Which of the following would have been one of the closing entries at december 31 for booth company?

B-0301

This chapter introduces important concepts in income measurement. Accountants oftentimes discuss these concepts using accounting "jargon" or "terminology. Effective business communication requires that all parties attach the same meaning to the words that are used to express concepts. Match the accounting terms in the list on the left to the accounting concept described in the list on the right.

(1) Depreciation (a) The basic conditions require that an exchange has occurred and the earnings process is complete.

(2) Calendar Year (b) An asset reflecting advance payment for something that will be consumed over the future.

(3) Revenue Recognition (c) An entry usually prepared coincident with the end of an accounting period to update the accounting for prepaids, accruals, and other allocations.

(4) Cash Basis (d) An annual reporting period that runs from January 1 through December 31.

(5) Prepaids (e) Monies collected from customers for services that have not yet been provided.

(6) Unearned Revenue (f) An approach that results in the initial recording of prepaids to an asset account and unearned revenues to a liability account.

(7) Balance Sheet Approach (g) The notion that a continuous business process can be divided into time intervals such as years, quarters, or months for reporting purposes.

(8) Adjusting Entry (h) A systematic and rational allocation scheme to spread a portion of the total cost of a productive asset to each period of use.

(9) Accruals (i) Expenses and revenues that gradually accumulate with the passage of time.

(10) Periodicity Assumption (j) A simplified non-GAAP based method to record revenues as received and expenses as paid.

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B-03.01

Worksheet

(1) Depreciation (h) A systematic and rational allocation scheme to spread a portion of the total cost of a productive asset to each period of use.

(2) Calendar Year

(3) Revenue Recognition

(4) Cash Basis

(5) Prepaids

(6) Unearned Revenue

(7) Balance Sheet Approach

(8) Adjusting Entry

(9) Accruals

(10) Periodicity Assumption

&L&"Myriad Web Pro,Bold"&12Name: Date: Section: &R&"Myriad Web Pro,Bold"&20B-03.01

B-03.01

B-03.02

Accounting "failures" occur when reported results are not presented in accordance with generally accepted accounting principles. These failures can produce significant financial losses to investors and creditors. Oftentimes, an accounting failure results from an incorrect application of revenue recognition concepts. Revgression Corporation included each of the following described transactions in revenue during 20X5. Three of these transactions were appropriate, and three were not. Determine which are "ok" and which are "not ok."

(1) Goods were sold and shipped in late 20X5, but the product still requires substantial installation and setup services. The price and terms of sale stipulate that seller must satisfactorily complete all installation and setup at the buyer's location.

(2) Goods were produced according to a customer purchase order, but had not yet been shipped by the end of 20X5.

(3) Goods were delivered to customers during early 20X5, but the customers had ordered and paid for the goods during 20X4.

(4) Customers purchased goods and services during late 20X5, but credit terms permitted them to delay payment until early 20X6. Full payment is expected eventually.

(5) Advance payment from a customer in a foreign country was received in 20X5, for services to be provided in 20X6.

(6) Goods were purchased and paid for by customers during 20X5, but customers may return defective goods for warranty work or a refund. The expected warranty/refund claims are subject to reasonable estimation and not anticipated to be significant.

B-03.02

Worksheet 0302

"NOT OK" Revenue should not be recorded during 20X5 for the following three items:

"OK" Revenue should be recorded during 20X5 for the following three items:

B-03.02

B-03.03

The recognition of an expense usually occurs based on one of the following three intrinsic principles:

(a) Associating cause and effect

(b) Systematic and rational allocation

(c) Immediate recognition

Evaluate the following items and determine the intrinsic principle that establishes the basis by which it is to be recorded as an expense.

(1) The cost of a building used in the business.

(2) The cost of merchandise sold to customers.

(3) Rental costs under a three-year lease agreement.

(4) The cost of a rebate offered on goods sold to customers.

(5) An uninsured storm loss.

(6) Commissions paid to a sales person.

(7) Cost of land seized as the result of a change in government in a foreign venue.

(8) The cost of paper used by a publishing company.

(9) The cost of an unfavorable verdict in a civil lawsuit.

B-03.03

Worksheet 0303

Associating cause and effect

(2) The cost of merchandise sold to customers.

