ch04-2010财务会计,英文版原书第五版~答案

CHAPTER4 COMPLETIONOFTHEACCOUNTINGCYCLE完成会计循环 StudyObjectives Prepareaworksheet Explaintheprocessofclosingthebooks Describethecontentandpurposeofapost closingtrialbalance StatetherequiredstepsintheaccountingcycleExplaintheapproachestopreparingcorrectingentries Identifythesectionsofaclassifiedbalancesheet TheAccountingCycle Theaccountingcycleistheprocessbywhichaccountantspreparefinancialstatementsforanentityforaspecificperiodoftime TheAccountingCycle Foranewbusiness beginbysettingupledgeraccounts Foranestablishedbusiness beginwithaccountbalancescarriedoverfromthepreviousperiod Analyzingtransaction Journalizing Posting TrialBalance Adjusting AdjustedTrialBalance FinancialStatements JournalizingPostingClosingentry Post closingTrialBalance HowtomakeaccountingcycleworkEasier UsingWorksheet WORKSHEET工作底稿 Aworksheetisamultiple columnformthatmaybeusedintheadjustmentprocessandinpreparingfinancialstatements Worksheet WORKSHEET工作底稿 Itisaworkingtoolorasupplementarydevicefortheaccountantandnotapermanentaccountingrecord Useofaworksheetshouldmakethepreparationofadjustingentriesandfinancialstatementseasier WORKSHEET Theuseofaworksheetisoptional Whenaworksheetisused financialstatementsarepreparedfromtheworksheet Adjustmentsarejournalizedandpostedfromtheworksheetafterfinancialstatementsareprepared FORMANDPROCEDUREFORAWORKSHEET STEPSINPREPARINGAWORKSHEET PrepareatrialbalanceontheworksheetEntertheadjustmentsintheadjustmentscolumnsEnteradjustedbalancesintheadjustedtrialbalancecolumns STEPSINPREPARINGAWORKSHEET ExtendadjustedtrialbalanceamountstoappropriatefinancialstatementcolumnsTotalthestatementcolumns computenetincome loss andcompletetheworksheet 1PREPARINGATRIALBALANCE 15 2002 5006005 0005 0002 5001 20010 00050010 000 4 00090028 70028 700 2ENTERTHEADJUSTMENTS a1 500b50d400d400e200g1 200a1 500b50c40c40f50e200f50g1 200 3ENTERADJUSTEDBALANCES 15 2001 0005505 0005 0002 50080010 00050010 6005 2009001 50050404050200501 200 4EXTENDADJUSTEDBALANCES 10 6005 2009001 500504050 15 2001 0005505 0005 0002 50080010 00050040200501 200 4EXTENDADJUSTEDBALANCES GENERALJOURNAL Date AccountTitlesandExplanation Ref Debit Credit 2002 a Oct 31 b 31 c 31 d 31 e 31 f 31 g 31 ADJUSTINGENTRIESJOURNALIZED AdvertisingSuppliesExpense1 500AdvertisingSupplies1 500InsuranceExpense50PrepaidInsurance50DepreciationExpense40AccumulatedDepreciation OfficeEquipment40UnearnedRevenue400ServiceRevenue400AccountsReceivable200ServiceRevenue200InterestExpense50InterestPayable50SalariesExpense1 200SalariesPayable1 200 PIONEERADVERTISINGAGENCY IncomeStatement FortheMonthEndedOctober31 2002 Revenues ServiceRevenue Expenses Salariesexpense Advertisingsuppliesexpense Rentexpense Insuranceexpense Interestexpense Depreciationexpense Totalexpenses Netincome INCOMESTATEMENT 10 600 5 2001 5009005050407 740 2 860 Theincomestatementispreparedfromtheincomestatementcolumnsoftheworksheet RETAINEDEARNINGSSTATEMENT 0 2 8602 860500 2 360 TheRetainedEarningsstatementispreparedfromthebalancesheetcolumnsoftheworksheet 15 200200 5 0001 0002 50055050 5 0008001 200404 9609 55010 0002 360 21 910 21 910 PIONEERADVERTISINGAGENCY BalanceSheet October31 2002 Assets LiabilitiesandStockholders Equity Cash Liabilities Accountsreceivable Notespayable Advertisingsupplies Accountspayable Prepaidinsurance Interestpayable Officeequipment UnearnedRevenue Less Accumulated Salariespayable depreciation Totalliabilities Stockholders equity