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CHAPTER 1
Review of the Accounting Process
E 1-1
1. Unearned Revenue 11. Accrued Expense
2. Prepaid Expense 12. Accrued Revenue
3. Accrued Expense 13. Prepaid Expense
4. Accrued Expense 14. Unearned Revenue
5. Prepaid Expense 15. Accrued Expense6. Unearned Revenue
7. Accrued Revenue
8. Accrued Expense
9. Unearned Revenue
10. Accrued revenue
E 1-2
1. All!ance "r Uncllec#i$le Accun#s
2. Ren# Expense
3. %""ice &upplies Expense4. &alaries Pa'a$le
5. Prepaid (nsurance
6. (n#eres# Revenue
7. (n#eres# Pa'a$le
8. Unearned Ren#
9. Accu)ula#ed *eprecia#in
10. (nc)e &u))ar'
E 1-3
1. a. Unearned Ren# 25+000
Ren# Revenue 25+000
P300+000 x 1,12 P25+000
reversin/ en#r'
$. (nsurance Expense 75+000
Prepaid (nsurance 75+000
P90+000 x 10,12 P75+000
reversin/ en#r'
2. a. Ren# Revenue 275+000
Unearned Ren# 275+000
P300+000 x 11,12 P275+000
Unearned Ren# 275+000Ren# Revenue 275+000
$. Prepaid (nsurance 15+000
(nsurance Expense 15+000
P90+000 x 2,12 P15+000
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PC – Chapter 2 page 2
(nsurance Expense 15+000
Prepaid (nsurance 15+000
E 1-41. a. (n#eres# Expense 40+000
(n#eres# Pa'a$le 40+000 P2+000+000 x 6 x 4,12 P40+000
$. Prepaid (nsurance 50+000
(nsurance Expense 50+000
P72+000 x 25,36 P50+000
c. Prepaid Ren# 330+000
Ren# Expense 330+000
P360+000 x 11,12 P330+000
d. Uncllec#i$le Accun#s Expense 60+000
All!ance "r Uncllec#i$le Accun#s 60+000
e. &alar' Expense 180+000
&alaries Pa'a$le 180+000
P450+000 x 2,5 P180+000
". *eprecia#in Expense %""ice Euip)en# 106+000
Accu)ula#ed *eprecia#in %""ice Euip)en# 106+000
P480+000 ÷ 5 P96+000
P120+000 ÷ 5 x 5,12 P10+000
/. &upplies n and 4+500
&upplies Expense 4+500
. Ren#al Revenue 120+000
Unearned Ren# 120+000
P180+000 x 4,6 P120+000
i. (nc)e &u))ar' 180+000
ercandise (nven#r' 180+000
ercandise (nven#r' 220+000
(nc)e &u))ar' 220+000
2. a+ $+ c+ e+ /
E 1-51. a. (nc)e &u))ar' 50+000
(nven#r'+ $e/. 50+000
(nven#r'+ end 140+000
(nc)e &u))ar' 140+000
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PC – Chapter 2 page 3
$. (nven#r'+ end 140+000
Purcases Re#urns 20+000
s# " ds &ld 2+000+000
Purcases 2+100+000:rei/#-in 10+000
(nven#r'+ $e/. 50+000
2. Apprac 2
a. &ales 5+000+000
(n#eres# Revenue 25+000
(nc)e &u))ar' 5+025+000
$. (nc)e &u))ar' 2+980+000
(nven#r'+ end 140+000
Purcases Re#urns and All!ances 20+000 (nven#r'+ $e/. 50+000
Purcases 2+100+000
:rei/#-(n 10+000Ad)inis#ra#ive Expense 500+000
&ales Re#urns 5+000
&ales *iscun#s 10+000
&ellin/ Expenses 450+000
(n#eres# Expense 15+000
c. (nc)e &u))ar' 2+045+000
as#r+ api#al 2+0450+000
d. as#r+ api#al 500+000
as#r+ *ra!in/ 500+000
E 1-6
1. A 6. ; r 11. ; 16. ;
2. A 7. A 12. A 17. A
3. A 8. 13. A 18.
4. A 9. A 14. A 19. ;
5. ; 10. ; 15. 20. ;
P 1-1
1. a. (nsurance Expense 12+000
Prepaid (nsurance 12+000
P48+000 x 3,12 P12+000
