怀尔德会计学原理答案Chapter - 03(2)

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Exercise 3-1 (10 minutes)

1. B 4. A 2. F

5. D

EXERCISES 3. C 6. E

Exercise 3-2 (25 minutes)

a. Depreciation Expense—Equipment ................................ 16,000 Accumulated Depreciation—Equipment.....................

To record depreciation expense for the year.

Insurance Expense ........................................................... Prepaid Insurance* ....................................................... To record insurance coverage that expired ($6,000 - $640).

c. Office Supplies Expense .................................................. Office Supplies** ............................................................ To record office supplies used ($325 + $3,480 - $383).

d. Unearned Fee Revenue .................................................... Fee Revenue .................................................................. To record earned portion of fee received in advance

($15,000 x 1/5).

e. Insurance Expense ........................................................... Prepaid Insurance ......................................................... To record insurance coverage that expired.

f. Wages Expense ................................................................. Wages Payable .............................................................. To record wages accrued but not yet paid.

5,360

16,000

5,360

3,422

3,000

6,160

2,700

3,422

3,000

6,160

2,700

Notes: Prepaid Insurance* Bal. Bal. 6,000 ? End. Bal. 640 Used

Office Supplies** Beg. Bal. 325 Purch. 3,480 ? End. Bal. 383 Used ?McGraw-Hill Companies, 2009 124

Fundamental Accounting Principles, 19th Edition

Exercise 3-3 (30 minutes)

a. Unearned Fee Revenue .................................................... Fee Revenue ..................................................................

To record earned portion of fee received in advance

($15,000 x 1/3).

5,000

b. Wages Expense ................................................................. Wages Payable ..............................................................

To record wages accrued but not yet paid.

7,500

c. Depreciation Expense—Equipment ................................ 17,251 Accumulated Depreciation—Equipment.....................

To record depreciation expense for the year.

17,251

d. Office Supplies Expense .................................................. Office Supplies* .............................................................

To record office supplies used ($240 + $6,102 - $660).

5,682

e. Insurance Expense ........................................................... Prepaid Insurance? ........................................................

To record insurance coverage expired ($4,000 - $1,300).

2,700

f. Interest Receivable ......................................................... Interest Revenue ........................................................

To record interest earned but not yet received.

1,400

g. Interest Expense ............................................................. Interest Payable...........................................................

To record interest incurred but not yet paid.

Notes: 2,000

2,000

Prepaid Insurance Beg. Bal. 4,000 ? Used End. Bal. 1,300 ?

Beg. Bal. Purch. End. Bal. Office Supplies* 240 6,102 ? 660 Used ?McGraw-Hill Companies, 2009

Solutions Manual, Chapter 3

125

Exercise 3-4 (15 minutes)

a. Adjusting entry

2009 Dec. 31

Wages Expense....................................................... Wages Payable ....................................................

To record accrued wages for one day. (5 workers x $165)

b. Payday entry

2010 Jan. 4 Wages Expense....................................................... Wages Payable ........................................................ Cash ..................................................................... To record accrued and current wages.

Wages expense = 5 workers x 3 days x $165 Cash = 5 workers x 4 days x $165

825

2,475 825

825

3,300

Exercise 3-5 (15 minutes) a. b. c. d.

$ 2,000 $ 6,607 $11,987 $ 1,375

(a)

(b)

(d) $1,375 6,907 8,282

Proof:

Supplies available – prior year-end ......... Supplies purchased in current year ........ Total supplies available ............................

$ 350 $1,855 2,450 2,800

6,307 8,162

Supplies available – current year-end ..... (800) (6,607) Supplies expense for current year...........

$2,000 $1,555 (2,056) (800) $11,507 $7,482 ?McGraw-Hill Companies, 2009 126

Fundamental Accounting Principles, 19th Edition

Exercise 3-6 (25 minutes)

Apr. 30 Legal Fees Expense ........................................... Legal Fees Payable .....................................

To record accrued legal fees.

4,500

May 12 Legal Fees Payable ............................................ Cash .............................................................

To pay accrued legal fees.

4,500

Apr. 30 Interest Expense ................................................. Interest Payable ..........................................

To record accrued interest expense ($5,700 x 10/30).

1,900

May 20 Interest Payable .................................................. Interest Expense ................................................. Cash .............................................................

To record payment of accrued and current

interest expense ($5,700 x 20/30).

1,900 3,800

5,700

Apr. 30 Salaries Expense ................................................ Salaries Payable..........................................

To record accrued salaries ($12,000 x 2/5 week).

4,800

May 3 Salaries Payable ................................................. 4,800 Salaries Expense ................................................ 7,200 Cash .............................................................

To record payment of accrued and

current salaries ($12,000 x 3/5 week).

12,000

?McGraw-Hill Companies, 2009

Solutions Manual, Chapter 3

127

Exercise 3-7 (20 minutes) Balance Sheet Prepaid Insurance Asset using Insurance Expense using Accrual Basis* Cash Basis $0 0 0 0

Accrual Basis**

Cash Basis $15,300

0 0

0 $15,300 Dec. 31, 2007 ........$14,450 Dec. 31, 2008 ........9,350 Dec. 31, 2009 ........4,250 Dec. 31, 2010 ........

Explanations:

2007 ..........$ 850 2008 ..........

5,100

2009 .......... 5,100 2010 .......... 4,250 Total .........$15,300

Accrual asset balance equals months left in the policy x $425 per month (monthly

cost is computed as $15,300 / 36 months). Months Left Balance 12/31/2007 .. 12/31/2008 .. 12/31/2009 ..

34 22 10

$14,450 9,350 4,250

12/31/2010 .. 0 0 **

Accrual insurance expense equals months covered in the year x $425 per month. Months Covered Expense 2007 ............2008 ............2009 ............2010 ............

2 12 12 10

$ 850 5,100 5,100 4,250 $15,300 ?McGraw-Hill Companies, 2009 128

Fundamental Accounting Principles, 19th Edition

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