中级财务会计英 会计分录汇总

中级财务会计英会计分录汇总
考点1调整分录和结账分录
Ex. 3-125—Adjusting entries.
Present, in journal form, the adjustments that would be made on July 31, 2011, the end of
the fiscal year, for each of the following.
1. The supplies inventory on August 1, 2010 was $7,350. Supplies costing $20,150 were
acquired during the year and charged to the supplies inventory. A count on July 31,
2011 indicated supplies on hand of $8,810.
2. On April 30, a ten-month, 9% note for $20,000 was received from a customer.
*3. On March 1, $12,000 was collected as rent for one year and a nominal account was credited.
Solution 3-125
1. Supplies Expense ........................................................................ 18,690
Supplies ............................................................................. 18,690
2. Interest Receivable (450)
Interest Revenue (450)
*3. Rent Revenue .............................................................................. 7,000
Unearned Revenue ........................................................... 7,000 Ex. 3-126—Adjusting entries.
Reed Co. wishes to enter receipts and payments in such a manner that adjustments at the
end of the period will not require reversing entries at the beginning of the next period.
Record the following transactions in the desired manner and give the adjusting entry on December 31, 2010. (Two entries for each part.)
1. An insurance policy for two years was acquired on April 1, 2010 for $8,000.
2. Rent of $12,000 for six months for a portion of the building was received on
November 1, 2010.
Solution 3-126
1. Prepaid Insurance .......................................................................... 8,000
Cash .................................................................................. 8,000 Insurance Expense ........................................................................ 3,000
Prepaid Insurance ............................................................. 3,000 2. Cash ............................................................................................. 12,000
Unearned Rent .................................................................. 12,000 Unearned Rent .............................................................................. 4,000
Rent Revenue ................................................................... 4,000 Pr. 3-133—Adjusting entries and account classification.
Selected amounts from Trent Company's trial balance of 12/31/10 appear below:
1. Accounts Payable $ 160,000
2. Accounts Receivable 150,000
3. Accumulated Depreciation—Equipment 200,000
4. Allowance for Doubtful Accounts 20,000
5. Bonds Payable 500,000
6. Cash 150,000
7. Common Stock 60,000
8. Equipment 840,000
9. Insurance Expense 30,000
10. Interest Expense 10,000
11. Merchandise Inventory 300,000
12. Notes Payable (due 6/1/11) 200,000
13. Prepaid Rent 150,000
14. Retained Earnings 818,000
15. Salaries and Wages Expense 328,000
(All of the above accounts have their standard or normal debit or credit balance.)
Part A. Prepare adjusting journal entries at year end, December 31, 2010, based on the following supplemental information.
a. The equipment has a useful life of 15 years with no salvage value. (Straight-line
method being used.)
b. Interest accrued on the bonds payable is $15,000 as of 12/31/10.
c. Expired insurance at 12/31/10 is $20,000.
d. The rent payment of $150,000 covered the six months from November 30, 2010
through May 31, 2011.
e. Salaries and wages earned but unpaid at 12/31/10, $22,000.
Part B. Indicate the proper balance sheet classification of each of the 15 numbered accounts in the 12/31/10 trial balance before adjustments by placing
appropriate numbers after each of the following classifications. If the account
title would appear on the income statement, do not put the number in any of
the classifications.
a. Current assets
b. Property, plant, and equipment
c. Current liabilities
d. Long-term liabilities
e. Stockholders' equity
Solution 3-133
Part A.
a. Depreciation Expense—Equipment ($840,000 – 0) ÷ 15 ..................... 56,000
Accumulated Depreciation—Equipment .................................. 56,000
b. Interest Expense ................................................................................... 15,000
Interest Payable ....................................................................... 15,000
c. Prepaid Insurance ................................................................................. 10,000
Insurance Expense ($30,000 - $20,000) ................................. 10,000
d. Rent Expense ($150,000 ÷ 6) ................................................................ 25,000
Prepaid Rent ............................................................................ 25,000
e. Salaries and Wages Expense .............................................................. 22,000
Salaries and Wages Payable ................................................... 22,000 Pr. 3-134—Adjusting entries.
Data relating to the balances of various accounts affected by adjusting or closing entries
appear below. (The entries which caused the changes in the balances are not given.) You
are asked to supply the missing journal entries which would logically account for the
changes in the account balances.
1. Interest receivable at 1/1/10 was $1,000. During 2010 cash received from debtors for
interest on outstanding notes receivable amounted to $5,000. The 2010 income
statement showed interest revenue in the amount of $5,400. You are to provide the
missing adjusting entry that must have been made, assuming reversing entries are
not made.
