Class Exercise on Adjusting Entries--Solution

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会计学企业决策的基础财务会计分册英文版第十七版课程设计 (2)

Financial Accounting Volume for Managerial Decisions:17th Edition Course DesignIntroductionFinancial accounting is a crucial aspect of managing a business effectively. The Financial Accounting Volume for Managerial Decisions: 17th edition is a comprehensive textbook that covers all aspects of financial accounting. This course is designed to provide students with the knowledge and skills necessary to understand and analyze financial accounting information. The course is divided into several sections, each covering different topics related to financial accounting. The course is designed to be interactive and engaging, with studentsactively participating in discussions and activities to reinforce their understanding of the material.Course ObjectivesThe course is designed to achieve the following objectives:•Understand the basic principles of financial accounting and their application in business situations.•Analyze and interpret financial statements, including balance sheets, income statements, and cash flow statements.•Explore the various accounting methods used to record business transactions.•Evaluate financial accounting information to make informed business decisions.Course OutlineSection 1: Introduction to Financial Accounting•What is financial accounting?•Objectives of financial accounting•Basic concepts of financial accounting•Financial statementsSection 2: The Accounting Cycle•Steps in the accounting cycle•Recording transactions•Ledger accounts•Trial balance•Adjusting entries•Closing entriesSection 3: Financial Statements•Balance sheet•Income statement•Statement of cash flows•Statement of retned earningsSection 4: Accounting for Business Transactions•Record keeping methods•Revenue recognition•Expense recognition•Inventory accounting•Property, plant, and equipment•Depreciation and amortization•Liabilities and equitySection 5: Financial Statement Analysis•Ratio analysis•Vertical and horizontal analysis•Common-size financial statements•Cash flow analysis•Interpretation of financial statementsCourse formatThe course will be delivered in a combination of lectures, discussions, and assignments designed to reinforce the key concepts covered in the textbook. In-class discussions and activities will provide students with opportunities to apply the knowledge learned in the course. The assignments will be designed to improve the students’ analytical and critical thinking skills, as well as their ability to work in teams.Course AssessmentThe course will be evaluated based on the following components: •Class participation: 10%•Assignments: 20%•Mid-term exam: 30%•Final exam: 40%ConclusionIn conclusion, the Financial Accounting Volume for Managerial Decisions: 17th Edition Course is designed to provide students with a comprehensive understanding of financial accounting and its application in business scenarios. The course will equip students with the necessary knowledge and skills to analyze financial statements and make informed business decisions. The course objectives will be assessed through a combination of in-class activities, assignments, and exams. The course is designed to be both interactive and informative, with the m of ensuring that each student has a thorough understanding of financial accounting.。

Accounting会计学教程与案例讲义中英文对照Ch04第四章

2
The Account

Device used for calculating net change Simplest form is T-account. Increases listed on one side; decreases listed on other side. Balanced periodically. 用于计算净变化的设备最简单的形式是丁字式帐户。在一边的增加;减少在其他方面的上市。定期平衡。

4-12
要真正理解“借”“贷”的含义，必须了解借贷记账法账户的结构。（二）借贷记账法的账户结构账户的基本结构和资金变动方向的两种情况（增加和减少）相适应，分为两部份，左边用“借”表示，称为借方；右边用“贷”表示，称为贷方。究竟哪一部分记增加，哪一部分记减少，要根据账户的性质确定。对于资产、负债、所有者权益账户，借贷
不同的部分形成了记账符号。记账符号表示将经济业务记入账户的方向。“借” 表示记入账户的左边；“贷”表示记入账户的右边。而账户的方向又和“增加”，“减少”相联系。将一项资产记入“借”方，表示资产增加；记入“贷” 方，表示资产的减少。 “借”“贷”作为单纯的记账符号已经失去了其文字本身的含义，即不能按汉语词典对“借”“贷”的解释来理解作为记账符号的“借”“贷”的含义。
Chapter 4 Accounting Records and Systems 会计记录和系统
1
Why learn basic record keeping procedures? 为什么要学习基本的记录保存程序?
Accounting
is best learned by doing. Debit-credit mechanism provides an analytical framework. 会计是最好的学习方法。债务信用机制提供了一个分析框架。

ConvexityAdjustments

Convexity AdjustmentsRaquel M.Gaspar,Advance Research Center, ISEG,Technical University Lisbon, Rua Miguel Lupi20,room101,1249Lisbon,PORTUGAL*****************.ptAgatha Murgoci,Department of Finance, Stockholm School of Economics,P.O.Box6501,SE-11383Stockholm,SWEDEN*********************December7,2008Executive SummaryThis article aims to clarify the notion of convexity inﬁxed income markets.The main challenge is to provide a uniﬁed framework for all the diﬀerent“convexity adjustments”that exist out there.We explain the basic and appealing idea behind the use of convexity adjustments and focus on the situations we believe are of particular importance to practitioners:yield convex-ity adjustments,forward versus futures convexity adjustments,timing and quanto convexity adjustments.We claim that the appropriate way to look into any of these adjustments is as a side eﬀect of a measure change,as proposed by Plesser(2003).When using the appropriate setup,there may be no immediate urge to do Taylor approximations or fall into too unrealistic assumptions.By using one uniﬁed framework,we hope to clarify some issues and help the reader realize that some of the assumptions that are sometimes imposed may be unnecessary.Forﬁxed income markets,convexity has emerged as an intriguing and challenging notion.Tak-ing this eﬀect into account correctly could provideﬁnancial institutions with a competitive advantage.The idea underlying the notion of a convexity adjustment is quite intuitive and can be easily explained in the following terms.Manyﬁxed income products are non-standard with respect to aspects such as the timing,the currency or the rate of payment.This leads to complex pricing formulas,many of which are hard to obtain in closed-form.Examples of such products include in-arreas or in-advance products,quanto products,CMS products,or equity swaps,among others.Despite their non-standard features,these products are quite similar to plain vanilla ones whose price can either be directly obtained from the market or at least1computed in closed-form.Their complexity can be understood as introducing some sort of bias into the pricing of plain vanilla instruments.That is,we may decide to use the price of plain products and adjust it somehow to account for the complexity of non-standard products.This adjustment is what is known as convexity adjustment.We start by classifying convexity adjustments into four classes:•Yield Convexity Adjustments;•Forward versus futures price adjustments;•Modiﬁed schedule or timing adjustments;and•Mismatch between currencies or quanto adjustments.The yield convexity adjustment is somewhat unrelated to the remaining adjustments,but it is probably the“original one”in the sense that it is related to the non-linear(and convex) relationship between bond prices and their yield-to-maturity.The three remaining adjustments have traditionally been separated,both by practitioners and academics,as they concern diﬀerent classes of products.Various ad hoc rules have been proposed in the literature to calculate a variety of convexity adjustments for diﬀerent products.Many of them are,however,mutually inconsistent.We start by critically analyzing the market practice for each of these types of adjustments. Then,we focus on timming adjustments and,in particular,on what we deﬁne to be LIBOR adjustments and SWAP adjustments.We show that LIBOR adjustments can be obtained in closed-form,up to the solution of a system of ODEs,in any aﬃne term structure setting. Similar results can also be derived for SWAP adjustments provided we are willing to accept a (reasonable)assumption of the swap rate dynamics.Previously existent results,such as the well-known results for lognormal LIBOR rates as in Pugachevsky(2001)or the Linear Swap Model(LSM)introduced by Hunt and Kennedy(2000) and further exploited by Hagan(2003)can be understood as particular cases of our,more general,results.Key words:Convexity adjustment,LIBOR rate,Swap rates,in-arrears products,CMS,For-ward price,futures price,forward martingale measure,swap martingale measure,aﬃne term structures.ReferencesHagan,P.S.(2003).Convexity conundrums:Pricing cms swaps,caps,andﬂoors.Wilmott magazine,38–44.Hunt,P.and J.Kennedy(2000).Financial Derivatives in Theory and Practice.John Wiley &Sons,Chichester.Plesser,A.(2003).Mathematical foundation of convexity correction.Quantitative Finance3, 59–65.Pugachevsky,D.(2001).Forward cms rate adjustment.Risk,125–128.2。

Adjusting Entries

1. According to accrual basis accounting, how should we recognize revenues and expenses?
8
Exercises
————————————————————————————————————
2. What is the essence of accrual basis accounting?
会计英语
1
Section Adjusting Entries
Part 1 Workplace Spoken English
1. Follow the Samples
A：Mr. Wilson, could you please introduce the adjusting entries in detail? B：OK. Four basic items require adjusting entries. The first two items are deferrals
recognition of an expense or a revenue. Accruals are created by an unrecorded
expense that has been incurred or an unrecorded revenue that has been earned. A：How do you tell the difference between deferrals and accruals? B：It depends on when cash is received or paid. If cash is received or paid in the
B：No. It is normally easier to determine the cost of the supplies on hand at the end of the month than it is to keep a daily record of those used. Assuming that on December 31 the amount of supplies on hand is $760, the amount to be transferred from the asset account to the expense account is $1 240.

Adjusting entries

Adjusting entries can be divided into deferrals and accruals. Each adjustment affects both the balance sheet and income statement .The adjustment can be further divided into five categories: prepaid expenses, depreciation, unearned revenues, accrued expenses, and accrued revenues.1 Accrued expenses1.1 Definition of Accrued ExpenseAccrued expense is expense which has been incurred but not yet paid .An accounting expense recognized in the books before it is paid for. It is a liability, and is usually current. These expenses are typically periodic and documented on a company's balance sheet due to the high probability that they will be collected.1.2 Summary of Accrued Expense●Examples of accrued expenses.Wages, Interests, Taxes, or other expenses that have been incurred in the accounting period but have not been paid by period end.●The different of trade accounts payable and accrued expenses.The trade accounts payable are usually document by invoices alreadyreceived from suppliers, but accrued expenses are continues transaction that are determined by careful account analysis.1.3 Accounting treatment of accrued expensesAs expense will be debited to record the accrued expense, a corresponding payable must be created to account for the credit side of the transaction. The accounting entry to record accrued expense will therefore be as follows:Debit Expense (Income Statement)Credit Expense Payable (Balance Sheet)Future Period, liability was paid.Debit XXXX payableCredit Cash1.3.1 EXAMPLEABC LTD pays loan interest for the month of December 2010 of $10,000 on 3rd January 2011.ABC LTD has an accounting year end of 31st December 2010.ABC LTD will recognize interest expense of $10,000 in the financial statements of year 2010 even though it was paid in the next accounting period as it relates to the current period. Following accounting entry will need to be recorded to account for the interestyear) following accounting entry will need to be recorded in the subsequent year:On May 31, 20xx Webb, Co. owes wages of $3,000. The total salaries of $5000 for 5-day workweek will paid on Friday, June 2.20XXMay 31 Wages expense $3,000Wages payable $3,000June 2 Wages expense $2,000Wages payable $3,000Cash $5,0002 Accrued revenues2.1 Definition of Accrued RevenueAn asset class for goods or services that have been sold or completed but that have not yet been billed and/or paid for. Accrued revenue is income that has been incurred but not received, such as monthly rent that is due in arrears, or following the monthly rental period. The income has been earned (since an individual or firm rented the item) but the revenue has not been received (as per the rental agreement to pay in arrears).2.2 Summary of Accrued revenuesAccrued revenue is quite common in the services industries, since billings may be delayed for several months, until the end of a project. Accrued revenue is much less common in manufacturing businesses, since invoices are usually issued as soon as products are shipped.The concept of accrued revenue is needed in order to properly match revenues with expenses. The absence of accrued revenue would tend to show excessively low initial revenue levels and low profits for a business, which does not properly indicate the true value of the organization.Also, not using accrued revenue tends to result in much lumpier revenue and profit recognition, since revenues would only be recorded at the longer intervals when invoices are issued.In order to record these sales in an accounting period, you need to create a journal entry to record them as accrued revenue.2.3 Accounting treatment of accrued revenuesAs revenues will be credited to record the accrued revenues, a corresponding receivable must be created to account for the debit side of the transaction. The accounting entry to record accrued revenues will therefore be as follows:Debit Revenue Receivable (Balance Sheet)Credit Revenue (Income Statement)Future Period, receivable will be collected.Debit CashCredit XXXX Receivable2.3.1EXAMPLEABC LTD receives interest of $10,000 on bank deposit for the month of December 2010 on 3rd January 2011. ABC LTD has an accounting year end of 31st December 2010.ABC LTD will recognize interest income of $10,000 in the financial statements of year 2010 even though it was received in the next accounting period as it relates to the current period. Following accounting entry will need to be recorded to account for thefollowing accounting entry will need to be recorded in theSoft recorded unbilled and uncollected revenues of $ 17,000 on March31, 2001. On April 16, $ 12,000 of these was collected.The adjusting entry for accrued revenues, along with their subsequent collection, is illustrated as follows:2001Mar. 31 Accounting receivable $17,000Revenue $17,000 Apr.16 Cash $12,000Accounting receivable $12,000。

