Bài giải bài tập kế toán quốc tế 1

Bài giải tập Kế toán quốc tế (Tham khảo) phục vụ thi kỳ Exercise 2-8 (Pages 89) Adjusting entries Prepare the necessary adjusting entries at December 31, 2011, for the Falwell Company for each of the following situations Assume that no financial statements were prepared during the year and no adjusting entries were recorded A three-year fire insurance policy was purchased on July 1, 2011, for $12,000 The company debited insurance expense for the entire amount Depreciation on equipment totaled $15,000 for the year The company determined that accounts receivable in the amount of $6,500 will probably not be collected The allowance for uncollectible accounts account has a credit balance of $2,000 before any adjustment Employee salaries of $18,000 for the month of December will be paid in early January 2012 On November 1, 2011, the company borrowed $200,000 from a bank The note requires principal and interest at 12% to be paid on April 30, 2012 On December 1, 2011, the company received $3,000 in cash from another company that is renting office space in Falwell's building The payment, representing rent for December and January, was credited to unearned rent revenue 1 Prepaid insurance ($6,000 x 30/36) 5,000 Insurance expense Depreciation expense 5,000 15,000 Accumulated depreciation Bad debt expense ($6,500 - 2,000) 15,000 4,500 Allowance for uncollectible accounts Salaries expense 4,500 18,000 Salaries payable Interest expense ($100,000 x 12% x 2/12) 18,000 2,000 Interest payable Unearned rent revenue Rent revenue (1/2 x $3,000) 2,000 1,500 1,500 Exercise 2-9 (Pages 89) Adjusting entries Prepare the necessary adjusting entries at December 31, 2011, for the Microchip Company for each of the following situations Assume that no financial statements were prepared during the year and no adjusting entries were recorded On October 1, 2011, Microchip lent $90,000 to another company A note was signed with principal and 8% interest to be paid on September 30, 2012 On November 1, 2011, the company paid its landlord $6,000 representing rent for the months of November through January Prepaid rent was debited On August 1, 2011, collected $12,000 in advance rent from another company that is renting a portion of Microchip's factory The $12,000 represents one year's rent and the entire amount was credited to rent revenue 4 Depreciation on machinery is $4,500 for the year Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,000 Microchip began the year with $2,000 in its asset account, supplies During the year, $6,500 in supplies were purchased and debited to supplies At year-end, supplies costing $3,250 remain on hand Interest receivable ($60,000 x 10% x 3/12) 1,500 Interest revenue Rent expense ($6,000 x 2/3) 1,500 4,000 Prepaid rent Rent revenue ($12,000 x 7/12) 4,000 7,000 Unearned rent revenue Depreciation expense 7,000 4,500 Accumulated depreciation Salaries expense 4,500 7,000 Salaries payable Supplies expense ($2,000 + 6,500 - 3,250) Supplies 7,000 5,250 5,250 Problem 2-3 (Pages 94) Pastina Company manufactures and sells various types of pasta to grocery chains as private label brands The company's fiscal year-end is December 31 The unadjusted trial balance as of December 31, 2011, appears below Information necessary to prepare the year-end adjusting entries appears below Depreciation on the equipment for the year is $10,000 The company estimates that of the $40,000 in accounts receivable outstanding at year-end, $5,500 probably will not be collected Employee wages are paid twice a month, on the 22nd for wages earned from the 1st through the 15th, and on the 7th of the following month for wages earned from the 16th through the end of the month Wages earned from December 16 through December 31, 2011, were $1,500 On October 1, 2011, Pastina borrowed $50,000 from a local bank and signed a note The note requires interest to be paid annually on September 30 at 12% The principal is due in 10 years On March 1, 2011, the company lent a supplier $20,000 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2012 On April 1, 2011, the company paid an insurance company $6,000 for a two-year fire insurance policy The entire $6,000 was debited to insurance expense $800 of supplies remained on hand at December 31, 2011 8 A customer paid Pastina $2,000 in December for 1,500 pounds of spaghetti to be manufactured and delivered in January 2012 Pastina credited sales revenue On December 1, 2011, $2,000 rent was paid to the owner of the building The payment represented rent for December and January 2012, at $1,000 per month Depreciation expense 10,000 Accumulated depreciation Bad debt expense ($5,500 – 3,000) 10,000 2,500 Allowance for uncollectible accounts Wage expense 2,500 1,500 Wages payable Interest expense ($50,000 x 12% x 3/12) 1,500 1,500 Interest payable Interest receivable ($20,000 x 8% x 10/12) 1,500 1,333 Interest revenue Prepaid insurance ($6,000 x 15/24) 1,333 3,750 Insurance expense Supplies expense ($1,500 – 800) 3,750 700 Supplies Sales revenue 700 2,000 Unearned revenue Rent expense Prepaid rent 2,000 1,000 1,000 Bảng biểu bạn tự xem lại kẻ bảng thời gian :) ... 2,500 1, 500 Wages payable Interest expense ($50,000 x 12 % x 3 /12 ) 1, 500 1, 500 Interest payable Interest receivable ($20,000 x 8% x 10 /12 ) 1, 500 1, 333 Interest revenue... the 1st through the 15 th, and on the 7th of the following month for wages earned from the 16 th through the end of the month Wages earned from December 16 through December 31, 2 011 , were $1, 500... October 1, 2 011 , Pastina borrowed $50,000 from a local bank and signed a note The note requires interest to be paid annually on September 30 at 12 % The principal is due in 10 years On March 1, 2 011 ,