中级财务会计英 会计分录汇总.doc

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. 3-125Adjusting 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 18,690Supplies 18,690 2. Interest Receivable 450Interest Revenue 450*3. Rent Revenue 7,000Unearned Revenue 7,000Ex. 3-126Adjusting 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 3-1261.Prepaid Insurance 8,000Cash 8,000Insurance Expense 3,000Prepaid Insurance 3,0002.Cash 12,000Unearned Rent 12,000Unearned Rent 4,000Rent Revenue 4,000Pr. 3-133Adjusting entries and account classification.Selected amounts from Trent Companys trial balance of 12/31/10 appear below:1.Accounts Payable$160,0002.Accounts Receivable150,0003.Accumulated DepreciationEquipment200,0004.Allowance for Doubtful Accounts20,0005.Bonds Payable500,0006.Cash150,0007.Common Stock60,0008.Equipment840,0009.Insurance Expense30,00010.Interest Expense10,00011.Merchandise Inventory300,00012.Notes Payable (due 6/1/11)200,00013.Prepaid Rent150,00014.Retained Earnings818,00015.Salaries and Wages Expense328,000 (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 assetsb.Property, plant, and equipmentc.Current liabilitiesd.Long-term liabilitiese.Stockholders equitySolution 3-133Part A.a.Depreciation ExpenseEquipment ($840,000 0) 15 56,000Accumulated DepreciationEquipment 56,000b.Interest Expense 15,000Interest Payable 15,000c.Prepaid Insurance 10,000Insurance Expense ($30,000 - $20,000) 10,000d.Rent Expense ($150,000 6)25,000Prepaid Rent 25,000e.Salaries and Wages Expense 22,000Salaries and Wages Payable 22,000Pr. 3-134Adjusting 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 depreciationequipment 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 3-1341.Interest Receivable 1,400Interest Revenue 1,400Interest revenue per books $5,400Interest revenue received related to 2010 ($5,000 $1,000) 4,000Interest accrued$1,4002.Unearned Rent Revenue 37,300Rent Revenue 37,300Cash receipts$40,000Beginning balance5,300Ending balance (8,000)Rent revenue$37,300Solution 3-134 (cont.)3. Depreciation Expense 70,000Accumulated DepreciationEquipment 70,000Ending balance$270,000Beginning balance 230,000Difference40,000Write-off at time of sale 3/4 $40,000 30,000$ 70,0004.Bad Debt Expense 45,000Allowance for Doubtful Accounts 45,000Ending balance$65,000Beginning balance 50,000Difference15,000Written off 30,000$45,0005.Rent Expense 5,000Prepaid Rent 5,000Rent expense$125,000Less cash paid 120,000Reduction in prepaid rent account$ 5,0006.Income Summary 150,000Retained Earnings 150,000Ending balance$210,000Beginning balance 150,000Difference60,000Cash dividends$50,000Stock dividends 40,000 90,000$150,000Pr. 3-135Adjusting and closing entries.The following trial balance was taken from the books of Fisk Corporation on December 31, 2010.Account Debit Credit Cash$ 12,000Accounts Receivable40,000Note Receivable7,000Allowance for Doubtful Accounts$ 1,800Merchandise Inventory44,000Prepaid Insurance4,800Furniture and Equipment125,000Accumulated Depreciation-F. & E.15,000Accounts Payable10,800Common Stock44,000Retained Earnings55,000Sales280,000Cost of Goods Sold111,000Salaries Expense50,000Rent Expense 12,800 Totals$406,600$406,600Pr. 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 2,000Prepaid Insurance 2,000 b.Bad Debt Expense 2,800Allowance for Doubtful Accounts 2,800 c.Depreciation Expense 12,500Accumulated Depreciation-F. & E. 12,500 d.Interest Receivable 420Interest Revenue 420*e.Prepaid Rent 5,400Rent Expense 5,400 f.Salaries Expense 5,800Salaries Payable 5,800 (b)Closing EntriesSales 280,000Interest Revenue 420Income Summary 280,420Income Summary 191,500Salaries Expense 55,800Rent Expense 7,400Depreciation Expense 12,500Bad Debt Expense 2,800Insurance Expense 2,000Cost of Goods Sold 111,000Income Summary 88,920Retained 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. 7-136Entries for bad debt expense.A trial balance before adjustment included the following: Debit CreditAccounts receivable$80,000Allowance for doubtful accounts730Sales$340,000Sales returns and allowances8,000Give 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 3,270Allowance for Doubtful Accounts 3,270Gross receivables$80,000Rate 5%Total allowance needed4,000Present allowance (730)Adjustment needed$ 3,270Solution 7-136 (cont.)(2)Bad Debt Expense 3,320Allowance for Doubtful Accounts 3,320Sales$340,000Sales returns and allowances 8,000Net sales332,000Rate 1%Bad debt expense$ 3,320Ex. 7-137Accounts 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 months interest on the note.InstructionsMake all the entries for Marsh Inc. associated with the transfer of the accounts receivable, the loan, and the remittance to the finance company.Solution 7-137Cash192,000Finance Charge8,000Notes Payable200,000Cash130,000Accounts Receivable130,000Notes Payable130,000Interest Expense1,500Cash131,500PROBLEMSPr. 