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. 3-125—Adjusting entries.Present, in journal form, the adjustments that would be made on July 31, 2011, the end ofthe fiscal year, for each of the following.1. The supplies inventory on August 1, 2010 was $7,350. Supplies costing $20,150 wereacquired 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 3-1251. Supplies Expense ........................................................................ 18,690Supplies ............................................................................. 18,690 2. Interest Receivable . (450)Interest Revenue (450)*3. Rent Revenue .............................................................................. 7,000Unearned Revenue ........................................................... 7,000 Ex. 3-126—Adjusting entries.Reed Co. wishes to enter receipts and payments in such a manner that adjustments at theend 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 onNovember 1, 2010.Solution 3-1261. Prepaid Insurance .......................................................................... 8,000Cash .................................................................................. 8,000 Insurance Expense ........................................................................ 3,000Prepaid Insurance ............................................................. 3,000 2. Cash ............................................................................................. 12,000Unearned Rent .................................................................. 12,000 Unearned Rent .............................................................................. 4,000Rent Revenue ................................................................... 4,000 Pr. 3-133—Adjusting entries and account classification.Selected amounts from Trent Company's trial balance of 12/31/10 appear below:1. Accounts Payable $ 160,0002. Accounts Receivable 150,0003. Accumulated Depreciation—Equipment 200,0004. Allowance for Doubtful Accounts 20,0005. Bonds Payable 500,0006. Cash 150,0007. Common Stock 60,0008. Equipment 840,0009. Insurance Expense 30,00010. Interest Expense 10,00011. Merchandise Inventory 300,00012. Notes Payable (due 6/1/11) 200,00013. Prepaid Rent 150,00014. Retained Earnings 818,00015. Salaries and Wages Expense 328,000(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-linemethod 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, 2010through 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 placingappropriate numbers after each of the following classifications. If the accounttitle would appear on the income statement, do not put the number in any ofthe classifications.a. Current assetsb. Property, plant, and equipmentc. Current liabilitiesd. Long-term liabilitiese. Stockholders' equitySolution 3-133Part A.a. Depreciation Expense—Equipment ($840,000 – 0) ÷ 15 ..................... 56,000Accumulated Depreciation—Equipment .................................. 56,000 b. Interest Expense ................................................................................... 15,000Interest Payable ....................................................................... 15,000 c. Prepaid Insurance ................................................................................. 10,000Insurance Expense ($30,000 - $20,000) ................................. 10,000 d. Rent Expense ($150,000 ÷ 6) ................................................................ 25,000Prepaid Rent ............................................................................ 25,000 e. Salaries and Wages Expense .............................................................. 22,000Salaries and Wages Payable ................................................... 22,000Pr. 3-134—Adjusting entries.Data relating to the balances of various accounts affected by adjusting or closing entriesappear below. (The entries which caused the changes in the balances are not given.) Youare 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 forinterest on outstanding notes receivable amounted to $5,000. The 2010 incomestatement showed interest revenue in the amount of $5,400. You are to provide themissing adjusting entry that must have been made, assuming reversing entries arenot made.2. Unearned rent at 1/1/10 was $5,300 and at 12/31/10 was $8,000. The records indicatecash receipts from rental sources during 2010 amounted to $40,000, all of which wascredited to the Unearned Rent Account. You are to prepare the missing adjustingentry.3. Accumulated depreciation—equipment at 1/1/10 was $230,000. At 12/31/10 thebalance 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 allowanceaccount on 12/31/10 after making the annual adjusting entry was $65,000 and during2010 bad debts written off amounted to $30,000. You are to provide the missingadjusting entry.5. Prepaid rent at 1/1/10 was $9,000. During 2010 rent payments of $120,000 weremade and charged to "rent expense." The 2010 income statement shows as a generalexpense the item "rent expense" in the amount of $125,000. You are to prepare themissing adjusting entry that must have been made, assuming reversing entries arenot made.6. Retained earnings at 1/1/10 was $150,000 and at 12/31/10 it was $210,000. During2010, cash dividends of $50,000 were paid and a stock dividend of $40,000 wasissued. Both dividends were properly charged to retained earnings. You are to providethe missing closing entry.Solution 3-1341. Interest Receivable ........................................................................ 