASSETTOEXPENSEOVERITSUSEFULLIFEINARATIONALANDSYSTEMATICMANNERDEPRECIATIONRESULTSINTHEPRESENTATIONOFTHEBOOKVALUEOFTHEASSET,NOTITSMARKETVALUE11DEPRECIATIONEXPENSEISANEXPENSEACCOUNTWHOSENORMALBALANCEISADEBITTHISACCOUNTSHOWSTHECOSTTHATHASEXPIREDDURINGTHECURRENTACCOUNTINGPERIODACCUMULATEDDEPRECIATIONISACONTRAASSETACCOUNTWHOSENORMALBALANCEISACREDITTHEBALANCEINTHISACCOUNTISTHEDEPRECIATIONTHATHASBEENRECOGNIZEDFROMTHEDATEOFACQUISITIONTOTHEBALANCESHEETDATE12EQUIPMENT18,000LESSACCUMULATEDDEPRECIATION7,00011,00035QUESTIONSCHAPTER3CONTINUED13INTHEADJUSTINGENTRYFORANUNEARNEDREVENUE,ALIABILITYISDEBITEDANDAREVENUEISCREDITED14ASSETANDREVENUEANASSETWOULDBEDEBITEDANDAREVENUEWOULDBECREDITED15ANEXPENSEISDEBITEDANDALIABILITYISCREDITED16NETINCOMEWASUNDERSTATED300BECAUSEPRIORTOADJUSTMENT,REVENUESAREUNDERSTATEDBY900ANDEXPENSESAREUNDERSTATEDBY600THEDIFFERENCEINTHISCASEIS30090060017THEENTRYISJAN9SALARIESPAYABLE2,000SALARIESEXPENSE4,000CASH6,00018AACCRUEDREVENUESDACCRUEDEXPENSESORPREPAIDEXPENSESBUNEARNEDREVENUESEPREPAIDEXPENSESCACCRUEDEXPENSESFACCRUEDREVENUESORUNEARNEDREVENUES19ASALARIESPAYABLEDSUPPLIESEXPENSEBACCUMULATEDDEPRECIATIONESERVICEREVENUECINTERESTEXPENSEFSERVICEREVENUE20DISAGREEANADJUSTINGENTRYAFFECTSONLYONEBALANCESHEETACCOUNTANDONEINCOMESTATEMENTACCOUNT21FINANCIALSTATEMENTSCANBEPREPAREDDIRECTLYFROMANADJUSTEDTRIALBALANCEBECAUSETHEBALANCESOFALLACCOUNTSHAVEBEENADJUSTEDTOSHOWTHEEFFECTSOFALLFINANCIALEVENTSTHATHAVEOCCURREDDURINGTHEACCOUNTINGPERIOD22FORSUPPLIESEXPENSEPREPAIDEXPENSEEXPENSESAREOVERSTATEDANDASSETSAREUNDERSTATEDTHEADJUSTINGENTRYISASSETSSUPPLIESXXEXPENSESSUPPLIESEXPENSEXXFORRENTREVENUEUNEARNEDREVENUESREVENUESAREOVERSTATEDANDLIABILITIESAREUNDERSTATEDTHEADJUSTINGENTRYISREVENUESRENTREVENUEXXLIABILITIESUNEARNEDRENTREVENUEXX36SOLUTIONSTOBRIEFEXERCISESBRIEFEXERCISE31APREPAIDINSURANCETORECOGNIZEINSURANCEEXPIREDDURINGTHEPERIODBDEPRECIATIONEXPENSETOACCOUNTFORTHEDEPRECIATIONTHATHASOCCURREDONTHEASSETDURINGTHEPERIODCUNEARNEDREVENUETORECORDREVENUEEARNEDFORSERVICESPROVIDEDDINTERESTPAYABLETORECOGNIZEINTERESTACCRUEDBUTUNPAIDONNOTESPAYABLEBRIEFEXERCISE32ITEMATYPEOFADJUSTMENTBACCOUNTSBEFOREADJUSTMENT1PREPAIDEXPENSESASSETSOVERSTATEDEXPENSESUNDERSTATED2ACCRUEDREVENUESASSETSUNDERSTATEDREVENUESUNDERSTATED3ACCRUEDEXPENSESEXPENSESUNDERSTATEDLIABILITIESUNDERSTATED4UNEARNEDREVENUESLIABILITIESOVERSTATEDREVENUESUNDERSTATEDBRIEFEXERCISE33DEC31ADVERTISINGSUPPLIESEXPENSE5,000ADVERTISINGSUPPLIES6,7001,7005,000ADVERTISINGSUPPLIESADVERTISINGSUPPLIESEXPENSE6,70012/315,00012/315,00012/31BAL1,70037BRIEFEXERCISE34DEC31DEPRECIATIONEXPENSEEQUIPMENT6,000ACCUMULATEDDEPRECIATIONEQUIPMENT6,000DEPREXPENSEEQUIPMENTACCUMDEPRECIATIONEQUIPMENT12/316,00012/316,000BALANCESHEETEQUIPMENT30,000LESSACCUMULATEDDEPRECIATION6,00024,000BRIEFEXERCISE35JULY1PREPAIDINSURANCE12,000CASH12,000DEC31INSURANCEEXPENSE12,0003X1/22,000PREPAIDINSURANCE2,000PREPAIDINSURANCEINSURANCEEXPENSE7/112,00012/312,00012/312,00012/31BAL10,000BRIEFEXERCISE36JULY1CASH12,000UNEARNEDINSURANCEREVENUE12,000DEC31UNEARNEDINSURANCEREVENUE2,000INSURANCEREVENUE2,000UNEARNEDINSURANCEREVENUEINSURANCEREVENUE12/312,0007/112,00012/312,00012/31BAL10,00038BRIEFEXERCISE371DEC31INTERESTEXPENSE400INTERESTPAYABLE400231ACCOUNTSRECEIVABLE1,250SERVICEREVENUE1,250331SALARIESEXPENSE900SALARIESPAYABLE900BRIEFEXERCISE38ACCOUNTATYPEOFADJUSTMENTBRELATEDACCOUNTACCOUNTSRECEIVABLEACCRUEDREVENUESSERVICEREVENUEPREPAIDINSURANCEPREPAIDEXPENSESINSURANCEEXPENSEACCUMDEPREQUIPMENTPREPAIDEXPENSESDEPRECIATIONEXPENSEINTERESTPAYABLEACCRUEDEXPENSESINTERESTEXPENSEUNEARNEDSERVICEREVENUEUNEARNEDREVENUESSERVICEREVENUEBRIEFEXERCISE39LUCILLECORPORATIONINCOMESTATEMENTFORTHEYEARENDEDDECEMBER31,2006REVENUESSERVICEREVENUE38,400EXPENSESSALARIESEXPENSE16,000RENTEXPENSE4,000INSURANCEEXPENSE2,000SUPPLIESEXPENSE1,500DEPRECIATIONEXPENSE1,100TOTALEXPENSES24,600NETINCOME13,80039BRIEFEXERCISE310LUCILLECORPORATIONRETAINEDEARNINGSSTATEMENTFORTHEYEARENDEDDECEMBER31,2006RETAINEDEARNINGS,JANUARY115,600ADDNETINCOME13,80029,400LESSDIVIDENDS6,000RETAINEDEARNINGS,DECEMBER3123,400BRIEFEXERCISE311AAPR30SUPPLIES1,000SUPPLIESEXPENSE1,000B30SERVICEREVENUE2,000UNEARNEDSERVICEREVENUE2,000310SOLUTIONSTOEXERCISESEXERCISE31AACCRUALBASISACCOUNTINGRECORDSTHEEVENTSTHATCHANGEACOMPANYSFINANCIALSTATEMENTSINTHEPERIODSINWHICHTHEEVENTSOCCURRATHERTHANINTHEPERIODSINWHICHTHECOMPANYRECEIVESORPAYSCASHINFORMATIONPRESENTEDONANACCRUALBASISISUSEFULBECAUSEITREVEALSRELATIONSHIPSTHATARELIKELYTOBEIMPORTANTINPREDICTINGFUTURERESULTSCONVERSELY,UNDERCASHBASISACCOUNTING,REVENUEISRECORDEDONLYWHENCASHISRECEIVED,ANDANEXPENSEISRECOGNIZEDONLYWHENCASHISPAIDASARESULT,THECASHBASISOFACCOUNTINGOFTENLEADSTOMISLEADINGFINANCIALSTATEMENTSBPOLITICIANSMIGHTDESIREACASHBASISACCOUNTINGSYSTEMOVERANACCRUALBASISSYSTEMBECAUSEIFANACCRUALACCOUNTINGSYSTEMISUSED,ITCOULDMEANTHATBILLIONSOFDOLLARSINGOVERNMENTLIABILITIESPRESENTLYUNRECORDEDWOULDHAVETOBEREPORTEDINTHEFEDERALBUDGETIMMEDIATELYTHERECOGNITIONOFTHESEADDITIONALLIABILITIESWOULDMAKETHEDEFICITEVENWORSETHISISNOTWHATPOLITICIANSWOULDLIKETOSEEANDBEHELDRESPONSIBLEFORCDEARSENATOR,ITISMYUNDERSTANDING,AFTERHAVINGTAKENABEGINNINGCOURSEINFINANCIALACCOUNTING,THATTHEFEDERALGOVERNMENTUSESACASHBASISSYSTEMRATHERTHANANACCRUALBASISACCOUNTINGSYSTEMIAMSHOCKEDATSUCHAPRACTICETHEREMUSTBEBILLIONSOFDOLLARSOFLIABILITIESHIDDENINMANYCONTRACTSTHATHAVENOTBEENRECORDEDYETFORTHEMEREREASONT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024MONTHS54012010010031UNEARNEDSERVICEREVENUESERVICEREVENUE3,0001,0002304002,0002,00031SALARIESEXPENSESALARIESPAYABLE3/5X500X2EMPLOYEES51022060060031DEPRECIATIONEXPENSEACCUMULATEDDEPRECIATIONOFFICEFURNITURE53013620020031ACCOUNTSRECEIVABLESERVICEREVENUE1104001,0001,000BCASHNO101DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