SPA MENTORING PENGANTAR AKUNTANSI 15 Maret 2018 Oleh: Kadek Sanjaya

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2 SPA MENTORING PENGANTAR AKUNTANSI 15 Maret 2018 Oleh: Kadek Sanjaya PROBLEM 1 PERPETUAL INVENTORY METHOD (FIFO) Kieso and Pyndick Co. uses perpetual inventory method. Transaction record during March are as follows: Date Activity Unit Pur. Price/Unit Unit Sold Price/Unit 1 Mar Beg. Inventory 15 3,750 3 Purchases 45 4,500 8 Sales 27 18, Purchases 12 6, Purchases 15 6, Sales 45 21,000 Total 87 units 72 units 1. Calculate the cost of goods available for sales 2. Calculate the ending amount of unit in the end of the period 3. Calculate the ending inventory and cost of goods sold using FIFO Method PROBLEM 2 ADJUSTING ENTRIES Mankeew Co. is now preparing the financial statement for The adjustment data that need to be recorded are as follows: I. Beginning balance of Office Supplies is 30,000. During 2017, the company bought the supplies for 124,000 and recorded as Office Supplies. Ending supplies inventory in the end of the year is 26,400 II. Analysis on insurance policy of the company are as follows: Insurance Policy Date Issuance Month Coverage Ammount Premium A 01-Apr ,400 B 01-Apr ,680 C 01-Agu ,000 The total amount of premium in every insurance policy will be paid in cash and recorded as prepaid insurance on a date of issuance. (Remember: the company also record the previous year adjustments accurately) III. The company has 15 employees, which the total amount of salaries should be 21,000 for every working day. Employees get paid every Monday for 5 days-of-work, from Monday to Friday in the previous week. Assuming that December 31, 2017 is on Tuesday, all the employees only work for 2 days on that week, also bear in mind that New Year s Day is a holiday. The company will pay the employees on Monday, 6 th of January 2018.

3 IV. The company bought a building on 1 January 2017 with the acquisition cost for 8,550,000. The estimated depreciation period is 30 years with the residual value is 450,000. The company use straight line depreciation method. V. The company rent partially the strategic space in the building for 24,000/month starting from November It is paid by the lessee on 1 November 2017 and recorded as Rent Revenue account. However, the lessee do not pay the bill for December 2017, so the lessor suppose cancel the agreement. Therefore on 31 December 2017, the lessee promises to pay the rent on 31 January 2018 for the December 2017 and January VI. On 1 November 2017, the company also rent an office space to a different company (with the question 5) with the amount of 21,750/month. This lessee pay the rent for the next 5 months on that date. 1. Prepare the adjusting entries for 31 December Record the journal for cash receipt/payment regarding the cash transactions no. III and V. PROBLEM 3 MERCHANDISING COMPANY Prepare journal entries to record all trading activities for Stephen and Ross Co. using perpeptual inventory method during August 2017: 1 Purchase merchandise goods from MPKS Co. for 6,000 on account, terms 1/10, n/30, FOB Destination 4 Regarding to MPKS Co., Stephen and Ross Co. pay 100 for delivery expense, as stated on August 1 on cash. Those amount will reduce the amount of payment that should be paid by Stephen and Ross Co. to MPKS Co. 5 Sell merchandise goods to Adit Co. for 4,200 on account, terms 2/10, n/60, FOB Destination. Cost of Goods Sold is 3,000 8 Purchase merchandise goods from Jhon Co. for 5,300 on account 1/10. n/45, FOB Shipping Point. On that invoice, includes delivery cost which is paid by Jhon Co. for 240, is added to the total amount of invoice 9 Paid delivery expense for 120, for sales on 5 August to Adit Co. 10 Adit Co. return the merchandise goods which was bought on August 5 for 700, costs 500. Goods that return be recorded as inventory 12 After negotiation process with Jhon Co. regarding the purchase on August 8, some goods are not pass the inspection. Stephen and Ross Co. receive a credit memo from Jhon Co. in a form of rebate for Receive payment from Adit Co. (hint: don t forget the return) 18 Payment to Jhon Co. (hint: don t forget the rebate) 28 Sell merchandise goods to Gunawan Co. for 3,600 on account, terms 1/10, n/30, FOB Shipping Point. Invoice was prepared on 19 August. Cost of Goods Sold is 2,500. PROBLEM 4 BANK RECONCILIATION Rodriguez Company maintains a checking account at the Imura Bank. At July 31, selected data from the ledger balance and the bank statement are shown below.

4 Analysis of the bank data reveals that the credits consist of $79,000 of July deposits and a credit memorandum of $4,470 for the collection of a $4,400 note plus interest revenue of $70. The July debits per bank consist of checks cleared $74,700 and a debit memorandum of $56 for printing additional company checks. You also discover the following errors involving July checks. (1) A check for $230 to a creditor on account that cleared the bank in July was journalized and posted as $320. (2) A salary check to an employee for $255 was recorded by the bank for $155. The June 30 bank reconciliation contained only two reconciling items: deposits in transit $8,000 and outstanding checks of $6,200. Instructions (a) Prepare a bank reconciliation at July 31, (b) Journalize the adjusting entries to be made by Rodriguez Company. Assume that interest on the note has not been accrued PROBLEM 5 FINANCIAL STATEMENT HAYOLO COMPANY Worksheet For the Year Ended December 31, 2017

5 (a) Prepare complete financial statements (income statement, statement of changes in equity, and statement of financial position [with classifications like current assets, etc.]) for (Note: $5,000 of the notes payable become due in 2018.) D. Thao did not make any additional investments in the business during the year. (b) Prepare the closing entries.