会计英语全

1.Accounting (An information system that measures, processes, and communicates economic information)

2.Asset (An economic resources of a business)

equation (Assessment= Liabilities+Owners’Equity)

4.Allowance for uncollectible accounts (estimated had debts as represented on the Balance sheet)

5.Average-cost method (the inventory method that

6.Accelerated method (the practice of charging the highest depreciation in the first year, and decreasing depreciation each year thereafter)

7.Amortization (the allocation of An intangible asset’s cost to the periods benefited by the asset) 8.Authorized stock (the maximum amount of stock that a Corporation may issue)

9.Appropriated retained earnings (certain amount of retained earnings that are unavailable for dividends),

10.Bank reconciliation controls (An accounting for the difference between book Balance and bank Balance at a particular date)

11.Balance sheet (The statement that shows the

a certain date)

12.Certified Public accounting(CPA) (An expert accountant licensed by the state)

13.Corporation (A business owned by Stockholders

14.Cost of goods available for sale (beginning

15.Credito r (allowing customers to pay for merchandise over a period of time)

http://m.wendangku.net/doc/4762e667caaedd3383c4d3ef.htmlplex capital structure (the make up of a

have been issued)

http://m.wendangku.net/doc/4762e667caaedd3383c4d3ef.htmlmon stock (the stock that represents the basic Ownership for a Corporation)

18.Cost of goods sold (what a merchandising company paid for the goods that it sold during the period)

19.Divident (A kind of distribution of profits to

a Corporation’s Stockholders)

20.Depreciation (the allocation of the cost of a

periods benefited by the asset) 21.Depletion (the allocation of a natural resource’s cost to the periods over which the resource is extracted and sold)

22.Money measure (The standard that all business transactions be measured in terms of dollars) 23.Management accountin g (The branch of accounting concerned with providing external users with financial information needed to make decisions)

24.Merchandise inventory (goods held for sale in the regular coure of business)

25.Franchise(the exclusive right to sell a product within a certain territory)

26.Financial accounting (The branch of accounting concerned with providing external users, with financial information needed to make decisions) 27.Separate entity (The accounting concept that treats a business as distinct from its owners, creditors and customers)

28.Stock Divident (a proportional distribution of stock to Corporation’s Stockholders)

29.Public accounting (The branch of accounting that deals with auditing, taxes, and management advisory services)

30.Prior period adjustment (An entry made in the current period that relates to An earlier period) 31.Patent (the exclusive right to sell a particular product or use a specific process for 17 years)

32.Outstanding stock (stock that is presently

33.Operating expenses (all expenses except for cost of goods sold)

34.Outstanding check (a check that has been issued,

bank payment) 35.Obsolescence (one reason for an asset’s limited useful lift)

36.Ownership’s Equity (The Balance sheet section that represens the Owner’s economic interest in a company)

37.Long –term nonmonetary assets(long-term assets or fixed assets) (assets to be used in the business for more than one year)

38.Liability (A debt of a business)

40.LIFO (the inventory method that better matches current costs against current revenues)

41.income statement (the statement that shows a company’s profit or l oss over a certain period of Time)

42.internal accounting controls (the part of internal control contains control that refers to the accounting records)

43.installment accounts receivable (receivables

44.internal control (a system designed to safeguard assets ,promote operational efficiency ,encourage) 45.internal administrative controls (that part of

internal control that refers to the management of

operations)

46.issued Stock (stock that has been sold to

Stockholders, and may or may not have been bought

back by the Corporation)

47.Retained earnings (The profits that a

Corporation has earned since its inception, minus

any losses, dividends declared, or transfers to

contributed capital)

48.Residual value (salvage or disposal value)(the

estimated calue of An Asset at the disposal date)

49.Natural resources (assets in the form of

be extracted and sold)

50.Notice (a statement indicating that a

)

51.Withdrawals (Assets taken form the business by

the Owner for personal use)

52.Uncollectible accounts expenses (estimated

53.Treasury stock (issued stock that has been

reacquired by the Corporation)

54.Notice of protest (A statement indicatding

that a discounted note has been dishonored

55.Capital Structure (A company’s equity and

debt financing)

56.Bond indenture (The contract between the

bondholder and the issuing corporation)

57.Secured bonds (Bonds that are backed by certain

assets)

58.Bond discount (The diffrernce between par and

a lower amount paid for bonds)

判断

1.Internal reporting(i.e,management

accounting)must follow GAAP in all respects.

