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1、CHAPTERR 3Adjustiing thhe AcccountssASSIGNMMENT CCLASSIIFICATTION TTABLEBriefABStudy OObjecttivesQuestioonsExercissesExercissesProblemmsProblemms*1.Explainn the time perioodassumpttion.1, 2*2.Explainn the accruual baasis3, 4, 551, 6of accoountinng.*3.Explainn why adjussting1, 6, 771entriess are need
2、eed.*4.Identiffy thee majoor typpes8, 9, 110, 1882, 82, 7of adjuustingg entrries.*5.Preparee adjuustingg entrriesfor preepaymeents.8, 9, 110,11, 12, 13,3, 4, 55, 62, 3, 44, 5,6, 7, 88, 9,1A, 2A,3A,1B, 2B,3B,18, 19, 20114A, 5A, 6A4B, 5B*6.Preparee adjuustingg entrriesfor acccrualss.8, 14, 15,16, 17,
3、18,72, 3, 44, 5,6, 7, 88, 9,1A, 2A,3A,1B, 2B,3B,19, 20114A, 5A, 6A4B, 5B*7.Describbe thee natuure annd219, 103, 4, 55, 6,1A, 2A,1B, 2B,purposee of aan adjjusteddtrial bbalancce.7, 8, 99, 103A,5A, 6A3B,5B*8.Preparee adjuustingg entrries2211126Afor thee alteernatiivetreatmeent offprepaymments.*Note: A
4、ll aasteriisked Questtions, Exerrcisess, andd Probblems relatte to materrial ccontaiined iin theeappendiix *to tthe chhapterr.3-1ASSIGNMMENT CCHARACCTERISSTICS TABLEEProblemmDifficuultyTimeNumber1ADescripptionPreparee adjuustingg entrries, post to leedger accouunts, andLevelSimpleAllotteed (miin.)40
5、50preparee an aadjustted trrial bbalancce.2APreparee adjuustingg entrries, post, and prepaare ann adjuustedSimple5060trial bbalancce andd finaanciall stattementts.3A4A5APreparee adjuustingg entrries aand fiinanciial sttatemeents.Preparee adjuustingg entrries.Journallize ttransaactionns andd folllow
6、thhroughh accoountinngModeratteModeratteModeratte405030406070cycle tto preeparattion oof finnanciaal staatemennts.*6A*Preparee adjuustingg entrries, an addjusteed triial baalancee, anddModeratte4050financiial sttatemeents uusing appenndix.1BPreparee adjuustingg entrries, post to leedger accouunts, a
7、ndSimple4050preparee an aadjustted trrial bbalancce.2BPreparee adjuustingg entrries, post, and prepaare ann adjuustedSimple5060trial bbalancce andd finaanciall stattementts.3B4B5BPreparee adjuustingg entrries aand fiinanciial sttatemeents.Preparee adjuustingg entrries.Journallize ttransaactionns and
8、d folllow thhroughh accoountinngModeratteModeratteModeratte405030406070cycle tto preeparattion oof finnanciaal staatemennts.3-2BLOOMSS TAXOONOMY TABLEE3-3Correlation Chart between Blooms Taxonomy, Study Objectives and End-of-Chapter Exercises and ProblemsStudy ObjectiveQ3-1Q3-3Q3-4Q3-1Q3-6Q3-8Q3-9Q3
9、-8Q3-9Q3-10Q3-11Q3-12Q3-13Q3-19Q3-20Q3-17Q3-18BE3-3BE3-4BE3-5BE3-6E3-2E3-3E3-4E3-5E3-6E3-7E3-8E3-9E3-11P3-1AP3-2AP3-3AQ3-10Q3-18BE3-2BE3-8 E3-7E3-2P3-4A E3-11P3-5AP3-6AP3-1BP3-2BP3-3BP3-4BP3-5BQ3-7BE3-1Q3-5E3-6Q3-2E3-1KnowledgeComprehensionApplicationAnalysisSynthesisEvaluation*1.Explain the time pe
10、riod assumption.*2.Explain the accrual basis of accounting.*3.Explain why adjusting entries are needed.*4.Identify the major types of adjusting entries.*5.Prepare adjusting entries for prepayments.*6.Q3-8Q3-14Q3-15Q3-19Q3-20Prepare adjusting entries for accruals.Q3-21CommunicationResearch CaseQ3-16Q
11、3-18BE3-7E3-2E3-3E3-4E3-5E3-6BE3-9BE3-10E3-10E3-3E3-4E3-5E3-6E3-7E3-8Q3-22CookieChronicleE3-7E3-8E3-9E3-11P3-1AP3-2AP3-3AP3-4AE3-9P3-1AP3-2AP3-3AP3-5ABE3-11 P3-6AE3-12P3-5A E3-11P3-6AP3-1BP3-2BP3-3BP3-4BP3-5BP3-6AP3-1BP3-2BP3-3BP3-5B*7.Describe the nature and purpose of anadjusted trial balance.*8.P
12、repare adjusting entries for the alternativetreatment of prepayments.Broadening Your PerspectiveGroup Decision Ethics CaseFinancial ReportingInterpretingCaseComparative AnalysisFinancialInterpretingExploring the WebStatementsFinancialGlobal FocusStatementsANSWERSS TO QQUESTIIONS1.(a)Under tthe tiime