Adjusting Entries(w4)

ACCG611Adjusting entries & preparing financial statementsSOLUTIONS2.Explain why the purchase of supplies is usually recorded in an asset account rather than inan expense account. If supplies were expensed when purchased, which accounts should be debited and which credited at the end of the period in order to reflect the amount of supplies on hand?Supplies are usually recorded in an asset account because they are normally used in more than one accounting period. The cost of supplies will be transferred from the asset account to anexpense account, Supplies Used, as they are gradually consumed in the current periodI f the supplies are charged directly to an expense when purchased, then an adjusting entry isnecessary at the end of the reporting period to record as an asset the supplies still on hand.The entry for the supplies still on hand is:Supplies DrSupplies Expense Cr7. On 31 March, Padbury Publishers received a subscription of $240 for the supply of twelve monthly magazines, beginning in April. At the end of the reporting period, 30 June, the accountant suggested that the owner make an adjusting entry to defer the revenue on nine issues until the new year. The owner of the business was reluctant to do so, claiming that he had already received the subscriptions in cash and could see no reason for the delay in recognising the revenue. Do you agree with the owner or the accountant? Respond to the owner, explaining the accountant’s position. Ignore GST.The accountant is correct under the accrual accounting system because, even though Padbury Publishers has received the money from the subscriptions, nowork has yet been completed by the business in relation to magazines issued after30 June. Gradually, as the firm produces and supplies the monthly magazines toits customers, revenue is generated month after month. Until a magazine has beensupplied to a customer who has paid for it in advance, there is a present obligation(liability) to that customer. This liability to perform a service should berecognised in the Padbury Publishers’ statement of financial position.Cash versus accrual accounting1. Raj Singh’s business performed services in December for a specific customer for which thefee was $5000. Payment was received in the following January.(a) Was the revenue earned in December or January?(b) What account should be debited in (i) December and (ii) January?2. During the month a business received $250 000 in cash and paid out $225 000 in cash. Doesthis indicate that the business earned $25 000 during the month? Explain.3. Monster Ltd purchased a three-year advertising contract on 1 August. The company debitedthe entire cost of $9 000 to Advertising Expense. The financial year ends on 31 December. Under the accrual system , what is the correct expense for the current year, and what entry would be made to correct the accounts? Under the cash basis of accounting, what is the correct expense and thecorrect adjusting entry (if any)?1. (a) The revenue was earned in DecemberDecember:(b)(i)InAccountsReceivable–DebitSalesCredit–a.In January:Debit – Cash at BankReceivableAccounts–Credit1.The increase of $25 000 in cash does not necessarily indicate that a similar amount of profitwas earned. Many other assets may have increased or decreased; and liabilities and capital also may have increased or decreased.2.As $9 000 is the cost of a three year contract, the cost for one year is one-third or$3 000. As the contract was taken out on 1 August, and the end of the reporting period is 31December, only 5 months have been used in the current year. Hence, assuming equal usage of advertising services across all months, the correct expense for the current year is 5/12 of $3000 = $1 250. The adjusting entry to be recorded on 31 December is:Prepaid Advertising Dr 7 750Advertising Expense Cr 7 750Under the cash basis of accounting the correct expense for the current year would be $9 000, and no adjusting entry would have been recorded at the end of the period.Adjusting entries and ledger accountsCABLE’S SUNTANNING SERVICESRequired:Write up and balance the following accounts in the ledger of Cable’s Suntanning Services for the year 1 July 2012 to 30 June 2013:RentPayableRatesPrepaidInsurancePrepaidShow clearly any adjusting entries that may be required on 30 June 2013.The accounts below assume that whenever cash was paid, the debit entry was made to the appropriate asset or liability accounts (asset method), for the year. The first payment for the year; the rent payment of $3000 on 10 August is split between Rent Expense of $1000 and Rent Payable of $2000. The adjusting entries below follow:Rent Accrued (Payable)___________________________________________________________________2012 2012Aug 10 Cash at bank 2 000 Jul 1 Balance b/d 2 0002012Dec 12 Cash at bank 4 000 Nov 30 Rent Expense 4 0002013 Mar 31 Rent Expense 4 000Apr 17 Cash at bank 4 000 2013June 30 Rent Expense (adj) 3 000Prepaid Rates___________________________________________________________________2012 2012Jul 1Balance b/d 1 500 Sep 30 Rates Expense 1 500 Nov 2 Cash 3 500 20132013 Mar 31 Rates Expense 3 500May 9 Cash 3 500 Jun 30 Rates Expense (adj) 1750Prepaid Insurance___________________________________________________________________2012 2012Jul 1Balance b/d 1 800 Oct 26 Insurance exp. 1 800Oct 26 Cash 6 000 201330 June Insurance Exp.(adj) 4 000CABLE’S SUNTANNING SERVICESGeneral JournalAdjusting EntriesCreditDebitDate Particulars2013June 30 Rent Expense 3 000Rent Payable 3 000Rent payable in the next year.Rates Expense 1 750Prepaid Rates 1 750Rates expense for the current year.Insurance Expense 4 000Prepaid Insurance 4 000Insurance expense for the current year.Explanation:RentAt the beginning of the year, the rent is accrued before it is paid. Rent is paid in arrears at the rate of $1000 per month. The last rent payment of $4000 on 17 April was for the four month period up to 31 March 2013. Hence, at the end of the reporting period, 30 June 2013, three months rent is owing and needs to be recognised by the entity as an accrual adjusting entry on that date.RatesRates are paid in advance and have been recorded in the Prepaid Rates (asset) account at the beginning of the reporting period for the amount of $1500. The prepaid rates will be transferred to Rates Expense during the current period as they expire. On 9 May, $3500 was paid in advance for rates covering the 6 month period from 1 April to 30 September. The rates paid in advance have been recorded in the Prepaid Rates (asset) account. Hence, at the end of the reporting period on 30 June 2013, 3 months’ rates ($1750) have expired need to be recognised in the Rates Expense account by an appropriate adjusting entry.InsuranceInsurance services have also been paid for in advance and have been recorded in the Prepaid Insurance (asset) account at the beginning of the reporting period for the amount of $1800. The prepaid insurance will be transferred to Insurance Expense during the current period as the insurance services have been received. On 26 October 2012, $6000 was paid in advance for insurance covering the 12 month period from 1 November 2012 to 31 October 2013. The insurance paid in advance has been recorded in the Prepaid Insurance (asset) account. Hence, at the end of the reporting period on 30 June 2013, 8 months’ insurance (namely $4000) has expired and needs to be recognised in the Insurance Expense account by an appropriate adjusting entry.Adjusting entries and correctionsJ. STOTTRequired:A. Ignoring GST, show the journal entries required to make the necessary adjustments.B. Calculate the effect (increase or decrease) of each of the adjustments on the profit figure of $14 200 as shown in the draft accounts.A.J. STOTTGeneral Journal (IGNORE GST)Particulars Debit Credit Receivable 8001. RentRevenue 800 RentRent revenue due2. Office Furniture 1 300Sundry Expenses 1 300 Correct error in recording3. Commission Expense 1 400Payable 1 Commission400 Commission owing to sales representatives4. J. Stott, Drawings 840VehicleExpenses 840 Correcting entry to charge private repairs to drawings0005. Buildings 11Repairs & Maintenance Expense 11 000 Correcting entry on improvement to buildingsExpense 1206. InsuranceInsurance 120PrepaidAdjusting entry to record expired insuranceReceivable 6007. InterestRevenue 600InterestAdjusting entry to record accrued interest8. Depreciation Expense – Building 1 820Accumulated Depreciation – Building 1 820Calculation of depreciation on building 2% onadjusted cost $91 000 = $1 820Depreciation Expense – Office Furniture 2 100Accumulated Depreciation – Office Furniture 2 100Calculation of depreciation on office furniture 20%of $10 500 = $2 100(Do not include June 2013 furniture acquired at theend of the month as this furniture is brand new andnot yet depreciated.)B. Calculation of effect on draft profit.$20 300 + (1) $800 + (2) $1 300 – (3) $1 400 + (4) $840 + (5) $11 000 – (6) $120 + (7) $600 – (8) $1 820 – (8) $2 100 = $29 400Adjusted profit = $29 400Opening T accounts, adjusting entries and preparingfinancial statementsMACCA’S PARTY HIRERequired:A. Set up T accounts for the accounts listed in the trial balance.1. Enter the account balances from the trial balance to the T accounts.2. Post the adjusting information directly to the T accounts.B. Prepare an adjusted trial balance.C. Prepare an income statement and a statement of changes in equity for the year ended 30 June2013.D. Prepare a statement of financial position as at 30 June 2013.A.Cash at Bank200Balance $5264(6) AccountsreceivableAccounts ReceivableBalance $2 400(6) Cash at bank 264GST Outlays300Balance $3Prepaid Insurance$850200(1) InsuranceBalance $1expensePrepaid Rent(5) Rent expense $1 320Party Equipment400Balance $31Accumulated Depreciation – Party EquipmentBalance $17600(3) Dep’n exp 7 850Furniture300$47BalanceAccumulated Depreciation – FurnitureBalance $23000(3) Dep’n exp 9 420Accounts Payable800Balance $6Salaries Payable$810expense(7)SalariesElectricity(2)$300expenseUnearned Hire Fees(4) Hire fees revenue $1 150GST CollectionsBalance $5000K. Maclean, Capital710Balance $18K. Maclean, Drawings310Balance$18Hire Fees Revenue(4) Unearned hire fees $1 150Balance $74 700Salaries ExpenseBalance $26500payable 810(7) SalariesRent ExpenseBalance $5 700(5) Prepaid rent $1 320Maintenance Expense100Balance $3Balance $1400payable 300(2) ElectricityDepreciation Expense – Party Equipment (3) Accum. dep’n $7 850Depreciation Expense – Furniture (3) Accum. dep’n $9 420Insurance Expenseinsurance $850(1) PrepaidAccount Debit CreditCash at bank $5 464Accounts receivable 2 136GST outlays 3 300Prepaid insurance 350Prepaid rent 1 320Party equipment 31 400Accumulated depreciation – party equipment $25 450300Furniture 47 Accumulated depreciation – furniture 32 420Accounts payable 6 800Salaries payable 810Electricity payable 300GST Collections 5 000Unearned hire fees 1 150K. Maclean, Capital 18 710K. Maclean, Drawings 18 310Hire fees revenue 73 550Salaries expense 27 310Rent expense 4 380Maintenance expense 3 100Electricity expense 1 700Depreciation expense – party equipment 7 850Depreciation expense – furniture 9 420Insurance expense 850$164 190$164 190INCOME Hire fees revenue $73 550EXPENSES expense $27310SalariesRent expense 4 380100Maintenanceexpense 3Electricity expense 1 700Depreciation expense 17 270Insuranceexpense 85061054940PROFIT $18K. Maclean, Capital – 1 July 2012 $18 710Profit for year 18 940650 $37 Less Drawings 18 310K. Maclean, Capital – 30 June 2013 $19 340CURRENT ASSETSCash at bank $5 464Accounts receivable 2 136Prepaidinsurance 350Prepaid Rent 1 320 $9 270NON-CURRENT ASSETSParty400equipment $31Less: Accumulated depreciation (25 450) 5 950300Furniture 47Less: Accumulated depreciation (32 420)14 880 20 830TOTAL ASSETS $30 100CURRENT LIABILITIESAccounts payable $6 800payable 810SalariesGST payable 1 700payable 300ElectricityUnearned hire fees 1 15010 760NET ASSETS $19 340EQUITY K. Maclean, Capital 19 340TOTAL EQUITY $19 340。