2.The existence of Accounts Receivable on the

balance sheet indicates that the company has one or

more creditors.

3.Assets are classified and presented in increasing

order of liquidity.

4.Financial statements are the end products of the

accounting process.

5.The presentation of the owner’s equity section

is same for three types of business organization.

6.Withdrawals by the owner of a single

proprietorship reduce both the as sets and the

liabilities.

7.Failure to include a warehouse’s merchandise in

ending inventory results in an overstated net

income.

8.The statement of owners’equity reports all

changes in the owners’equity on a specific date

9.Working capital equals quick assets less quick

liabilities.

10.A good system of internal control will guarantee

that the accounting records are accurated.

11.When a petty cash fund is established,Cash is

debited,and Petty Cash is credited.

12.Cash Short or Over is a contra account to Cash

in the balanced sheet.

13.After a bank reconciliation has been

completed,the company must make journal entries to

adjust for all outstanding checks.

14.A bank reconciliation for the month of September

will begin with “balance per book”and “balance

per b ank statement”at September 1.

15.The percentage of credit sales method violates

the matching principle

16.Under the accounts receivable aging method, the

balance in Allowance for Uncollectible Accounts is

ignored in making the adjusting entry.

17.Under the gross profit method, cost of goods sold

is estimated by multlying the net sales by gross

profit percentage.

18.Under rising prices,the average cost method will

result in a lower net income than LIFO will.

19.Of the four inventory methods,LIFO will result

in the lowest income during periods of falling

prices.

20.A copyright is a name or symbol that may be used

only by its owner.

21.A betterment is an example of a revenue

expenditure.

22.Recording an extraordinary repair will leave the

carrying value of the asset unchanged.

23.Accelerated depreciation will result in less net

income than will straight-line depreciation in the

asset’s last year of depreciation.

24.Bond interest expense can be paid only when

declared by the board of directors.

25.The worth of a share of stock can be measured by

its parvalue.

26.Preferred stock if considered the residual

equity of a corporation.

27.When treasury stock is issued at more than its

cost,Gain on Sale of Treasury Stock should be

recorded by the corporation.

28.Appropriated Retained Earnings represents cash

set aside for a special purpose.

29.Extraordinary items should appear on the

statement of retained earnings.

30.After a stock dividend is distributed,each

stockholder owns a greater percentage of the

corporation.

http://m.wendangku.net/doc/4762e667caaedd3383c4d3ef.htmlmon stock equivalents are never included in

the eaming per share calculation.

简答

第一章

1.What are the major functions of accounting?

The major functions of accounting are to accumulate

and report financial information that shows an

organization’s financial posi-tion and the

results of its operation and to provide management

with the data needed for decision making and for

efficient opera-tion of the business.

2.Distinguish the major differences between

financial in the financial accounting and

managerial accounting?

Financial accounting:

1.focuses on providing data for external

decisions ba the es-ternal users.

2.places more emphasis on the history.

3.is governed by the genrally accepted

accounting prince-ples.

In contrast to financial accounting, managerial

accounting:

1.focuses on providing data for internal uses by

the manage=ment.

2.places emphasis on the history and the future.

3.is not governed by the generally accepted

accounting prince-ples.

第二章

3.what is the purpose of a balance sheet?

The purpose of a balance sheet is to portray the

finan-cial position of the organization at a

particular point of time.

4.define “assets”.

Assets are the economic resources that are

controlled by an or-ganization as a result of past

transactions, have probable eco-nomic benefits,

and can usefully be expressed in monetary terms.

5.define “current assets”and “long-term

assets”.

Current assets are cash and assets that will be

converted into cash or used up during the normal

operating cycle of the busi-ness or one year,

whichever is longer. Long-term assets used in

operating the business and may in-clude fixed

assets (or plant and equipment) and intangible

as-sats.

6.list at least six examples of current assets and

three examples of long-term assets.