reversin/ en#r'
$ Ren# Revenue 210+000
Unearned Ren# 210+000
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PC – Chapter 2 page 4
P270+000 x 7,9 P210+000
Unearned Ren# 210+000
Ren# Revenue 210+000
c. &upplies 4+500
&upplies Expense 4+500 P12+000 P3+000 P9+000
&upplies Expense 4+500
&upplies 4+500
d. *eprecia#in Expense 52+500
Accu)ula#ed *eprecia#in 52+500
P350+000,5 x 9,12 P52+500
n reversin/ en#r'
e. Uncllec#i$le Accun#s Expense 8+000All!ance "r Uncllec#i$le Accun#s 8+000
n reversin/ en#r'
". (n#eres# Receiva$le 1+500
(n#eres# Revenue 1+500
P150+000 x 12 x 30,360 P1+500
(n#eres# Revenue 1+500
(n#eres# Receiva$le 1+500
/. &alar' Expense 155+000&alaries Pa'a$le 155+000
&alaries Pa'a$le 155+000
&alar' Expense 155+000
. ercandise (nven#r' 122+000
(nc)e &u))ar' 122+000
P 1-2
a. (nc)e &u))ar' 120+000ercandise (nven#r' 120+000
$. ercandise (nven#r' 150+000
(nc)e &u))ar' 150+000
c. &ales 5+700+000
Purcase Re#urns All!ance 90+000
(nc)e &u))ar' 5+790+000
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PC – Chapter 2 page 5
d. (nc)e &u))ar' 4+029+000
&ales Re#urns and All!ance 150+000
Purcases 3+000+000
:rei/#-in 120+000&upplies Expense 18+000
(nsurance Expense 27+000&alar' Expense 540+000
*eprecia#in Expense 24+000
%""ice Expense 150+000
e. (nc)e &u))ar' 1+791+000
%lsn+ api#al 1+791+000
". %lsn+ api#al 180+000
%lsn+ *ra!in/ 180+000
P 1-3
Adjusting Income Statement Statement of Financial Position
Entr Revenue E!"enses #et Income Assets $ia%ilities Ca"ital
a. E - E - $. E E
c. E - - E -
d. E - - E -
e. E - - E -
". E E -
/. E - E -
P 1-41. a. ))issins Receiva$le 7+200
))issins (nc)e 7+200
$. Ren# Expense 36+000
Prepaid Ren# 36+000
c. %""ice &upplies Expense 6+600
%""ice &upplies 6+600
d. *eprecia#in ExpenseAccu)ula#ed *eprecia#in 2+400
2+400e. &alaries Expense 4+800
&alaries Pa'a$le 4+800
". Unearned ))issins 8+000
))issins (nc)e 8+000
/. (n#eres# Expense 1+200
(n#eres# Pa'a$le 1+200
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PC – Chapter 2 page 6
2. a. (nc)e &u))ar' 111+000
&alaries Expense 64+800
Ren# Expense 36+000
%""ice &upplies Expense 6+600*eprecia#in Expense %""ice Euip)en# 2+400
(n#eres# Expense 1+200
$. ))issins (nc)e 175+200
(nc)e &u))ar' 175+200
c. (nc)e &u))ar' 64+200
2. > 7. : 12. : 17. > 22. >
3. > 8. : 13. : 18. : 23. >4. > 9. > 14. : 19. > 24. :
5. : 10. > 15. > 20. > 25. :
> 21. * 6. ; 11. ; 16. ;
2. 7. 12. A 17. *
3. 8. 13. * 18. ;
4. ; 9. ; 14. 19. ;
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PC – Chapter 2 page 7
5. A 10. ; 15. 20.
> 31. ; 6. * 11. ; 16. A 21. ;
2. * 7. 12. 17. * 22.
3. * 8. 13. A 18. A 23. A
4. ; 9. A 14. 19. 24. *
5. * 10. A 15. 20. * 25. ;
> 41. 5. 9. 13. ? 17. ?
2. ? 6. 10. ? 14. ? 18. ?
3. 7. ? 11. 15. ? 19. ?
4. 8. ? 12. 16. ? 20. ?
> 51. % 6. : 11. P 16. @
2. ; 7. E 12. > 17. <
3. 8. A 13. 18.
4. 9. ( 14. 19. &5. B 10. C 15. D 20. *