Archives: Solution Manual
978-0078025587 Chapter 9 Solution Manual Part 3
Problem 9-5B (75 minutes) Part 1 2012 Nov. 1 Notes Receivable—S. Julian ………………………….. 4,800 Accounts Receivable—S. Julian …………………. 4,800 To record note received on account. Dec. 31 Interest Receivable ………………………………………….. 64 Interest Revenue ……………………………………….. 64 To record interest earned [$4,800 […]
978-0078025587 Chapter 9 Solution Manual Part 2
PROBLEM SET A Problem 9-1A (30 minutes) June 4 Accounts Receivable—N. Morris ……………………….. 650 Sales …………………………………………………………… 650 To record sales on credit. 4 Cost of Goods Sold ………………………………………….…….. 400 Merchandise Inventory ……………………………….…….. 400 To record cost of sales. 5 Cash […]
978-0078025587 Chapter 9 Solution Manual Part 1
Chapter 9 Accounting for Receivables QUESTIONS 1. When customers use credit cards, the selling companies can avoid having to directly evaluate the credit standing of their customers. They also avoid the risk of bad debts and often are paid cash […]
978-0078025587 Chapter 9 Lecture Note
9-1 CHAPTER 9 ACCOUNTING FOR RECEIVABLES © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or […]
978-0078025587 Chapter 8 Solution Manual Part 3
Problem 8-5B (Concluded) Part 3 There are several possible reasons why some prenumbered checks are missing from the sequence of canceled checks returned with a bank statement. Reasons include: (1) Some of the checks in the numbered sequence may have […]
978-0078025587 Chapter 8 Solution Manual Part 2
Exercise 8-14B (Concluded) b. Recording inventory at net amounts Oct. 2 Merchandise Inventory …………………………………….….. 2,940 Accounts Payable ………………………………………….. 2,940 To record merchandise purchases less discount [$3,000 – ($3,000 x .02) = $2,940]. 10 Accounts Payable ……………………………………………….. 490 Merchandise Inventory ……………………………….….. […]
978-0078025587 Chapter 8 Solution Manual Part 1
Chapter 8 Cash and Internal Controls QUESTIONS 1. The seven broad principles are: Establish responsibilities; Maintain adequate records; Insure assets and bond key employees; Separate recordkeeping from custody of assets; Divide responsibilities for related transactions; Apply technology controls; Perform regular […]
978-0078025587 Chapter 8 Lecture Note
8-1 CHAPTER 8 CASH AND INTERNAL CONTROLS © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, […]
978-0078025587 Chapter 8 Excel
Student Name: Class: 27,233$ 27,497$ 11,514 7,955 38,747 35,452 1,482$ NSF check 805$ 382 Service charge 25 2,281 4,145 Error (Check no. 3056) 20 850 34,602$ «- Correct! Adjusted book balance 34,602$ «- Correct! Date Account Title Debit Credit Jul […]
978-0078025587 Chapter 7A Solution Manual Part 3
Problem 7-5BA (Continued) Parts 2 and 3—continued ACCOUNTS PAYABLE LEDGER Charm’s Supply Date Explanation PR Debit Credit Balance July 9 P3 38,220 38,220 20 P3 650 38,870 Drake Company Date Explanation PR Debit Credit Balance July 17 P3 7,200 7,200 […]
978-0078025587 Chapter 7A Solution Manual Part 2
Problem 7-6AA (Continued) Accounts Payable Acct. No. 201 Date Explanation PR Debit Credit Balance Mar. 17 G2 2,425 (2,425) 19 G2 630 (3,055) 31 P2 101,075 98,020 31 D2 73,800 24,220 Long-Term Notes Payable Acct. No. 251 Date Explanation PR […]
978-0078025587 Chapter 7A Solution Manual Part 1
Appendix 7A—PERIODIC Accounting Information Systems QUICK STUDIES Quick Study 7-12A (20 minutes) PURCHASES JOURNAL Date Account Date of Invoice Terms PR Accounts Payable Cr. Purchases Dr. Office Supplies Dr. Other Accounts Dr. May 1 Krause, Inc. ……….………….. 5/01 n/30 10,100 […]
978-0078025587 Chapter 7 Solution Manual Part 5
Comprehensive Problem, Colo Company (Continued) Part 2—continued ACCOUNTS PAYABLE LEDGER Fink Corp. Date Explanation PR Debit Credit Balance May 17 P2 13,650 13,650 23 D2 13,650 0 Garcia, Inc. Date Explanation PR Debit Credit Balance May 11 P2 8,800 8,800 […]