Current assets:

1.cash

2.notes receivable

3.marketable

securities 4.prepaid insurance 5.supplies on

hand 6.prepaid rent

Long-term assets:

http://m.wendangku.net/doc/4762e667caaedd3383c4d3ef.htmlnd

2.buildings

3.patents

第三章

7.Define”current liabilities”and”long-term

liabilities”.

Current liabilities are those obligations that

require to pay within the normal operating cycle or

one year,whichever is longer,by (1)the use of

existing current assrts or(2)the creation of the

other current liabilities.long-term libilities are

those amounts of debts not due for a relative long

time,typically more than one years.

8.Define “owners equity”

Owner’s equity is define as the difference between

the assets and the liabilities and is often referred

to as a residual claim-a clain to the asstes

remaining after the debt to creditors has been

discharged.

9.State the effect on a corporation’s balance

sheet of:(a)the declaration of a dividend.(b)the

payment of a dividend.

(a)the declaration of a dividend reduces the

retained earnings portion of the owner’s equity

and creates a liability called dividends payable on

a corporation’s balance sheet.(b)the payment of a

dividend eliminates the liability and reduces

assets(usually cash)

第四章

10.What is the purpose of an income statement?

Incame statement is prepared to present the

operating results of an organization for a

particular period.

11,Name the major categories of the income

statement for a merchandising company.

The major categories of the income statement for a

merchandising company are revenue,cost of goods

sold and operating expenses.

12.Identify the following as selling or

administrative expense items.(a)sales

salaries.(b)office salaries.(c)depreciation for

delivery equipment.(d) depreciation f or office

equipment.(e)advertising expense.(f)utilities

expense.

Selling expenses:(a )sales salaries

(c)depreciation for delivery

equipment.and(e)advertising expense.

Administrative expenses:(b)office salaries. (d)

depreciation for office equipment. (f)ut ilities

expense.

13.Explain the complementary relationship between

the balance sheet and the income statement.

Operating results summarized by the income

statement will be reflected in the owner’s equity

on the balance sheet at the end of that period.

第五章

http://m.wendangku.net/doc/4762e667caaedd3383c4d3ef.html the five major categories of ledger

accounts.

Assets, liabilities, owner’s equity, revenues and

expenses are the major categories of ledger

accounts.

15.Describe the rules of debit and credit applied

to each of the five cat—egories of accounts.

The rules of debit and credit applied to each of the

five catego - ries of accounts are.

(1)The terms debit and credit are used to describe

the left-hand side and right-hand side of any ”

two-column” account.

(2)Increases in asset and expense accounts are

debit entries, while increases in

liability,owner’s equity and revenue ac-counts

are credit entries.

(3)Decreases are logically recorded on the side

opposite increa-ses.

(4)The normal balance of any account appears on the

side for recording increases.

16.Indicate the normal balance (whether debit or

credit) of each ac-count listed below.

(a)Cash in bank

(b)Allowance for Uncollectible Accounts

(c)Depreciation Expense

(d)Accumulated Depreciation

(e)Interest Income

(f)Patents

(g)Accrued Interest payable

(h)Interest Expense

(a)debit (b)credit (c) debit (d) credi (e) credi

(f) debit (g) credi (h) debit

17.What is a control account? What is a subsidiary

ledger?

A control account is a general ledger account with

a balance that is always equal to the sum of the

balances in a related subsidiary

ledger .Asubsidiary ledger is a group of

subaccounts that pro-vides more detail information

than the general ledger control accout.

18.Describe the chart of accounts.

The chart of accounts is a listing of the titles and

numbers of all accounts; these accounts can be found

in the general ledger. The account titles should be

grouped by and in order of assets, liabolities,

owner’s equity, revenues and expenses.

第六章

1.What is the nature of a journal?

A journal is the relatively simple record

inwhichbusiness

Trans-actions can be recorded chronologically.

http://m.wendangku.net/doc/4762e667caaedd3383c4d3ef.html the special journals usually provided by

most trading companies in addition to a general

journal?

Most trading companies use at least the following

special jour-nals:sales journal,cash receipts

journal.purchases journal(in-voice register)and

cash disbursements j ournal in addition to a general

journal .

3.What are the benefits of using special journals

as compared with using only a general journal? The

benefits of using special journals as compared with

using only a general journal are that their use

permits a division of la-bor and saving the time in

posting from the journals to the ledg-er.