CommonStock Retainedearnings Totalliabilitiesand Totalassets stockholders equity BALANCESHEET TEMPORARYVERSUSPERMANENTACCOUNTS临时性账户与永久性账户 TEMPORARY NOMINAL PERMANENT REAL TheseaccountsareclosedTheseaccountsarenotclosedAllrevenueaccountsAllassetaccountsAllexpenseaccountsAllliabilityaccountsDividendsStockholders equity CLOSINGENTRIES结账分录 Closingentriesformallyrecognizeintheledgerthetransferofnetincome loss anddividendstoretainedearnings Journalizingandpostingclosingentriesisarequiredstepintheaccountingcycle会计循环 Atemporaryaccount IncomeSummary利润汇总 isusedinclosingrevenueandexpenseaccountstominimizetheamountofdetailinthepermanentretainedearningsaccount DIAGRAMOFCLOSINGPROCESS 1Debiteachrevenueaccountforitsbalance andcreditIncomeSummaryfortotalrevenues 2DebitIncomeSummaryfortotalexpenses andcrediteachexpenseaccountforitsbalance Revenue30000IncomeSummary30000 Incomesummary8000Expense8000 Servicerevenue 30 000 Rentexpense Salaryexpense 3000 5000 Incomesummary 3000 5000 30000 30000 3000 5000 22 000 3 3Debit credit IncomeSummaryandcredit debit RetainedEarningsfortheamountofnetincome loss DIAGRAMOFCLOSINGPROCESS Incomesummary22000Retainedearning22000 22 000 22 000 Incomesummary 4DebitRetainedEarningsforthebalanceintheDividendsaccountandcreditDividendsforthesameamount DIAGRAMOFCLOSINGPROCESS Retainedearnings5000Dividend5000 Incomesummary 22000 Dividend 5000 22000 5000 Retainedearnings 22000 5000 17 000 GENERALJOURNAL Date AccountTitlesandExplanation Ref Debit Credit 2002 1 Oct 31 ServiceRevenue 400 IncomeSummary 350 Tocloserevenueaccount INCOMESUMMARY NO 350 Date Explanation Debit Credit Balance 2002 Oct 31 10 600 10 600 31 31 ServiceRevenue NO 400 Date Explanation Debit Credit Balance 2002 Oct 31 10 600 31 0 10 600 CLOSINGENTRIESJOURNALIZED 10 60010 600 INCOMESUMMARY NO 350 Date Explanation Debit Credit Balance 2002 Oct 31 10 600 10 600 31 7 740 2 860 GENERALJOURNAL Date Ref Debit Credit 2 Oct 31 350 726 AdvertisingSuppliesExpense 611 729 InsuranceExpense 722 905 DepreciationExpense 711 7 7405 2001 500900505040 CLOSINGENTRIESJOURNALIZED 2 8602 860 CLOSINGENTRIESJOURNALIZED 2 860 2 860 RETAINEDEARNINGS NO 320 Date Explanation Debit Credit Balance 2002 Oct 31 2 860 31 500 2 360 CLOSINGENTRIESJOURNALIZED 500 CAUTIONSRELATINGTOCLOSINGENTRIES Avoidunintentionallydoublingtherevenueandexpensebalancesratherthanzeroingthem DonotclosedividendsthroughtheIncomeSummaryaccount Dividendsarenotexpenses andtheyarenotafactorindeterminingnetincome POSTINGCLOSINGENTRIES Alltemporaryaccountshavezerobalancesafterpostingtheclosingentries ThebalanceinRetainedEarningsrepresentstheaccumulatedundistributedearningsofthecorporationattheendoftheaccountingperiod POSTINGCLOSINGENTRIES TheIncomeSummaryaccountisusedonlyinclosing Noentriesarejournalizedandpostedtothisaccountduringtheyear Aspartoftheclosingprocess thetemporaryaccounts revenues expensesanddividends aretotaled balanced anddoubleruled Thepermanentaccounts assets liabilities stockholders equity arenotclosed SalariesExpense 726 4 000 2 5 200 1 200 5 200 5 200 DepreciationExpense 711 40 2 40 Dividends 332 500 4 500 InterestExpense 905 50 2 50 InsuranceExpense 722 50 2 50 RentExpense 729 900 2 900 AdvertisingSuppliesExpense 611 1 500 2 1 500 POSTINGOFCLOSINGENTRIES ServiceRevenue 400 1 10 600 10 000 400 200 10 600 10 600 R etainedEarnings 320 4 500 0 3 2 860 2 360 IncomeSummary 350 2 7 740 1 10 600 3 2 860 10 600 10 600 4 3 2 2 1 POST CLOSINGTRIALBALANCE