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1、?McGrawHillCompanies2009SolutionsManualChapter3119Chapter3AdjustingAccountsPreparingFinancialStatementsQUESTIONS1.Thecashbasisofaccountingreptsrevenueswhencashisreceivedwhiletheaccrualbasisreptsrevenueswhentheyareearned.
2、Thecashbasisreptsexpenseswhencashispaidwhiletheaccrualbasisreptsexpenseswhentheyareincurredmatchedwithrevenuestheygenerated.2.Theaccrualbasisofaccountinggenerallyprovidesabetterindicationofcompanyperfmancefinancialcondit
3、ionthandoesthecashbasis.Alsotheaccrualbasisincreasesthecomparabilityoffinancialstatementsfromoneperiodtothenext.Thusbusinessdecisionmakersgenerallyprefertheaccrualbasis.3.Businessesthathavemajseasonalvariationsinsalesare
4、mostlikelytothenaturalbusinessyearasthefiscalyear.4.Aprepaidexpenseisanitempaidfinadvanceofreceivingitsbenefits.Assuchitisreptedasanassetonthebalancesheet.5.Longtermtangibleplantassetssuchasequipmentbuildingsmachinerylea
5、dtoadjustmentsfdepreciation.Generallylistheonlylongtermtangibleplantassetthatdoesnotrequiredepreciation.6.TheAccumulatedDepreciationcontraaccountisusedfdepreciation.Itprovidesfinancialstatementuserswithadditionalinfmatio
6、nabouttherelativeageoftheassets.Withoutthecontraaccountinfmationthereaderwouldnotbeabletotellwhethertheassetsarenewinneedofreplacement.7.Unearnedrevenuereferstocashreceivedinadvanceofprovidingproductsservices.Anothername
7、funearnedrevenueisdeferredrevenue.Itisreptedasaliabilityonthebalancesheet.8.Accruedrevenueisrevenuethatisearnedbutisnotyetreceivedincash(otherassets)thecustomerhasnotbeenbilledpritotheendoftheperiod.Therefeendofperiodadj
8、ustmentsaremadetorecdaccruedrevenue.Examplesareinterestincomethathasbeenearnedbutnotcollectedrevenuesfromservicesperfmedthatareneithercollectednbilled.9.AIfprepaidexpensesareinitiallyrecdedwithdebitstoexpenseaccountsthen
9、theprepaidexpensesassetaccountsaredebitedintheadjustingentries.?McGrawHillCompanies2009SolutionsManualChapter3121QuickStudy33(20minutes)AccountsDebitedCreditedFinancialStatementa.DebitUnearnedRevenueBalanceSheetCreditRev
10、enueEarnedIncomeStatementb.DebitWagesExpenseIncomeStatementCreditWagesPayableBalanceSheetc.DebitAccountsReceivableBalanceSheetCreditRevenueEarnedIncomeStatementd.DebitInsuranceExpenseIncomeStatementCreditPrepaidInsurance
11、BalanceSheete.DebitDepreciationExpenseIncomeStatementCreditAccumulatedDepreciationBalanceSheetQuickStudy34(15minutes)a.InsuranceExpense.......................................................3000PrepaidInsurance..........
12、.......................................3000Torecd6monthinsurancecoverageexpired.b.SuppliesExpense.........................................................4150Supplies......................................................
13、...........4150Torecdsuppliesusedduringtheyear.($900$4000–[]=$750)QuickStudy35(15minutes)a.DepreciationExpense—Equipment............................8400AccumulatedDepreciation—Equipment.............8400Torecddepreciation
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