6.Gordon suppliers uses the four special journals

illustrated in the text and a general .in which

journals would each of the followingkindsof

transactions be recorded?

(a)Owner’scash investment in the business. Cash

Receipts Journal

(b)Sale of merchandise for cash. Cash Receipts

Journal

(c)Sale of merchandise on account. Sales Journal

(d)Return of merchandise sold on account. General

Journal

(e)Withdrawal of cash by owner. Cash

Disbursements Journal

(f)Withdrawal of merchandise by owner for

personal use . General Journal

(g)Collections from customers on account. Cash

Receipts Journal

(h)Purchase of merchandise for cash. Cash

Disburfsements Journal

(i)Purchase of merchandise on account. Invoice

Register

(j)Return of merchandise purchased on account.

General Journal

(k)Purchase of office supplies on account.

General Journal

(l)Purchase of equipment for cash and a note

payable. Cash Disbursements Journal

第七章

1.What is meant bu “cash discounts”? Explain the

terms:2/10,1/20,n/30.

”Cash discount”is referred to as the reduction of the invoice price.The terms mean that the full sales price(less any returns)is due in 30 days from the date of sale;2% cash discount will be granted if the payment is made within 10 days; if the payment is made beyond 10 days but within 20 days,the buyer may deduct 1% from the invoice price.

2.Who (buyer or seller) would bear the freight cost and who would remit to the freight company under each of the fliiowing selling terms?

(a)F.O.B shipping point , freight collect.

(b)F.O.Bdestination ,freight prepaid

(c) )F.O.B shipping point, freight prepaid

(d) )F.O.B destination ,freight collect

(a) The buyer would bear the freight cost and the buyer would remit it to the freightcompany.

(b) The seller would bear the freight cost and the seller would remit it to the freight company.

(c) The buyer would bear the freight cost and the seller would remit it to the freight company.

(d)The seller would bear he freight cost and the buyer would remit to the freight company.

3. Describe the nature of the Sales Returns and Allowances account and the Purchases Returns and Allowances account.

The Sales Returns and Allowances account is a contra account to sales account.The Purchases Returns and Allowances account is a contra account to Purchases account.

4. State the purpose of and the key information appearing on each of the following forms:

(a) purchase requisition(b)purchase order(c)sales invoice(d)receiving report

(e)credit memorandum

(a) Purchase requisition is a request for a purchase.

(b)The purchase order indicates the quantity,description,and price of merchandise ordered.It may also indicate expected terms of payment and arrangements for teansportation,including payment of freight costs.

(c) Sales imvoice defimes the terms of the transaction.

(d)A receiving report is made out by the purchaser’s receiving department detailing the quantities received after counting a nd inspecting the items in the shipment.

(e) Credit memorandum is made out to diminish the Accounts Receivable outstanding

5.How would you prove that a special journal”balances”?

We can add up all the debit amounts and the credit amounts in a special journal,If the two amounts are equal, the special journal balances.

第八章

1、Why is the adjusting step of the accounting cycle necessary?

答:Many of business transactions affect the net income of more than one period, therefore ,in order to achieve proper matching of costs and expenses with the relative revenue earnde to determine a meaningful net income figure for each accounting period, it is often necessary to adjust some account balances at the end of each a accounting period 2、What four different types of adjust ments are frequently needed at the end of an accounting period?

答:The four types of adjustments are:

(1)Apportioning recorded costs to periods benefited

(2)Apportioning recorded revenue to period in which it is earned

(3)Accruing unrecorded expense

(4)Accruing unrecorded revenue

3.Give examples for each of the four types of adjustments?

(1)Apportioning recorded costs:5% of the cost($20000) of patent rights is taken as amortization for each year over its legal life

Dr.amortization Expense 1000

Cr.Patents 1000

(2)Apportioning recorded revenue:Ser vice amounting to $500 were rendered during the current year for customers who had paid in advance

Dr.Precollected Revenue 500

Cr. Sales Revenue 500

(3)Accruing unrecorded expense :Accrue rent expense amounting to $100 incurred bur unpaid for this month

Dr.Rent Expense

Cr,Rent Payable

(4)Accruing unrecorded revenue :Accrue interest revenue amounting to $50 earned but uncollected for this month

Dr.Interest receivable 50

Cr.interest Revenue 50

4. Describe the adjusting procedure for merchandise inventory records under a periodic inventory system?

答:The adjusting procedure for merchandise inventory records under a periodic inventory system is (1) to transfer beginning inventory to Income

Summary account (2) to record ending inventory

5. How do the accrual basis and the cash basis of

accounting differ?