13、 peeriod assummptionn, an accouuntantt is rrequirred too deteerminee the relevvanceof eachh busiiness transsactioon to speciific aaccounnting perioods.(b) An accouuntingg timee periiod off one year in leength is reeferreed to as a fiscaal yeaar. A fiscaalyear thhat exxtendss fromm Januuary 11 to DDe
14、cembber 311 is rreferrred too as aa caleendar year.Accountting pperiodds of less than one yyear aare caalled interrim peeriodss.2.3.4.5.6.7.8.9.10.11.The twoo geneerallyy acceepted accouuntingg prinnciplees thaat rellate tto adjjustinng thee accoounts are:The revvenue recoggnitioon priinciplle, whhi
15、ch sstatess thatt reveenue sshouldd be rrecognnized in thheaccountting pperiodd in wwhich it iss earnned.The mattchingg prinnciplee, whiich sttates that efforrts (eexpensses) bbe mattched with accommplishhmentss(revenuues).The laww firmm shouuld reecogniize thhe revvenue in Appril. The rrevenuue rec
16、cognittion pprinciiple sstatessthat reevenuee shouuld bee recoognizeed in the aaccounnting periood in whichh it iis earrned.Informaation preseented on ann accrrual bbasis is moore usseful than on a cash basiss becaause iitrevealss relaationsships that are llikelyy to bbe impportannt in prediictingg
17、futuure reesultss. To illusstratee,under aaccruaal acccountiing, rrevenuues arre reccognizzed whhen eaarned so thhey caan be relatted too theeconomiic envvironmment iin whiich thhey occcur. Trendds in revennues aare thhus moore meeaninggful.Expensees of $4,5000 shoould bbe dedductedd fromm the reven
18、nues iin Aprril. UUnder the mmatchiingprincipple efffortss (exppensess) shoould bbe mattched with accommplishhmentss (revvenuess).No, adjjustinng enttries are rrequirred byy the revennue reecogniition and mmatchiing prrincipples.A triall balaance mmay noot conntain up-too-datee infoormatiion foor fi
19、nnanciaal staatemennts beecausee:(1) Somme eveents aare noot jouurnaliized ddaily becauuse itt is iinexpeedientt to ddo so.(2) Thee expiiratioon of some costss occuurs wiith thhe passsage of tiime raather than as a resullt ofrecurriing daaily ttransaactionns.(3) Somme iteems maay be unreccordedd bec
20、aause tthe trransacction data are nnot knnown.The twoo cateegoriees of adjussting entriies arre preepaymeents aand acccrualls. Prrepaymments consiist offprepaidd expeenses and uunearnned reevenuees. Acccrualls connsist of acccruedd reveenues and aaccrueedexpensees.In the adjussting entryy for a pree
21、paid expennse, aan exppense is deebitedd and an assset iis creeditedd.No. Deppreciaation is thhe proocess of alllocatting tthe coost off an aasset to exxpensee overr its usefuullife inn a raationaal andd systtematiic mannner. Depreeciatiion reesultss in tthe prresenttationn of tthebook vaalue oof th
22、ee asseet, noot itss markket vaalue.Depreciiationn expeense iis an expennse acccountt whosse norrmal bbalancce is a debbit. TThis aaccounntshows tthe coost thhat haas exppired durinng thee currrent aaccounnting periood. Acccumullated depreeciatiionis a coontra assett accoount wwhose normaal ballance
23、 is a crediit. Thhe ballance in thhis acccountt is tthedepreciiationn thatt has been recoggnizedd fromm the date of accquisiition to thhe ballance sheett datee.12.Equipmeent .$18,0000Less: AAccumuulatedd Deprreciattion .3-47,000$11,0000Questioons Chhapterr 3 (CContinnued)*13.*14.*15.*16.*17.In the a
24、djussting entryy for an unnearneed revvenue, a liiabiliity iss debiited aand a revennue iss creddited.Asset aand reevenuee. An assett woulld be debitted annd a rrevenuue wouuld bee creddited.An expeense iis debbited and aa liabbilityy is ccreditted.Net inccome wwas unndersttated $300 becauuse prrior