会计学财务会计分册答案

会计学财务会计分册答案【篇一：会计学：企业决策的基础exercises-chapter4答案】4–2ex. 4–3ex. 4–4solutions to exercisesa. book valueb. materialityc. matching principled. uecorded revenuee. adjusting entriesf. unearned revenueg. prepaid expensesh.none (this is an example of ―depreciation expense.‖)income statementbalance sheetadjustingentryab ne i d ne i d c i ne i i ne i d ne i d ne i d e ne i d d ne d fi ne i ne d ia. rent expense....................................................................................... 240,000prepaidrent ...........................................................................240,000to record rent expense for may ($1,200,000 ? 5 months =$240,000 per month). b. unearned ticketrevenue .................................................................. 148,800ticketrevenue .......................................................................148,800to record earning portion of season ticket revenue relating to may home games.a. (1) interestexpense (375)interest payable (375)$50,000 x 9% annual rate x 1/12 = $375. (2) accounts receivable .................................................................... 10,000consulting fees earned ...................................................10,000to record ten days of unbilled consulting fees at $1,000 perday.b.c.ex. 4–5 a. the balance of twa’s advance ticket sales account represents unearned revenue—that is, amounts collected from customers prior to rendering the related services (air travel). as twa has an obligation to render these services, the advanced ticket sales account appears among the liabilities in twa’s balance sheet.b. twa normally reduces the balance of this liability account by rendering services tocustomers—that is, by providing flights for which the customers have purchased tickets. on some occasions, however, twa reduces the balance of this liability by making cash refunds to customers.ex. 4–6ex. 4–7a. 1. interestexpense ................................................................................. 1,200 interestpayable ......................................................................1,200to record interest accrued on bank loan during december.2. depreciation expense: office building ............................................ 1,100accumulated depreciation: office building ........................1,100to record depreciation on office building ($330,000 ? 25years ?1?12 = $1,100).3. accountsreceivable ........................................................................... 64,000marketing revenue earned...................................................64,000 to record accrued marketing revenue earned in december.4. insuranceexpense (150)prepaid insurance (150)to record insurance expense (1,800 ? 12 months = $150).5. unearned revenue ............................................................................. 3,500marketing revenue earned...................................................3,500to record portion of unearned revenue that had become earnedin december.6. salariesexpense ................................................................................. 2,400 salariespayable ......................................................................2,400to record accrued salaries in december.b. ? $1,200 ? $1,100 ? $150 ? $2,400). a. the total interest expense over the life of the note is $5,400 ($120,000 ? .09 ?6?12 =$5,400).the monthly interest expense is $900 ($5,400 ? 6 = $900). b. the liability to the bank at december 31, 2002, is $121,800 (principal, $120,000 + $1,800accrued interest). c. 2002oct. 31 cash .................................................................................... 120,000notes payable ........................................................120,000obtain from bank six-month loan with interest at 9%a year.d. dec. 31 interestexpense ................................................................ 900interest payable .. (900)to accrue interest expense for december on notepayable ($120,000 ? 9% ? 1?12).e. the liability to the bank at march 31, 2003, is $124,500, consisting of $120,000 principalplus $4,500 accrued interest for five months.a. may 1cash ....................................................................................notes payable ........................................................ obtained a three-month loan from national bank at12% interest per year. may 31 interestexpense ................................................................interestpayable .....................................................to record interest expense for may on note payable tonational bank ($300,000 ? 12% ? 1?12 = $3,000).b. may 1 prepaidrent ......................................................................cash ..................... ................................................... paid rent for six months at $30,000 per month. may 31 rentexpense .....................................................................prepaidrent ..........................................................to record rent expense for the month of may.c. may 2cash ....................................................................................unearne d admissions revenue ............................ sold season tickets to the 70-day racing season. may 31 unearned admissions revenue ........................................admissionsrevenue .............................................to record admissions revenue from the 20 racing daysin may ($910,000 ? 20?70 = $260,000).d. may 4 no entry required.e. may 6 prepaidprinting ................................................................cash .................... .................................................... printed racing forms for first 30 racing days. may 31 printingexpense ...............................................................prepaidprinting ....................................................to record printing expense for 20 racing days in may.f. may 31 concessions receivable.....................................................concessions revenue ............................................ earned 10% of refreshment sales of $165,000 duringmay.300,0003,000180,00030,000910,000260,00012,0008,00016,500300,0003,000180,00030,000910,000260,00012,0008,00016,500ex. 4–8ex. 4–9something to consider:effects of omission of may 31 adjusting entry for rent expense on may 31 financialstatements:revenue not affected expenses understated (by may’s rent of $30,000) net income overstated (because may rent expense was not recognized) assets overstated (prepaid rent should be reduced by portion expired inmay)liabilities not affected owners’ eq uity overstated (because net income is overstated)a. materiality refers to the relative importance of an item. an item is material if knowledgeof it might reasonably influence the decisions of users of financial statements. if an item is immaterial, by definition it is not relevant to decision makers.accountants must account for material items in the manner required by generally accepted accounting principles. however, immaterial items may be accounted for in the most convenient and economical manner.b. whether a specific dollar amount is ―material‖ depends upon the (1) size of the amountand (2) nature of the item. in evaluating the size of a dollar amount, accountants consider the amount in relation to the size of the organization.based solely upon dollar amount, $2,500 is not material in relation to the financial statements of a large, publicly owned corporation. for a small business however, this amount could be material.in summary, one cannot say whether $2,500 is a material amount. the answer depends upon the related circumstances.c. two ways in which the concept of materiality may save time and effort for accountantsare:1. adjusting entries may be based upon estimated amounts if there is little or nopossibility that the use of an estimate will result in material error. for example, an adjusting entry to reflect the amount of supplies used may be based on an estimate of the cost of supplies remaining on hand.2. adjusting entries need not be made to accrue immaterial amounts of uecordedexpenses or uecorded revenue. for example, no adjusting entries normally are made to record utility expense payable at year-end.【篇二：《基础会计》练习册及答案】>第一讲总论（一）单项选择题1、会计的基本职能为----c-------。

