會(huì)計(jì)學(xué)原理19版練習(xí)答案：Chapter_09_Accounting for Receivables

1、McGraw-Hill Companies, 2009Solutions Manual, Chapter 9525Chapter 9Accounting for ReceivablesQUESTIONS 1.When customers use credit cards, the selling companies can avoid having to directly evaluate the credit standing of their customers. They also avoid the risk of bad debts and often are paid cash f

2、rom the credit card company more quickly than if customers were granted credit directly. Moreover, they hope to increase sales, and net income, from the added convenience to buyers. 2.Revenues and expenses usually are not matched under the direct write-off method because the revenues recorded from t

3、he uncollectible accounts often appear on the income statement of one period while the bad debts expenses of those revenues appear on the income statement of a later period when the account(s) is known to be uncollectible. 3.The accounting constraint of materiality suggests that the requirements of

4、accounting standards can be ignored if their effect on the financial statements is unimportant to their users business decisions. 4.Writing off a bad debt against the Allowance account does not reduce the estimated realizable value of a companys accounts receivable because the write-off reduces the

5、balances of both Accounts Receivable and the Allowance for Doubtful Accounts by equal amounts. This means the difference between them (called estimated realizable value) remains the same. 5.The adjusted balances of Bad Debts Expense and Allowance for Doubtful Accounts are virtually never equal becau

6、se the expense amount reflects only the events of the current period, and the allowance is the accumulated result of events over a number of prior periods. The only way that they could be equal would be if write-offs during the prior period exactly equaled the beginning balance of the Allowance acco

7、unt. 6.Creditors prefer notes receivable to accounts receivable because the notes can be more easily converted into cash before they are due by discounting (or selling) them to a financial institution. Also, a note represents a clear written acknowledgment by the debtor of both the debt and its amou

8、nt and terms. 7.Best Buy does not mention uncollectible accounts in its notes to its financial statements, and does not list its receivables as “net” of any allowance for uncollectibles, probably because uncollectible accounts are immaterial. 8.Circuit City uses the allowance method to account for d

9、oubtful accounts as evidenced by the receivables being reduced by an allowance on the balance sheet. The realizable value of accounts receivable as of February 28, 2007, is its net amount of $382,555,000. 9.Apples gross accounts receivable at September 30, 2006 are ($ millions) $1,252 + $52 = $1,304

10、. Apple believes that the percent of accounts receivable that are uncollectible is $52/$1,304 = 4.0% (rounded)QUICK STUDIESQuick Study 9-1 (15 minutes)1.Cash. 15,360Credit Card Expense*.640 Sales .16,000 To record credit card sales less fees. *$16,000 x 4%Cost of Goods Sold.7,000 Merchandise Invento

11、ry.7,000 To record cost of sales.2.Accounts ReceivableCredit Card Cos. 17,460Credit Card Expense*.540 Sales .18,000 To record credit card sales less fees. *$18,000 x 3%Cost of Goods Sold.7,800 Merchandise Inventory.7,800 To record cost of sales.5 days laterCash. 17,460Accounts ReceivableCredit Card

12、Cos.17,460To record cash receipts.Quick Study 9-2 (15 minutes)1.Oct. 31Allowance for Doubtful Accounts.750 Accounts ReceivableD. Elwick .750 To write off account.2.Dec. 9Accounts ReceivableD. Elwick*.400 Allowance for Doubtful Accounts.400 To reinstate a written-off account.*If there is a strong bel

13、ief that the remaining $350 will be collected soon, then the full $750 balance can be reinstated.9Cash.400 Accounts ReceivableD. Elwick .400 To record payment on a receivable.McGraw-Hill Companies, 2009Solutions Manual, Chapter 9527Quick Study 9-3 (15 minutes)1.Dec. 31Bad Debts Expense.875 Allowance

14、 for Doubtful Accounts.875To record estimate of uncollectibles. Desired balance in allowance = $95,000 x 1.5%= $1,425 cr.Adjustment required = $1,425 cr. - $550 cr. = $8752.Desired balance in allowance = $1,425 (part 1)Adjustment required = $1,425 cr. + $150 dr. = $1,575Quick Study 9-4 (10 minutes)D

