Professional Documents
Culture Documents
the following.
1. Coins and currency $ 10.20
2. Postage stamps 7.90
3. An I.O.U. from Richie Cunningham, an
employee, for cash advance 40.00
4. Check payable to Teasdale’s Auto Repair from
Pottsie Weber, an employee, marked NSF 34.00
5. Vouchers for the following:
Stamps $ 20.00
Two Premier Cup tickets for Nick Teasdale 170.00
Printer cartridge 14.35 204.35
$296.45
Instructions
Prepare the journal entry to record the reimbursement of the petty cash fund.
Jawab :
Accounts Receivable-Employees
($40.00 + $34.00)……………....................................................... 74.00
Nick Teasdale, Drawings ………………………………………………. 170.00
Maintance and Repair Expense…………………………………………. 14.35
Postage Expense ($20.00-$7.90)…………………………………………. 12.10
Supplies…………………………………………………………………… 7.90
Cash Over and Short……………………………………………………… 11.45
Cash ($300.00 - $10.20)………………………………………… 289.80
E 7-25 (Bank Reconciliation and Adjusting Entries) Kipling Company deposits all receipts and makes all
payments by check. The following information is available from the cash records.
Instructions
(a) Prepare a bank reconciliation going from balance per bank and balance per book to correct the
cash balance.
(b) Prepare the general journal entry or entries to correct the Cash account.
ANSWER :
(b) Cash…………………………………………………………………………………1,150
Office Expense ( Bank Charges )……………………………………………….. 15
Account Receivable………………………………………………………………. 335
Notes Receivable……………………………………………………….. 1,500
*E 7-26 (Bank Reconciliation and Adjusting Entries) Aragon Company has just received the August 31,
2015, bank statement, which is summarized below.
The general ledger Cash account contained the following entries for the month of August.
Cash
Deposits in transit at August 31 are $3,800, and checks outstanding at August 31 total $1,550. Cash onhand at August 31 is $310.
The bookkeeper improperly entered one check in the books at $146.50 which was written for $164.50 for supplies (expense); it
cleared the bank during the month of August.
Instructions
(a) Prepare a bank reconciliation dated August 31, 2015, proceeding to a correct balance.
(b) Prepare any entries necessary to make the books correct and complete.
(c) What amount of cash should be reported in the August 31 statement of financial position?
Answer:
(a) ARAGON COMPANY
Bank Reconciliation, August 31, 2012
County National Bank
Supplies Expense……………………………………………………………… 18
Cash………………………………………………………………….. 18
( To record error in recording check for supplies)
(c) The corrected cash balance of $10,649 would to reported in the August,31, 2012, statement of financial position.
199
E7-20 (Notes Receivable with Unrealistic Interest Rate) On December 31, 2014, Hurly Co. performed
environmental consulting services for Cascade Co. Cascade was short of cash, and Hurly Co. agreed to
accept a $300,000 zero-interest-bearing note due December 31, 2016, as payment in full. Cascade is somewhat
of a credit risk and typically borrows funds at a rate of 10%. Hurly is much more creditworthy and has various lines of credit at
6%.
Instructions
(a) Prepare the journal entry to record the transaction of December 31, 2014, for Hurly Co.
(b) Assuming Hurly Co.’s fiscal year-end is December 31, prepare the journal entry for December 31, 2015.
(c) Assuming Hurly Co.’s fiscal year-end is December 31, prepare the journal entry for December 31, 2016.
(d) Assume that Hurly Co. elects the fair value option for this note. Prepare the journal entry at December 31, 2015, if the fair
value of the note is $320,000.
Answer :
E7-17 (Transfer of Receivables with Guarantee) Bohannon Corporation factors €250,000 of accounts receivable
with Winkler Financing, Inc. on a without guarantee (no recourse) basis. Winkler Financing will collect the receivables. The
receivables records are transferred to Winkler Financing on August 15, 2015. Winkler Financing assesses a finance charge of 2%
of the amount of accounts receivable and also reserves
an amount equal to 4% of accounts receivable to cover probable adjustments.
Instructions
(a) What conditions must be met for a transfer of receivables with recourse to be accounted for as a sale?
(b) Assume the conditions from part (a) are met. Prepare the journal entry on August 15, 2015, for
Bohannon to record the sale of receivables.
Answer :
(a) Menurut IASB, penentuan apakah piutang yang dialihkan dapat dicatat sebagai penjualan didasarkan pada evaluasi
apakah penjual telah mengalihkan secara substansial seluruh risiko dan manfaat kepemilikan piutang. Jika secara
substansial seluruh risiko dan manfaat kepemilikan piutang dialihkan, maka piutang tersebut dihentikan pengakuannya
(dicatat sebagai penjualan). Hal ini mungkin terjadi di sini karena tidak ada jaminan.