Systematic and rational allocation

Immediate recognition

B-03.03

B-03.04

Following are three separate transactions that pertain to prepaid items. Evaluate each item and prepare the journal entries that would be needed for the initial recording and subsequent end-of-20X3 adjusting entry. Assume the company uses the balance sheet approach, and the initial recording is to an asset account. The company has a calendar year-end and does not make any adjusting entries prior to December 31.

(1) The company purchased an 18-month insurance policy for $18,000 on June 1, 20X3.

(2) The company started 20X3 with $20,000 in supplies (this was previously recorded, and you do not need to make an entry for the beginning balance), purchased $30,000 in supplies during the year, and found only $13,000 in supplies on hand at the end of 20X3.

(3) The company paid $2,500 to rent a truck. The rental period began on December 16, 20X3, and ends on February 14, 20X4.

B-03.04

Worksheet 0304

GENERAL JOURNAL

Date Accounts Debit Credit

1-Jun

31-Dec

GENERAL JOURNAL

Date Accounts Debit Credit

various

31-Dec

GENERAL JOURNAL

Date Accounts Debit Credit

16-Dec

31-Dec

B-03.05

Mohamed Bakar Alidini recently formed a business in the Republic of Yemen to process liquefied natural gas for export to other countries. Natural gas can be converted to a liquid by cooling it to -163 degrees Celsius. It then assumes a highly compressed state and can be transported by specially designed cryogenic vessels. Mohamed's business invested 80,000,000 (Yemeni Rials/YER) in a cooling/containment chamber with a 4-year life. The chamber will have no remaining value at the end of the 4-year period.

(a) Prepare journal entries to record annual depreciation for each of the four years, assuming Alidini uses the straight-line method.

(b) Show how the annual depreciation will appear in each year's income statement.

(c) Show how the asset, and related accumulated depreciation will appear in each year's balance sheet.

B-03.05

Worksheet 0305

GENERAL JOURNAL

Date Accounts Debit Credit ALIDINI CORPORATION

20X1 Income Statement

For the Year Ending December 31, 20X1

. . .

20X2 Expenses

. . .

Depreciation

. . .

20X3

20X4 ALIDINI CORPORATION

Balance Sheet

December 31, 20X1

Assets

. . .

Cooling chamber

Less: Accumulated depreciation

. . .

ALIDINI CORPORATION

Income Statement

For the Year Ending December 31, 20X2

. . .

Expenses

. . .

Depreciation

. . .

ALIDINI CORPORATION

Balance Sheet

December 31, 20X2

Assets

. . .

Cooling chamber

Less: Accumulated depreciation

. . .

ALIDINI CORPORATION

Income Statement

For the Year Ending December 31, 20X3

. . .

Expenses

. . .

Depreciation

. . .

ALIDINI CORPORATION

Balance Sheet

December 31, 20X3

Assets

. . .

Cooling chamber

Less: Accumulated depreciation

. . .

ALIDINI CORPORATION

Income Statement

For the Year Ending December 31, 20X4

. . .

Expenses

. . .

Depreciation

. . .

ALIDINI CORPORATION

Balance Sheet

December 31, 20X4

Assets

. . .

Cooling chamber

Less: Accumulated depreciation

. . .

B-03.05 (b)&(c)

B-03.06

Stargate Publishing issues the Weekly Window. The company's primary sources of revenue are sales of subscriptions to customers and sales of advertising in the Weekly Window. Stargate owns its building and has excess office space that it leases to others. The following transactions involved the receipt of advance payments. Prepare the indicated journal entries for each set of transactions.

(1) On September 1, 20X5, the company received a $24,000 payment from an advertising client for a 6-month advertising campaign. The campaign was to run from November, 20X5, through the end of April, 20X6. Prepare the journal entry on September 1, and the December 31 end-of-year adjusting entry.

(2) The company began 20X5 with $120,000 in unearned revenue relating to sales of subscriptions for future issues. During 20X5, additional subscriptions were sold for $1,230,000. Magazines delivered during 20X5 under outstanding subscriptions totaled $1,020,000. Prepare a summary journal entry to reflect the sales of subscriptions, and the end-of-year adjusting entry to reflect magazines delivered.

(3) The company received a $3,000 rental payment on December 16, 20X5, for the period running from mid-December to Mid-January. Prepare the December 16 journal entry, as well as the December 31 end-of-year adjusting entry.

