Finance and Accounting
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QS 3-10 Preparing adjusting entries L.O. P1
During the year, Lyle Co. recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries: (1) accrue salaries expense, (2) adjust the Unearned Services Revenue account to recognize earned revenue, and (3) record services revenue earned for which cash will be received the following period. For each of these adjusting entries (1), (2), and (3), indicate the account to be debited and the account to be credited.
Adjusting entries:
1. Accrue salaries expense.
Debit
Credit
2. Adjust the Unearned Services Revenue account to recognize earned revenue.
Debit
Credit
3. Record services revenue earned for which cash will be received the following period.
Debit
Credit
Exercise 3-12 Preparing a classified balance sheet L.O. C4
Account Title Debit Credit
Cash $ 7,400
Accounts receivable 28,000
Office supplies 7,095
Trucks 153,000
Accumulated depreciation—Trucks $ 31,518
Land 45,000
Accounts payable 11,400
Interest payable 10,000
Long-term notes payable 35,000
Common stock 19,000
Retained earnings 145,501
Dividends 31,000
Trucking fees earned 124,000
Depreciation expense—Trucks
20,329
Salaries expense 60,501
Office supplies expense 13,000
Repairs expense—Trucks 11,094
Totals $ 376,419 $ 376,419
Using the above adjusted trial balance to prepare Webb Trucking Company’s classified balance sheet as of December 31, 2011. (Be sure to list the assets and liabilities in order of their liquidity. Negative amounts should be indicated by a minus sign. Omit the “$” sign in your response.)
WEBB TRUCKING COMPANY
Balance Sheet
December 31, 2011
Assets
Current Assets
1- $
2-
3-
Total Current Assets :
Plant Assets : Debit CREDIT
1-$
2- 2-
__________
3-
Total Plant Assets : …
Total Assets : $
Liabilities
Current Liabilities : CREDIT
1- $
2-
Total Current Liabilities :
Total Liabilities :
Equity :
CREDIT
1-
2-
Total equity :
Total Liabilities and Equity : $
Exercise 4-1 Recording entries for merchandise purchases L.O. P1
Apr. 2
Purchased merchandise from Blue Company under the following terms: $6,400 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point.
3 Paid $358 for shipping charges on the April 2 purchase.
4 Returned to Blue Company unacceptable merchandise that had an invoice price of $550.
17
Sent a check to Blue Company for the April 2 purchase, net of the discount and the returned merchandise.
18
Purchased merchandise from Fox Corp. under the following terms: $13,250 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination.
21 After negotiations, received from Fox a $3,710 allowance on the April 18 purchase.
28 Sent check to Fox paying for the April 18 purchase, net of the discount and allowance.
Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system. (Round your answers to the nearest dollar amount. Omit the “$” sign in your response.)
Date General Journal Debit Credit
Apr. 2 : TWO ANSWERS ONE DEBIT ONE CREDIT
3 : TWO ANSWERS ONE DEBIT ONE CREDIT
4 : TWO ANSWERS ONE DEBIT ONE CREDIT
17 : TWO ANSWERS ONE DEBIT TWO CREDIT
18 : (TWO ANSWERS ONE DEBIT ONE CREDIT)
21 : TWO ANSWERS ONE DEBIT ONE CREDIT
28 : THREE ANSWERS ONE DEBIT TWO CREDIT
Exercise 4-14 Preparing journal entries-perpetual system L.O. P1, P2
Following are the merchandising transactions for CSI Systems.
1.
On November 1, CSI Systems purchases merchandise for $1,700 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1.
2. On November 5, CSI Systems pays cash for the November 1 purchase.
3.
On November 7, CSI Systems discovers and returns $150 of defective merchandise purchased on November 1 for a cash refund.
4. On November 10, CSI Systems pays $85 cash for transportation costs with the November 1 purchase.
5.
On November 13, CSI Systems sells merchandise for $1,836 on credit. The cost of the merchandise is $918.
6.
On November 16, the customer returns merchandise from the November 13 transaction. The returned items sell for $275 and cost $138.
Journalize the above merchandising transactions for CSI Systems assuming it uses a perpetual inventory system. (Round your answers to the nearest dollar amount. Omit the “$” sign in your response.)
Date General Journal Debit Credit
Nov. 1 : TWO ANSWERS ONE DEBIT ONE
Nov. 5 : THREE ANSWERS ONE DEBIT TWO CREDIT
Nov. 7 : TWO ANSWERS ONE DEBIT ONE CREDIT
Nov. 10 : TWO ANSWERS ONE DEBIT ONE CREDIT
Nov. 13 : TWO ANSWERS ONE DEBIT ONE CREDIT
Nov. 16 : TWO ANSWERS ONE DEBIT ONE CREDIT
QS 5-2 Inventory costing with LIFO perpetual L.O. P1
A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units.
Units Unit Cost
Beginning inventory on January 1 320 $ 6.00
Purchase on January 9 85 6.40
Purchase on January 25 110 6.60
What is the cost of the 155 units that remain in ending inventory at January 31, assuming the costs assigned to ending inventory based on a perpetual inventory system and use of LIFO. (Omit the “$” sign in your response.)
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