财务会计1-3作业答案

Ch1 Exercise 1-5CodeE 1. Usually created by a pronouncement from anauthoritative body. Specific accounting principleG 2. Financial statements reflect the assumption thatthe business continues operating. Going-concern assumptionA 3. Derived from long-used and generally acceptedaccounting practices. General accounting principleC 4. Every business is accounted for separately fromits owner or owners. Business entity assumptionD 5. Revenue is recorded only when the earningsprocess is complete. Revenue recognition principleB 6. Information is based on actual costs incurred intransactions.Cost principleF 7. A company records the expenses incurred togenerate the revenues reported. Matching (expense recognition) principleH. 8. A company reports details behind financialstatements that would impact users' decisions. Full disclosure principleExercise 1-12a. Started the business with the owner investing $40,000 cash inthe business.b. Purchased office supplies for $3,000 by paying $2,000 cash andputting the remaining $1,000 balance on credit.c. Purchased office furniture by paying $8,000 cash.d. Billed a customer $6,000 for services earned.e. Provided services for $1,000 cash.Ch2Quick Study 2-2a. B Balance sheetb. E Statement of owner’s equityc. I Income statementd. B Balance sheete. B Balance sheetf. I Income statementg. B Balance sheeth. B Balance sheeti. B Balance sheetQuick Study 2-4a. Debit e. Debit i. Creditb. Debit f. Credit j. Debitc. Credit g. Credit k. Debitd. Credit h. Debit l. CreditExercise 2-2a. 3 d. 5b. 4 e. 2c. 1Exercise 2-5a. Beginning accounts payable (credit) ........................................$152,000Purchases on account in October (credits) .............................281,000 Payments on accounts in October (debits) .............................(?) Ending accounts payable (credit) .............................................$132,500 Payments on accounts in October (debits) .............................$300,500 b. Beginning accounts receivable (debit) .....................................$102,500Sales on account in October (debits) .......................................?Collections on account in October (credits) ............................(102,890) Ending accounts receivable (debit) ..........................................$ 89,000 Sales on account in October (debits) .......................................$ 89,390 c. Beginning cash balance (debit) ................................................$?Cash received in October (debits) ............................................102,500 Cash disbursed in October (credits) ........................................(103,150) Ending cash balance (debit) ......................................................$ 18,600Beginning cash balance (debit) ................................................$ 19,250 Exercise 2-9a. Cash ........................................................................... 100,750K. Spade, Capital ............................................... 100,750 Owner invested in the business.b. Office Supplies .......................................................... 1,250Cash .................................................................... 1,250 P urchased supplies with cash.c. Office Equipment ...................................................... 10,050Accounts Payable ............................................. 10,050 Purchased office equipment oncredit.d. Cash ........................................................................... 15,500Fees Earned ....................................................... 15,500 R eceived cash from customer forservices.e. Accounts Payable ..................................................... 10,050Cash .................................................................... 10,050 M ade payment toward accountpayable.f. Accounts Receivable ................................................ 2,700Fees Earned ....................................................... 2,700B illed customer for services provided.g. Rent Expense ............................................................ 1,225Cash .................................................................... 1,225 P aid for this period’s rentalcharge.h. Cash ........................................................................... 1,125Accounts Receivable ........................................ 1,125 R eceived cash toward an accountreceivable.i. K. Spade, Withdrawals ............................................. 10,000Cash .................................................................... 10,000O wner withdrew cash forCh3Exercise 3-11. E 4. D2. C 5. A3. F 6. BExercise 3-2a. Depreciation Expense—Equipment ................................ 18,000Accumulated Depreciation—Equipment .................... 18,000 To record depreciation expense for the year.b. Insurance Expense ........................................................... 4,900Prepaid Insurance* ....................................................... 4,900To record insurance coverage that expired($6,000 - $1,100).c. Office Supplies Expense .................................................. 3,882Office Supplies**............................................................ 3,882 To record office supplies used ($700 + $3,480 - $298).d. Unearned Fee Revenue .................................................... 10,000Fee Revenue .................................................................. 10,000 To record earned portion of fee received in advance($15,000 x 2/3).e. Insurance Expense ........................................................... 5,800Prepaid Insurance ......................................................... 5,800 To record insurance coverage that expired.f. Wages Expense ................................................................. 3,200Wages Payable .............................................................. 3,200 To record wages accrued but not yet paid.Problem 3-2APart 1Adjustment (a)Dec.31Office Supplies Expense ............................ .......14,846Office Supplies ........................................... .......14,846To record cost of supplies used($4,000 + $13,400 - $2,554).Adjustment (b)31Insurance Expense ..................................... .......7,120Prepaid Insurance ...................................... .......7,120To record annual insurancecoverage cost.A $600 ($14,400/24 mo.) 3 $ 1,800B 360 ($12,960/36 mo.) 12 4,320C 200 ($ 2,400 /12 mo.) 5 1,000Total $ 7,120 Instructor note: The first printing of the book had a typo in themarginal check figure of 11,440 for Insurance Expense instead of thecorrect 7,120.Adjustment (c)31Salaries Expense ......................................... .......3,920 Salaries Payable......................................... .......3,920To record accrued but unpaidwages (2 days x $1,960).Adjustment (d)Dec.31Depreciation Expense—Building .............. .......30,500 Accumulated Depreciation—Building ..... .......30,500To record annual depreciation expense[($960,000 -$45,000) / 30 years = $30,500]Adjustment (e)31Rent Receivable........................................... 3,000 Rent Earned ................................................ 3,000To record earned but unpaid Dec. rent.Adjustment (f)31Unearned Rent ............................................. 5,600 Rent Earned ................................................ 5,600To record the amount of rentearned for November andDecember (2 x $2,800).Part 2Cash Payment for (c)Jan. 6 Salaries Payable ...................................... 3,920Salaries Expense* ........................................ 5,880 Cash .................................................. 9,800 To record payment of accrued andcurrent salaries. *(3 days x$1,960)Cash Payment for (e)15Cash .......................................................... 6,000Rent Receivable ............................... 3,000Rent Earned ...................................... 3,000 To record past due rent for twomonths.。