2. Unearned rent at 1/1/10 was $5,300 and at 12/31/10 was $8,000. The records indicate
cash receipts from rental sources during 2010 amounted to $40,000, all of which was
credited to the Unearned Rent Account. You are to prepare the missing adjusting
entry.
3. Accumulated depreciation—equipment at 1/1/10 was $230,000. At 12/31/10 the
balance of the account was $270,000. During 2010, one piece of equipment was sold.
The equipment had an original cost of $40,000 and was 3/4 depreciated when sold.
You are to prepare the missing adjusting entry.
4. Allowance for doubtful accounts on 1/1/10 was $50,000. The balance in the allowance
account on 12/31/10 after making the annual adjusting entry was $65,000 and during
2010 bad debts written off amounted to $30,000. You are to provide the missing
adjusting entry.
5. Prepaid rent at 1/1/10 was $9,000. During 2010 rent payments of $120,000 were
made and charged to "rent expense." The 2010 income statement shows as a general
expense the item "rent expense" in the amount of $125,000. You are to prepare the
missing adjusting entry that must have been made, assuming reversing entries are
not made.
6. Retained earnings at 1/1/10 was $150,000 and at 12/31/10 it was $210,000. During
2010, cash dividends of $50,000 were paid and a stock dividend of $40,000 was
issued. Both dividends were properly charged to retained earnings. You are to provide
the missing closing entry.
Solution 3-134
1. Interest Receivable ........................................................................ 1,400
Interest Revenue ............................................................... 1,400 Interest revenue per books $5,400
Interest revenue received related to 2010
($5,000 – $1,000) 4,000
Interest accrued $1,400
2. Unearned Rent Revenue ............................................................... 37,300
Rent Revenue ................................................................... 37,300 Cash receipts $40,000
Beginning balance 5,300
Ending balance (8,000)
Rent revenue $37,300
Solution 3-134(cont.)
3. Depreciation Expense .................................................................. 70,000
Accumulated Depreciation—Equipment ........................... 70,000 Ending balance $270,000
Beginning balance 230,000
Difference 40,000
Write-off at time of sale 3/4 × $40,000 30,000
$ 70,000
4. Bad Debt Expense ......................................................................... 45,000
Allowance for Doubtful Accounts ....................................... 45,000 Ending balance $65,000
Beginning balance 50,000
Difference 15,000
Written off 30,000
$45,000
5. Rent Expense ................................................................................ 5,000
Prepaid Rent ..................................................................... 5,000 Rent expense $125,000
Less cash paid 120,000
Reduction in prepaid rent account $ 5,000
6. Income Summary ........................................................................... 150,000
Retained Earnings ............................................................. 150,000 Ending balance $210,000
Beginning balance 150,000
Difference 60,000
Cash dividends $50,000
Stock dividends 40,000 90,000
$150,000
Pr. 3-135—Adjusting and closing entries.
The following trial balance was taken from the books of Fisk Corporation on December 31,
2010.
Account Debit
Credit
Cash $ 12,000
Accounts Receivable 40,000
Note Receivable 7,000
Allowance for Doubtful Accounts $ 1,800 Merchandise Inventory 44,000
Prepaid Insurance 4,800
Furniture and Equipment 125,000
Accumulated Depreciation--F. & E. 15,000 Accounts Payable 10,800 Common Stock 44,000 Retained Earnings 55,000 Sales 280,000
Cost of Goods Sold 111,000
Salaries Expense 50,000
Rent Expense 12,800
Totals $406,600 $406,600 Pr. 3-135 (cont.)
At year end, the following items have not yet been recorded.
a. Insurance expired during the year, $2,000.
b. Estimated bad debts, 1% of gross sales.
c. Depreciation on furniture and equipment, 10% per year.
d. Interest at 6% is receivable on the note for one full year.
*e. Rent paid in advance at December 31, $5,400 (originally charged to expense).
f. Accrued salaries at December 31, $5,800.
Instructions
(a) Prepare the necessary adjusting entries.
(b) Prepare the necessary closing entries.