15、ec. 31Bad Debts Expense. 1,750 Allowance for Doubtful Accounts.1,750 To record estimate of uncollectibles ($350,000 x 0.5%).Quick Study 9-5 (15 minutes) Aug. 2Notes ReceivableD. Kissick.9,000Accounts ReceivableD. Kissick.9,000 To record receipt of note on account.Maturity date Oct. 31Cash.9,135Notes

16、 ReceivableD. Kissick.9,000Interest Revenue.135 To record cash received on note plus interest ($9,000 x 6% x 90/360).Quick Study 9-6 (15 minutes) Dec. 31Interest Receivable.120Interest Revenue.120To record the year-end adjustment for interest earned ($24,000 x 6% x 30/360).Maturity date Jan. 15Cash.

17、24,180Interest Receivable.120Interest Revenue*.60Notes Receivable.24,000 To record cash received on note plus interest. * $24,000 x 6% x 15/360Quick Study 9-7 (10 minutes)Accounts receivable turnover = =6.2 timesInterpretation: An accounts receivable turnover of 6.2 implies that the companys average

18、 accounts receivable balance is converted into cash 6.2 times per year. The 6.2 turnover is about 17% lower than the average turnover of 7.5 for its competitors. The company needs to identify the cause of this poor performance and rectify the situation to at least compete at the average level.Net sa

19、lesAverage accounts receivable$910,600($138,500 + $153,400) / 2McGraw-Hill Companies, 2009Solutions Manual, Chapter 9529EXERCISESExercise 9-1 (20 minutes)Apr. 8Cash .5,376Credit Card Expense* .224 Sales.5,600 To record credit card sales less 4% fee. *($5,600 x .04)8Cost of Goods Sold.4,138 Merchandi

20、se Inventory.4,138 To record cost of sales.12Accounts ReceivableContinental.5,850Credit Card Expense* .150 Sales.6,000 To record credit card sales less 2.5% fee. *($6,000 x .025)12Cost of Goods Sold.4,400 Merchandise Inventory.4,400 To record cost of sales.20Cash .5,850 Accounts ReceivableContinenta

21、l.5,850 To record cash received on credit sales less fees.Exercise 9-2 (25 minutes)Part 1GENERAL LEDGERAccounts ReceivableSalesSales Returns and AllowancesNov. 55,817Nov. 21268Nov. 55,817Nov. 21268101,774101,774131,040131,040303,698303,698Bal.12,061Exercise 9-2 (concluded)Part 1continuedACCOUNTS REC

22、EIVABLE LEDGERSki ShopWelcome EnterprisesKit RoninNov. 55,817Nov. 101,774Nov. 13 1,040Nov. 21268303,698Bal.9,515Bal.772Part 2Beachum CompanySchedule of Accounts ReceivableNovember 30, 2009Ski Shop .$ 9,515Welcome Enterprises.1,774Kit Ronin. 772Total.$12,061Comparison: The total of the Schedule of Ac

23、counts Receivable ($12,061) is proved with the balance of the Accounts Receivable controlling T-account from Part 1 ($12,061).Exercise 9-3 (20 minutes)Dec. 31Bad Debts Expense. 5,148 Allowance for Doubtful Accounts.5,148 To record estimated bad debts expense (.006 x $858,000).Feb. 1Allowance for Dou

24、btful Accounts.429 Accounts ReceivableD. Fidel.429 To write off an account.June 5Accounts ReceivableD. Fidel.429 Allowance for Doubtful Accounts.429 To reinstate an account.June 5Cash.429 Accounts ReceivableD. Fidel.429 To record cash received on account.McGraw-Hill Companies, 2009Solutions Manual,

25、Chapter 9531Exercise 9-4 (15 minutes)a.Dec. 31Bad Debts Expense*.419 Allowance for Doubtful Accounts .419 To record estimated bad debts expense.*Unadjusted balance= $2,371 creditEstimated balance ($139,500 x .02)= 2,790 creditRequired adjustment= $ 419 creditb.Dec. 31Bad Debts Expense*.3,277 Allowan

