Bài giải bài tập kế toán quốc tế 1

Bài giải bài tập Kế toán quốc tế Tham khảo phục vụ thi giữa kỳExercise 2-8 Pages 89 Adjusting entries Prepare the necessary adjusting entries at December 31, 2011, for the Falwell Compan

Bài giải bài tập Kế toán quốc tế (Tham khảo) phục vụ thi giữa 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

1

A three-year fire insurance policy was purchased on July 1, 2011, for $12,000 The company debited insurance expense for the entire amount

2

Depreciation on equipment totaled $15,000 for the year

3

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

4

Employee salaries of $18,000 for the month of December will be paid in early January 2012

5

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

6

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

Insurance expense 5,000

2 Depreciation expense 15,000

Accumulated depreciation 15,000

3 Bad debt expense ($6,500 - 2,000) 4,500

Allowance for uncollectible accounts 4,500

4 Salaries expense 18,000

Salaries payable 18,000

5 Interest expense ($100,000 x 12% x 2/12) 2,000

Interest payable 2,000

6 Unearned rent revenue 1,500

Rent revenue (1/2 x $3,000) 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

1

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

2

On November 1, 2011, the company paid its landlord $6,000 representing rent for the months of November through January Prepaid rent was debited

3

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

5

Vacation pay for the year that had been earned by employees but not paid to them or recorded is

$8,000

6

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

1 Interest receivable ($60,000 x 10% x 3/12) 1,500

Interest revenue 1,500

2 Rent expense ($6,000 x 2/3) 4,000

Prepaid rent 4,000

3 Rent revenue ($12,000 x 7/12) 7,000

Unearned rent revenue 7,000

4 Depreciation expense 4,500

Accumulated depreciation 4,500

5 Salaries expense 7,000

Salaries payable 7,000

6 Supplies expense ($2,000 + 6,500 - 3,250) 5,250

Supplies 5,250

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

1

Depreciation on the equipment for the year is $10,000

2

The company estimates that of the $40,000 in accounts receivable outstanding at year-end, $5,500 probably will not be collected

3

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

4

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

5

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

6

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

7

$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

9

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

1 Depreciation expense 10,000

Accumulated depreciation 10,000

2 Bad debt expense ($5,500 – 3,000) 2,500

Allowance for uncollectible accounts 2,500

3 Wage expense 1,500

Wages payable 1,500

4 Interest expense ($50,000 x 12% x 3/12) 1,500

Interest payable 1,500

5 Interest receivable ($20,000 x 8% x 10/12) 1,333

Interest revenue 1,333

6 Prepaid insurance ($6,000 x 15/24) 3,750

Insurance expense 3,750

7 Supplies expense ($1,500 – 800) 700

Supplies 700

8 Sales revenue 2,000

Unearned revenue 2,000

9 Rent expense 1,000

Prepaid rent 1,000