(b) Cash………………………………………….. 235,000
Due from factor(€250,000×4%) …………… 10,000
Loss on sale of Receivable
(€250,000× 2% )……………………………………………… 5,000
Account Receivable……………………………………….. 250,000
E7-18 (Transfer of Receivables without Guarantee) SEK Corp. factors ¥400,000 of accounts receivable
with Mays Finance Corporation, without guaranteeing any payment for possible credit losses (without
recourse) on July 1, 2015. The receivables records are transferred to Mays Finance, which will receive the
collections. Mays Finance assesses a finance charge of 1½% of the amount of accounts receivable and retains
an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. The
transaction is to be recorded as a sale.
Instructions
(a) Prepare the journal entry on July 1, 2015, for SEK Corp. to record the sale of receivables without recourse.
(b) Prepare the journal entry on July 1, 2015, for Mays Finance Corporation to record the purchase of receivables without
recourse.
Answer :
E7-15 (Journalizing Various Receivable Transactions) The trial balance before adjustment for Misumi
Company shows the following balances (amounts in thousands).
Dr Cr
Account receivable ¥82,000
Allowance for Doubtful Accounts 1,750
Sales Revenue ¥430,000
Instructions
Using the data above, give the journal entries required to record each of the following cases. (Each situation
is independent.)
1. To obtain additional cash, Misumi factors without guarantee of credit loss ¥20,000 of accounts receivable
with Stills Finance. The finance charge is 10% of the amount factored.
2. To obtain a one-year loan of ¥55,000, Misumi assigns ¥65,000 of specific receivable accounts to Obihiro
Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Obihiro Financial.
3. The company wants to maintain Allowance for Doubtful Accounts at 5% of gross accounts receivable.
4. The company wishes to increase the allowance account by 1½% of net sales.
Answer :
1. Cash………………………………………………………. 18,000
Loss on sale of receivables(¥20,000 × 10% )……………. 2,000
Accounts Receivable………………………….. 20,000
2. Cash………………………………………………………... 50,600
Finance Charge (¥55,000 × 8 % )………………………… 4,400
Notes Payable………………………………….. 55,000
E7-11 (Bad Debts—Aging) Puckett, Inc. includes the following account among its trade receivable
Alstott Co.
9/5 Invoice #3614 490 9/20 Cash (#3614 and 860 part of 890
#2412)
10/17 Invoice #4912 860
11/18 Invoice #5681 2,000 10/31 Cash (#4912) 860
12/20 Invoice #6347 800 12/1 Cash (#5681) 1,250
12/29 Cash (#6347) 800
Instructions
Age the balance and specify any items that apparently require particular attention at year-end.
Answer :
sejauh faktur kemudian telah dibayar penuh, ketiga jumlah ini harus diselidiki untuk menentukan mengapa Alstott Co. belum
membayarnya. Jumlah di saldo awal dan #2412 harus menjadi perhatian khusus.
E7-12 (Journalizing Various Receivable Transactions) Presented below is information related to Sanford
Corp.
July 1 Sanford Corp. sold to Legler Co. merchandise having a sales price of €10,000 with terms 2/10, net/60. Sanford records
its sales and receivables net.
5 Accounts receivable of €12,000 (gross) are factored with Rothchild Credit Corp. without guarantee at a fi nancing
charge of 9%. Cash is received for the proceeds; collections are handled by the fi nance company. (These accounts
were all past the discount period.)
9 Specifi c accounts receivable of €9,000 (gross) are pledged to Rather Credit Corp. as security for a loan of €6,000 at a
Finance charge of 6% of the amount of the loan. The fi nance company will make the collections. (All the accounts
receivable are past the discount period.)
Dec 29 Legler Co. notifi es Sanford that it is bankrupt and will pay only 10% of its account. Give the entry to write off the
uncollectible balance using the allowance method. (Note: First record the increase in the receivable on July 11 when the
discount period passed.)
31 Sanford conducts an individual assessment of a note receivable with a carrying value of €350,000. Sanford determines the present
value of the note is €275,000.
Answer :
Debit Credit
July 1 Account Receivable 9,800
Sales Revenue 9,800
5 Cash 10,920
Loss on Sale of Receivable 1,080
Account Receivable 11,760
Sales Discount 240
9 Account Receivable 180
Sales Discounts Forfeited 180
Cash 5,640
Finance Charge 360
Notes Payable 6,000
11 Account Receivable 200
Sales Discounts Forfeited 200
Dec 29 Allowance For Doubtful Accounts 9,000
Account Receivable 9,000
E7-2 (Determine Cash Balance) Presented below are a number of independent situations.
Instructions
For each individual situation, determine the amount that should be reported as cash. If the item(s) is not
reported as cash, explain the rationale.
1. Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of
$980,000; utility deposit paid to gas company $180.
2. Checking account balance $500,000; an overdraft in special checking account at same bank as normal checking account of
$17,000; cash held in a bond sinking fund $200,000; petty cash fund $300; coins and currency on hand $1,350.
3. Checking account balance $590,000; postdated check from customer $11,000; cash restricted due to maintaining compensating
balance requirement of $100,000; certified check from customer $9,800; postage stamps on hand $620.
4. Checking account balance at bank $42,000; money market balance at mutual fund (has checking privileges)
$48,000; NSF check received from customer $800.
5. Checking account balance $700,000; cash restricted for future plant expansion $500,000; short-term Treasury bills $180,000;
cash advance received from customer $900 (not included in checking account balance); cash advance of $7,000 to company
executive, payable on demand; refundable deposit of $26,000 paid to the government to guarantee performance on construction
contract.
Jawab :
1. Saldo tunai $925.000. Hanya saldo rekening giro yang harus dilaporkan sebagai uang tunai. Sertifikat deposito
$1.400.000 harus dilaporkan sebagai investasi sementara, uang muka ke anak perusahaan sebesar $980.000 harus
dilaporkan sebagai piutang, dan deposit utilitas sebesar $180 harus diidentifikasi sebagai piutang dari perusahaan gas.
2. Cash balance is $484,650 computed as follows:
Checking account balance……………………………………… $500,000
Overdraft…………………………………………………………. (17,000)
Petty cash…………………………………………………………. 300
Coin and currency………………………………………………. 1,350
Uang tunai yang disimpan dalam dana pelunasan obligasi dibatasi. Dengan asumsi bahwa obligasi tersebut
tidak lancar, kas yang dibatasi penggunaannya juga dilaporkan sebagai tidak lancar.
3. Cash balance is $599,800 computed as follows:
Checking account balance……………………………………. $590,000
Certified check from customer………………………………. 9,800
$599,800
Cek lewat tanggal $11.000 harus dilaporkan sebagai piutang. Kas dibatasi karena saldo kompensasi harus
dijelaskan dalam catatan yang menunjukkan jenis pengaturan dan jumlah. Perangko di tangan dilaporkan
sebagai bagian dari persediaan persediaan atau biaya dibayar di muka.
Kas yang dibatasi untuk ekspansi pabrik di masa depan sebesar $500.000 harus dilaporkan sebagai aset tidak lancar.
Tagihan Treasury jangka pendek sebesar $180.000 harus dilaporkan sebagai investasi sementara. Uang muka yang
diterima dari pelanggan sebesar $900 juga harus dilaporkan sebagai kewajiban; uang muka sebesar $7.000 kepada
eksekutif perusahaan harus dilaporkan sebagai piutang; deposit yang dapat dikembalikan sebesar $26.000 yang
dibayarkan kepada pemerintah harus dilaporkan sebagai piutang
*BE7.17 (LO6) Horton Corporation is preparing a bank reconciliation and has identified the following
potential reconciling items. For each item, indicate if it is
(1) added to balance per bank statement,
(2) deducted from balance per bank statement,
(3) added to balance per books, or
(4) deducted from balance per books.
a. Deposit in transit $5,500.
b. Bank service charges $25.
c. Interest credited to Horton's account $31.
d. Outstanding checks $7,422.
e. NSF check returned $377.
Jawab :
Answer :
Saldo kompensasi adalah setoran minimum yang harus disimpan di rekening bank oleh peminjam.
Persyaratan untuk saldo kompensasi paling umum dengan pinjaman perusahaan daripada pinjaman
individu. Peminjam tidak dapat menggunakan uang itu tetapi diharuskan untuk mengungkapkannya
dalam catatan peminjam yang dilampirkan pada laporan keuangannya.
9. What is the theoretical justification of the allowance method as contrasted with the direct write-off
method of accounting for bad debts?
Answer :
Keunggulan teoritis metode penyisihan atas metode penghapusan langsung akuntansi piutang tak
tertagih adalah dua kali lipat. Pertama, karena pendapatan dianggap diakui pada titik penjualan dengan
asumsi bahwa piutang yang dihasilkan adalah aset likuid yang valid yang hanya menunggu penagihan,
pendapatan periodik akan dilebih-lebihkan sampai piutang yang akhirnya menjadi tidak tertagih.
Pencocokan pendapatan dan beban yang tepat mensyaratkan bahwa penjualan kotor dalam laporan
laba rugi sebagian diimbangi dengan beban piutang tak tertagih yang didasarkan pada perkiraan piutang
yang timbul dari penjualan kotor yang tidak akan dikonversi menjadi uang tunai.
