Fees Earned ..........................................................
b. (1) Salaries Payable ......................................................... Sales Salaries Expense ........................................
6,480
10,250
10,250
6,480 10,250
(2) Fees Earned ................................................................ Accounts Receivable ............................................ 4-21
a. (1) Payment (last payday in year)
(2) Adjusting (accrual of wages at end of year) (3) Closing (4) Reversing
(5) Payment (first payday in following year)
45,000
18,000
1,120,800
18,000
43,000
b. (1) Wages Expense .......................................................... Cash .......................................................................
45,000 18,000 1,120,800 18,000 43,000
(2) Wages Expense .......................................................... Wages Payable ...................................................... (3) Income Summary ....................................................... Wages Expense .................................................... (4) Wages Payable ........................................................... Wages Expense ....................................................
(5) Wages Expense .......................................................... Cash .......................................................................
Chapter6（找不到答案，自己处理了哦）
Ex. 8–1
a. Inappropriate. Since Fridley has a large number of credit sales
supported by promissory notes, a notes receivable ledger should be maintained. Failure to maintain a subsidiary ledger when there are a significant number of notes receivable transactions violates the internal control procedure that mandates proofs and security. Maintaining a notes receivable ledger will allow Fridley to operate more efficiently and will increase the chance that Fridley will detect accounting errors related to the notes receivable. (The total of the accounts in the notes receivable ledger must match the balance of notes receivable in the general ledger.)
b. Inappropriate. The procedure of proper separation of duties is
violated. The accounts receivable clerk is responsible for too many related operations. The clerk also has both custody of assets (cash receipts) and accounting responsibilities for those assets. c. Appropriate. The functions of maintaining the accounts receivable
account in the general ledger should be performed by someone other than the accounts receivable clerk. d. Appropriate. Salespersons should not be responsible for approving
credit. e. Appropriate. A promissory note is a formal credit instrument that is
frequently used for credit periods over 45 days.
Ex. 8–2-a
a.
Customer Due Janzen Industries 30)
Kuehn Company Mauer Inc.
Pollack Company Simrill Company
Due Date August 29 September 3 October 21 November 23 December 3
Number of Days Past 93 days (2 + 30 + 31 + 88 days (27 + 31 + 30) 40 days (10 + 30) 7 days
Not past due
Ex. 8–3
Nov. 30 Uncollectible Accounts Expense ....................... Allowances for Doubtful Accounts ...............
53,315*
53,315
*$60,495 – $7,180 = $53,315
Ex. 8–4
Estimated Uncollectible Accounts Age Interval
Balance $450,000 110,000 51,000 12,500 7,500 5,500 Percent 2% 4 6 20 60 80
Amount $ 9,000 4,400 3,060 2,500 4,500 4,400
Not past due ............................... 1–30 days past due .................... 31–60 days past due .................. 61–90 days past due .................. 91–180 days past due ................ Over 180 days past due .............
Total ....................................... $636,500 $27,860 Ex. 8–5
2006
Dec. 31 Uncollectible Accounts Expense ....................... ................ Allowance for Doubtful Accounts
29,435*
29,435
*$27,860 + $1,575 = $29,435
Ex. 8–6
a. $17,875 c. $35,750 b. $13,600
d. $41,450
Ex. 8–7
a.Allowance for Doubtful Accounts .................................... Accounts Receivable ..........................................
b.Uncollectible Accounts Expense ..................................... Accounts Receivable ..........................................
Ex. 8–8
Feb. 20 Accounts Receivable—Darlene Brogan ............ Sales ................................................................
20 Cost of Merchandise Sold ..................................
Merchandise Inventory ..................................
May 30 Cash ...................................................................... Accounts Receivable—Darlene Brogan ....... 30 Allowance for Doubtful Accounts ...................... Accounts Receivable—Darlene Brogan .......
Aug. 3 Accounts Receivable—Darlene Brogan ............
Allowance for Doubtful Accounts .................
3 Cash ...................................................................... Accounts Receivable—Darlene Brogan .......
7,130
7,130
12,100
7,260
6,000
6,100
6,100
6,100
7,130
7,130
12,100 7,260
6,000
6,100
6,100 6,100
Ex. 8–9
$223,900 [$212,800 + $112,350 – ($4,050,000 × 2 1/2%)]
Ex. 8–10
Due Date Interest a. Aug. 31 $120 b. Dec. 28 480 c. Nov. 30 250 d. May 5 150 e. July 19
100
Ex. 8–11
a. August 8 b. $24,480
c. (1) Notes Receivable ...................................................... 24,000
Accounts Rec.—Magpie Interior Decorators ....
(2) Cash ........................................................................... 24,480
Notes Receivable ................................................. Interest Revenue..................................................
Ex. 8–12
1. Sale on account.
2. Cost of merchandise sold for the sale on account. 3. A sales return or allowance. 4. Cost of merchandise returned.
5. Note received from customer on account.
6. Note dishonored and charged maturity value of note to customer’s account receivable. 7. Payment received from customer for dishonored note plus interest
earned after due date.
24,000 24,000 480
Ex. 8–13
2005
Dec. 13 Notes Receivable ................................................. Accounts Receivable—Visage Co. ...............
31 Interest Receivable ..............................................
Interest Revenue ............................................
31
Interest Revenue.................................................. Income Summary ...........................................
2006 Apr. 12 Cash ......................................................................
Notes Receivable ........................................... Interest Receivable ........................................ Interest Revenue ............................................
*$25,000 × 0.06 × 18/360 = $75
Ex. 8–14
Mar. 1 Notes Receivable ................................................. Accounts Receivable—Absaroka Co. ..........
18 Notes Receivable .................................................
Accounts Receivable—Sturgis Co. ..............
Apr. 30 Accounts Receivable—Absaroka Co. ................ Notes Receivable ........................................... Interest Revenue ............................................
June 16 Accounts Receivable—Sturgis Co. .................... Notes Receivable ........................................... Interest Revenue ............................................
July 11 Cash ...................................................................... Accounts Receivable—Absaroka Co. ..........
Interest Revenue ............................................
*$15,125 × 0.08 × 72/360 = $242
Oct. 12 Allowance for Doubtful Accounts ...................... Accounts Receivable—Sturgis Co. ..............
25,000
75* 75
25,500
15,000
12,000
15,125
12,270
15,367
12,270
25,000
75 75
25,000
75 425
15,000 12,000
15,000
125
12,000 270
15,125 242*
12,270