1,400Interest Revenue ............................................................... 1,400 Interest 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 ................................................................... 37,300 Cash receipts $40,000Beginning balance 5,300Ending balance (8,000)Rent revenue $37,300Solution 3-134(cont.)3. Depreciation Expense .................................................................. 70,000Accumulated Depreciation—Equipment ........................... 70,000 Ending balance $270,000Beginning balance 230,000Difference 40,000Write-off at time of sale 3/4 × $40,000 30,000$ 70,0004. Bad Debt Expense ......................................................................... 45,000Allowance for Doubtful Accounts ....................................... 45,000 Ending balance $65,000Beginning balance 50,000Difference 15,000Written off 30,000$45,0005. Rent Expense ................................................................................ 5,000Prepaid Rent ..................................................................... 5,000 Rent expense $125,000Less cash paid 120,000Reduction in prepaid rent account $ 5,0006. Income Summary ........................................................................... 150,000Retained Earnings ............................................................. 150,000 Ending balance $210,000Beginning balance 150,000Difference 60,000Cash dividends $50,000Stock dividends 40,000 90,000$150,000Pr. 3-135—Adjusting and closing entries.The following trial balance was taken from the books of Fisk Corporation on December 31,2010.Account DebitCreditCash $ 12,000Accounts Receivable 40,000Note Receivable 7,000Allowance for Doubtful Accounts $ 1,800 Merchandise Inventory 44,000Prepaid Insurance 4,800Furniture and Equipment 125,000Accumulated Depreciation--F. & E. 15,000 Accounts Payable 10,800Common Stock 44,000 Retained Earnings 55,000 Sales 280,000Cost of Goods Sold 111,000Salaries Expense 50,000Rent Expense 12,800Totals $406,600 $406,600 Pr. 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 Entriesa. Insurance Expense .............................................................. 2,000Prepaid Insurance .............................................................. 2,000b. Bad Debt Expense ...................................................................... 2,800Allowance for Doubtful Accounts ....................................... 2,800c. Depreciation Expense ................................................................. 12,500Accumulated Depreciation--F. & E. .................................... 12,500d. Interest Receivable (420)Interest Revenue (420)*e. Prepaid Rent ................................................................................ 5,400Rent Expense ..................................................................... 5,400f. Salaries Expense ........................................................................ 5,800Salaries Payable ................................................................ 5,800 (b) Closing EntriesSales ................................................................................................... 280,000 Interest Revenue (420)Income 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. 7-136—Entries for bad debt expense.A trial balance before adjustment included the following:Debit Credit Accounts receivable $80,000Allowance for doubtful accounts 730Sales $340,000Sales returns and allowances 8,000Give 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 ................................ 3,270 Gross receivables $80,000Rate 5%Total allowance needed 4,000Present allowance (730)Adjustment needed $ 3,270Solution 7-136(cont.)(2) Bad Debt Expense ................................................................... 3,320Allowance for Doubtful Accounts ................................ 3,320 Sales $340,000Sales returns and allowances 8,000Net sales 332,000Rate 1%Bad debt expense $ 3,320Ex. 7-137—Accounts 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 at9% per year.During the first month, Marsh collected $130,000 on assigned accounts. This amount was remitted to the finance company along with one month's 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 7-137Cash ...................................................................................................... 192,000Finance Charge ..................................................................................... 8,000 Notes Payable ........................................................................... 200,000 Cash ...................................................................................................... 130,000 Accounts Receivable ................................................................. 130,000 Notes Payable ...................................................................................... 130,000Interest Expense .................................................................................... 1,500 Cash ......................................................................................... 131,500PROBLEMSPr. 