B-03.06

Worksheet 0306

GENERAL JOURNAL

Date Accounts Debit Credit

1-Sep

31-Dec

GENERAL JOURNAL

Date Accounts Debit Credit

various

31-Dec

GENERAL JOURNAL

Date Accounts Debit Credit

16-Dec

31-Dec

B-03.07

Creative Hearing Technologies of London recently introduced a Bluetooth-enabled hearing aid that allows hearing-disabled users to not only hear better, but also interface with their cell phones and digital music players. The company reports the following four transactions and events related to December of 20X7, and is seeking your help to prepare the end-of-year adjusting entries needed at December 31.

(1) On December 1, the company borrowed £10,000,000 at an 8% per annum interest rate. The loan, and all accrued interest, is due in 3 months.

(2) Early in December, the company licensed its new technology to Apple Bites Computer, Inc., for use in Apple's existing product lines. The agreement provides for a royalty payment from Apple to Creative based on Apple's sales of products using the licensed technology. As of December 31, £45,000 is due under the agreement for actual sales made by Apple to date.

(3) Creative pays many employees on an hourly basis. As of December 31, there are 5,320 unpaid labor hours already worked, at an average hourly rate of £17.

(4) The company estimates that utilities used during December, for which bills will be received in January, amount to £20,000.

B-03.07

Worksheet 0307

GENERAL JOURNAL

Date Accounts Debit Credit

31-Dec

31-Dec

31-Dec

31-Dec

B-03.08

Anthony Asher's administrative assistant maintains a very simple computerized general ledger system. This system includes intuitive routines for recording receipts, payments, and sales on account. However, the system is not sufficiently robust to automate end-of-period adjustments. Below is the trial balance for the month ending January 31, 20X8. This trial balance has not been adjusted for the various items that are described below. Review the trial balance and narratives, and prepare the necessary adjusting entries.

Asher Corporation

Trial Balance

January 31, 20X8

Debits Credits

Cash $ 37,500 $ -

Accounts receivable 12,410 -

Prepaid insurance 2,400 -

Supplies 7,113 -

Equipment 35,000 -

Accumulated depreciation - 10,000

Accounts payable - 7,569

Unearned revenue - 8,500

Loan payable - 15,000

Capital stock - 24,000

Retained earnings, Jan. 1 - 15,457

Revenues - 43,995

Salary expense 12,098 -

Rent expense 13,000 -

Office expense 2,500 -

Dividends 2,500 -

$ 124,521 $ 124,521

Asher Corporation's equipment had an original life of 140 months, and the straight-line depreciation method is used. As of January 1, the equipment was 40 months old. The equipment will be worthless at the end of its useful life. As of the end of the month, Asher Corporation has provided services to customers for which the earnings process is complete. Formal billings are normally sent out on the first day of each month for the prior month's work. January's unbilled work is $25,000. Utilities used during January, for which bills will soon be forthcoming from providers, are estimated at $1,500. A review of supplies on hand at the end of the month revealed items costing $3,500. The $2,400 balance in prepaid insurance was for a 6-month policy running from January 1 to June 30. The unearned revenue was collected in December of 20X7. 60% of that amount was actually earned in January, with the remainder to be earned in February. The loan accrues interest at 1% per month. No interest was paid in January.

B-03.08

Worksheet 0308

GENERAL JOURNAL

Date Accounts Debit Credit

31-Jan

31-Jan

31-Jan

31-Jan

31-Jan

31-Jan

31-Jan

B-03.09

Professor Wayne Campbell recently lectured on adjusting entries. As he did so, he prepared T-accounts on a marker board to illustrate the key points he was making. As he was erasing his illustrations from the board, Candice Greenhaw arrived late to class. She was only able to copy the following portions of the T-account illustrations from the board. You are to help Candice recreate the lecture by completing the missing portions of each T-account. Then, prepare the adjusting entries for December 31, 20X1.

Example 1:

Unearned Revenues Revenues

12/31/X1 18,000 25,000 12/1/X1 178,976 Various

23,900 12/15/X1 12/31/X1

18,000

30,900

Example 2:

Prepaid Insurance Insurance Expense

Beg. Bal. 15,000 12/31/X1

12/10/X1 5,000

20,000

13,000

Example 3:

Salaries Expense Salaries Payable

Various 21,500 12/31/X1

12/15/X1 2,500

12/31/X1

27,000

Example 4:

Depreciation Expense Accumulated Depreciation

Various 23,900 89,000 Beg. Bal.

