Account Debit Credit. Account Debit Credit. Account Debit Credit. Account Debit Credit
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1 Financial & Managerial Accounting Fall HW #2 --- DUE Tuesday, September 13 th at 8:30 (Please PRINT) NAME: Adjusting Entries 1. On October 1, an architectural firm signs a contract to design a new science building. The firm receives $50,000 upfront from the client. The work will be completed in equal monthly installment over the following five months. (a) Record the transaction on October 1. (b) Assuming the firm s accounting cycle ends at the end of the calendar year make the necessary adjusting entry on 12/ On Nov. 15 th, an architectural firm buys office supplies on credit in the amount of $1,200. (a) Record the transaction on Nov. 15 th. (b) At the end of the year, the firm finds that it has $400 of office supplies remaining. Assuming the firm s accounting cycle ends at the end of the calendar year make the necessary adjusting entry on 12/31.
2 3. The firm pays the salaries of its architects in the amount of $50,000 on the 15 th of every month. (a) Record the transaction on Dec. 15 th. (b) Assuming the firm s accounting cycle ends at the end of the calendar year make the necessary adjusting entry on 12/ On November 1, the firm signs a lease for new office space. The lease runs from Nov. 1 to October 31 of the following year. On Nov. 1, the firm pays the entire year s rent in the amount $36,000 (thus, $3,000 is the monthly rent). (a) Record the transaction on Nov. 1 (b) Assuming the firm s accounting cycle ends at the end of the calendar year make the necessary adjusting entry on 12/31.
3 Accounting for Depreciation and Inventory A lawn care business purchases a new truck with cash in the amount of $12,000. The owner plans to depreciate the truck over the next four years. 5. Suppose at the end of the four years, the owner believes the truck will have no value. Using straight-line depreciation, what will be the amount of depreciation occurring in the second year? 6. Record the depreciation that occurs using your answer for question Suppose at the end of the four years, the owner believes that she will be able to sell the truck for $2,000. Using straight-line depreciation, what will be the annual depreciation expense? 8. Record the depreciation that occurs using your answer for question 7.
4 Previous Material 9. The following represents accounts and their amounts for a small business. Use these accounts to construct the business s balance sheet and income statement. Please note, with one exception all amounts are stated at the end of the accounting cycle. The one exception being the retained earnings account. This account is stated for the beginning of the accounting cycle. I want you to calculate what the Ending Retained Earnings should be. Account Amount Account Amount Cost of Goods Sold 700 Accounts Receivable 130 Inventory 70 Capital Stock 75 Long-Term Debt 200 Sales Revenue 1,000 Marketing Expenses 100 Beginning Retained Earnings 100 Accounts Payable 100 Wages Expense 100 Interest Expense 50 Cash 100 Property, Plant, & Equipment 200 Dividends Bead-It (a small retail bead store) began the year with the following balances: Account Balance Cash $5,000 Retained Earnings $5,000 Long-Term Debt $19,000 Accounts Receivable $2,000 Property $25,000 Accounts Payable $1,000 Inventory $8,000 Capital Stock $15,000 During the year, Bead-It had the following transactions occur: a. Bead-It purchased $2,000 (in cash) worth of beads. b. Bead-It sold $3,000 worth of beads on credit. The beads had cost Bead-It $2,000. c. Bead-It paid employees $1,000. d. Bead-It sold $2,000 worth of beads for cash. The beads had cost Bead-It $1,500. e. Bead-It paid a dividend to owners in the amount of $1,000. Construct the and for the end of the year.
5 The following is NOT part of the homework. More Practice with Recording Transactions The transactions in this section relate to a small start-up retail shoe store ( Treads ). 1. The owners of Treads invest a total of $50,000 in order to start the business. 2. Treads receives a $30,000 loan from a bank in order to help start the business.
6 3. Treads pays the first 3 months rent in the amount of $6,000 for its store space at the local mall. 4. Treads purchases inventory (i.e., shoes) in the amount of $20,000. Treads has made a deal with its supplier to make actual payment for the inventory over the next month or so.
7 5. Treads sells its first pair of shoes to a customer for $120 cash. The shoes had cost Treads $ Treads pays the electric bill in the amount of $350.
8 7. Treads makes a payment to its supplier (from question 4) in the amount of $2, Treads makes a $240 sale of shoes to a customer. The customer has asked to be billed for the shoes. The shoes had cost Treads $180.
9 9. Treads receives the full payment from the customer in question Treads pays its employee his $400 weekly salary.
10 11. Treads makes a $600 payment to the bank for the loan it received ($400 of the payment went towards interest on the loan, $200 went towards reducing the principal of the loan). 12. Treads makes a $1,000 dividend payment to the owners of the business.
11 13. Two months have gone by since the business opened. Treads would like to record what has happened with rent during this time (refer back to question 3). 14. Treads entered into a contract to supply the local high school basketball team with shoes. The school has paid the entire amount of $2,000 up front. Treads plans to deliver the shoes at a later date.
12 15. Treads delivers the shoes to the local high school basketball team, and has no fulfilled the terms of the contract from question 14. The shoes had cost Treads $1, Treads makes $140 sale in cash to a customer. The shoes had cost Treads $110.
13 (We re continuing with Treads, but you might find the following transactions slightly more challenging) 17. The customer from question 16 has decided to return the shoes they had previously purchased. Treads has a No Cash Refund return policy. Instead, Treads provides the customer with a coupon in the amount of $140 that can be used at anytime in the future to purchase shoes. 18. The customer from questions 16 and 17 has finally returned to the store and used his coupon to purchase a $150 pair of shoes (paying the difference in cash). These shoes had cost Treads $120.
14 19. Treads sells a $100 pair of shoes to a customer. The customer pays cash. However, the customer has presented a 10% off coupon, clipped from an advertisement that Treads ran in the local newspaper. The shoes had cost Treads $ Treads employee broke one of the cash registers it can t be fixed. The cash register had cost Treads $500.
15 21. Treads employee (the same one that broke the cash register) has asked for an advance on his wages, so he can pay his rent. Treads agrees to give the employee a $200 advance on his wages. 22. Treads pays its employee (the one from question 21) his $300 weekly wages. Of course, Treads actually cuts the check for only $100 (since they had already advanced him $200).
16 23. Treads sells a $100 pair of shoes to a customer. However, including sales tax, the customer pays in cash a total of $105. Treads will keep the $5 sales tax until the end of the year before paying it to the government. The shoes had cost Treads $ Tread has learned that one of its customers that had previously purchased $300 in shoes on credit (i.e., they asked to be billed for the shoes, and promised to pay later) has moved out of state. Thus, Treads no longer believes the customer will make the $300 payment for the shoes.
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