Afterallclosingentrieshavebeenjournalizedandposted apost closingtrialbalanceisprepared Thepurposeofthistrialbalanceistoprovetheequalityofthepermanentaccountbalancesthatarecarriedforwardintothenextaccountingperiod PIONEERADVERTISINGAGENCY Post ClosingTrialBalance October31 2002 Debit Credit Cash AccountsReceivable AdvertisingSupplies PrepaidInsurance OfficeEquipment AccumulatedDepreciation OfficeEquipment NotesPayable AccountsPayable InterestPayable UnearnedRevenue SalariesPayable CommonStock RetainedEarnings POST CLOSINGTRIALBALANCE 15 2002001 0005505 000405 0002 500508001 20010 0002 360 21 950 21 950 Thepost closingtrialbalanceispreparedfromthepermanentaccountsintheledger Thepost closingtrialbalanceprovidesevidencethatthejournalizingandpostingofclosingentrieshasbeenproperlycompleted STEPSINTHEACCOUNTINGCYCLE会计循环中的步骤 AnalyzebusinesstransactionsJournalizethetransactionsPosttoledgeraccountsPrepareatrialbalanceJournalizeandpostadjustingentriesPrepareanadjustedtrialbalancePreparefinancialstatementsJournalizeandpostclosingentriesPrepareapost closingtrialbalance CORRECTINGENTRIES改错分录 Errorsthatoccurinrecordingtransactionsshouldbecorrectedassoonastheyarediscoveredbypreparingcorrectingentries Correctingentriesareunnecessaryiftherecordsarefreeoferrors Theyinvolveanycombinationofbalancesheetandincomestatementaccounts EXAMPLEOFCORRECTINGENTRY1 Cash50ServiceRevenue50Cash50AccountsReceivable50ServiceRevenue50AccountsReceivable50 DeliveryEquipment45AccountsPayable45 EXAMPLEOFCORRECTINGENTRY2 OfficeEquipment450DeliveryEquipment45AccountsPayable405 OfficeEquipment450AccountsPayable450 STANDARDBALANCESHEETCLASSIFICATIONS Financialstatementsbecomemoreusefulwhentheelementsareclassifiedintosignificantsubgroups Aclassifiedbalancesheetgenerallyhasthefollowingstandardclassifications CURRENTASSETS流动资产 Currentassetsarecashandotherresourcesthatarereasonablyexpectedtoberealizedincashorsoldorconsumedinthebusinesswithinoneyearofthebalancesheetdateorthecompany soperatingcycle whicheverislonger Currentassetsarelistedintheorderoftheirliquidity流动性 CURRENTASSETS流动资产 Theoperatingcycleofacompanyistheaveragetimethatisrequiredtogofromcashtocashinproducingrevenues ExamplesofcurrentassetsareCashShort terminvestments短期投资Receivables应收账款prepaidexpenses待摊费用 LONG TERMINVESTMENTS Long terminvestments长期投资areresourcesthatcanberealizedincash buttheconversionintocashinnotexpectedwithinoneyearortheoperatingcycle whicheverislonger Examplesinclude investmentsinstocks股票投资andbondsofanothercompany债券投资orinvestmentinlandheldforresale PROPERTY PLANT ANDEQUIPMENT Tangibleresourcesofarelativelypermanentnaturethatareusedinthebusinessandnotintendedforsaleareclassifiedasproperty plant andequipment固定资产 Examplesinclude land buildings machinery equipment furnitureandfixtures INTANGIBLEASSETS Intangibleassets无形资产arenon currentresourcesthatdonothavephysicalsubstanceExamplesincludepatents copyrights trademarks ortradenamesthatgivetheholderexclusiverightofuseforaspecifiedperiodoftime CURRENTLIABILITIES Currentliabilities流动负债areobligationsthatarereasonablyexpectedtobepaidfromexistingcurrentassetsorthroughthecreationofothercurrentliabilitieswithinoneyearortheoperatingcycle whicheverislonger CURRENTLIABILITIES Examplesinclude accountspayable wagespayable interestpayable andcurrentmaturitiesoflong termdebt LONG TERMLIABILITIES Obligationsexpectedtobepaidafteroneyearareclassifiedaslong termliabilities Examplesinclude long termnotespayable长期应