答:Under accrual basis:revenue are recognized when

earned expenses are recognized when goods and

services are used Under cash basis:revenue is

recognized when cash is collected ;expenses is

recognized when cash is paid for the goods or

services

第十章

1.which groups of accounts are closed at the end

of the accounting year?

答:Temporary accounts such as revenues and expenses

accounts are closed at the end of the accounting

period.

2.why and how is the Income Summary account used

in the closing procedure?

答:Income Summary account is used to close

temporary accounts finally to the retained earning

or capital accounts at the end of each accounting

period so that temporary accounts are ready for the

accumulation of financial information for the next

accounting period. The debit balances of temporary

accounts will be transferred to the Income Summary

account as debit and vice versa. The net credit

balance of Income Summary account will be closed to

the credit side of Retained Earnings account and the

net debit balance of Income Summary account will be

closed to the debit side of Retained Earnings

account.

3.which of the following accounts should not appear

in the postclosing trial balance:

a.Sales

b.Unearned Revenue

c.Prepaid Insurance

Expense d.Retained Earnings

e.Accumulated Depreciation

f.Depreciation Expense

g.Accrued Wages Payable h.Supplies Expense

bi.Supplies on hand

答(a)Sales (g)Depreciation (i)Supplies

Expense

第十一章

1.What would be the features included in an

adequate system of internal control over cash?

An adequate system of internal control over cash

would include the following features:

(1)Cash is handled separately from the recording

of cash transactions

(2)The work and responsibilities of cash handing

and recording are divided in such a way that

errors are readily disclosed and the

possibility of irregularities is reduced

(3)All cash receipts are deposited intact in the

bank each day

(4)All major disbursemengts are made by check and

an imprest(fixed amount) fund is used for

petty cash dibursemengts.

2.Are ious an d uncollected customers’ check

included in cash? If not,how do we classify them?

No,they are not included in cash.IOUs and

uncollected customers’ checks are normally

classified as receivables.

3. What is meant by an“imprest petty cash fund”?

how is such a fund established and replenished?

An “imprest pettycash fund”is referred to as a

cash fund for small expenditures established on an

imprest basis.The fund is established by writing a

check against the general bank account.When the

fund must be replenished, a check is drawn to petty

cash in an amount that will bring the cash value of

the fund back to the original amount

4. Define internal http://m.wendangku.net/doc/4762e667caaedd3383c4d3ef.html several specific

features of a good system of internal control?

Internal control can be defined as the plan of

organization and all of the coordinate methods and

measures adopted within a business to safeguard its

assets,check accuracy and reliability of its

accounting data,promote operational efficiency and

encourage adherence to prescribed managerial

policies.

The specific features of a good system of internal

conrol include(1)competent

personnel,(2)assignment of

responsibility,(3)division of work,(4)rotation of

personnel,(5)internal

auditing(6)physical(7)separation of

accountability from custodianship(8)adequ ate

records and equipment

第十二章

1.What is the purpose of a bank reconciliation?

The purpose of a bank reconciliation is to reconcile

the bank statement balance and the book balance of

bank deposits to an adjusted banlance ,which will

appear on the banlance sheet.

2.Inpreparing a bank reconciliation,what

procedures should you follow to determine(a)

deposits not recorded in the bank statement and

(b)outstanding checks?

Deposits not recorded in the bank statement are

determined by comparing the book record with the

bank statement. Outstanding checks are determined

by comparing the book record with the list of checks

accompanied the bank statement.

3.Indicate whether the following items in a bank

reconciliation should be(1) added to the bank

statement balance,(2)deducted from the bank

statement balance,(3)added to the ledger account

balance,(4)deducted from the ledger account

balance:

(a) Bank service charge.

(b)NSF check.

(c) Deposit in transit.

(d)Outstanding check.

(e) Bank error charging company’s account with

check of another company.

(f)Difference of $360 in amount of check written for

$378 but recorded in check register(支票登记簿) for

$738.