25、 tto adjjustmeent, rrevenuues arre undderstaated bby$900 annd exppensess are underrstateed by $600. The diffeerencee in tthis ccase iis $3000 ($9900 $600).The enttry iss:Jan. 9 Sallariess Payaable.Salariees Exppense.Cash.2,0004,0006,000*18.*19.(a)(b)(c)(a)(b)(c)Accruedd reveenues.Unearneed revvenues
26、s.Accruedd expeenses.Salariees Payyable.Accumullated Depreeciatiion.Interesst Exppense.(d)(e)(f)(d)(e)(f)Accruedd expeenses or prrepaidd expeenses.Prepaidd expeenses.Accruedd reveenues or unnearneed revvenuess.Suppliees Exppense.Servicee Reveenue.Servicee Reveenue.*20.*21.*22.Disagreee. Ann adjuusti
27、ngg entrry afffects only one bbalancce sheeet acccountt and one iincomee stattementtaccountt.Financiial sttatemeents ccan bee preppared direcctly ffrom aan adjjustedd triaal ballance becauuse thhebalancees of all aaccounnts haave beeen addjusteed to show the eeffectts of all ffinanccial eeventss tha
28、tthave occcurreed durring tthe acccountting pperiodd.For Supppliess Expeense (prepaaid exxpensee): exxpensees aree overrstateed andd asseets arre undderstaated.The adjjustinng enttry iss:Assets (Suppplies) . XXXExpensees (Suuppliees Exppense).XXFor Rennt Revvenue (uneaarned revennues): reveenues are
29、 ooversttated and lliabillitiess areundersttated. The adjussting entryy is:Revenuees (Reent Reevenuee) . XXLiabiliities (Uneaarned Rent Revennue) . XXX3-5SOLUTIOONS TOO BRIEEF EXEERCISEESBRIEF EEXERCIISE 3-1(a) Preepaid Insurranceto reecogniize innsurannce exxpiredd duriing thheperiod.(b) Deppreciaa
30、tion Expennseto acccountt for the ddeprecciatioon thaat hassoccurreed on the aasset durinng thee periiod.(c) Uneearnedd Reveenueto reecord revennue eaarned for sservicces prrovideed.(d) Intterestt Payaableto reecogniize innteresst acccrued but uunpaidd onnotes ppayablle.BRIEF EEXERCIISE 3-2(a)(b)Ite
31、m1.2.3.4.Type off AdjuustmenntPrepaidd ExpeensesAccruedd ReveenuesAccruedd ExpeensesUnearneed RevvenuessAccountts beffore AAdjusttmentAssets OversstateddExpensees UndderstaatedAssets UnderrstateedRevenuees UndderstaatedExpensees UndderstaatedLiabiliities UnderrstateedLiabiliities OversstateddRevenue
32、es UndderstaatedBRIEF EEXERCIISE 3-3Dec. 311Advertiising Suppllies EExpensse .Advertiising Suppllies ($6,7000 $1,7700) .5,0005,000Advertiising Suppllies6,700 112/31 5,00012/31 BBal. 11,7003-6Advertiising Suppllies EExpensse12/31 5,0000BRIEF EEXERCIISE 3-4Dec. 311Depreciiationn ExpeenseEquippment.Acc
33、umullated DepreeciatiionEquipmeent.6,0006,000Depr. EExpensseEquippment12/31 6,0000Balancee Sheeet:Accum. DepreeciatiionEquippment12/31 6,0000Equipmeent.$30,0000Less: AAccumuulatedd Deprreciattion .BRIEF EEXERCIISE 3-56,000$24,0000July 1Dec. 311Prepaidd Insuurancee.Cash .Insurannce Exxpensee ($122,00
34、0 3) XX 1/2 .Prepaidd Insuurancee.12,0002,00012,0002,000Prepaidd InsuuranceeInsurannce Exxpensee7/1 12,0000 122/312,00012/312,00012/31 BBal. 110,0000BRIEF EEXERCIISE 3-6July 1Dec. 311Cash .Unearneed Inssurancce Revvenue .Unearneed Inssurancce Revvenue .Insurannce Reevenuee .12,0002,00012,0002,000Une
35、arneed Inssurancce Revvenue12/31 2,000 77/1 122,00012/31 BBal. 110,00003-7Insurannce Reevenuee12/31 2,0000BRIEF EEXERCIISE 3-71.2.3.Dec. 3113131Interesst Exppense .Interesst Payyable .Accountts Recceivabble.Servicee Reveenue .Salariees Exppense .Salariees Payyable.4001,2509004001,250900BRIEF EEXERCIISE 3-8(a)(b)AccounttAccountts RecceivabblePrepaidd InsuuranceeAccum. Depr.EquippmentInteresst PayyableUnearneed Serrvice RevennueType off AdjuustmenntAccruedd ReveenuesPre