LESSON 3

LESSON 3Review materialReview questionsQuestion 1Southwest Careers, a school owned by Sheila Carr, provides training to individuals whopay tuition directly to the business. The business also offers extension training to groupsin off-site locations. T he school’s unadjusted trial balance as of December 31, 20X5 follows. Southwest Careers follows the practice of initially recording prepaid expensesand unearned revenues in the statement of financial position accounts. Facts that requireeight adjusting entries on December 31, 20X5 are presented after the trial balance: SOUTHWEST CAREERSUnadjusted Trial BalanceDecember 31, 20X5Account Debit CreditCash ....................................................................................... € 26,000Accounts receivable 0Teaching supplies .................................................................. 10,000Prepaid insurance................................................................... 15,000Prepaid rent............................................................................ 2,000Professional library................................................................ 30,000 Accumulated Depreciation, professional library ................... € 9,000 Equipment.............................................................................. 70,000 Accumulated Depreciation, equipment ................................. 16,000Accounts payable................................................................... 36,000Salaries payable 0Unearned extension fees........................................................ 11,000Sheila Carr, capital ................................................................ 63,600Sheila Carr, withdrawals........................................................ 40,000Tuition fees earned ................................................................ 102,000Extension fees earned ............................................................ 38,000 Depreciation expense, equipment 0Depreciation expense, professional library 0Salaries expense..................................................................... 48,000Insurance expense 0Rent expense.......................................................................... 22,000Teaching supplies expense 0Advertising expense .............................................................. 7,000Utilities expense .................................................................... 5,600Totals ..................................................................................... €275,600 €275,600 Financial Accounting Fundamentals Review material 3 2Additional facts:a. An analysis of the company’s policies shows that €3,000 of insurance coverage has expired.b. An inventory shows that teaching supplies costing €2,600 are on han d at the end of the year.c. The estimated annual depreciation on the equipment is €12,000.d. The estimated annual depreciation on the professional library is €6,000.e. The school offers off-campus services for specific employers. On November 1, the company agreed to do a special six-month course for a client. The contract calls for a monthly fee of €2,200, and the client paid the first five months’ fees in advance. When the cash was received, the Unearned Extension Fees account was credited.f. On October 15, the school agreed to teach a four-month class for an individual for €3,000 tuition per month payable at the end of the class. The services to date have been provided as agreed, but no payment has been received.g. The school’s two employees are paid weekly. As of the end of the year, two days’wages have accrued at the rate of €100 per day for each employee.h. The balance in the Prepaid Rent account represents the rent for December. RequiredPrepare the eight necessary adjusting journal entries.Source: Adapted from Larson, Kermit P., Tilly Jenson and Raymond F. Carroll, Fundamental Accounting Principles, Tenth Canadian Edition (Toronto: McGraw-Hill Ryerson, 2002), Problem 4-6A, page 175Question 2Garza Company’s annual accounting period ends on Dece mber 31, 20X5. Garza followsthe practice of recording prepaid expenses and unearned revenues in statement of financial position accounts. The following information concerns the adjusting entries tobe recorded as of that date:a. The Office Supplies accou nt started the year with a €3,000 balance. During 20X5, thecompany purchased supplies at a cost of €12,400, which was added to the Office Supplies account. The inventory of supplies on hand at December 31 had a cost of€2,640.b. An analysis of the compan y’s insurance policies provided these facts:Policy Date of Purchase Years of Coverage Total Cost1 April 1, 20X42 € 15,8402 April 1, 20X53 13,0683 August 1, 20X5 1 2,700The total premium for each policy was paid in full at the purchase date, and the Prepaid Insurance account was debited for the full cost. Appropriate adjusting entries have been made to December 31, 20X4.Financial Accounting Fundamentals Review material 3 3c. The company has 15 employees who earn a total of €2,100 in salaries for e very working day. They are paid each Monday for their work in the five-day workweek ending on the preceding Friday. December 31, 20X5, falls on Monday, and all 15 employees worked the first day of the week. They will be paid salaries for five full days on Monday, January 7, 20X6.d. The company purchased a building on August 1, 20X5. The building cost €855,000 and is expected to have a €45,000 salvage value at the end of its predicted 30-year life.e. Because the company is not large enough to occupy the entire building, it arranged torent some space to a tenant at €2,400 per month, starting on Novembe r 1, 20X5. The rent was paid on time on November 1, and the amount received was credited to the Rent Earned account. However, the tenant has not paid the December rent. The company has worked out an agreement with the tenant, who has promised to pay both D ecember’s and January’s rent in full on January 15. The tenant has agreed not to fall behind again.f. On November 1, the company also rented space to another tenant for €2,175 per month. The tenant paid five months’ rent, in advance, on that date. The payment was recorded with a credit to the Unearned Rent account.Required1. Use the information to prepare adjusting entries as of December 31, 20X5.2. Prepare journal entries to record the subsequent cash transactions in January 20X6 described in parts (c) and (e).Source: Adapted from Larson 10e, Problem 4-14A, pages 179-180Question 3Calculate Tucker Company’s current ratio, given the following information about its assets and liabilities.Accounts receivable..........................................................................................€ 15,000 Accounts payable.............................................................................................. 10,000 Buildings........................................................................................................... 42,000 Cash .................................................................................................................. 6,000 Long-term notes payable .................................................................................. 20,000 Office supplies.................................................................................................. 1,800 Prepaid insurance.............................................................................................. 2,500 Unearned services revenue ............................................................................... 4,000 Source: Adapted from Larson 10e, QS 5-8, page 225Financial Accounting Fundamentals Review material 3 4Question 4Following is the adjusted trial balance, with accounts in alphabetical order, for eSOFT asat September 30, 20X7:ESOFTAdjusted Trial BalanceSeptember 30, 20X7Account Debit CreditAccounts payable.................................................................. € 9,000Accumulated Depreciation, office equipment ...................... 21,000Depreciation expense, office equipment .............................. € 7,000Cash ...................................................................................... 49,000Consulting fees earned.......................................................... 136,000Office equipment .................................................................. 63,000Prepaid rent........................................................................... 28,000Sandra Sloley, capital ........................................................... 46,000Sandra Sloley, withdrawals .................................................. 38,000Unearned consulting fees...................................................... 3,500Rent expense......................................................................... 3,500Wages expense...................................................................... 27,000 ________ Totals .................................................................................... €215,500 €215,500 RequiredPrepare the closing entries.Source: Adapted from Larson 10e, Exercise 5-11, page 230Question 5The following two conditions existed for Maxit Co. on October 31, 20X6, the end of itsfiscal year:a. Maxit rents a building from its owner for €3,200 per month. By a prearrangement, thecompany delayed paying October’s rent until November 5. On this date, the company paid the rent for both October and November.b. Maxit rents space in a building it owns to a tenant for €750 per month. B y prearrangement, the tenant delayed paying the October rent until November 8. On this date, the tenant paid the rent for both October and November.Financial Accounting Fundamentals Review material 3 5Required1. Prepare the adjusting entries that Maxit should record for these situations as of October 31.2. Assuming that Maxit does not use reversing entries, prepare journal entries to recordMaxit’s payment of rent on November 5 and the collection of rent on November 8 from Maxit’s tenant.3. Assuming that Maxit does use reversing entries, prepare those entries and the journalentries to record Maxit’s payment of rent on November 5 and the collection of rent on November 8 from Maxit’s tenant.Source: Adapted from Larson 10e, Exercise 5-16, page 232Question 6The following closing entries were prepared for Superior Architectural Designsregardingits year just ended June 30, 20X7:Jun 30 Design Fees Earned............................................... 248,000Income Summary ............................................ 248,000To close the revenue account.30 Income Summary .................................................. 146,040Depreciation Expense, Office Equipment....... 3,500Depreciation Expense, Office Furniture.......... 1,900Insurance Expense........................................... 1,200Interest Expense .............................................. 1,440Supplies Expense............................................. 4,300Telephone Expense ......................................... 3,200Utilities Expense ............................................. 1,500Salaries Expense.............................................. 129,000To close expense accounts.30 Income Summary .................................................. 101,960Al Rusnak, Capital .......................................... 101,960To close the Income Summary to capital.30 Al Rusnak, Capital ................................................ 70,000Al Rusnak, Withdrawals ................................. 70,000To close withdrawals to capital.Required1. Prepare a statement of comprehensive income based on the information provided.2. Calculate the post-closing balance in the capital account at June 30, 20X7 given thatthe adjusted balance on June 30, 20X6 was €86,000.Source: Adapted from Larson 10e, Problem 5-8A, page 236Financial Accounting Fundamentals Review material 3 6Question 7The unadjusted trial balance for Prestige Rentals after its first year of operations is shownbelow:PRESTIGE RENTALSWork Sheetfor year ended March 31, 20X7Unadjusted TrialBalanceNo. Account Debit Credit101 Cash .............................................................................. 34,000110 Rent receivable ............................................................. 126,000124 Office supplies .............................................................. 13,600141 Investment in ClubLink shares ..................................... 286,000161 Furniture........................................................................ 92,000173 Building ........................................................................ 1,250,000183 Land .............................................................................. 220,000201 Accounts payable.......................................................... 11,600252 Long-term notes payable .............................................. 750,000301 Chris Jenson, capital ..................................................... 999,050302 Chris Jenson, withdrawals ............................................ 56,000406 Rent earned ................................................................... 812,400620 Office salaries expense ................................................. 248,000633 Interest expense............................................................. 41,250655 Advertising expense...................................................... 56,000673 Janitorial expense.......................................................... 82,000690 Utilities expense............................................................ 68,200Totals ............................................................................ €2,573,050 €2,573,050 Required1. Enter the unadjusted trial balance onto a worksheet.2. Using the following additional information, enter the adjustments into the worksheet(the Chart of Accounts at the back of the text may be useful when additional accounts are required):a. It was determined that the balance in the Rent Receivable account at March 31 should be €142,000.b. A count of the office supplies showed €12,200 of the balance had been used.c. Annual Depreciation on the building is €50,000 and €7,000 on the furniture.d. The five office staff members each get paid €2,100 bi-weekly. The last bi-weekly pay peri od ended Friday, March 23. At March 31, five days’ salary had accrued.e. A review of the balance in Advertising Expense showed that €800 was for advertisements to appear in the April issue of Khalij Times magazine.f. Accrued utilities at March 31 totalle d €5,240.g. March interest of €3,750 on the long-term note payable is unrecorded as unpaid as of March 31.Financial Accounting Fundamentals Review material 3 73. Complete the worksheet.Source: Adapted from Larson 10e, Problem 5-12A, page 239Question 8Ethics ChallengeOn January 20, 20X7, Jennifer Nelson, the staff accountant, for Newby Enterprises is feeling pressure to complete the preparation of the annual financial statements. The president of the company has said he needs up-to-date financial statements to share withseveral bankers on January 21 at a dinner meeting that has been called to discuss the possibility of Newby obtaining loan financing for a special building project. Jennifer knows that she won't be able to gather all the needed information in the next 24 hours toprepare the entire set of adjusting entries that must be posted before the financial statements will accurately portray the company's performance and financial positionforthe fiscal period just ended December 31, 20X6. Jennifer ultimately decides to estimateseveral expense accruals at the last minute. When deciding on estimates for the expenses,Jennifer uses low estimates as she doesn't want to make the financial statements look worse than they possibly are in reality. Jennifer finishes the financial statements beforethe deadline and gives them to the president without mentioning that several accounts could only be estimated as to their balance on December 31, 20X6.Required1. Identify and list the parties (or stakeholders) who should be considered because theycould be affected by whatever decisions are made.2. Identify several courses of action that Jennifer could have taken instead of the one sheultimately decided on.3. If you were in Jennifer's situation what would you have done? Briefly justify your response.Financial Accounting Fundamentals Review material 3 8Review solutionsQuestion 120X5a. Dec. 31 Insurance Expense ................................................ 3,000Prepaid Insurance............................................ 3,000To record the cost of insurance expiredduring the yearb. 31 Teaching Supplies Expense .................................. 7,400Teaching Supplies........................................... 7,400To record the cost of supplies used duringthe year; 10,000 – 2,600.c. 31 Depreciation Expense, Equipment........................ 12,000Accumulated Depreciation, Equipment.......... 12,000To record equipment Depreciation expense.d. 31 Depreciation Expense, Prof. Library .................... 6,000Accumulated Depreciation,Professional Library.....................................6,000To record professional library Depreciationexpense.e. 31 Unearned Extension Fees...................................... 4,400Extension Fees Earned.................................... 4,400To record extension fees earned that werecollected in advance.f. 31 Accounts Receivable............................................. 7,500 Tuition Fees Earned ........................................ 7,500To record the amount of tuition fees earned.g. 31 Salaries Expense (400)Salaries Payable (400)To record accrued salaries expense.h. 31 Rent Expense ........................................................ 2,000 Prepaid Rent.................................................... 2,000To record the expiration of prepaid rent.Financial Accounting Fundamentals Review material 3 9Question 2Part 120X5Dec. 31 Office Supplies Expense......................................... 12,760 Office Supplies ................................................. 12,760To record the cost of supplies used duringthe year; €3,000 + €12,400 –€2,640.31 Insurance Expense .................................................. 12,312 Prepaid Insurance.............................................. 12,312To record the cost of insurance coveragethat expired during the year.Policy Cost per No. ofCost Month Months 20X51 €660 12 € 7,9202 363 9 3,2673 225 5 1,125Total €12,31231 Salaries Expense ..................................................... 2,100 Salaries Payable................................................ 2,100To record accrued but unpaid wages.31 Depreciation Expense, Building ............................. 11,250 Accumulated Depreciation, Building ............... 11,250To record Depreciation expense. AnnualDepreciation = (€855,000 –€45,000)/30 = €27,000; Depreciation for five months = €27,000 × 5/12.31 Rent Receivable...................................................... 2,400Rent Earned ...................................................... 2,400To record earned but unpaid rent.31 Unearned Rent ........................................................ 4,350 Rent Earned ...................................................... 4,350To record the amount of rent earned; 2 × €2,175.Financial Accounting Fundamentals Review material 3 10Part 220X6Jan. 7 Salaries Payable...................................................... 2,100 Salaries Expense ..................................................... 8,400Cash .................................................................. 10,500To record payment of accrued and currentsalaries; 4 × €2,100 = 8,400.15 Cash ..................................................................... 4,800Rent Receivable............................................. 2,400Rent Earned ................................................... 2,400To record past due rent for two months.Question 3Current assets:Accounts receivable ...................................... €15,000Cash .............................................................. 6,000Office supplies .............................................. 1,800Prepaid insurance .......................................... 2,500Total .............................................................. €25,300Current liabilities:Accounts payable .......................................... €10,000Unearned services revenue ........................... 4,000Total .............................................................. €14,000Current ratio = €25,300 €14,000 = 1.8Financial Accounting Fundamentals Review material 3 11Question 420X7ESOFTClosing entriesSept. 30 Consulting Fees Earned......................................... 136,000 Income Summary ............................................ 136,000To close revenues to the income summary.30 Income Summary .................................................. 37,500 Depreciation Expense, Office Equipment ....... 7,000Rent Expense................................................... 3,500Wages Expense................................................ 27,000To close expense accounts to income summary.30 Income Summary .................................................. 98,500 Sandra Sloley, Capital ..................................... 98,500To close income summary to capital.30 Sandra Sloley, Capital ........................................... 38,000 Sandra Sloley, Withdrawals ............................ 38,000To close withdrawals to capital.Question 51. Adjusting entries:20X6Oct. 31 Rent Expense ....................................................... 3,200Rent Payable .................................................. 3,200To record accrued rent expense.31 Rent Receivable (750)Rent Earned (750)To record accrued rent income.2. Subsequent entries without reversing:Nov. 5 Rent Payable ........................................................ 3,200 Rent Expense ....................................................... 3,200Cash ............................................................... 6,400To record payment of two months’ rent.8 Cash ..................................................................... 1,500Rent Receivable (750)Rent Earned (750)To record collection of two months’ rent.Financial Accounting Fundamentals Review material 3 123. Reversing entries and subsequent entries:Nov. 1 Rent Payable ........................................................ 3,200 Rent Expense ................................................. 3,200To reverse the accrual of rent expense.1 Rent Earned (750)Rent Receivable (750)To reverse the accrual of rent income.5 Rent Expense ....................................................... 6,400Cash ............................................................... 6,400To rec ord payment of two months’ rent.8 Cash ..................................................................... 1,500Rent Earned ................................................... 1,500To record collection of two months’ rent.Question 61.SUPERIOR ARCHITECTURAL DESIGNSStatement of Comprehensive Incomefor year ended June 30, 20X7Revenues:Design fees earned .............................................................. €248,000 Operating expenses:Depreciation expense, office equipment............................. € 3,500 Depreciation expense, office furniture................................ 1,900 Insurance expense ............................................................... 1,200 Interest expense................................................................... 1,440 Supplies expense................................................................. 4,300 Telephone expense.............................................................. 3,200 Utilities expense.................................................................. 1,500 Salaries expense.................................................................. 129,000Total operating expenses .............................................. 146,040Income ...................................................................................... €101,960Al Rusnak, Capital86,000(Beg. bal.)2. €86,000 + €101,960 –€70,000 = €117,960 OR (With.) 70,000 101,960 (Income) 117,960(End. bal.)Question 7PRESTIGE RENTALSWorksheetfor year ended March 31, 20X7Unadjusted TrialBalanceAdjustmentsAdjusted TrialBalanceStatement ofComprehensiveIncomeStatement ofFinancial Position &Statement ofChanges inOwner’s EquityAccountNumberAccount Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit101 Cash ....................................... 34,000 34,000 34,000110 Rent receivable....................... 126,000 a) 16,000 142,000 142,000124 Office supplies ....................... 13,600 b) 12,200 1,400 1,400141 Investment in ClubLink shares.. 286,000 286,000 286,000161 Furniture................................. 92,000 92,000 92,000173 Building.................................. 1,250,000 1,250,000 1,250,000183 Land ......................................... 220,000 220,000 220,000201 Accounts payable ................... 11,600 f) 5,240 16,840 16,840252 Long-term note payable ......... 750,000 750,000 750,000301 Chris Jensen, capital............... 999,050 999,050 999,050302 Chris Jensen, withdrawals...... 56,000 56,000 56,000406 Rent earned ............................ 812,400 a) 16,000 828,400 828,400620 Office salaries expense........... 248,000 d) 5,250 253,250 253,250633 Interest expense...................... 41,250 g) 3,750 45,000 45,000655 Advertising expense............... 56,000 e) 800 55,200 55,200673 Janitorial expense................... 82,000 82,000 82,000690 Utilities expense..................... 68,200 f) 5,240 73,440 73,440 Totals.............................. 2,573,050 2,573,050650 Office supplies expense ......... b) 12,200 12,200 12,200601 Depreciation expense, furniture. c) 7,000 7,000 7,000162 Accumulated dep., furniture... c) 7,000 7,000 7,000606 Depreciation expense,building ..................................c) 50,000 50,000 50,000174 Accumulated dep., building ... c) 50,000 50,000 50,000209 Salaries payable ..................... d) 5,250 5,250 5,250131 Prepaid advertising................. e) 800 800 800203 Interest payable ...................... g) 3,750 3,750 3,750 Totals.............................. 100,240 100,240 2,660,290 2,660,290 578,090 828,400 2,082,2001,831,890 Income.................................... 250,310 250,310 Totals.............................. 828,400 828,400 2,082,200 2,082,200Financial Accounting Fundamentals Review material 3 13Financial Accounting Fundamentals Review material 3 14Question 8Ethics Challenge1. Jennifer should recognize that the bank is an interested party, as is the president. Sheherself might be affected by this decision. For instance, if the president believes that Jennifer can prepare a year-end in a very short time, this could generate future requests from the president to close in even shorter times. Furthermore, by not telling the president that the statements are based on estimates, she will have to explain the reason for any differences when the final numbers come in. What effect, if any, will this have on her relationship with the president? There is a similar consideration regarding the firm’s bankers. Jennifer should consider whether Newby’s bu siness relationship with the bank would be affected after the bank learns the statements were based on estimates and they had not been advised that this was the case.2. There are several courses of action that Jennifer could have taken:a. Probably, she should have consulted with the president and told him that the finalized financial statements would not be ready by the time of the meeting. She should explain that delay in final statement preparation is a normal event giventhe need to wait for final information to prepare accurate adjustments. Themeeting could possibly be rescheduled, or Jennifer could have asked the president how he preferred her to proceed.b. The estimation route was not a bad choice in itself. Jennifer probably should have used worst-case estimates instead of recording expenses on the low side. Users of financial statements usually prefer knowing worst-case scenarios over best case outcomes.The use of estimates gets the financial statements closer to their final form than ignoring the adjustments completely.3. Students may offer one of the above alternatives or another response they may think。