(1):(c)(e), (2):(d) (3):(f) (4):(a)(b)

4.Which of the items listed in Question 3 require

an adjusting entry on the company’s books?

(a),(b)and(f)

5.Which amount would appear on the balance sheet?

(a) balance per bank statement,

(b)bala nce per company’s books,

(c) an adjusted balance after reconciliation.

Can adjusted balance after reconciliation.

6.The bank reconciliation made byWoodruff,Inc.on

August 31,20*0 showed a deposit in transit of

$480……

(a) Woodruff,I nc

Bank Reconciliation

Septimber 30,20*0

Balance per bank statement $9014

Balance per books $8589

Add: Deposit not yet credit

Add:Error correction in check

By bank 330

#61 for delivery expense 60

Less:Outstanding checks

Less:Items charged by bank not

(list) $225

yet entered on books:

90

NSF checks $150

362

Service charges 10 160

$178

$855

Adjusted balance $8489

Adjusted balance $8489

(2)

1) Dr. Cash in bank 60

Cr. Delivery Expense 60

2)Dr.Accounts Receivable 150

Cr. Cash in Bank 150

To reclassify NSF check $150 as an accounts

receivable.

3) Dr. Miscellaneous Expense 10

Cr.Cash in Bank 10

To record bank service charge for the

month.

第十三章

1.What is a voucher?

A voucher is a written authorization form init iated

for every disbursement a firm makes.

2.what is awr the purpose of a voucher system?

The purpose of a voucher system is to control

expenures.

3.What of the special journals learned earlier is

replaced by the voucher register or the check

register?

The purchases journal is replaced by the voucher

register .The cash disbursements journal is

replaced by the check register..

4.When a voucher is approved for the purchase of

merchandise,what documents should support the

approval?

When a voucher is approved for the purchase of

merchandise,the original copies of the purchase

order,invoice and receiving repor should support

the approval.

5.Describe the most formal method of processing

purchases returns and allowances under avoucher

system.

The most formal method of processing purchase

returns and allovances under a voucher system is to

cancel the original voucher and issue a new one for

the lower amout.

第十四章

1.How do the ‘direct write-off’

and ’allowance’methods of handling credit

losses differ with respect to the timing of expense

recognition?

Under the direct write-off method, credit losses

are recognized as bad debts in the period when they

are discovered to be uncollectible. However, un der

the allowance method, credit losses should be

estimated by making an adjusting entry at the end

of each accounting period in which sales revenues

are earned.

(5)When a firm provides for credit losses under the

allowance method, why is the allowance for

uncollectible accounts credited rather than

accounts receivable?

Because the credit losses are an estimated amount

which represents he potential losses rather than

the actual ones .

3. Describe the two most commonly used methods of

estimating the provision for uncollectible

accounts expense when the allowance method is

employed.

The two most commonly used methods are the

percentage-of-sales method and the

percentage-of-receivable method. The bad debts

expense recognized is based on the

percentage-of-sales method. Under the second

method. The bad debts expense recognized is based

on the certain percentage of accounts receivable at

the close of the period. The adjustment for

uncollectibles would be the amount needed to creat

this desired credit balance in the allowance

account.

4. Under the allowance method, when a specific

account is determined as uncollectible, it would

be written off through the allowance account. Doe s

this entry have effect on net income or on total

assets? Explain.

This entry has no effect on net income or on total

assets because the bad debts expense was already

reflected, by means of the adjusting entry ,in the

period when the revenue was recorded, and the net

realizable amount of accounts receivable remains

unchanged when the Allowance for Uncollectible

Accounts Receivable related to the specific

customers are written off simultaneously.

5. What do the terms”trade receivables”and

“trade payables” usually refer to?

The terms ”trade receivables”and “trade

payables”usually refer to receivables and

payables arising in regular course of the

company’s transactions with customers and

suppliers. Payments of these accounts normally are

to be made within 30 to 60 day

第九章

1.What are the advantages of preparing a

worksheet?

1.to facilitate the preparation of the formal

financial state-ments.2.to minimize the

possibility of errors.

2.When would adjusting entries be entered only on

a worksheet and not in the ledger accounts ?why ?

adjusting entries usually are made on the worksheet

when inter-im(monthly or quarterly) financial

statements are to be pre-pared because it will

save posting time.