31BALANCECHECK7,700320PROBLEM31ACONTINUEDACCOUNTSRECEIVABLENO110DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY3131BALANCEADJUSTINGCHECKJ41,0004,0005,000PREPAIDINSURANCENO120DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY3131BALANCEADJUSTINGCHECKJ41002,4002,300SUPPLIESNO130DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY3131BALANCEADJUSTINGCHECKJ45001,5001,000OFFICEFURNITURENO135DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31BALANCECHECK12,000ACCUMULATEDDEPRECIATIONOFFICEFURNITURENO136DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31ADJUSTINGJ4200200ACCOUNTSPAYABLENO200DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31BALANCECHECK3,500321PROBLEM31ACONTINUEDTRAVELPAYABLENO210DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31ADJUSTINGJ4200200SALARIESPAYABLENO220DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31ADJUSTINGJ4600600UNEARNEDSERVICEREVENUENO230DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY3131BALANCEADJUSTINGCHECKJ42,0003,0001,000COMMONSTOCKNO311DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31BALANCECHECK19,100SERVICEREVENUENO400DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY313131BALANCEADJUSTINGADJUSTINGCHECKJ4J42,0001,0006,0008,0009,000SALARIESEXPENSENO510DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY3131BALANCEADJUSTINGCHECKJ46003,0003,600322PROBLEM31ACONTINUEDRENTEXPENSENO520DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31BALANCECHECK1,000DEPRECIATIONEXPENSENO530DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31ADJUSTINGJ4200200INSURANCEEXPENSENO540DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31ADJUSTINGJ4100100TRAVELEXPENSENO550DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31ADJUSTINGJ4200200SUPPLIESEXPENSENO560DATEEXPLANATIONREFDEBITCREDITBALANCE2006MAY31ADJUSTINGJ4500500323PROBLEM31ACONTINUEDCVEKTEKCONSULTINGINCADJUSTEDTRIALBALANCEMAY31,2006DEBITCREDITCASHACCOUNTSRECEIVABLEPREPAIDINSURANCESUPPLIESOFFICEFURNITUREACCUMULATEDDEPRECIATIONOFFICEFURNITUREACCOUNTSPAYABLETRAVELPAYABLESALARIESPAYABLEUNEARNEDSERVICEREVENUECOMMONSTOCKRETAINEDEARNINGSSERVICEREVENUESALARIESEXPENSERENTEXPENSEDEPRECIATIONEXPENSEINSURANCEEXPENSETRAVELEXPENSESUPPLIESEXPENSE7,7005,0002,3001,00012,0003,6001,00020010020050033,6002003,5002006001,00019,10009,000000,00033,600324PROBLEM32AAJ1DATEACCOUNTTITLESANDEXPLANATIONREFDEBITCREDITMAY31INSURANCEEXPENSEPREPAIDINSURANCE72213020020031SUPPLIESEXPENSESUPPLIES1,9009006311261,0001,00031DEPRECIATIONEXPENSELODGE2,400X1/12ACCUMULATEDDEPRECIATIONLODGE61914220020031DEPRECIATIONEXPENSEFURNITURE3,000X1/12ACCUMULATEDDEPRECIATIONFURNITURE62115025025031INTERESTEXPENSEINTERESTPAYABLE35,000X12X1/1271823035035031UNEARNEDRENTRENTREVENUE2084292,5002,50031SALARIESEXPENSESALARIESPAYABLE726212800800BCASHNO101DATEEXPLANATIONREFDEBITCREDITBALANCEMAY31BALANC