会计英语考试题目及答案

会计英语考试题目及答案一、选择题（每题2分，共20分）1. What is the basic accounting equation?A) Assets = Liabilities + EquityB) Revenue - Expenses = Net IncomeC) Assets = LiabilitiesD) Liabilities = Equity答案：A2. Which of the following is not a type of financial statement?A) Balance SheetB) Income StatementC) Cash Flow StatementD) Tax Return答案：D3. What is the purpose of adjusting entries in accounting?A) To increase profitsB) To match revenues and expensesC) To reduce taxesD) To make the financial statements more complex答案：B4. What is the term for the process of recording transactionsin a journal?A) PostingB) JournalizingC) ClosingD) Adjusting答案：B5. Which of the following is a non-current asset?A) InventoryB) Accounts PayableC) LandD) Prepaid Expenses答案：C6. What is the accounting term for the cost of goods sold?A) COGSB) CGSC) COSD) COGS答案：A7. What is the accounting treatment for depreciation?A) Increase in asset valueB) Decrease in asset valueC) Increase in revenueD) Decrease in expenses答案：B8. What is the formula for calculating the return on investment (ROI)?A) (Net Income / Total Assets) * 100B) (Net Income / Investment) * 100C) (Total Assets / Net Income) * 100D) (Investment / Net Income) * 100答案：B9. Which of the following is a principle of accounting?A) ConsistencyB) Fair valueC) Historical costD) All of the above答案：A10. What is the purpose of a trial balance?A) To calculate net incomeB) To determine the value of assetsC) To check the accuracy of accounting recordsD) To prepare financial statements答案：C二、简答题（每题5分，共30分）1. Define the term "Double Entry Accounting" and explain its significance in the accounting process.答案：Double Entry Accounting is a system of accountingthat records every transaction in at least two accounts, one as a debit and the other as a credit. It ensures that the accounting equation remains in balance and provides a comprehensive view of the financial transactions, thereby enhancing the accuracy and reliability of financial records.2. Explain the difference between "Accrual Accounting" and "Cash Accounting".答案：Accrual Accounting records transactions when they are incurred, regardless of when payment is received or made. It focuses on the matching principle, aligning revenues and expenses with the period they are earned or incurred. Cash Accounting, on the other hand, records transactions only when cash is received or paid, which provides a snapshot of the business's liquidity at a given time.3. What are the main components of a Balance Sheet?答案：The main components of a Balance Sheet are Assets, Liabilities, and Equity. Assets represent what the company owns, liabilities represent what the company owes, and equity represents the residual interest in the assets after deducting liabilities.4. Describe the accounting process for recording a sale on credit.答案：When a sale is made on credit, the accounting process involves debiting Accounts Receivable and crediting Sales Revenue. This reflects the increase in assets (AccountsReceivable) due to the sale and the increase in revenue from the sale. If the sale involves inventory, Inventory is also debited and Cost of Goods Sold is credited to reflect the reduction in inventory and the associated cost.5. What is the purpose of closing entries in accounting?答案：The purpose of closing entries is to transfer the balances of temporary accounts (revenue, expenses, and dividends) to the permanent account (Retained Earnings). This process prepares the financial statements for the next accounting period and provides a clear picture of the company's net income or loss for the period.6. Explain the concept of "Going Concern" in accounting.答案：The Going Concern concept assumes that a business will continue to operate for the foreseeable future, allowing it to realize its assets and discharge its liabilities in the normal course of business. This assumption is fundamental to the preparation of financial statements as it affects the valuation of assets and liabilities.三、案例分析题（每题25分，共50分）1. Assume you are an accountant for a company that has just completed its。

实验心理学名词解释

观察法（observation）是在自然条件下，对研究对象进行有系统、有计划的观察，从中发现心理现象产生和发展的规律。

分为自然观察法和实验观察法。

问卷法（questionares）：研究者用统一、严格设计的问卷来收集研究对象有关的心理特征和行为数据资料的方法。

测验法（testing）是通过修订的标准化的问题（量表），按照一定的测量程序收集数据的方法。

访谈法（Interview）又叫个案法（Case Study）或临床法（Clinical Study），是研究者围绕事先设计好的问题，通过与研究对象进行深入细致的观察和调查，收集尽可能详细的资料，以确定心理和行为的前因后果。

文献检索（literature search）与分析是提出有价值的前沿课题的基础性工作，也是研究课题具体化的必经之路。

这一工作可在两个层次上展开：第一个层次在于把握研究生涯的方向；第二个层次在于确定具体的研究课题。

假设（Hypothesis）是对研究问题提出的设想，是根据已有事实及原理所作出的猜测。

可得总体（accessible population）：能找到的、可能用为被试的研究对象。

代表性样本（representative sample）：在与研究有关的特征方面，样本与总体一致（误差允许范围内）有偏样本（biased sample）：如果样本特征与总体特征相差甚远，超出了误差许可的范围，这样的样本叫有偏样本。