12/31/X1 12/31/X1

25,200

Example 5:

Supplies Supplies Expense

Beg. Bal. 0 12/31/X1

12/9/X1 3,400

3,400

1,600

B-03.09

Worksheet 0309

Example 1:

12/31/X1 Unearned Revenues 18,000

Revenues 18,000

To record previously collected revenues now earned

Example 2:

Example 3:

Example 4:

Example 5:

B-03.09

B-03.10

Evaluate the following items, and determine the correct amount to report on the income statement for each, using the accrual basis of accounting for the referenced period of time.

Revenues A Company had beginning accounts receivable of $8,000. The company reported cash basis revenues of $100,000. The ending accounts receivable amounted to $18,000.

Supplies B Company purchased $25,000 of supplies. Supplies on hand decreased by $5,000 during the period.

Rent C Company started the year with no prepaid rent, and ended the year with $1,000 in prepaid rent. Rent expense on a cash basis was $13,000.

Equipment At the beginning of the year, D Company purchased and expensed an item of equipment for $20,000. The equipment has a 4-year life, and will be worthless after four years.

Wages There were no wages payable at the beginning of the year. E Company paid $145,000 in wages during the year, and owed an additional $12,000 at year's end.

B-03.10

Worksheet 03.10

Revenues

Supplies

Rent

Equipment

Wages

I-3.04

Plicta Motors is an automobile service center offering a full range of repair services for high performance cars. The following information is pertinent to adjusting entries that are needed for Plicta, as of March 31, 20X5. Plicta has a fiscal year ending on March 31, and only records adjusting entries at year end.

Plicta has a large investment in repair equipment, and maintains detailed asset records. These records show that depreciation for fiscal "X5" is $123,400.

As of March 31, 20X5, accrued interest on loans owed by Plicta is $21,678.

Auto dealerships outsource work to Plicta. This work is done on account, and billed monthly. As of March 31, 20X5, $54,800 of unbilled services have been provided.

Plicta maintains a general business liability insurance policy. The prepaid annual premium is $6,000. The policy was purchased on October 1, 20X4. Another policy is a 6-month property and casualty policy, and it was obtained on December 1, 20X4, at a cost of $3,000. Both policies were initially recorded as prepaid insurance.

The company prepared a detailed count of shop supplies at March 31, 20X4. $37,904 was on hand at that date. Management believed this level was greater than necessary and undertook a strategy to reduce these levels over the next year. During the fiscal year 20X5, Plicta purchased an additional $125,000 of supplies, and debited the Supplies account. By March 31, 20X5, the effort to reduce inventory was successful, as the count revealed an ending balance of only $13,600.

During the fiscal year, Plicta began offering a service contract to retail customers entitling them regular tire rotations, car washing, and other routine maintenance items. Customers prepay for this service agreement, and Plicta records the proceeds in the Unearned Revenue account. The service plan is a flat fee of $219, and Plicta sold the plan to 456 customers. At March 31, 20X5, it is estimated that 25% of the necessary work has been provided under these agreements.

Plicta's primary advertising is on billboards. Lamzar Outdoor Advertising sold Plicta a plan for multiple sign locations around the city. Because Plicta agreed to prepay the full price of $26,000, Lamzar agreed to leave the signs up for 13 months. Plicta paid on June 1, 20X4, and recorded the full amount as a prepaid. However, the advertising campaign was not begun until July 1, 20X4. It will conclude on July 31, 20X5.

Plicta leases shop space. Monthly rent is due and payable on the first day of each month. Plicta paid March's rent on March 1, and expects to pay April's rent on April 1.

Prepare adjusting entries (hint: when necessary) for Plicta, as of March 31, 20X5.

I-03.04

Worksheet I-3.04

GENERAL JOURNAL Page

Date Accounts Debit Credit

Mar. 31

Mar. 31

Mar. 31

Mar. 31

Mar. 31

Mar. 31

Mar. 31

I-3.06

Examine each of the following fact scenarios, then prepare initial and end-of-year adjusting entries (when needed) assuming (a) use of a "balance sheet" approach versus (b) use of an "income statement" approach. You may assume a calendar year end for each scenario. Use T-accounts to show how the same financial statement results occur under either approach. The preprinted worksheet includes an illustrative solution for the first scenario.