Kedua, piutang di neraca harus dinyatakan sebesar nilai realisasi bersih yang diestimasi. Metode
penyisihan menyelesaikan ini dengan mengurangkan dari piutang kotor penyisihan piutang ragu-ragu.
Yang terakhir ini berasal dari biaya untuk beban piutang tak tertagih pada laporan laba rugi.
10. Indicate how the percentage-of-receivables method, based on an aging schedule, accomplishes
the objectives of the allowance method of accounting for bad debts. What other methods, besides an
aging analysis, can be used for estimating uncollectible accounts?
Answer :
Metode persentase piutang berdasarkan aging schedule menghitung debit setiap tahun ke akun beban
dan kredit ke akun penyisihan dengan mengevaluasi kolektibilitas piutang terbuka pada akhir tahun.
Analisis akun menurut tanggal jatuh temponya adalah prosedur umum. Untuk setiap kategori usia yang
ditetapkan dalam analisis, tingkat persentase rata-rata dapat dikembangkan berdasarkan pengalaman
masa lalu dan diterapkan pada akun dalam kategori usia masing-masing. Metode ini juga dapat
menggunakan analisis individual untuk beberapa akun, terutama yang sudah sangat lewat jatuh tempo,
dalam mencapai estimasi piutang tak tertagih. Berdasarkan analisis di atas, saldo dalam akun penilaian
kemudian disesuaikan dengan jumlah yang diperkirakan tidak akan tertagih.
Metode penyisihan piutang tak tertagih ini cukup akurat untuk tujuan pelaporan piutang pada perkiraan
nilai realisasi bersihnya di neraca. Namun, dari sudut pandang laporan laba rugi, metode penuaan
mungkin tidak secara akurat mencocokkan beban piutang tak tertagih dengan penjualan yang
menyebabkannya karena beban piutang tak tertagih tidak didasarkan pada penjualan. Keakuratan
beban piutang tak tertagih dan nilai piutang yang dilaporkan tergantung pada estimasi piutang tak
tertagih saat ini. Keakuratan beban biaya, bagaimanapun, juga tergantung pada waktu penghapusan
yang sebenarnya.
Metode lain yang mungkin digunakan perusahaan menggunakan estimasi berdasarkan rasio kerugian
historis untuk pelanggan dengan peringkat kredit yang berbeda sebagai dasar untuk memperkirakan
piutang tak tertagih. Atau perusahaan dapat menggunakan model arus kas diskonto tertimbang
probabilitas untuk memperkirakan kerugian kredit yang diharapkan.
P7.3 (LO3) (Bad-Debt Reporting—Aging) Manilow Corporation operates in an industry that has a high
rate of bad debts. Before any year-end adjustments, the balance in Manilow's Accounts Receivable was
$555,000 and Allowance for Doubtful Accounts had a credit balance of $40,000. The year-end balance
reported in the statement of financial position for Allowance for Doubtful Accounts will be based on the
aging schedule shown below.
Days Accou nt Outstanding Amount Probability of Collection
Less than 16 days $300,000 .98
16–30 days 100,000 .90
31–45 days 80,000 .85
46–60 days 40,000 .80
61–75 days 20,000 .55
Over 75 days 15,000 .00
Instructions
a. What is the appropriate balance for Allowance for Doubtful Accounts at year-end?
b. Show how accounts receivable would be presented on the statement of financial position.
JAWAB :
a. Penyisihan Piutang Diragukan harus memiliki saldo $45.000 pada akhir tahun. Perhitungan
pendukung ditunjukkan di bawah ini
Expected
Days Account Percentage Estimated
Outstanding Amount Uncollectible Uncollectible
Piutang yang telah beredar lebih dari 75 hari ($15.000) dan tidak memiliki kemungkinan untuk
ditagih akan segera dihapuskan dengan mendebit Penyisihan Piutang Tak Tertagih sebesar
$15.000 dan kredit ke Piutang Usaha sebesar $15.000. Hal ini tidak dipertimbangkan ketika
menentukan jumlah yang tepat untuk Penyisihan Piutang Diragukan.
Answer :
a. AGUILAR CO.
Bank Reconciliation
June 30, 2015
5,759.65
Deduct: NSF check…………………………………………………. 253.20
Error on check no. 742 ($491 - $419)………… 72.00
Bank service charges ($25+ $5.50 )………….. 30.50 355.70
Correct cash balance , June 30………………………………… $5,403.95
b. Cash……………………………………………………………………….. 1,789.80
Account Receivable………………………………………….. 30.00*
Account payable………………………………………………. 523.80**
Notes Receivable……………………………………………… 1,200.00
Interest Revenue……………………………………………… 36.00
Account Receivable……………………………………………….. 253.20
Account payable……………………………………………………. 72.00***
Office Expense ( Bank Charges )…………………………….. 30.50
Cash………………………………………………………….. 355.70