中级财务会计英文版.课后答案(chap2)Word文件下载.doc
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December15,2011
Cash 42,000
Exercise7-4（concluded）
Requirement3
Requirement1,usingthenetmethod:
Accountsreceivable 41,160
Salesrevenue（98%x$42,000） 41,160
Cash 41,160
Accountsreceivable 41,160
Requirement2,usingthenetmethod:
Interestrevenue 840
Exercise2-7
Estimatedreturns=4%x$11,500,000= $460,000
Less:
Actualreturns （450,000）
Remainingestimatedreturns $10,000
Torecordtheactualsalesreturns
Salesreturns 450,000
Accountsreceivable 450,000
Inventory–estimatedreturns 292,500
Costofgoodssold（$450,000x65%） 292,500
December31,2011 Torecordtheestimatedsalesreturns
Salesreturns 10,000
Allowanceforsalesreturns 10,000
Inventory–estimatedreturns 6,500
Costofgoodssold（$10,000x65%） 6,500
Note:
anotherseriesofjournalentriesthatproducethesameendresultwouldbe:
Torecordtheactualsalesreturns
Allowanceforsalesreturns 450,000
Salesreturns（4%x$11,500,000） 460,000
Allowanceforsalesreturns 460,000
Inventory-estimatedreturns 299,000
Costofgoodssold（65%x$460,000） 299,000
Exercise2-7（continued）
Requirement2
Beginningbalanceinallowanceaccount $300,000
Add:
Year-endestimate 460,000
Less:
Endingbalanceinallowanceaccount $310,000
Exercise2-8
Baddebtexpense=$67,500（1.5%x$4,500,000）
Allowanceforuncollectibleaccounts
Balance,beginningofyear $42,000
Add:
Baddebtexpensefor2011（1.5%x$4,500,000） 67,500
Less:
End-of-yearbalance （40,000）
Accountsreceivablewrittenoff $69,500
$69,500—theamountofaccountsreceivablewrittenoff.
Exercise2-9
Torecordthewrite-offofreceivables.
Allowanceforuncollectibleaccounts 21,000
Accountsreceivable 21,000
Toreinstateanaccountpreviouslywrittenoffandtorecordthecollection.
Accountsreceivable 1,200
Allowanceforuncollectibleaccounts 1,200
Cash 1,200
Accountsreceivable 1,200
Allowanceforuncollectibleaccounts:
Balance,beginningofyear $32,000
Deduct:
Receivableswrittenoff （21,000）
Collectionofreceivablepreviouslywrittenoff 1,200
Balance,beforeadjustingentryfor2011baddebts 12,200
Requiredallowance:
10%x$625,000 （62,500）
Baddebtexpense $50,300
Torecordbaddebtexpensefortheyear.
Baddebtexpense 50,300
Allowanceforuncollectibleaccounts 50,300
Currentassets:
Accountsreceivable,netof$62,500allowance
foruncollectibleaccounts $562,500
Exercise2-10
Usingthedirectwrite-offmethod,baddebtexpenseisequaltoactualwrite-offs.Collectionsofpreviouslywritten-offreceivablesarerecordedasrevenue.
Balance,beginningofyear $17,280
Receivableswrittenoff （17,100）
Collectionofreceivablespreviouslywrittenoff 2,200
Endofyearbalance （22,410）
Baddebtexpensefortheyear2011 $20,030
Exercise2-11
（$inmillions）
Balance,beginningofyear $16
Baddebtexpense 14
Endofyearbalance （18）
Write-offsduringtheyear $12*
Accountsreceivableanalysis:
Balance,beginningofyear（$1,084+16） $1,100
Creditsales 4,271
Write-offs* （12）
Balanceendofyear（$953+18） （971）
Cashcollections $4,388
Exercise2-12
June30,2011
Notereceivable 30,000
Salesrevenue 30,000
December31,2011
Interestreceivable 900
Interestrevenue（$30,000x6%x6/12） 900
March31,2012
Cash[$30,000+（$30,000x6%x9/12）] 31,350
Interestrevenue（$30,000x6%x3/12） 450
Interestreceivable（accruedatDecember31） 900
Notereceivable 30,000
2011incomebeforeincometaxeswouldbeunderstatedby$900
2012incomebeforeincometaxeswouldbeoverstatedby$900.
Exercise2-13
Notereceivable（faceamount） 30,000
Discountonnotereceivable（$30,000x8%x9/12） 1,800
Salesre
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