Scenario 1 A $1,500, one-year insurance policy was purchased on June 1, 20X1.

Scenario 2 $20,000 of unearned revenue was collected on August 1, 20X1. 40% of this amount was earned by the end of the year.

Scenario 3 On December 1, 20X1, $3,000 was prepaid for space in a trade-show booth. The trade show is in February of 20X2.

Scenario 4 A $1,000 customer deposit for future services was received on April 1, 20X1. On June 20, 20X1, the customer canceled the agreement and received a full refund.

I-3.06

I-03.06

Worksheet I-3.06

Scenario 1: Balance Sheet Approach

06/01/X1 Prepaid Insurance 1,500

Cash 1,500

To record payment for 1-year policy

12/31/X1 Insurance Expense 875

Prepaid Insurance 875

To record insurance "used" ($1,500 X 7/12)

Prepaid Insurance Insurance Expense

06/01/X1 1,500 875 12/31/X1 12/31/X1 875

625

Scenario 1: Income Statement Approach

06/01/X1 Insurance Expense 1,500

Cash 1,500

To record payment for 1-year policy

12/31/X1 Prepaid Insurance 625

Insurance Expense 625

To record insurance "unused" ($1,500 X 5/12)

Prepaid Insurance Insurance Expense

12/31/X1 625 06/01/X1 1,500 625 12/31/X1

875

Scenario 2: Balance Sheet Approach

08/01/X1

12/31/X1

Unearned Revenue Revenue

Scenario 2: Income Statement Approach

08/01/X1

12/31/X1

Unearned Revenue Revenue

Scenario 3: Balance Sheet Approach

12/01/X1

12/31/X1

Prepaid Rent Rent Expense

Scenario 3: Income Statement Approach

12/01/X1

12/31/X1

Prepaid Rent Rent Expense

Scenario 4: Balance Sheet Approach

04/01/X1

06/20/X1

Unearned Revenue Revenue

Scenario 4: Income Statement Approach

04/01/X1

06/20/X1

Unearned Revenue Revenue

I-03.06

B-4.01

Amber Nestor has an eye for quality. She recently formed an art gallery where she allows artists to display their artwork for sale. Customers buy the artwork through the gallery, but payments are actually made payable directly to the originating artist. Artists, in turn, pay Amber a 20% commission that is appropriately reflected as revenue of the gallery. Following is Amber's trial balance after the first year of operation. This trial balance does not reflect the adjustments that are necessary, as described by the additional infomation.

AMBER NESTOR ART GALLERY

Trial Balance

As of December 31, 20X4

Debits Credits

Cash $ 18,400 $ -

Supplies 6,790 -

Display equipment 15,000 -

Loan payable - 7,500

Capital stock - 25,000

Revenues - 48,590

Rent expense 11,000 -

Salaries expense 24,000 -

Interest expense 500 -

Utilities expense 5,400 -

$ 81,090 $ 81,090

The Display equipment was purchased near the beginning of the year. It has a 3-year life and no salvage value. Its cost should be depreciated equally over its life.

Amber is entitled to receive $17,900 of commissions for art sold. This revenue has not yet been recorded, but it is fully expected that the artists will soon be making payment.

Supplies on hand at year end were counted, and amount to $3,400.

December's rent of $1,000 has not yet been paid.

(a) Prepare the necessary adjusting enties as of December 31, 20X4.

(b) Use T-accounts to determine the adjusted balances of the accounts.

(c) Prepare the adjusted trial balance for Amber Nestor.

