专业英语会计分录
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专业英语会计分录
Company Document number：WTUT-WT88Y-W8BBGB-BWYTT-19998
专业英语分录练习
1. The owner of Johnson company, Mr. Deep and his friends, invested 75 000 in cash, Land valuing 50 000 and Equipment A valuing 73 000 into the company.
Dr. Cash
Land
Equipment A
Cr. Capital
2. Johnson Company receive a long-term bank loan of 60 000. The bank agreed to lend the money to it for 3 years with the annual interest rate of 12% and the interest shall be paid annually at the year ends while the principal should be paid back at the end of the third year. How did the company make the entry on Dec. 31
Jan 1 Dr. cash 60 000
Cr. Loan 60 000
Dec 31 Dr. interest expense 600
Interest payable 6600
Cr. Cash 7200
3. Jan 1 Buy the business insurance for one year costing 24 000, the bill has not paid yet. Dr. prepaid insurance/unexpired insurance 24 000
payable 24 000
4. Johnson Company purchased 10 000 raw materials on credit and the supplier agree to collect cash one month later.
Dr. raw materials 10 000
Cr. Account payable 10 000
5 Jan
6 The company bought a company car at 11 000 for cash and cost 1 000 for transportation.
Dr. Car 12000
Cr. Cash 12000
6. The company paid to the manufacturing workers 10 000(all direct) and administrative staffs 4 500 (nonmanufacturing).
Dr. manufacturing payroll 10000
Salary expenses 4500
Cr. Cash 14500
7. Company moved all the finished goods, with the cost of 45 500, into warehouse ready for sale.
Dr. finished goods 45500
Cr. Work in process 45500
8. Jan 11 Sale the product for 125 000. Half of the sales were for cash, half on credit. Also, it reported the cost of 40 000.
Dr. cash 62500
Account receivable 62500
Cr. Sales revenue 125000
Dr. cost of goods sold 40 000
Cr. Finished goods 40 000
9. Jan 31 Company used bad debt allowance method to record bad debt expense. It recognized 6% of the ending balance of Accounts receivable as the bad debt expense of that accounting period.
Dr. bad debt expense 62500*6%=3750
Cr. Bad debt allowance 62500*6%=3750 10. Jan 31 Record the accrual expense. (Suppose the car is supposed to be used for 5 years.)
Dr. insurance expense 2000
Cr. Prepaid insurance 2000
Dr. Depreciation expense 200
Cr. Accumulated Depreciation 200
Dr. Interest expense 600
Cr. Interest payable 600
11. Jan 31 Close all the revenue account and expense account.
Dr. sales revenue 125000
Cr. Income summary 125000
Dr. Income summary 51 050
Cr. Salary expense 4500
COGS 40000
Bad debt expense 3750
Insurance expense 2000
Depreciation expense 200
Interest expense 600
12. Jan 31 Close the income summary account.
Dr. income summary 73 950
Cr. Retained earnings 73 950