26、ce for Doubtful Accounts .3,277 To record estimated bad debts expense.*Unadjusted balance= $ 487debit Estimated balance ($139,500 x .02)= 2,790 creditRequired adjustment= $3,277 creditExercise 9-5 (30 minutes) a. Computation of the estimated balance of the allowance for uncollectibles:Not due:$66,00

27、0 x 0.01 =$ 660 1 to 30:15,000 x 0.02 =30031 to 60:6,000 x 0.04 =24061 to 90:3,000 x 0.07 =210Over 90:5,000 x 0.12 = 600$2,010creditb.Dec. 31Bad Debts Expense .2,310 Allowance for Doubtful Accounts.2,310 To record estimated bad debts.*Unadjusted balance .$ 300 debit Estimated balance. 2,010 creditRe

28、quired adjustment.$2,310 creditc.Dec. 31Bad Debts Expense .1,810 Allowance for Doubtful Accounts.1,810 To record estimated bad debts.*Unadjusted balance .$ 200 credit Estimated balance. 2,010 creditRequired adjustment.$1,810 creditMcGraw-Hill Companies, 2009Solutions Manual, Chapter 9533Exercise 9-6

29、 (25 minutes) a. Computation of the estimated balance of the allowance for uncollectibles:$95,000 x 0.02 =$1,900creditb.Dec. 31Bad Debts Expense .2,200 Allowance for Doubtful Accounts.2,200 To record estimated bad debts.*Unadjusted balance .$ 300 debit Estimated balance. 1,900 creditRequired adjustm

30、ent.$2,200 creditc.Dec. 31Bad Debts Expense .1,700 Allowance for Doubtful Accounts.1,700 To record estimated bad debts.*Unadjusted balance .$ 200 credit Estimated balance. 1,900 creditRequired adjustment.$1,700 creditExercise 9-7 (20 minutes)Feb. 1Allowance for Doubtful Accounts.950 Accounts Receiva

31、bleLaguna Co.200 Accounts ReceivableMalibu Co .750 To write off specific accounts.June 5Accounts ReceivableLaguna.200 Allowance for Doubtful Accounts.200 To reinstate an account.June 5Cash.200 Accounts ReceivableLaguna.200 To record cash received on account.Exercise 9-8 (25 minutes)a. Expense is 2%

32、of credit salesDec. 31Bad Debts Expense.6,000 Allowance for Doubtful Accounts .6,000 To record estimated bad debts $300,000 x .02.b. Expense is 1% of total salesDec. 31Bad Debts Expense.7,000 Allowance for Doubtful Accounts .7,000 To record estimated bad debts ($300,000 + $400,000) x .01.c. Allowanc

33、e is 8% of accounts receivableDec. 31Bad Debts Expense.6,200 Allowance for Doubtful Accounts .6,200 To record estimated bad debts.*Unadjusted balance. $1,000 debit. Estimated balance ($65,000 x 8%). 5,200 creditRequired adjustment.$6,200 creditMcGraw-Hill Companies, 2009Solutions Manual, Chapter 953

34、5Exercise 9-9 (20 minutes)July 4Accounts Receivable.7,160 Sales.7,160 To record sales on credit.4Cost of Goods Sold.4,582 Merchandise Inventory.4,582 To record cost of sales.9Cash . 19,285Factoring Fee Expense* .1,015 Accounts Receivable.20,300 To record sale of receivable. *($20,300 x .05)17Cash .3

35、,938 Accounts Receivable.3,938 To record cash received on account.27Cash . 11,000 Notes Payable.11,000 To record cash from a loan.Note to Financial StatementsAccounts receivable in the amount of $14,700 are pledged as security for a $11,000 note payable to Main Bank.Exercise 9-10 (15 minutes)Nov. 1N

36、otes ReceivableC. Cruz.15,000 Accounts ReceivableC. Cruz .15,000 To record receipt of note on account.Dec. 31Interest Receivable.175 Interest Revenue.175 To record interest earned $15,000 x .07 x 60/360.Apr. 30Cash.15,525 Notes ReceivableC. Cruz.15,000 Interest Revenue.350 Interest Receivable.175 To

37、 record cash received on note plus interest earned $15,000 x .07 x 120/360.Exercise 9-11 (20 minutes)Mar. 21Notes ReceivableJ. Penn. 17,200 Accounts ReceivableJ. Penn.17,200 To record receipt of note on account.Sept. 17Accounts ReceivableJ. Penn. 17,802 Interest Revenue .602 Notes ReceivableJ. Penn.

