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会计英语习题

The additional exercises to the chapter 3:

Serial Exercise

Exercise 2-14 begins an accounting cycle that is completed in Chapter 3 E2-14 (Learning Objective 2, 3, 4: Recording transactions and preparing a trial balance)

Matthew Rogers,Certified Public Accountant, Professional corporation (P.C.). completed these transactions during the first part of December:

Dec.2 Received $7,000 cash from Rogers, and issued common stock to him.

2 Paid monthly office rent, $500.

3 Paid cash for a Dell computer, $3,000, with the computer

expected to remain in service for 5 years.

4 Purchased office furniture on account, $3,600, with the furniture

projected to last for 5 years.

5 Purchased supplies on account, $300.

9 Performed tax service for a client and received cash for the full

amount of $800.

12 Paid utility expenses, $200.

18 Performed consulting service for a client on account, $1,700.

Required

1. Set up T-accounts for Cash, Accounts Receivable, Supplies,

Equipment,Furniture,AccountsPayable, CommonStock, Dividends, Service Revenue, Rent Expense, Utilities Expense, and Salary

Expense.

2. Journalize the transactions. Explanations are not required.

3. Post to the T-accounts. Key all items by date and denote an

account balance on December 18 as Bal.

4. Prepare a trial balance at December18. In the Serial Exercise of

Chapter 3, we add transactions for the remainder of December

and will require a trial balance at December 31.

Serial Exercise

Exercise 3-20continues the Matthew Rogers, Certified Public Accountant, P.C., situation begun in Exercise 2-14 of Chapter 2.

E3-20 (Learning Objectives 3, 4, 5, 6: Adjusting the accounts, preparing the financial statements, closing the accounts, and evaluating the business) Refer to Exercise 2-14 of Chapter 2. Start from the trial balance

and the posted T-accounts that Matthew Rogers ,Certified Public Accountant, Professional Corporation (P.C.), prepared for his accounting practice at December 18. A professional corporation is not subject to income tax. Later in December, the business completed these transactions:

Dec.21 Received $900 in advance for tax work to be performed evenly over the next 30 days.

21 Hired a secretary to be paid $1,500 on the 20th day of each

month.

26 Paid for the supplies purchased on December 5.

28 Collected $600 from the consulting client on December 18.

31 Declared and paid dividends of $1,600.

_ Required

1. Open these T-accounts: Accumulated Depreciation—Equipment,

Accumulated Depreciation—Furniture, Salary Payable, Unearned

Service Revenue, Retained Earnings,Depreciation

Expense—Equipment, Depreciation Expense—Furniture, and

Supplies Expense. Also, use the T-accounts that you opened for

Exercise 2-14.

2. Journalize the transactions of December 21 through 30.

3. Post the December 21 to 30 transactions to the T-accounts,

keying all items by date.

4. Prepare a trial balance at December 31. Also set up columns for

the adjustments and for the adjusted trial balance, as illustrated

in Example 3-7, page 61-62.

5. At December 31, Rogers gathers the following information for the

adjusting entries:

a. Accrued service revenue, $400.

b. Earned a portion of the service revenue collected in advance on

December21.

c. Supplies on hand, $100.

d. Depreciation expense—equipment, $50; furniture, $60.

e. Accrued expens e for secretary’s https://www.wendangku.net/doc/2b8084665.html,e a 30-day month to

simplify the computation.

Make these adjustments directly in the adjustments columns

and complete the adjusted trial balance at December31.

6. Journalize and post the adjusting entries. Denote each adjusting

amount as Adj. and an account balance as Bal.

7. Prepare the income statement and statement of retained earnings

of Matthew Rogers,Certified Public Accountant, P.C., for the

month ended December 31 and the classified balance sheet at

that date. Draw arrows to link the financial statements.

8. Journalize and post the closing entries at January 31. Denote

each closing amount as Clo.and an account balance as Bal.

(p63-64)

9. Compute the current ratio and the debt ratio of Rogers’accounting

practice and evaluate these ratio values as indicative of a strong or weak financial position.

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