目标总体（target population）：指研究对象的全体。

简单随机取样（simple random sampling）就是按随机原则直接从总体N个单位中,抽取n 个单位作为样本。

便利取样（convenience sampling）：研究者只使用那些容易得到的个体作被试，被选的人必须是那些找得到的、乐于参加研究的。

霍桑效应（Hawthorne effect）：在心理实验中，被试对待实验的态度对实验结果所造成的影响。

安慰剂效应（placebo effect）：被试因为知道或被告知某种情况会造成某种反应，实际上并不会产生这的反应，但是被试却感觉出现了这种反应或表现出这种反应。

怀尔德会计学原理答案Chapter-03

Chapter 3Adjusting Accounts and Preparing1. The cash basis of accounting reports revenues when cash is received while theaccrual basis reports revenues when they are earned. The cash basis reports expenses when cash is paid while the accrual basis reports expenses when they are incurred and matched with revenues they generated.2. The accrual basis of accounting generally provides a better indication of companyperformance and financial condition than does the cash basis. Also, the accrual basis increases the comparability of financial statements from one period to the next.Thus, business decision makers generally prefer the accrual basis.3. Businesses that have major seasonal variations in sales are most likely to select thenatural business year as the fiscal year.4. A prepaid expense is an item paid for in advance of receiving its benefits. As such, itis reported as an asset on the balance sheet.5. Long-term tangible plant assets such as equipment, buildings, and machinery leadto adjustments for depreciation. Generally, land is the only long-term tangible plant asset that does not require depreciation.6. The Accumulated Depreciation contra account is used for depreciation. It providesfinancial statement users with additional information about the relative age of the assets. Without the contra account information, the reader would not be able to tell whether the assets are new or in need of replacement.7. Unearned revenue refers to cash received in advance of providing products andservices. Another name for unearned revenue is deferred revenue. It is reported asa liability on the balance sheet.8. Accrued revenue is revenue that is earned but is not yet received in cash (and/orother assets) and the customer has not been billed prior to the end of the period.Therefore, end-of-period adjustments are made to record accrued revenue.Examples are interest income that has been earned but not collected and revenues from services performed that are neither collected nor billed.9.A If prepaid expenses are initially recorded with debits to expense accounts, then theprepaid expenses asset accounts are debited in the adjusting entries.10. For Best Buy, all of the accounts under the category of Property and Equipment(except for Land), require adjusting entries. The expense related to the depreciation expense account would be understated on the income statement if Best Buy fails to adjust these asset accounts. If the adjusting entries are not made, net income would be overstated. Note: Students might also correctly identify accounts receivable, goodwill, and tradenames as needing adjustment.11. Circuit City must make adjusting entries to Prepaid expenses and other currentassets; Deferred income taxes; Accrued expenses and other current liabilities;Accrued income taxes; and possibly other assets and liabilities such as Receivables for bad debts. (It is also possible that Circuit City would need to adjust Goodwill and Other intangible assets.)12. RadioShack would need to debit interest receivable and credit interest revenue.13. The Accrued Wages Expense would be reported as part of “Accrued Expenses” onCash AccountingRevenues (cash receipts) ...................................................... $52,000Expenses (cash payments: $37,500 - $6,000 + $3,250) ...... 34,750Net income ............................................................................. $17,250 Accrual AccountingRevenues (earned) ................................................................ $60,000Expenses (incurred) .............................................................. 37,500Net income .............................................................................. $22,500 Quick Study 3-2 (10 minutes)a. AE Accrued expensesb. PE Prepaid expensesc. UR Unearned revenuesd. PE Prepaid expenses (Depreciation)e. AR Accrued revenuesa. Debit Unearned Revenue Balance SheetCredit Revenue Earned Income Statementb. Debit Wages Expense Income StatementCredit Wages Payable Balance Sheetc. Debit Accounts Receivable Balance SheetCredit Revenue Earned Income Statementd. Debit Insurance Expense Income StatementCredit Prepaid Insurance Balance Sheete. Debit Depreciation Expense Income StatementCredit Accumulated Depreciation Balance SheetQuick Study 3-4 (15 minutes)a. Insurance Expense ....................................................... 3,000Prepaid Insurance ................................................. 3,000 To record 6-month insurance coverage expired.b. Supplies Expense ......................................................... 4,150Supplies .................................................................. 4,150 To record supplies used during the year.($900 + $4,000 – [?] = $750)Quick Study 3-5 (15 minutes)a. Depreciation Expense—Equipment ............................ 8,400Accumulated Depreciation—Equipment ............. 8,400 To record depreciation expense for the year.($45,000 - $3,000) / 5 years = $8,400b. No depreciation adjustments are made for land asit is expected to last indefinitely.Salaries Expense (400)Salaries Payable (400)To record salaries incurred but not yet paid.[One student earns $100 x 4 days, Mondaythrough Thursday]Quick Study 3-7 (15 minutes)a. Unearned Revenue ........................................................ 22,500Legal Revenue ....................................................... 22,500 To recognize legal revenue earned (30,000 x 3/4).b. Unearned Subscription Revenue ................................ 1,200Subscription Revenue ........................................... 1,200 To recognize subscription revenue earned.[100 x ($24 / 12 months) x 6 months]1. Accrue salaries expense e ga f2. Adjust the Unearned Services Revenue accountto recognize earned revenueb f3. Record the earning of services revenue for whichcash will be received the following periodQuick Study 3-9 (10 minutes)The answer is a.ExplanationThe debit balance in Prepaid Insurance was reduced by $400, implying a $400 debit to Insurance Expense. The credit balance in Interest Payable increased by $800, implying an $800 debit to Interest Expense.The answer is 2.ExplanationInsurance premium errorUnderstates expenses (and overstates assets) by .......... $1,600 Accrued salaries errorUnderstates expenses (and understates liabilities) by .... 1,000The collective effects from this company’s errors follow:Understates expenses by ..................................................... $2,600Overstates assets by ............................................................. $1,600Understates liabilities by ...................................................... $1,000 Quick Study 3-11 (10 minutes)Profit margin = $78,750 / $630,000 = 12.5%Interpretation: For each dollar that records as revenue, it earns 12.5 cents in net income. Miller’s 12.5% is markedly lower than competitors’ average profit margin of 15%—it must improve performance.Quick Study 3-12A (5 minutes)1. B 4. A2. F 5. D3. C 6. EExercise 3-2 (25 minutes)a. Depreciation Expense—Equipment ................................ 16,000Accumulated Depreciation—Equipment..................... 16,000 To record depreciation expense for the year.b. Insurance Expense ........................................................... 5,360Prepaid Insurance* ....................................................... 5,360 To record insurance coverage that expired($6,000 - $640).c. Office Supplies Expense .................................................. 3,422Office Supplies**............................................................ 3,422 To record office supplies used ($325 + $3,480 - $383).d. Unearned Fee Revenue .................................................... 3,000Fee Revenue .................................................................. 3,000 To record earned portion of fee received in advance($15,000 x 1/5).e. Insurance Expense ........................................................... 6,160Prepaid Insurance ......................................................... 6,160 To record insurance coverage that expired.f. Wages Expense ................................................................. 2,700Wages Payable .............................................................. 2,700 To record wages accrued but not yet paid.a. Unearned Fee Revenue .................................................... 5,000Fee Revenue .................................................................. 5,000 To record earned portion of fee received in advance($15,000 x 1/3).b. Wages Expense ................................................................. 7,500Wages Payable .............................................................. 7,500 To record wages accrued but not yet paid.c. Depreciation Expense—Equipment ................................ 17,251Accumulated Depreciation—Equipment..................... 17,251 To record depreciation expense for the year.d. Office Supplies Expense .................................................. 5,682Office Supplies*............................................................. 5,682 To record office supplies used ($240 + $6,102 - $660).e. Insurance Expense ........................................................... 2,700Prepaid Insurance†........................................................ 2,700 To record insurance coverage expired ($4,000 - $1,300).f. Interest Receivable ......................................................... 1,400Interest Revenue ........................................................ 1,400 To record interest earned but not yet received.g. Interest Expense ............................................................. 2,000Interest Payable........................................................... 2,000 To record interest incurred but not yet paid.a. Adjusting entry2009Dec. 31 Wages Expense (825)Wages Payable (825)To record accrued wages for one day.(5 workers x $165)b. Payday entry2010Jan. 4 Wages Expense.......................................................2,475Wages Payable (825)Cash .....................................................................3,300To record accrued and current wages.Wages expense = 5 workers x 3 days x $165Cash = 5 workers x 4 days x $165Exercise 3-5 (15 minutes)a. $ 2,000b. $ 6,607c. $11,987d. $ 1,375Proof: (a) (b) (c) (d) Supplies available – prior year-end ......... $ 350 $1,855 $ 1,576 $1,375 Supplies purchased in current year ........ 2,450 6,307 11,987 6,907 Total supplies available ............................ 2,800 8,162 13,563 8,282 Supplies available – current year-end ..... (800) (6,607) (2,056) (800) Supplies expense for current year........... $2,000 $1,555 $11,507 $7,482a.Apr. 30 Legal Fees Expense ........................................... 4,500Legal Fees Payable ..................................... 4,500 To record accrued legal fees.May 12 Legal Fees Payable ............................................ 4,500Cash ............................................................. 4,500 To pay accrued legal fees.b.Apr. 30 Interest Expense ................................................. 1,900Interest Payable .......................................... 1,900 To record accrued interest expense($5,700 x 10/30).May 20 Interest Payable .................................................. 1,900Interest Expense ................................................. 3,800Cash ............................................................. 5,700 To record payment of accrued and currentinterest expense ($5,700 x 20/30).c.Apr. 30 Salaries Expense ................................................ 4,800Salaries Payable.......................................... 4,800 To record accrued salaries($12,000 x 2/5 week).May 3 Salaries Payable ................................................. 4,800Salaries Expense ................................................ 7,200Cash ............................................................. 12,000 To record payment of accrued andcurrent salaries ($12,000 x 3/5 week).Basis*Basis Basis**Basis Dec. 31, 2007 ........$14,450 $0 2007 ..........$ 850 $15,300 Dec. 31, 2008 ........9,350 0 2008 ..........5,100 0 Dec. 31, 2009 ........4,250 0 2009 .......... 5,100 0 Dec. 31, 2010 ........0 0 2010 .......... 4,250 0$15,300 $15,300 Explanations:*Accrual asset balance equals months left in the policy x $425 per month (monthly cost is computed as $15,300 / 36 months).Months Left Balance12/31/2007 .. 34 $14,45012/31/2008 .. 22 9,35012/31/2009 .. 10 4,25012/31/2010 .. 0 0**Accrual insurance expense equals months covered in the year x $425 per month.Months Covered Expense2007 ............ 2 $ 8502008 ............12 5,1002009 ............12 5,1002010 ............10 4,250$15,300Dec. 31 Accounts Receivable ............................................. 1,980Fees Earned ..................................................... 1,980 To record earned but unbilled fees (30% x $6,600).31 Unearned Fees ........................................................ 4,620Fees Earned ..................................................... 4,620 To record earned fees collected in advance(70% x $6,600).31 Depreciation Expense—Computers ..................... 1,650Accumulated Depreciation-Computers ........ 1,650 To record depreciation on computers.31 Depreciation Expense—Office Furniture ............. . 1,925A ccumulated Depreciation—Office Furniture ... 1,925To record depreciation on office furniture.31 Salaries Expense .................................................... 2,695Salaries Payable.............................................. 2,695 To record accrued salaries.31 Insurance Expense.................................................. 