38、17,200 To record note dishonored plus interest earned $17,200 x .07 x 180/360 = $602.Dec. 31Allowance for Doubtful Accounts . 17,802 Accounts ReceivableJ. Penn.17,802 To write off an account.McGraw-Hill Companies, 2009Solutions Manual, Chapter 9537Exercise 9-12 (25 minutes)2008Dec. 13Notes Receivabl

39、eA. Sumera.14,000 Accounts ReceivableA. Sumera.14,000 To record receipt of note on account.31Interest Receivable .63 Interest Revenue .63 To record interest earned $14,000 x .09 x 18/360.2009Feb. 11Cash .14,210 Interest Revenue .147 Interest Receivable .63 Notes ReceivableA. Sumera.14,000 To record

40、cash received on note plus interest. $14,000 x .09 x (60-18)/360=$147Mar. 3Notes ReceivableKudak Co.10,000 Accounts ReceivableKudak Co.10,000 To record receipt of note on account.17Notes ReceivableR. Burgess. 9,000 Accounts ReceivableR. Burgess .9,000 To record receipt of note on account.Apr. 16Acco

41、unts ReceivableR. Burgess . 9,060 Interest Revenue .60 Notes ReceivableR. Burgess.9,000 To record receivable for dishonored note plus interest $9,000 x .08 x 30/360.May 1Allowance for Doubtful Accounts . 9,060 Accounts ReceivableR. Burgess .9,060 To write off account.June 1Cash .10,225 Interest Reve

42、nue .225 Notes ReceivableKudak Co.10,000 To record cash received on note with interest $10,000 x .09 x 90/360.Exercise 9-13 (15 minutes)2008 accounts receivable turnover: = 5.0 times2009 accounts receivable turnover: = 6.3 timesAnalysis: Lucilla Company turned over its accounts receivable 1.3 (5.0 6

43、.3) times more in 2009 than in 2008. This can indicate that the company has tightened its credit policy or has improved its collection efforts. However, relative to competitors turnover of 7, Lucilla is performing worse than average.$193,000($37,200 + $40,500)/2$262,000($40,500 + $42,700)/2McGraw-Hi

44、ll Companies, 2009Solutions Manual, Chapter 9539PROBLEM SET AProblem 9-1A (30 minutes)June 4Accounts ReceivableA. Bullaro.700 Sales .700 To record sales on credit.4Cost of Goods Sold. 220 Merchandise Inventory.220 To record cost of sales.5Cash.8,106Credit card expense*.294 Sales .8,400 To record cre

45、dit card sales less fee. *($8,400 x .035)5Cost of Goods Sold. 4,300 Merchandise Inventory.4,300 To record cost of sales.6Accounts ReceivableAccess .5,850Credit card expense*.150 Sales .6,000 To record credit card sales less fee. *($6,000 x .025)6Cost of Goods Sold. 3,680 Merchandise Inventory.3,680

46、To record cost of sales.8Accounts ReceivableAccess .4,368Credit card expense*.112 Sales .4,480 To record credit card sales less fee. *($4,480 x .025)8Cost of Goods Sold. 2,600 Merchandise Inventory.2,600 To record cost of sales.10No journal entry required.13Allowance for Doubtful Accounts.467 Accoun

47、ts ReceivableT. Wanek.467 To write off account due.17Cash.10,218 Accounts ReceivableAccess .10,218 To record cash from credit card co. ($5,850 + $4,368).18Cash.686Sales Discounts*.14 Accounts ReceivableA. Bullaro.700 To record cash received less discount. *($700 x .02)Problem 9-2A (35 minutes)2008a.