7-138—Entries 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 allowances 40,000Instructions(a) Prepare the entries for estimated bad debts assuming that doubtful accounts areestimated 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 forDoubtful Accounts has a debit balance of $2,500 instead of a credit balance. Howwill this difference affect the journal entries in part (a)?Solution 7-138(a) (1) Bad Debt Expense .............................................................. 3,500Allowance for Doubtful Accounts ............................ 3,500 Gross receivables $100,000Rate 6%Total allowance needed 6,000Present allowance (2,500)Bad debt expense $ 3,500(2) Bad Debt Expense .............................................................. 7,100Allowance for Doubtful Accounts ............................ 7,100 Sales $750,000Sales returns and allowances (40,000)Net sales 710,000Rate 1%Bad debt expense $ 7,100(b) The percentage of receivables approach would be affected as follows:Gross receivables $100,000Rate 6%Total allowance needed 6,000Present allowance 2,500Additional amount required $ 8,500The journal entry is therefore as follows:Bad Debt Expense .............................................................. 8,500Allowance for Doubtful Accounts ............................ 8,500 The entry would not change under the percentage of sales method.Pr. 7-140—Accounts 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 theaccounts; 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 month's interest on the note.Solution 7-140(a) Cash .............................................................................................. 410,000Finance Charge ............................................................................... 15,000Notes Payable ..................................................................... 425,000 (b) Cash .............................................................................................. 200,000Sales Discounts (450)Allowance for Doubtful Accounts (530)Accounts Receivable........................................................... 200,980 (c) Notes Payable ................................................................................. 200,000Interest Expense .............................................................................. 4,250Cash .................................................................................... 204,250 考点三存货盘存方法，折扣Ex. 8-148—Recording 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) (882)Accounts Payable (882)(b) Accounts Payable (882)Purchase Discounts Lost (18)Cash (900)Ex. 8-149—Recording purchases at net amounts.Dill Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following:June 11 Purchased merchandise on account, $5,000, terms 2/10, n/30.15 Returned part of June 11 purchase, $800, and received credit on account.30 Prepared the adjusting entry required for financial statements.Solution 8-149June 11 Purchases (.98 × $5,000) ................................................... 4,900Accounts Payable ................................................... 4,90015 Accounts Payable (.98 × $800) (784)Purchase Returns and Allowances (784)30 Purchase Discounts Lost (.02 × $4,200) (84)Accounts Payable (84)Pr. 8-159—Accounting 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 remainderwas 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 entriesfor the purchase and two subsequent payments.(b) What dollar amounts should be reported for the final inventory and cost of goods soldunder the (1) net method; (2) gross method? Assume that there was no beginninginventory.Solution 8-159(a) Purchases ..................................................................................................... 294,000Accounts Payable ............................................................................ 294,000(To record the purchase at net amount:.98 × $300,000 = $294,000.)Accounts Payable ......................................................................................... 235,200 Cash ................................................................................................. 235,200(To record payment within the discount period:$300,000 – $60,000 = $240,000; .. .98 × $240,000 = $235,200.)Accounts Payable ......................................................................................... 58,800Purchase Discounts Lost .............................................................................. 1,200 Cash ................................................................................................. 60,000(To record the final payment.)考点四，存货减值跌价准备LCMEx. 9-143—Lower-of-cost-or-market.At 12/31/10, the end of Jenner Company's first year of business, inventory was $4,100and $2,800 at cost and at market, respectively.Following is data relative to the 12/31/11 inventory of Jenner:Original NetNet RealizableAppropriateCost Replacement Realizable Value Less InventoryItem Per 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-marketprocedure 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 thelower-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 Inventory ........................................ 1,300Allowance to Reduce Inventory to Market .......................... 1,300 Solution 9-143(Cont.)