1,430Prepaid Insurance ........................................... 1,430 To record expired prepaid insurance.31 Rent Expense (700)Rent Payable (700)To record accrued rent expense.31 Office Supplies Expense (528)Office Supplies (528)To record use of office supplies.31 Advertising Expense (500)Advertising Payable (500)To record accrued advertising expense.31 Utilities Expense (77)Utilities Payable (77)To record incurred and unpaid utility costs.a. $ 6,039 / $ 52,970 = 11.4%b. $100,890 / $ 471,430 = 21.4%c. $106,880 / $ 301,920 = 35.4%d. $ 67,140 / $1,721,520 = 3.9%e. $ 84,780 / $ 513,800 = 16.5%Analysis and Interpretation: Company c has the highest profitability according to the profit margin ratio. Company c earns 35.4 cents in net income for every one dollar of net sales earned.Exercise 3-10A (30 minutes)a.Dec. 1 Supplies Expense ................................................... 2,000Cash ................................................................. 2,000 Purchased supplies.b.Dec. 2 Insurance Expense ................................................. 1,540Cash ................................................................. 1,540 Paid insurance premiums.c.Dec. 15 Cash ......................................................................... 13,000Remodeling Fees Earned ............................... 13,000 Received fees for work to be done.d.Dec. 28 Cash ......................................................................... 3,700Remodeling Fees Earned ............................... 3,700 Received fees for work to be done.e.Dec. 31 Supplies .................................................................. 1,840Supplies Expense ........................................... 1,840 Adjust expenses for unused supplies.f.Dec. 31 Prepaid Insurance .................................................. 1,200Insurance Expense ......................................... 1,200 Adjust expenses for unexpired coverage($1,540 - $340).g.Dec. 31 Remodeling Fees Earned ..................................... 11,130Unearned Remodeling Fees .......................... 11,130 Adjusted revenues for unfinished projects($13,000 + 3,700 - $5,570).a. Initial credit recorded in the Unearned Fees accountJuly 1 Cash ....................................................................... 2,800Unearned Fees .............................................. 2,800 Received fees for work to be done for Solana.6 Cash ....................................................................... 8,100Unearned Fees .............................................. 8,100 Received fees for work to be done for Haru.12 Unearned Fees ...................................................... 2,800Fees Earned ................................................... 2,800 Completed work for Solana.18 Cash ....................................................................... 7,300Unearned Fees .............................................. 7,300 Received fees for work to be done for Jordan.27 Unearned Fees ...................................................... 8,100Fees Earned ................................................... 8,100 Completed work for customer Haru.31 No adjusting entries required.b. Initial credit recorded in the Fees Earned accountJuly 1 Cash ....................................................................... 2,800Fees Earned ................................................... 2,800 Received fees for work to be done for Solana.6 Cash ....................................................................... 8,100Fees Earned ................................................... 8,100 Received fees for work to be done for Haru.12 No entry required.18 Cash ....................................................................... 7,300Fees Earned ................................................... 7,300 Received fees for work to be done for Jordan.27 No entry required.31 Fees Earned .......................................................... 7,300Unearned Fees .............................................. 7,300 Adjusted to reflect unearned fees for unfinishedjob for Jordan.c. Under the first method (and using entries from a)Unearned Fees = $2,800 + $8,100 - $2,800 + $7,300 - $8,100 = $7,300 Fees Earned = $2,800 + $8,100 = $10,900Unearned Fees = $7,300Fees Earned = $2,800 + $8,100 + $7,300 - $7,300 = $10,9001. I 5. G 9. H2. D 6. C 10. E3. F 7. I 11. H4. B 8. A 12. BProblem 3-2A (35 minutes)Part 1Adjustment (a)Dec. 31 Office Supplies Expense ................................ 12,325Office Supplies ......................................... 12,325 To record cost of supplies used($2,900 + $11,977 - $2,552).Adjustment (b)31 Insurance Expense .......................................... 12,280Prepaid Insurance .................................... 12,280B 290 ($10,440/36 mo.) 9 2,610C 770 ($ 9,240 /12 mo.) 5 3,850Total $12,280Adjustment (c)31 Salaries Expense ............................................. 3,660Salaries Payable....................................... 3,660 To record accrued but unpaid wages(2 days x $1,830).Adjustment (d)Dec. 31 Depreciation Expense—Building ................... 18,875Accumulated Depreciation—Building ... 18,875 To record annual depreciation expense[($800,000 -$45,000) / 40 years = $18,875]Adjustment (e)31 Rent Receivable ............................................ 3,000Rent Earned ........................................... 3,000 To record earned but unpaid Dec. rent.Adjustment (f)31 Unearned Rent .............................................. 5,436Rent Earned ........................................... 5,436 To record the amount of rent earned forNovember and December (2 x $2,718).Part 2Cash Payment for (c)Jan. 6 Salaries Payable ........................................... 3,660Salaries Expense* ........................................ 5,490Cash ....................................................... 9,150 To record payment of accrued andcurrent salaries. *(3 days x $1,830)Cash Payment for (e)15Cash ............................................................... 6,000Rent Receivable .................................... 3,000Rent Earned ........................................... 3,000 To record past due rent for two months.Part 2Adjustment (a)Dec. 31 Insurance Expense ...............................................3,000Prepaid Insurance ...........................................3,000 To record the insurance expired.Adjustment (b)31 Teaching Supplies Expense ................................9,000Teaching Supplies ..........................................9,000 To record supplies used ($11,000 - $2,000).Adjustment (c)31 Depreciation Expense—Equipment ....................10,000Accumulated Depreciation—Equipment ............10,000 To record equipment depreciation.Adjustment (d)31 Depreciation Expense—Profess. Library ...........5,000A ccumul. Depreciation—Profess. Library.........5,000To record professional library depreciation.Adjustment (e)31 Unearned Training Fees .......................................5,000Training Fees Earned .....................................5,000 To record 2 months’ training fees earnedthat were collected in advance.Adjustment (f)31 Accounts Receivable ............................................4,000Tuition Fees Earned........................................4,000 To record tuition earned($1,600 x 2 1/2 months).Adjustment (g)31 Salaries Expense (480)Salaries Payable (480)To record accrued salaries(2 days x $120 x 2 employees).Adjustment (h)31 Rent Expense ........................................................2,178Prepaid Rent ....................................................2,178 To record expiration of prepaid rent.Part 3WELLS TEACHING INSTITUTEAdjusted Trial BalanceDecember 31, 2009Debit Credit Cash .......................................................................... $ 28,064Accounts receivable ................................................ 4,000Teaching supplies ................................................... 2,000Prepaid insurance .................................................... 13,000Prepaid rent 0Professional library ................................................. 33,000 Accumulated depreciation—Professional library ... $ 15,000 Equipment ................................................................ 75,800 Accumulated depreciation—Equipment ................ 25,000 Accounts payable .................................................... 39,500 Salaries payable . (480)Unearned training fees ............................................ 7,500 T. Wells, Capital ....................................................... 71,000 T. Wells, Withdrawals .............................................. 44,000Tuition fees earned .................................................. 115,000 Training fees earned ................................................ 46,000 Depreciation expense—Professional library ........ 5,000 Depreciation expense—Equipment ....................... 10,000Salaries expense ..................................................... 52,480Insurance expense................................................... 3,000Rent expense ............................................................ 26,136Teaching supplies expense .................................... 9,000 Advertising expense ................................................ 8,000Utilities expense....................................................... 6,000 _______ Totals ........................................................................ $319,480 $319,480Part 4WELLS TEACHING INSTITUTEIncome StatementFor Year Ended December 31, 2009RevenuesTuition fees earned ............................................ $115,000Training fees earned .......................................... 46,000Total revenues .................................................... $161,000 ExpensesDepreciation expense—Professional library ... 5,000Depreciation expense—Equipment .................. 10,000Salaries expense ................................................ 52,480Insurance expense ............................................. 3,000Rent expense ...................................................... 26,136Teaching supplies expense ............................... 9,000Advertising expense .......................................... 8,000Utilities expense ................................................. 6,000Total expenses ................................................... 119,616 Net income ............................................................ $ 41,384WELLS TEACHING INSTITUTEStatement of Owner’s EquityFor Year Ended December 31, 2009T. Wells, Capital, December 31, 2008 ................................. $ 71,000 Plus: Net income .................................................................. 41,384112,384 Less: Withdrawals by owner ............................................... 44,000 T. Wells, Capital, December 31, 2009 ................................. $ 68,384Problem 3-3A (Concluded)WELLS TEACHING INSTITUTEBalance SheetDecember 31, 2009AssetsCash ................................................................................. $ 28,064 Accounts receivable ...................................................... 4,000 Teaching supplies .......................................................... 2,000 Prepaid insurance .......................................................... 13,000 Professional library ........................................................ $33,000 Accumulated depreciation—Professional library ....... (15,000) 18,000 Equipment ....................................................................... 75,800 Accumulated depreciation—Equipment ...................... (25,000) 50,800 Total assets ..................................................................... $115,864LiabilitiesAccounts payable ........................................................... $ 39,500 Salaries payable . (480)Unearned training fees .................................................. 7,500 Total liabilities ................................................................ 47,480EquityT. Wells, Capital .............................................................. 68,384 Total liabilities and equity ............................................. $115,864Problem 3-4A (45 minutes) —Part 1Cash ......................................... $ 86,000 $ 86,000 Accounts receivable ........... 15,000 (a) 4,000 19,000Office supplies ...................... 17,800 (b) 8,800 9,000Prepaid insurance ................ 6,040 (c) 2,080 3,960Office equipment .................. 87,000 87,000 Accumulated depreciation—Office equipment ........... $ 24,000 (d) 2,000 $ 26,000 Accounts payable ................ 9,100 (e) 14,900 24,000 Interest payable ..................... (f) 2,500 2,500 Salaries payable ................... (g) 15,000 15,000 Unearned consulting fees .20,000 (h) 7,000 13,000 Long-term notes payable .. 54,000 54,000 K. Jenkins, Capital ............... 46,000 46,000 K. Jenkins, Withdrawals .... 10,000 10,000Consulting feesearned .................................... 165,000 (a)(h)4,0007,000 176,000Depreciation expense—Office equipment ................ (d) 2,000 2,000Salaries expense .................. 67,990 (g) 15,000 82,990Interest expense ................... 1,270 (f) 2,500 3,770 Insurance expense .............. (c) 2,080 2,080Rent expense ........................ 14,540 14,540Office supplies expense .... (b) 8,800 8,800 Advertising expense ........... 12,460 _______ (e) 14,900 ______ 27,360 _______ Totals ........................................ $318,100 $318,100 $56,280 $56,280 $356,500 $356,500 Adjustment description(a) Earned but uncollected revenues.(b) Cost of office supplies used.(c) Cost of expired insurance coverage.(d) Depreciation expense on office equipment.(e) Incurred but unpaid advertising expense.(f) Incurred but unpaid interest expense.(g) Incurred but unpaid salaries expense.(h) Earned revenues previously received in advance.。