3.Identify each of the eight amount columns of the

worksheet and in-dicate in which columns the

adjusted balances of the following accounts would

appear :(a)prepaid insurance (b)allowance for

Uncollectible accounts (c)accumulated

depreciation(d)accrued wages payable (e)rent

receivable(f)depreciation expense(g)service

revenue (h)unearned service revenue (i)capital

stock(j)retained earnings

A worksheet usually has four sets of columns which

include the trial balance columns,adjustments

columns statement

columns and balance sheet colurmns,Each set of

columns has a debit and credit column;(a)Prepaid

Insurance :debit column of the adjustments columns

and balance sheet columns ;(b)Allowance for

Uncollectible Accounts ;credit column

of the adjustments columns and balance sheet

columns;(c)Accumulated Depreciation:credit column

of the adjustments

columns and balance sheet columns;(d)Accrued Wages

Payable :credit column of the adjustments columns

and balance sheet columns;(e)Rent Receivable:debit

column of the adjustments columns and balance sheet

columns;(f)Depreciation

Expense:debie column of the adjustments col-umns

and income statement columns;(g)Sercive

Revenue:credit column of the adjustmens columns and

income statement columns;(h)Unearned Service

Revenue:credit column of the adjustments columns

and balance sheet columns.(i)Capital stock:credit

column of the trial balance column and balance sheet

columns;(j)Retained Earnings:credit column of the

trial balance col-umns and balance sheet columns.

1. sold merchandise to K Olson $5000 invoice

101cash on delivery

FOB destination freight collect received a check

from Olson for $

4800the net amount after deduction of the freight

charges $200 the

Which would be paid by Olson to carrier for us

Dr .Cash 4800, transportation Out 200 Cr.Sales

5000

(in Cash Receipts Journal)

2. Sold merchandise to J. Allen $20000 invoice

102terms 1/10 n/30

FOB destination freight prepaid

Dr. Accounts Receivable-J.Allen 20000 Cr .Sales

20000

(in Sales Journal )

3.paid freight bill on shipment to J,Allen $1000 check 101

Dr, Transportation Out 1000 Cr. Cash 1000

(in cash Disbursements Journal)

4, Upon notification from J, Allen issued a credit memo for $200 as

an adjustment of the prices originally charged for merchandise sold

on Jan 2(invoice 102) Dr, Sales Returns and Allowances 2000

Cr., Accounts Receivable – J. Allen

11. Received a check from J. Allen for $17820 the amount due on our

Invoice 102 (dated Jan 2) Dr. cash 17820 , Sale Discounts 180

Cr, Accounts Receivable –J, Allen 18000 (in cash Receipts Journal)

12, Purchased merchandise from Y Company $4000 its invoice J-061

terms 2/10 1/20 n/30 FOB shipping point freight collect

Dr. Purchases 40000 Cr, Accounts Payable-Y Company 40000

14,Paid freight bill on shipment from Y company $2000 check 108

Dr Transportation In 2000 Cr ,Cash 2000 (in cash disbursements journal)

16, Returned $4000 merchandise to Y Company for credit its credit memo

received. Dr. Accounts Payable –Y Company 4000 Cr, Purchases Returns and Allowances 4000 (in General Journal)

21. Mailed a check (#116)to Y Company for $35280,the amount due on its invoice #J-061(dated Jan.12). Dr.Accounts Payable-Y Compay36000 Cr.Purchases Discounts720 Cash35280 22.Purchased merchandise from Able Inc.$15000,its invoice#1142,terms:cash on delivery,F.O.B.shipping point,freight prepaid.Mailed a check(#117)for$15500,the invoice amount plus the freight charges$500 which would be paid by Able Inc.for us.

Dr.Purchases Cr.Cash15500

28.Purchased supplies from Lim Supply Company $1000;terms:1/10,n/30.

Dr.Supplies on Hand1000

Cr.Accounts Payable

—Lim Supply Co.1000

(in Invoice Register) 30.Received the rent bill for the month $8000 payable to Z Realty Agency.

Dr.Rent Expense8000

Cr.Accounts Payable

—Z Realty Agency 8000

(in General Journal

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