會(huì)計(jì)英語第三章作業(yè)

1、Chapter 005 Adjusting Accounts and Preparing Financial StatementsMatching Questions1. Depreciation expense      The accounting system that recognizes revenues when earned and expenses when incurred. 2. Time period principle     &#

2、160;The accounting system where revenues are recognized when cash is received and expenses are recorded when cash is paid. 3. Profit margin      Items paid for in advance of receiving their benefits. 4. Matching principle     

3、; Net income divided by net sales. 5. Accrued revenues      The expense created by allocating the cost of plant and equipment to the periods in which they are used. 6. Accrual basis accounting      Allocates equal a

4、mounts of an asset's cost (less any salvage value) to depreciation expense during its useful life. 7. Cash basis accounting      A principle that assumes that an organization's activities can be divided into specific time periods such as months, quarte

5、rs, or years. 8. Prepaid expenses      The principle that requires expenses to be reported in the same period as the revenues that were earned as a result of the expenses. 9. Straight-line depreciation      Revenues earn

6、ed in a period that are both unrecorded and not yet received in cash or other assets.  140. Match the following terms the appropriate definition. 141. Match the following terms with the appropriate definition. 1. Adjusted trial balance      

7、;A balance sheet that lists assets on the left side and liabilities and equity on the right. 2. Adjusting entry      A journal entry used at the end of an accounting period to bring an asset or liability account balance to its proper amount and update the rela

8、ted expense or revenue account. 3. Account form balance sheet      A listing of accounts and balances prepared before adjustments are recorded. 4. Accounting period      The consecutive 12 months (or 52 weeks) selected a

9、s the organization's annual accounting period. 5. Contra account      A balance sheet that lists items vertically in the order: assets, liabilities and equity. 6. Unadjusted trial balance      The length of time cove

10、red by financial statements. 7. Interim financial reports      An account linked with another account and having an opposite normal balance. 8. Fiscal year      Financial reports covering less than one year, usually one,

11、 three, or six-month periods. 9. Report form balance sheet      A listing of accounts and balances prepared after adjustments are recorded and posted to the ledger. 10. Natural business year      A 12-month period that e

12、nds when a company's sales activities are at their lowest point.  Problems1. On December 14 Bench Company received $3,700 cash for consulting services that will be performed in January. Bench records all such prepayments in a liability account. Prepare a general journal entry to r

13、ecord the $3,700 cash receipt.  2. On December 31, Connelly Company had performed $5,000 of management services for clients that had not yet been billed. Prepare Connelly's adjusting entry to record these fees earned.  3. A company has 20 employees who each earn $50

14、0 per week for a 5-day week that begins on Monday. December 31 of Year 1 is a Monday, and all 20 employees worked that day. a) Prepare the required adjusting journal entry to record accrued salaries on December 31, 2009.b) Prepare the journal entry to record the payment of salaries on January 4, 201

15、0. 4. Pfister Co. leases an office to a tenant at the rate of $5,000 per month. The tenant contacted Pfister and arranged to pay the rent for December 2009 on January 8, 2010. Pfister agrees to this arrangement. a.) Prepare the journal entry that Pfister must make at December 31, 2009 to r

16、ecord the accrued rent revenue.b.) Prepare the journal entry to record the receipt of the rent on January 8, 2010.  5. Prior to recording adjusting entries on December 31, a company's Store Supplies account had an $880 debit balance. A physical count of the supplies showed $325 of

17、 unused supplies available as of December 31. Prepare the required adjusting entry. 6. Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated depreciation on office equipment for the year, $4,000.b. The Prepaid Insurance account

18、has a $3,680 debit balance before adjustment. An examination of insurance policies shows $950 of insurance expired.c. The Prepaid Insurance account has a $2,400 debit balance before adjustment. An examination of insurance policies shows $600 of unexpired insurance.d. The company has three office employees who each earn $100 per day for a five-day workweek that ends on Friday. The employees were paid on Friday, December 26, and have worked full days on Monday, Tuesday, and Wednesday, December 29, 30, and 31.e. On November 1, the compa