7-138Entries for bad debt expense.The trial balance before adjustment of Risen Company reports the following balances: Dr. Cr.Accounts receivable$100,000Allowance for doubtful accounts$ 2,500Sales (all on credit)750,000Sales returns and allowances40,000Instructions(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 Expense3,500Allowance for Doubtful Accounts3,500Gross receivables$100,000Rate 6%Total allowance needed6,000Present allowance (2,500)Bad debt expense$ 3,500(2)Bad Debt Expense7,100Allowance for Doubtful Accounts7,100Sales$750,000Sales returns and allowances (40,000)Net sales710,000Rate 1%Bad debt expense$ 7,100(b)The percentage of receivables approach would be affected as follows:Gross receivables$100,000Rate 6%Total allowance needed6,000Present allowance 2,500Additional amount required$ 8,500The journal entry is therefore as follows:Bad Debt Expense8,500Allowance for Doubtful Accounts8,500The entry would not change under the percentage of sales method.Pr. 7-140Accounts 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 months interest on the note.Solution 7-140(a)Cash410,000Finance Charge15,000Notes Payable425,000(b)Cash200,000Sales Discounts450Allowance for Doubtful Accounts530Accounts Receivable200,980(c)Notes Payable200,000Interest Expense4,250Cash204,250考点三存货盘存方法，折扣Ex. 8-148Recording 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)882Accounts Payable882(b)Accounts Payable882Purchase Discounts Lost18Cash900Ex. 8-149Recording purchases at net amounts.Dill Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following:June11Purchased merchandise on account, $5,000, terms 2/10, n/30.15Returned part of June 11 purchase, $800, and received credit on account.30Prepared the adjusting entry required for financial statements.Solution 8-149June11Purchases (.98 $5,000)4,900Accounts Payable4,90015Accounts Payable (.98 $800)784Purchase Returns and Allowances78430Purchase Discounts Lost (.02 $4,200)84Accounts Payable84Pr. 8-159Accounting 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)Purchases294,000Accounts Payable294,000(To record the purchase at net amount:.98 $300,000 = $294,000.)Accounts Payable235,200Cash235,200(To record payment within the discount period:$300,000 $60,000 = $240,000; .98 $240,000 = $235,200.)Accounts Payable58,800Purchase Discounts Lost1,200Cash60,000(To record the final payment.)考点四，存货减值跌价准备LCMEx. 9-143Lower-of-cost-or-market.At 12/31/10, the end of Jenner Companys first year of business, inventory was $4,100 and $2,800 at cost and at market, respectively.Following is data relative to the 12/31/11 inventory of Jenner:OriginalNetNet RealizableAppropriateCostReplacementRealizableValue LessInventory ItemPer Unit Cost Value Normal Profit ValueA$ .65$ .45B.45.40C.70.75D.75.65E.90.85Selling price is $1.00/unit for all items. Disposal costs amount to 10% of selling price and a normal profit is 30% of selling price. There are 1,000 units of each item in the 12/31/11 inventory.Instructions(a)Prepare the entry at 12/31/10 necessary to implement the lower-of-cost-or-market procedure assuming Jenner uses a contra account for its balance sheet.(b)Complete the last three columns in the 12/31/11 schedule above based upon the lower-of-cost-or-market rules.(c)Prepare the entry(ies) necessary at 12/31/11 based on the data above.(d)How are inventory losses disclosed on the income statement?Solution 9-143(a)Loss Due to Market Decline of Inventory1,300Allowance to Reduce Inventory to Market1,300Solution 9-143 (Cont.) (b)OriginalNetNet RealizableAppropriateCostReplacementRealizableValue LessInventory ItemPer Unit Cost Value Normal Profit ValueA$ .65$ .45$ .90$ .60$ .60B.0.45C.0.70D.0.65E .0 .85$3.45$3.25*$3.25 1,000 = $3,250(c)Allowance to Reduce Inventory to Market1,300Cost of Goods Sold1,300Loss Due to Market Decline of Inventory200Allowance to Reduce Inventory to Market200(Cost of inventory at 12/31/07 = $7,250)ORA 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. 9-149Gross profit method.On December 31, 2010 Felt Companys inventory burned. Sales and purchases for the year had been $1,400,000 and $980,000, respectively. The beginning inventory (Jan. 1, 2010) was $170,000; in the past Felts gross profit has averaged 40% of selling price.InstructionsCompute the estimated cost of inventory burned, and give entries as of December 31, 2010 to close merchandise accounts.Solution 9-149Beginning inventory$ 170,000Add: Purchases 980,000Cost of goods available1,150,000Sales$1,400,000Less 40% (560,000) 840,000Estimated inventory lost$ 310,000Sales1,400,000Income