48、Accounts Receivable. 1,347,700 Sales .1,347,700 To record sales on account.Cost of Goods Sold.982,500 Merchandise Inventory.982,500 To record cost of sales.b.Allowance for Doubtful Accounts.20,676 Accounts Receivable.20,676 To write off accounts.c.Cash.671,100 Accounts Receivable.671,100 To record c

49、ash received on account.d.Bad Debts Expense.29,203 Allowance for Doubtful Accounts .29,203 To record estimated bad debts.*Beginning receivables . $ 0Credit sales.1,347,700Collections.(671,100)Write-offs. (20,676)Ending receivables.655,924Percent uncollectible. x 1.3%Required ending allowance.8,527*

50、Cr.Unadjusted balance . 20,676Dr.Adjustment to the allowance. $ 29,203Cr. * rounded to nearest dollarMcGraw-Hill Companies, 2009Solutions Manual, Chapter 9541Problem 9-2A (Concluded)2009e.Accounts Receivable. 1,517,800 Sales .1,517,800 To record sales on account.Cost of Goods Sold.1,302,200 Merchand

51、ise Inventory.1,302,200 To record cost of sales.f.Allowance for Doubtful Accounts.32,624 Accounts Receivable.32,624 To record write-off of accounts.g.Cash. 1,118,100 Accounts Receivable.1,118,100 To record cash received on account.h.Bad Debts Expense.37,396 Allowance for Doubtful Accounts.37,396 To

52、record estimated bad debts.*Beginning receivables .$ 655,924Credit sales.1,517,800Collections.(1,118,100)Write-offs . (32,624)Ending receivables .1,023,000 Percent uncollectible. x 1.3%Required ending allowance.13,299Cr.Unadjusted balance Beginning (Cr.) .$ 8,527 Write-offs (Dr.). 32,624 24,097Dr.Ad

53、justment to the allowance .$ 37,396Cr.Problem 9-3A (35 minutes)Part 1a. Expense is 1.5% of credit salesDec. 31Bad Debts Expense.55,800 Allowance for Doubtful Accounts .55,800 To record estimated bad debts $3,720,000 x .015.b. Expense is 1% of total salesDec. 31Bad Debts Expense.59,047 Allowance for

54、Doubtful Accounts . 59,047 To record estimated bad debts ($2,184,700 + $3,720,000) x .01.c. Allowance is 3% of accounts receivableDec. 31Bad Debts Expense.62,855 Allowance for Doubtful Accounts .62,855 To record estimated bad debts.*Unadjusted balance.$29,030 debitEstimated balance ($1,127,500 x 3%)

55、. 33,825 creditRequired adjustment.$62,855 creditPart 2 Current assetsAccounts receivable. $1,127,500Less allowance for doubtful accounts . (26,770)*$1,100,730Or: Accounts receivable (net of $26,770* uncollectible accounts) .$1,100,730 * Adjustment to the allowance.$55,800 credit Unadjusted allowanc

56、e balance . 29,030 debit Adjusted balance.$26,770 creditPart 3 Current assetsAccounts receivable. $1,127,500Less allowance for doubtful accts. (33,825)*$1,093,675Or:Accounts receivable (net of $33,825* uncollectible accounts) .$1,093,675* See computations in Part 1c.McGraw-Hill Companies, 2009Soluti

57、ons Manual, Chapter 9543Problem 9-4A (35 minutes) Part 1Calculation of the estimated balance of the allowance for uncollectiblesNot due:$784,000 x .0125 =$ 9,800 1 to 30:380,200 x .0200 =7,60431 to 60:81,800 x .0650 =5,31761 to 90:52,000 x .3275 =17,030Over 90:13,000 x .6800 = 8,840$48,591creditPart

58、 2Dec. 31Bad Debts Expense . 25,791 Allowance for Doubtful Accounts.25,791 To record estimated bad debts.*Unadjusted balance .$22,800 credit Estimated balance. 48,591 creditRequired adjustment.$25,791 creditPart 3Writing off the account receivable in 2010 will not directly affect year 2010 net incom

59、e. The entry to write off an account involves a debit to Allowance for Doubtful Accounts and a credit to Accounts Receivable, both of which are balance sheet accounts. Net income is affected only by the annual recognition of the estimated bad debts expense, which is journalized as an adjusting entry

60、. Net income for Year 2009 (the year of the original sale) included an estimated expense for write-offs such as this one.Problem 9-5A (75 minutes)Part 12008Dec. 16Notes ReceivableA. Bakko. 14,400 Accounts ReceivableA. Bakko.14,400 To record note received on account.31Interest Receivable.48 Interest