978-0078025587 Chapter 7 Solution Manual Part 4
Fundamental Accounting Principles, 21st Edition 478 Comprehensive Problem, Colo Company (Part 1—Continued) PURCHASES JOURNAL Page 2 Date Account Date of Invoice Terms PR Accounts Payable Cr. Inventory Dr. Office Supplies Dr. Other Accounts Dr. May 4 Store Supp./Gear Supp …………….……………. […]
978-0078025587 Chapter 7 Solution Manual Part 3
Problem 7-1B (Concluded) Part 4—continued ACORN INDUSTRIES Schedule of Accounts Receivable July 31 Ruth Blake …………………………………..………………… $17,500 Ashton Moore ………………………………………………… 16,820 Total accounts receivable …………….……………. $34,320 Part 5 Analysis component To find the error(s), first re-add the account balances on […]
978-0078025587 Chapter 7 Solution Manual Part 2
Problem 7-1A (Continued) Parts 2 and 3 (continued) ACCOUNTS RECEIVABLE LEDGER Page Alistair Date Explanation PR Debit Credit Balance Apr. 3 S3 4,000 4,000 13 R3 4,000 0 13 S3 5,100 5,100 23 R3 5,100 0 Paula Kohr Date Explanation […]
978-0078025587 Chapter 7 Lecture Note Part 2
7-10 28 Post to the customer and creditor accounts and post any amounts that should be posted as individual amounts to general ledger accounts. 28 Foot and crossfoot the journals and make the month–end postings. Required: 1. Open the following […]
978-0078025587 Chapter 7 Lecture Note Part 1
7-1 CHAPTER 7 ACCOUNTING INFORMATION SYSTEMS Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Identify the fundamental principles and components of accounting information systems. 1, 2, 3, 4, 5, 6 7-1, […]
978-0078025587 Chapter 7 Excel Part 2
Student Name: Class: Instructor McGraw-Hill/Irwin Problem 07A-06A Debit Credit 69,884$ 19,225 10,000 1,230 1,770 21,220 24,220$ 82,000 10,000 116,685 652 76,225 2,425 1,476 36,600 236,806$ 236,806$ Correct! Correct! 14,910$ 4,315 19,225$ Correct! 3,000$ 21,220 24,220$ Total accounts receivable Gabel Company […]
978-0078025587 Chapter 7 Excel Part 1
Student Name: Class: Page 2 CHURCH COMPANY Sales Journal COGS Inv. Acct. Rec. Debit Debit Date No. PR Sales Cr. Inv. Credit Mar. 2 854 √16,800 8,400 3855 √10,200 5,800 10 856 √5,600 2,900 27 857 √14,910 7,220 28 858 […]
978-0078025587 Chapter 6 Solution Manual Part 5
Serial Problem — SP 6, Success Systems (concluded) 2. Per Unit Total Total LCM Applied Inventory Items Units Cost Market Cost Market To Items Office productivity …….. 3 $ 76 $ 74 $228 $222 $222 Desktop publishing …… 2 103 […]
978-0078025587 Chapter 6 Solution Manual Part 4
Problem 6-2B (40 minutes) 1. Compute cost of goods available for sale and units available for sale Beginning inventory ……………………… 20 units @ $3,000 $ 60,000 April 6 ………………………………………….. 30 units @ $3,500 105,000 April 17 …………………………………………. 5 units @ […]
978-0078025587 Chapter 6 Solution Manual Part 3
Problem 6-3A (Continued) 3d. Specific Identification Cost of goods available for sale ………………. $77,200 Less: Cost of Goods Sold 600 @ $45.00 ………………………………. $27,000 300 @ $42.00 ………………………………. 12,600 200 @ $27.00 ………………………………. 5,400 50 @ $50.00 ………………………………. 2,500 250 […]
978-0078025587 Chapter 6 Solution Manual Part 2
Exercise 6-7 (Concluded) Alternate Solution Format Ending Cost of Inventory Goods Sold a. FIFO (100 x $25) + (120 x $20) ………………………………………………… $4,900 (150 x $10) + (50 x $10) + (250 x $15) + (100 x $15)+ (330 x […]
978-0078025587 Chapter 6 Solution Manual Part 1
Chapter 6 Inventories and Cost of Sales QUESTIONS 1. (a) FIFO: The cost of the first (earliest) items purchased in inventory flow to cost of goods sold first. (b) LIFO: The cost of the last (most recent) items purchased in […]
978-0078025587 Chapter 6 Lecture Note
6-1 CHAPTER 6 INVENTORIES AND COST OF SALES © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, […]