12年秋会计专业英语部分答案

单选 When the corporation issuing the bonds has the 题 right to repurchase the bonds prior to the maturity date for a specific price, the bonds are 单选题 When the market rate of interest on bonds is higher than the contract rate, the bonds will sell at （）单选题 Stockholders' equity （）单选题单选题单选题
单选题 The most widely used depreciation method is 单选题 Notes may be issued （）单选题
D
A
The journal entry a company uses to record the estimated accrued product warranty liability is （）
preparing the financial statements##journalizing and posting the adjusting entries##preparing a postclosing trial balance##journalizing and posting the closing entries
C
D
The excess of issue price over par of common stock is termed a(n) （） the date of record##the date of payment##the date of announcement##the date of declaration The liability for a dividend is recorded on which of the following dates? class B common stock##preferred stock##treasury stock##class A common stock Cash dividends are usually not paid on which of the following? comparative statements##common-sized financial statements ##price-level accounting##audit report B C D

英语作文学习调节和健康

英语作文学习调节和健康英文回答：Improving Regulation and Well-being in English Language Learning.Regulation is the ability to manage one's emotions, thoughts, and behaviors to achieve desired outcomes. It is a key factor in academic success, as well as in overall well-being. For English language learners (ELLs), developing strong regulatory skills can help them overcome challenges, improve their language abilities, and thrive both academically and personally.One important aspect of regulation is self-monitoring. This involves paying attention to one's thoughts, feelings, and behaviors, and making adjustments as needed. For ELLs, this may involve noticing when they are feeling overwhelmed or frustrated, and taking steps to calm themselves down or get help. It may also involve monitoring their progress andmaking adjustments to their study strategies as necessary.Another important aspect of regulation is self-motivation. This involves setting goals, finding the motivation to work towards them, and persisting even when faced with challenges. For ELLs, this may involve setting realistic goals for their language learning, finding ways to make learning enjoyable, and rewarding themselves for their efforts.In addition to these individual strategies, there are also a number of environmental factors that can support regulation in the language learning classroom. Creating a positive and supportive learning environment, providing clear expectations and feedback, and offering opportunities for practice and feedback can all help ELLs develop strong regulatory skills.Regulation is a complex skill that takes time andeffort to develop. However, it is an essential skill for ELLs who want to succeed in their language learning and thrive both academically and personally. By using acombination of individual and environmental strategies, teachers and students can work together to create alearning environment that supports regulation and helpsELLs reach their full potential.中文回答：调整和健康在英语语言学习中的重要性。

journal entries和adjusting entries -回复

journal entries和adjusting entries -回复首先，让我们先了解什么是日记记录（journal entries）和调整记录（adjusting entries）。

日记记录是会计员在进行日常交易时所进行的主要会计工作之一。

它是将所有公司交易和财务事项按照时间顺序记录下来的过程。

通常，每笔交易都会有至少两个日记记录- 一条借方记录和一条贷方记录。

这是为了保持物料和货币的平衡，确保账户余额正确。

调整记录是在会计周期结束后，为了确保财务报表准确而进行的额外工作。

调整记录的目的是纠正和调整在会计周期内发生的错误或遗漏。

这些调整通常涉及到未记录或未计入的交易，以及收入和费用的调整。

下面是关于日记记录和调整记录的更详细解释：1. 日记记录（journal entries）日记记录是将所有的交易按照时间顺序记录在会计日记簿中的过程。

日记记录中的每一条记录都包含以下三个关键元素：- 日期：交易发生的确切日期。

- 账户：影响交易的账户。

- 借方和贷方金额：借方金额表示从账户中取出的资金，贷方金额表示向账户中存入的资金。

例如，如果公司收到一笔货款，那么这笔交易的日记记录可能如下所示：日期：2022年4月1日账户：现金账户（借方）和销售收入账户（贷方）借方金额：1000美元（现金账户）贷方金额：1000美元（销售收入账户）这个日记记录表明在2022年4月1日，现金账户中增加了1000美元，同时销售收入账户也增加了1000美元。

2. 调整记录（adjusting entries）调整记录是在会计周期结束后，为了准确地反映会计报表而进行的额外录入。

这些调整通常是因为某些交易或费用在会计周期内被忽略或错误地计入了其他账户。

调整记录的常见类型包括：- 递延收入调整：当公司提前收到客户的预付款时，将其列入未经确认收入。

在实际提供产品或服务后，需要将这些预付款转化为实际收入。

- 递延费用调整：类似递延收入调整，公司有时需要提前支付费用，这些费用需要根据他们的使用或过程进行调整，以反映实际发生的费用。

adjusting entries例子

adjusting entries例子1. You know what? Adjusting entries are like the little tweaks in a machine to make it run smoothly! For example, when you realize you forgot to record that month's depreciation on a piece of equipment. That's an adjusting entry!2. Have you ever thought about adjusting entries as the fine-tuning of a musical instrument? Say you didn't record the interest accrued on a loan. Well, that's an adjusting entry to get everything in tune!3. Adjusting entries can be seen as the last-minute fixes in a race. Just like when you remember at the end of the month that you haven't accounted for that prepaid expense. That's one important adjusting entry right there!4. Isn't it amazing how adjusting entries are like putting the final pieces of a puzzle in place? Like when you need to recognize the revenue that was earned but not yet recorded. That's a crucial adjusting entry!5. Imagine adjusting entries as the touch-ups on a painting. For instance, adjusting the accrual of utilities expense. That's like adding the finishing details to make it perfect!6. Think of adjusting entries as the hidden gears that keep everything moving. Just like realizing you haven't adjusted for that unearned revenue. That's an adjusting entry that makes a big difference!In conclusion, adjusting entries are super important to keep the financial records accurate and up to date! They're the little things that make a big impact.。

adjusting entries 4种 -回复

adjusting entries 4种-回复所谓调整录入（adjusting entries）是指会计师在财务报表完成之前对账户余额进行调节的过程。

这些调整可以确保财务报表准确反映企业的经济状况和业绩，并遵守会计原则和规范。

调整录入包括四种类型，即支出上的暂记、收入上的暂记、打折债息和存货计价。

本文将逐一介绍这四种调整录入，并解释其重要性和具体步骤。

首先，我们来讨论支出上的暂记。

这种调整录入发生在企业支付费用但尚未使用或服务尚未提供的情况下。

我们称之为支出上的暂记，是因为该费用暂时记在预付费用账户中，直到成本实际发生后再将其转移到相关的支出账户中。

这种调整的目的是正确地分配费用，并在适当的时间反映企业的财务状况。

在执行这种调整录入时，我们需要在预付费用账户和相关支出账户之间建立一张凭证，并更新相应的会计记录。

接下来，我们将解释收入上的暂记。

这种调整录入发生在企业收取款项但尚未提供服务或交付商品的情况下。

与支出上的暂记相似，我们将这部分款项暂时记在预收收入账户中，直到相关服务或商品提供之后再将其转移到收入账户中。

这样做的目的是确保会计记录与服务或商品的实际发生相符，并准确体现出企业的销售额。

在执行这种调整录入时，我们需要在预收收入账户和相关收入账户之间建立一张凭证，并相应地更新会计记录。

第三种调整录入是关于债务利息的打折。

买方在购买债务的同时，还会根据债务金额和利率支付债务利息。

然而，由于利息在购买债务前或者偿还债务后不断积累，所以在报告财务状况时需要打折计算利息。

这样可以确保债务利息在财务报表上得到正确和及时的确认。

为了执行这种调整录入，我们需要建立一张凭证，详细列出打折债务的金额和利息，并相应地更新相关会计记录。

最后一种调整录入是关于存货的计价。

企业通常根据货物成本将存货纳入财务报表。

然而，在财务报表完成之前，存货的市场价值可能会发生变化。

因此，为了准确反映存货的价值和相关成本，会计师需要定期进行所谓的存货调整。

基础会计_Ch003练习题

McGraw-Hill/Irwin
The McGraw-Hill Companies, Inc., 2007
Balance Sheet Insurance Asset using Accrual Basis* Dec. 31, 2006..... $13,000 Dec. 31, 2007..... Dec. 31, 2008..... Dec. 31, 2009..... 7,000 1,000 0 Cash Basis $0 0 0 0
.
Prepare adjusting journal entries for the year ended (date of) December 31, 2008, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities.
McGraw-Hill/Irwin
The McGraw-Hill Companies, Inc., 2007
Exercise 3-4 (15 minutes) a. $2,550 b. $6,500 c. $8,490 d. $2,288
McGraw-Hill/Irwin
The McGraw-Hill Companies, Inc., 2007
McGraw-Hill/Irwin
The McGraw-Hill Companies, Inc., 2007
1-2

3_Completing_the_accounting_cycle

ILLUSTRATION 3-4
ADJUSTING ENTRIES FOR PREPAYMENTS
Adjusting Entries Prepaid Expenses
Asset Unadjusted Credit Balance Adjusting Entry (-) Expense Debit Adjusting Entry (+)
Date Oct. 31
Account Titles and Explanation Advertising Supplies Expense Advertising Supplies (To record supplies used)
ILLUSTRATION 3-3
TRIAL BALANCE
PIONEER ADVERTISING AGENCY, INC. Trial Balance October 31, 2002
Cash Advertising Supplies Prepaid Insurance Office Equipment Notes Payable Accounts Payable Unearned Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Debit $ 15,200 2,500 600 5,000 Credit
ADJUSTING ENTRIES FOR PREPAYMENTS
SUPPLIES
Adjustment
October 31, an inventory count reveals that $1,000 of $2,500 of supplies are still on hand.

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Class Exercise—Adjusting Entries
Consider the financial statements of AMR Corporation (American Airlines) for the most recent fiscal year (December 31, 2008). Assume that the Balance Sheet and Income Statement have been prepared from the unadjusted trial balance and that the following additional adjustments need to be made (all amounts in millions):
1.MAKE THE FOLLOWING ADJUSTING ENTRIES:
a.Air traffic liability includes $ 75 which represents tickets for which travel has already
been completed by passengers as of December 31, 2008.
Air traffic liability (-L) $ 75
Passenger Ticket Revenue (+R; +RE) $ 75
b.Inventories include food for $ 25 that has been consumed on flights on or before
December 31, 2008.
Food service (+E; -RE) $ 25
Inventories (-A) $ 25
c.Wages earned by employees but not yet paid on December 31, 2008, $ 10.
Wages, salaries and benefits (+E; -RE) $ 10
Accrued salaries and wages (+L) $ 10
d.Interest accrued on long-term debt but not paid as of December 31, 2008, $ 60.
Interest expense (+E; -RE) $ 60
Accrued liabilities or Interest Payable (+L) $ 60
nding fees incurred but not yet paid to airports, $ 5.
Other rentals and landing fees (+E; -RE) $ 5
Accrued liabilities or Landing Fees Payable (+L) $ 5
2. Recompute the Net Earnings (Loss), considering the effects of the adjusting entries
made in (1) above.
Net Earnings (Loss) as reported: (2071)
Effect of adjusting entries:
a. 75
b. (25)
c. (10)
d. (60)
e. (5)
Net effect of adjusting entries: (25)
Revised Net Earnings (Loss): (2096)。