Current Liabilities dan Provisi

S1
Roley Corporation uses a periodic inventory system and the gross method of accounting
for purchase discounts. On July 1, Roley purchased €40,000 of inventory, terms 2/10,
n/30, FOB shipping point. Roley paid freight costs of €1,200. On July 3, Roley returned
damaged goods and received credit of €6,000. On July 10, Roley paid for the goods.
Prepare all necessary journal entries for Roley
 Jawaban 1

1 Juli
Purchase 40.000
Account Payable 40.000
Freight-in 1200
Cash 1200

3 Juli
Account Payable 6000
Purchase return and allowance 6000
10 Juli
Account Payable 34.000
Cash(34.000 x 98%) 33.320
Purchase Discount 680
 S2
Upland Company borrowed $50,000 on November 1, 2007, by signing a
$50,000, 9%, 3-month note. Prepare Upland’s November 1, 2007, entry;
the December 31, 2007, annual adjusting entry; and the February 1,
2008, entry.
 Jawaban 2
1 November 2007
Cash 50.000
Notes Payable 50.000

31 Desember 2007
Interest expense (2/12x9%x 50.000) 750
Interest Payable 750

1 Februari 2008
Notes Payable 50.000
Interest expense(1/12x9%x50.000) 375
Interest payable 750
Cash 51.125
 S3
Takemoto Corporation borrowed ¥50,000 on November 1, 2007, by
signing a ¥51,125 3-month, zero-interest-bearing note. Prepare
Takemoto’s November 1, 2007, entry; the December 31, 2007,
annual adjusting entry; and the February 1, 2008, entry.
 Jawaban 3
1 November 2007
Cash 50.000
Notes Payable 50.000

31 Desember 2007
Interest expense (2/3x1.125) 750
notes payable 750

1 Februari 2008
Notes Payable 50.750
Interest expense(1/3x1.125) 375
Cash 51.125
 S4
• Sport Pro Magazine sold 10,000 annual subscriptions on August 1, 2007,
for €18 each. Prepare Sport Pro’s August 1, 2007, journal entry and the
December 31, 2007, annual adjusting entry.
 Jawaban 4
1 Agustus
Cash (10.000 x 18) 180.000
unearned Subscription revenue 180.000
31 Desember
unearned Subscription revenue 75.000
Subscription revenue (5/12 x 180.000) 75.000
 S5
Dillons Corporation made credit sales of €30,000 which are subject to 6%
Tax. The corporation also made cash sales which totaled €19,610
including the 6% Tax. (a) Prepare the entry to record Dillons’ credit sales.
(b) Prepare the entry to record Dillons’ cash sales.
 Jawaban 5
a.
Account Receivable 31.800
Sales 30.000
Sales tax payable (6% x 30.000) 1.800

b.
Cash 19.610
Sales (100/106x19.610) 18500
Sales tax payable 1.110
 S6
Lexington Corporation’s weekly payroll of €23,000 included Social
Security taxes withheld of €1,426, income taxes withheld of €2,990, and
insurance premiums withheld of €250. Prepare the journal entry to
record Lexington’s payroll.
 Jawaban 6
Wages Expense 23.000
Social Security taxes payable 1.426
Witholding taxes payable 2.990
Insurance premium payable 250
cash 18.334
 S7
Kasten Inc. provides paid vacations to its employees. At December 31,
2007, 30 employees have each earned 2 weeks of vacation time. The
employees’ average salary is €600 per week. Prepare Kasten’s December
31, 2007, adjusting entry.
 Jawaban 7
Wages expense 36.000
vacation wages payable (30x2x600) 36.000
 S8
Mayaguez Corporation provides its officers with bonuses based on net
income. For 2007, the bonuses total £450,000 and are paid on February 15,
2008. Prepare Mayaguez’s December 31, 2007, adjusting entry and the
February 15, 2008, entry
 Jawaban 8
31 Desember 2007
Bonus expense 450.000
Bonus payable 450.000

15 februari 2008
Bonus payable 450.000
cash 450.000
 S9
Scorcese Inc. is involved in a lawsuit at December 31, 2007. (a) Prepare the
December 31 entry assuming it is probable that Scorcese will be liable for
700,000 as a result of this suit. (b) Prepare the December 31 entry, if any,
assuming it is not probable that Scorcese will be liable for any payment as a
result of this suit.
 Jawaban 9
a.
Lawsuit loss 700.000
Lawsuit Liability 700.000

b.
Tidak diperlukan pencatatan karena tidak ada kemungkinan
keterjadiannya.
 S10
Calaf’s Drillers erects and places into service an off-shore oil platform on
January 1, 2008, at a cost of £10,000,000. Calaf estimates it will cost
£1,000,000 to dismantle and remove the platform at the end of its
useful life in 10 years, which it is legally obligated to do. (The fair value at
January 1, 2008, of the dismantle and removal costs is £500,000.) Prepare
the entry to record the environmental liability.
 Jawaban 10
Oil platform 500.000
Environmental liability 500.000
 S11
Streep Factory provides a 2-year warranty with one of its products which
was first sold in 2007 for ¥4,000,000. Streep estimates that ¥500,000 will
be spent in the future to service warranty claims related to the 2007 sales.
In 2007, Streep spent ¥70,000 servicing warranty claims. Prepare the
journal entries to record the sale, warranty costs, and related warranty
expenditures in 2007
 Jawaban 11
Jurnal untuk pengeluaran sebesar 70.000
Warranty Expense 70.000
Cash, inventory, etc 70.000

Jurnal penyesuaian 31 desember 2007

Warranty Expense 500.000
Warranty liability 500.000
 Tambahan
Presented below are selected transactions on the books of Simonson Corporation.