(b) Original NetNet Realizable AppropriateCost Replacement Realizable Value Less InventoryItem Per Unit Cost Value Normal Profit ValueA $ .65 $ .45 $ .90 $ .60 $ .60B .45 .40 .90 .60 .45C .70 .75 .90 .60 .70D .75 .65 .90 .60 .65E .90 .85 .90 .60 .85$3.45 $3.25**$3.25 × 1,000 = $3,250(c) Allowance to Reduce Inventory to Market....................................... 1,300Cost of Goods Sold ............................................................. 1,300 Loss Due to Market Decline of Inventory . (200)Allowance to Reduce Inventory to Market (200)(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 operatingexpenses) or they can be shown as part of cost of goods sold.Pr. 9-149—Gross profit method.On December 31, 2010 Felt Company's inventory burned. Sales and purchases for theyear had been $1,400,000 and $980,000, respectively. The beginning inventory (Jan. 1, 2010) was $170,000; in the past Felt's 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 available 1,150,000Sales $1,400,000Less 40% (560,000) 840,000Estimated inventory lost $ 310,000Sales ...................................................................................... 1,400,000Income Summary ...................................................................... 1,400,000 Cost of Goods Sold ................................................................................ 840,000Fire Loss ................................................................................................ 310,000 Inventory .................................................................................... 170,000 Purchases .................................................................................. 980,000 处置出售捐赠Ex. 10-136—Donated assets.Cheng Company has recently decided to accept a proposal from the City of Bel Aire that publicly owned property with a large warehouse located on it will be donated to Cheng if Cheng will build a branch plant in Bel Aire. The appraised value of the property is $490,000 and of the warehouse is $980,000.InstructionsPrepare the entry by Cheng for the receipt of the properties.Solution 10-136Building (Warehouse) ............................................................................ 980,000Land ....................................................................................................... 490,000 Contribution Revenue................................................................ 1,470,000 Ex. 11-132—Composite depreciation.Kemp Co. uses the composite method to depreciate its equipment. The following totalsare for all of the equipment in the group:Initial Residual Depreciable DepreciationCost Value Cost Per Year$700,000 $100,000 $600,000 $60,000 Instructions(a) What is the composite rate of depreciation? (To nearest tenth of a percent.)(b) A machine with a cost of $18,000 was sold for $11,000 at the end of the third year.What entry should be made?Solution 11-132(a) $60,000———— = 8.6%$700,000(b) Cash ............................................................................................... 11,000Accumulated Depreciation ............................................................. 7,000Equipment ........................................................................... 18,000 Pr. 11-135—Adjustment of Depreciable Base.A truck was acquired on July 1, 2008, at a cost of $216,000. The truck had a six-yearuseful life and an estimated salvage value of $24,000. The straight-line method of depreciation was used. On January 1, 2011, the truck was overhauled at a cost of $20,000, which extended the useful life of the truck for an additional two years beyond that originally estimated (salvage value is still estimated at $24,000). In computing depreciation for annual adjustment purposes, expense is calculated for each month theasset is owned.InstructionsPrepare the appropriate entries for January 1, 2011 and December 31, 2011.Solution 11-135Cost $216,000Less salvage value 24,000Depreciable base, July 1, 2008 192,000Less depreciation to date [($192,000 ÷ 6) × 2 1/2] 80,000Depreciable base, Jan. 1, 2011 (unadjusted) 112,000Overhaul 20,000Depreciable base, Jan. 1, 2011 (adjusted) $132,000January 1, 2011Accumulated Depreciation ..................................................................... 20,000 Cash .......................................................................................... 20,000 December 31, 2011Depreciation Expense ............................................................................ 24,000 Accumulated Depreciation ($132,000 ÷ 5.5 yrs) ....................... 24,000 Ex. 12-130Barkley Corp. obtained a trade name in January 2009, incurring legal costs of $15,000.The company amortizes the trade name over 8 years. Barkley successfully defendedits trade name in January 2010, incurring $4,900 in legal fees. At the beginning of2011, based on new marketing research, Barkley determines that the fair value of thetrade name is $12,000. Estimated total future cash flows from the trade name are$13,000 on January 4, 2011.InstructionsPrepare the necessary journal entries for the years ending December 31, 2009, 2010,and 2011. Show all computations.Solution 12-1302009Dec. 31 Amortization Expense - Trade Name 1,875Trade Name 1,875($15,000 ÷ 8 years)2010Dec. 31 Amortization Expense – Trade Name 2,575Trade Name 2,575[($15,000 - $1,875 + $4,900) ÷7 years]2011Dec. 31 Loss on Impairment 3,450Trade Name 3,450Carrying value = $15,000 - $1,875 + $4,900 - $2,575 = $15,450Total future cash flows= 13,000Therefore, an impairment loss has occurredCarrying value = $15,450。