Solution 3-135
(a) Adjusting Entries
a. Insurance Expense .............................................................. 2,000
Prepaid Insurance .............................................................. 2,000
b. Bad Debt Expense ...................................................................... 2,800
Allowance for Doubtful Accounts ....................................... 2,800
c. Depreciation Expense ................................................................. 12,500
Accumulated Depreciation--F. & E. .................................... 12,500
d. Interest Receivable (420)
Interest Revenue (420)
*e. Prepaid Rent ................................................................................ 5,400
Rent Expense ..................................................................... 5,400
f. Salaries Expense ........................................................................ 5,800
Salaries Payable ................................................................ 5,800
(b) Closing Entries
Sales ................................................................................................... 280,000
Interest Revenue (420)
Income Summary ..................................................................... 280,420
Income Summary ................................................................................ 191,500
Salaries Expense ..................................................................... 55,800
Rent Expense ........................................................................... 7,400
Depreciation Expense .............................................................. 12,500
Bad Debt Expense ................................................................... 2,800
Insurance Expense .................................................................. 2,000
Cost of Goods Sold .................................................................. 111,000
Income Summary ................................................................................ 88,920
Retained Earnings .................................................................... 88,920 考点2应收帐款总价净价法，坏账处理，应收票据折价
Ex. 7-136—Entries for bad debt expense.
A trial balance before adjustment included the following:
Debit Credit Accounts receivable $80,000
Allowance for doubtful accounts 730
Sales $340,000
Sales returns and allowances 8,000
Give journal entries assuming that the estimate of uncollectibles is determined by taking
(1) 5% of gross accounts receivable and (2) 1% of net sales.
Solution 7-136
(1) Bad Debt Expense ................................................................... 3,270
Allowance for Doubtful Accounts ................................ 3,270 Gross receivables $80,000
Rate 5%
Total allowance needed 4,000
Present allowance (730)
Adjustment needed $ 3,270
Solution 7-136(cont.)
(2) Bad Debt Expense ................................................................... 3,320
Allowance for Doubtful Accounts ................................ 3,320 Sales $340,000
Sales returns and allowances 8,000
Net sales 332,000
Rate 1%
Bad debt expense $ 3,320
Ex. 7-137—Accounts receivable assigned.
Accounts receivable in the amount of $250,000 were assigned to the Fast Finance
Company by Marsh, Inc., as security for a loan of $200,000. The finance company
charged a 4% commission on the face amount of the loan, and the note bears interest at
9% per year.
During the first month, Marsh collected $130,000 on assigned accounts. This amount was remitted to the finance company along with one month's interest on the note.
Instructions
Make all the entries for Marsh Inc. associated with the transfer of the accounts receivable,
the loan, and the remittance to the finance company.
Solution 7-137
Cash ...................................................................................................... 192,000
Finance Charge ..................................................................................... 8,000 Notes Payable ........................................................................... 200,000
Cash ...................................................................................................... 130,000 Accounts Receivable ................................................................. 130,000
Notes Payable ...................................................................................... 130,000
Interest Expense .................................................................................... 1,500 Cash ......................................................................................... 131,500
PROBLEMS
Pr. 7-138—Entries for bad debt expense.
The trial balance before adjustment of Risen Company reports the following balances:
Dr. Cr.
Accounts receivable $100,000
Allowance for doubtful accounts $ 2,500
Sales (all on credit) 750,000
Sales returns and allowances 40,000
Instructions
(a) Prepare the entries for estimated bad debts assuming that doubtful accounts are
estimated to be (1) 6% of gross accounts receivable and (2) 1% of net sales.
(b) Assume that all the information above is the same, except that the Allowance for
Doubtful Accounts has a debit balance of $2,500 instead of a credit balance. How
will this difference affect the journal entries in part (a)?
Solution 7-138
(a) (1) Bad Debt Expense .............................................................. 3,500
Allowance for Doubtful Accounts ............................ 3,500 Gross receivables $100,000
Rate 6%
Total allowance needed 6,000
Present allowance (2,500)
Bad debt expense $ 3,500
(2) Bad Debt Expense .............................................................. 7,100
Allowance for Doubtful Accounts ............................ 7,100 Sales $750,000
Sales returns and allowances (40,000)
Net sales 710,000
Rate 1%
Bad debt expense $ 7,100
(b) The percentage of receivables approach would be affected as follows:
Gross receivables $100,000
Rate 6%
Total allowance needed 6,000
Present allowance 2,500
Additional amount required $ 8,500
The journal entry is therefore as follows:
Bad Debt Expense .............................................................. 8,500
Allowance for Doubtful Accounts ............................ 8,500 The entry would not change under the percentage of sales method.
Pr. 7-140—Accounts receivable assigned.
Prepare journal entries for Mars Co. for:
(a) Accounts receivable in the amount of $500,000 were assigned to Utley Finance Co.
by Mars as security for a loan of $425,000. Utley charged a 3% commission on the
accounts; the interest rate on the note is 12%.
(b) During the first month, Mars collected $200,000 on assigned accounts after deducting
$450 of discounts. Mars wrote off a $530 assigned account.