B-04.01

Worksheet B-4.01

GENERAL JOURNAL Page

Date Accounts Debit Credit CASH REVENUES AMBER NESTOR ART GALLERY

Dec. 31 Adjusted Trial Balance

As of December 31, 20X4

ACCOUNTS RECEIVABLE Debits Credits

Dec. 31 Cash $ - $ -

RENT EXPENSE Accounts receivable - -

Supplies - -

SUPPLIES Display equipment - -

Dec. 31 Accumulated depreciation - -

Rent payable - -

SALARIES EXPENSE Loan payable - -

Capital stock - -

Dec. 31 DISPLAY EQUIPMENT Revenues - -

Rent expense - -

INTEREST EXPENSE Salaries expense - -

Interest expense - -

ACCUMULATED DEPRECIATION Utilities expense - -

- -

UTILITIES EXPENSE - -

$ - $ -

RENT PAYABLE

LOAN PAYABLE

CAPITAL STOCK

B-04.01 (b)

B-4.02

Reagan Sakai is in charge of financial management for Land Monitrix. Land Monitrix utilizes satellite technology and sophisticated mapping software to alert its customers to trespassing, illegal dumping, and other encroachments on property these customers own around the globe. Customers typically purchase one-year contracts for this service, and the pricing depends on the number and size of sites monitored.

Mr. Sakai desires to review financial reports -- an income statement, statement of retained earnings, and balance sheet. Prepare these reports from the following adjusted trial balance. Mr. Sakai needs this information for internal review purposes, and does not require a classified balance sheet. The operating data relate to the full year, and the blank worksheet already includes partial data.

LAND MONITRIX CORPORATION

Adjusted Trial Balance

As of December 31, 20X5

Debits Credits

Cash $ 834,221 $ -

Accounts receivable 345,909 -

Prepaid expenses 45,787 -

Supplies 66,665 -

Satellite equipment 3,009,000 -

Accumulated depreciation - 1,222,199

Accounts payable - 544,190

Unearned revenues - 455,000

Loan payable - 1,000,000

Capital stock - 560,000

Retained earnings, Jan. 1 - 228,892

Dividends 50,000 -

Revenues - 2,373,402

Selling expenses 476,445 -

Interest expense 80,000 -

Salaries expense 677,667 -

Maintenance and supplies expense 222,989 -

Depreciation expense 575,000 -

$ 6,383,683 $ 6,383,683

B-04.02

Worksheet B-4.02

Income Statement

Revenues

Services to customers $ -

Expenses

$ -

-

-

-

- -

Net income $ -

Note -- The "Excel" tip uses macros, and your security settings may limit access.

LAND MONITRIX CORPORATION

Statement of Retained Earnings

Beginning retained earnings $ -

Plus: Net income -

$ -

-

$ -

B-04.02

B-4.03

Utilize the following worksheet to prepare the income statement, statement of retained earnings, and balance sheet for Himarios Corporation. For this problem, you do not need to prepare a classified balance sheet.

HIMARIOS COMPANY

Worksheet to Prepare Financial Statements

DECEMBER 31, 20X9

Trial Balance Adjustments Adjusted Trial Balance Income Statement Statement of Retained Earnings Balance Sheet

Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

Cash $ 59,300 $ 59,300 $ 59,300

Accounts receivable 12,371 12,371 12,371

Equipment 60,000 60,000 60,000

Accumulated depreciation $ 12,000 $ 4,000 $ 16,000 $ 16,000

Accounts payable 7,566 7,566 7,566

Unearned revenue 4,000 $ 1,500 2,500 2,500

Notes payable 25,000 25,000 25,000

Capital stock 50,000 50,000 50,000

Retained earnings, Jan. 1 6,343 6,343 $ 6,343

Service revenue 139,987 1,500 141,487 $ 141,487

Salaries expense 108,425 4,300 112,725 $ 112,725

Interest expense 2,100 2,100 2,100

Dividends 2,700 2,700 $ 2,700

Depreciation expense 4,000 4,000 4,000

Salaries payable 4,300 4,300 4,300

Rent expense 2,500 2,500 2,500

Rent payable - - - 2,500 - 2,500 - - 2,500

$ 244,896 $ 244,896 $ 12,300 $ 12,300 $ 255,696 $ 255,696 $ 121,325 $ 141,487

Net income 20,162 - - 20,162

$ 141,487 $ 141,487 $ 2,700 $ 26,505

Retained earnings, Dec. 31 23,805 - - 23,805

$ 26,505 $ 26,505 $ 131,671 $ 131,671

B-04.03

Worksheet B-4.03

HIMARIOS COMPANY

Income Statement

For the Year Ending December 31, 20X9

Revenues

Services to customers $ -

Expenses

$ -

-

-

- -

Net income $ -

HIMARIOS COMPANY

Statement of Retained Earnings

For the Year Ending December 31, 20X9