978-0078025587 Chapter 6 Excel
Student Name: Class: 2012 2013 2014 615,000$ 957,000$ 780,000$ (56,000) 56,000 20,000 (20,000) 559,000$ 1,033,000$ 760,000$ Correct! Correct! Correct! 2012 2013 2014 230,000$ 285,000$ 241,000$ 56,000 (56,000) (20,000) 20,000 286,000$ 209,000$ 261,000$ Correct! Correct! Correct! 2012 2013 2014 1,255,000$ 1,365,000$ […]
978-0078025587 Chapter 5 Solution Manual Part 5
Serial Problem — SP 5 (Continued) A. Lopez, Capital Acct. No. 301 Date Explanation PR Debit Credit Balance Dec. 31 Balance 90,148 Jan. 5 25,000 115,148 A. Lopez, Withdrawals Acct. No. 302 Date Explanation PR Debit Credit Balance Feb. 15 […]
978-0078025587 Chapter 5 Solution Manual Part 4
Problem 5-3B (Continued) Part 2 Multiple-step income statement FOSTER PRODUCTS COMPANY Income Statement For Year Ended October 31, 2013 Sales ………………………………………………………………. $227,100 Less: Sales discounts …………………………………….. $ 1,000 Sales returns and allowances ………………… 5,000 6,000 Net sales …………………………………………………………. 221,100 Cost […]
978-0078025587 Chapter 5 Solution Manual Part 3
Problem 5-2A (Concluded) Aug. 15 Cash ………………………………………………………….. 4,508 Sales Discounts* ……………………………………….. 92 Accounts Receivable—Laird ……………….. 4,600 Collected receivable within 2% discount period. *[($5,200 – $600) x 2%] 18 Accounts Payable—Waters ………………………… 4,840 Merchandise Inventory * ……………………… 47 Cash …………………………………………………… 4,793 […]
978-0078025587 Chapter 5 Solution Manual Part 2
Exercise 5-7 (25 minutes) 1. Entries for Sydney Company (BUYER): May 11 Merchandise Inventory ……………………………. 40,000 Accounts Payable ……………………………… 40,000 Purchased merchandise on credit. 11 Merchandise Inventory ……………………………. 345 Cash …………………………………………………. 345 Paid shipping charges on purchased merchandise. 12 Accounts […]
978-0078025587 Chapter 5 Lecture Note
5-1 CHAPTER 5 ACCOUNTING FOR MERCHANDISING OPERATIONS © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, […]
978-0078025587 Chapter 5 Excel
Student Name: Class: Trans. Date Account Titles no. Debit Credit Jan. 31 4,050 4,050 «- Correct! 31 1,400 31 1,525 1,525 «- Correct! 31 1,600 1,600 «- Correct! 1,400 «- Correct! Prepaid Insurance 111,950$ 2,000$ 2,200 4,200 107,750 40,000 67,750 […]
978-0078025587 Chapter 4 Solution Manual Part 7
Reporting in Action — BTN 4-1 1. The revenue items from its income statement must be identified, and those would be credited to Income Summary as step 1 in the closing entry process. For Polaris’ year ended December 31, 2011, […]
978-0078025587 Chapter 4 Solution Manual Part 6
Problem 4-6BA (Continued) Part 2 (all adjusting entries dated December 31, 2013) Instructor note: Entries are shown without an account reference column because no posting is required. (a) Salaries Expense …………………………………… 400 Salaries Payable……………………………… 400 To record accrued wages. (b) […]
978-0078025587 Chapter 4 Solution Manual Part 4
Problem 4-5A (Continued) TYBALT CONSTRUCTION Balance Sheet December 31, 2013 Assets Current assets Cash …………………………………………………………… $ 5,000 Short-term investments ………………………………. 23,000 Supplies …………………………………………………….. 8,100 Prepaid insurance ………………………………………. 7,000 Total current assets ……………………………………. $ 43,100 Plant assets Equipment ………………………………………………….. 40,000 Accumulated […]
978-0078025587 Chapter 4 Solution Manual Part 3
Problem 4-2A (Continued) Part 7—continued Ledger as of April 30 Cash Acct. No. 101 Date Explanation PR Debit Credit Balance April 1 30,000 30,000 2 1,800 28,200 3 1,000 27,200 10 2,400 24,800 14 1,600 23,200 24 8,000 31,200 28 […]
978-0078025587 Chapter 4 Solution Manual Part 2
Exercise 4-10 (20 minutes) Instructor note: Entries are shown without an account reference column because no posting is required. (a) Insurance Expense—Office Equipment ……………… 332 Insurance Expense—Store Equipment ………………. 568 Prepaid Insurance ………………………………………. 900 To record expired insurance. (b) Office […]