(c) Mars paid to Utley the amount collected plus one month's interest on the note.
Solution 7-140
(a) Cash .............................................................................................. 410,000
Finance Charge ............................................................................... 15,000
Notes Payable ..................................................................... 425,000
(b) Cash .............................................................................................. 200,000
Sales Discounts (450)
Allowance for Doubtful Accounts (530)
Accounts Receivable........................................................... 200,980
(c) Notes Payable ................................................................................. 200,000
Interest Expense .............................................................................. 4,250
Cash .................................................................................... 204,250
考点三存货盘存方法，折扣
Ex. 8-148—Recording purchases at net amounts.
Flint Co. records purchase discounts lost and uses perpetual inventories. Prepare
journal entries in general journal form for the following:
(a) Purchased merchandise costing $900 with terms 2/10, n/30.
(b) Payment was made thirty days after the purchase.
Solution 8-148
(a) Inventory (.98 × $900) (882)
Accounts Payable (882)
(b) Accounts Payable (882)
Purchase Discounts Lost (18)
Cash (900)
Ex. 8-149—Recording purchases at net amounts.
Dill Co. records purchases at net amounts and uses periodic inventories. Prepare
entries for the following:
June 11 Purchased merchandise on account, $5,000, terms 2/10, n/30.
15 Returned part of June 11 purchase, $800, and received credit on account.
30 Prepared the adjusting entry required for financial statements.
Solution 8-149
June 11 Purchases (.98 × $5,000) ................................................... 4,900
Accounts Payable ................................................... 4,900
15 Accounts Payable (.98 × $800) (784)
Purchase Returns and Allowances (784)
30 Purchase Discounts Lost (.02 × $4,200) (84)
Accounts Payable (84)
Pr. 8-159—Accounting for purchase discounts.
Otto Corp. purchased merchandise during 2010 on credit for $300,000; terms 2/10, n/30.
All of the gross liability except $60,000 was paid within the discount period. The remainder
was paid within the 30-day term. At the end of the annual accounting period, December 31,
2010, 90% of the merchandise had been sold and 10% remained in inventory. The
company uses a periodic system.
Instructions
(a) Assuming that the net method is used for recording purchases, prepare the entries
for the purchase and two subsequent payments.
(b) What dollar amounts should be reported for the final inventory and cost of goods sold
under the (1) net method; (2) gross method? Assume that there was no beginning
inventory.
Solution 8-159
(a) Purchases ..................................................................................................... 294,000
Accounts Payable ............................................................................ 294,000
(To record the purchase at net amount:
.98 × $300,000 = $294,000.)
Accounts Payable ......................................................................................... 235,200 Cash ................................................................................................. 235,200
(To record payment within the discount period:
$300,000 – $60,000 = $240,000; .. .98 × $240,000 = $235,200.)
Accounts Payable ......................................................................................... 58,800
Purchase Discounts Lost .............................................................................. 1,200 Cash ................................................................................................. 60,000
(To record the final payment.)
考点四，存货减值跌价准备LCM
Ex. 9-143—Lower-of-cost-or-market.
At 12/31/10, the end of Jenner Company's first year of business, inventory was $4,100
and $2,800 at cost and at market, respectively.
Following is data relative to the 12/31/11 inventory of Jenner:
Original Net Net Realizable
Appropriate
Cost Replacement Realizable Value Less Inventory
Item Per Unit Cost Value Normal Profit Value
A $ .65 $ .45
B .45 .40
C .70 .75
D .75 .65
E .90 .85
Selling price is $1.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal" profit is 30% of selling price. There are 1,000 units of each item in the 12/31/11 inventory.
Instructions
(a) Prepare the entry at 12/31/10 necessary to implement the lower-of-cost-or-market
procedure assuming Jenner uses a contra account for its balance sheet.
(b) Complete the last three columns in the 12/31/11 schedule above based upon the
lower-of-cost-or-market rules.
(c) Prepare the entry(ies) necessary at 12/31/11 based on the data above.
(d) How are inventory losses disclosed on the income statement?
Solution 9-143
(a) Loss Due to Market Decline of Inventory ........................................ 1,300
Allowance to Reduce Inventory to Market .......................... 1,300 Solution 9-143(Cont.)
(b) Original Net Net Realizable Appropriate
Cost Replacement Realizable Value Less Inventory
Item Per Unit Cost Value Normal Profit Value
A $ .65 $ .45 $ .90 $ .60 $ .60
B .45 .40 .90 .60 .45
C .70 .75 .90 .60 .70
D .75 .65 .90 .60 .65
E .90 .85 .90 .60 .85
$3.45 $3.25*
*$3.25 × 1,000 = $3,250
(c) Allowance to Reduce Inventory to Market....................................... 1,300
Cost of Goods Sold ............................................................. 1,300
Loss Due to Market Decline of Inventory (200)
Allowance to Reduce Inventory to Market (200)
(Cost of inventory at 12/31/07 = $7,250)
OR
A student can record a recovery of $1,100.
(d) Inventory losses can be disclosed separately (below gross profit in operating
expenses) or they can be shown as part of cost of goods sold.
Pr. 9-149—Gross profit method.
On December 31, 2010 Felt Company's inventory burned. Sales and purchases for the
year had been $1,400,000 and $980,000, respectively. The beginning inventory (Jan. 1,
2010) was $170,000; in the past Felt's gross profit has averaged 40% of selling price.
Instructions
Compute the estimated cost of inventory burned, and give entries as of December 31,
2010 to close merchandise accounts.
Solution 9-149
Beginning inventory $ 170,000
Add: Purchases 980,000
Cost of goods available 1,150,000
Sales $1,400,000
Less 40% (560,000) 840,000
Estimated inventory lost $ 310,000
Sales ...................................................................................... 1,400,000
Income Summary ...................................................................... 1,400,000
Cost of Goods Sold ................................................................................ 840,000
Fire Loss ................................................................................................ 310,000 Inventory .................................................................................... 170,000 Purchases .................................................................................. 980,000
处置出售捐赠Ex. 10-136—Donated assets.
Cheng Company has recently decided to accept a proposal from the City of Bel Aire that publicly owned property with a large warehouse located on it will be donated to Cheng if
Cheng will build a branch plant in Bel Aire. The appraised value of the property is
$490,000 and of the warehouse is $980,000.
Instructions
Prepare the entry by Cheng for the receipt of the properties.
Solution 10-136
Building (Warehouse) ............................................................................ 980,000
Land ....................................................................................................... 490,000 Contribution Revenue................................................................ 1,470,000
Ex. 11-132—Composite depreciation.
Kemp Co. uses the composite method to depreciate its equipment. The following totals
are for all of the equipment in the group:
Initial Residual Depreciable Depreciation
Cost Value Cost Per Year $700,000 $100,000 $600,000 $60,000
Instructions
(a) What is the composite rate of depreciation? (To nearest tenth of a percent.)
(b) A machine with a cost of $18,000 was sold for $11,000 at the end of the third year.
What entry should be made?
Solution 11-132
(a) $60,000
———— = 8.6%
$700,000
(b) Cash ............................................................................................... 11,000
Accumulated Depreciation ............................................................. 7,000
Equipment ........................................................................... 18,000 Pr. 11-135—Adjustment of Depreciable Base.
A truck was acquired on July 1, 2008, at a cost of $216,000. The truck had a six-year
useful life and an estimated salvage value of $24,000. The straight-line method of
depreciation was used. On January 1, 2011, the truck was overhauled at a cost of $20,000, which extended the useful life of the truck for an additional two years beyond that
originally estimated (salvage value is still estimated at $24,000). In computing
depreciation for annual adjustment purposes, expense is calculated for each month the
asset is owned.
Instructions
Prepare the appropriate entries for January 1, 2011 and December 31, 2011.
Solution 11-135
Cost $216,000
Less salvage value 24,000
Depreciable base, July 1, 2008 192,000
Less depreciation to date [($192,000 ÷ 6) × 2 1/2] 80,000
Depreciable base, Jan. 1, 2011 (unadjusted) 112,000
Overhaul 20,000
Depreciable base, Jan. 1, 2011 (adjusted) $132,000
January 1, 2011
Accumulated Depreciation ..................................................................... 20,000 Cash .......................................................................................... 20,000
December 31, 2011
Depreciation Expense ............................................................................ 24,000 Accumulated Depreciation ($132,000 ÷ 5.5 yrs) ....................... 24,000
Ex. 12-130
Barkley Corp. obtained a trade name in January 2009, incurring legal costs of $15,000.
The company amortizes the trade name over 8 years. Barkley successfully defended
its trade name in January 2010, incurring $4,900 in legal fees. At the beginning of
2011, based on new marketing research, Barkley determines that the fair value of the
trade name is $12,000. Estimated total future cash flows from the trade name are
$13,000 on January 4, 2011.
Instructions
Prepare the necessary journal entries for the years ending December 31, 2009, 2010,
and 2011. Show all computations.
Solution 12-130
2009
Dec. 31 Amortization Expense - Trade Name 1,875
Trade Name 1,875
($15,000 ÷ 8 years)。