978-0078025587 Chapter 4 Solution Manual Part 1
Chapter 4 Completing the Accounting Cycle QUESTIONS 1. The four-step closing entry process is: (i) close the revenue (and gain) accounts to the Income Summary account, (ii) close the expense (and loss) accounts to the Income Summary account, (iii) close […]
978-0078025587 Chapter 4 Lecture Note
4-1 CHAPTER 4 COMPLETING THE ACCOUNTING CYCLE © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, […]
978-0078025587 Chapter 4 Excel
Student Name: Class: NOTE: Ledger accounts begin at cell A150, and show all entries that need to be posted. Date Account Titles Acct. No. Debit Credit Apr 1 101 30,000 167 20,000 301 50,000 «- Correct! 2640 1,800 101 1,800 […]
978-0078025587 Chapter 3 Solution Manual Part 5
Serial Problem, SP 3 (Continued) Part 6 SUCCESS SYSTEMS Balance Sheet December 31, 2013 Assets Cash …………………………………………………………………….. $ 58,160 Accounts receivable …………………………………………….. 5,668 Computer supplies ……………………………………………….. 580 Prepaid insurance ………………………………………………… 1,665 Prepaid rent …………………………………………………………. 825 Office equipment ………………………………………………….. $ 8,000 […]
978-0078025587 Chapter 3 Solution Manual Part 4
Problem 3-3B (Concluded) AUGUSTUS INSTITUTE Balance Sheet December 31, 2013 Assets Cash …………………………………………………………………… $ 60,000 Accounts receivable …………………………………………… 5,750 Teaching supplies ………………………………………………. 20,000 Prepaid insurance ………………………………………………. 9,500 Professional library …………………………………………….. $12,000 Accumulated depreciation—Professional library ………. (4,900) 7,100 Equipment ………………………………………………………….. 40,000 […]
978-0078025587 Chapter 3 Solution Manual Part 3
Problem 3-4A (45 minutes) — Part 1 Account Unadjusted Trial Balance Adjustments Adjusted Trial Balance Cash ………………………………….. $ 34,000 $ 34,000 Accounts receivable ……….. 14,000 (a) 8,000 22,000 Office supplies …………………. 16,000 (b) 14,000 2,000 Prepaid insurance ……………. 8,540 (c) […]
978-0078025587 Chapter 3 Solution Manual Part 2
Exercise 3-6 (15 minutes) a. Supplies expense for current year: $2,550 b. Supplies available – current year-end: $6,500 c. Supplies purchased in current year: $8,490 d. Supplies available – prior year end: $2,288 Proof: (a) (b) (c) (d) Supplies available […]
978-0078025587 Chapter 3 Solution Manual Part 1
Chapter 3 Adjusting Accounts and Preparing Financial Statements QUESTIONS 1. The cash basis of accounting reports revenues when cash is received while the accrual basis reports revenues when they are earned. The cash basis reports expenses when cash is paid […]
978-0078025587 Chapter 3 Lecture Note
3-1 STATEMENTS Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Explain the importance of periodic reporting and the time period principle. 3 3-4, 3-6 3-2 3-1, 3-3, 3-4, 3-5, 3-8, 3- […]
978-0078025587 Chapter 3 Excel
Student Name: Class: Parts 1 and 2 Unadj. Bal. 34,000 Unadj. Bal. 80,000 Bal. 34,000 Bal. 80,000 Correct! Correct! Unadj. Bal. 0 Unadj. Bal. 15,000 (f) 7,500 ( c) 13,200 Adj. Bal. 7,500 Adj. Bal. 28,200 Correct! Correct! Unadj. Bal. […]
978-0078025587 Chapter 25 Solution Manual Part 4
Problem 25-5B (55 minutes) Part 1 Product R Product T Selling price per unit …………………………………………….. $ 60 $ 80 Variable costs per unit ………………………………………….. 20 45 Contribution margin per unit …………………………………. $ 40 $ 35 Machine hours to produce 1 […]
978-0078025587 Chapter 25 Solution Manual Part 3
Problem 25-5A (55 minutes) Part 1 Product G Product B Selling price per unit …………………………………………..… $120 $160 Variable costs per unit ………………………………………..… 40 90 Contribution margin per unit ……………………………….… $ 80 $ 70 Machine hours to produce 1 unit ………………………….. […]