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31 Cards in this Set
- Front
- Back
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Give the Balance Sheet Classification for each number. Assume a balance sheet date of Dec. 31, 2015 and a normal operating cycle of two years. Choose from the following classifications: Trade & Other Receivables Other Non-Current Asset Long-Term Investment Trade & Other Payables Negative Shareholders Equity Item °°°°°°° A promissory note received from a customer which is due on Nov. 30, 2017 |
Trade and Other Receivables |
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Give the Balance Sheet Classification for each number. Assume a balance sheet date of Dec. 31, 2015 and a normal operating cycle of two years. Choose from the following classifications:Trade & Other ReceivablesOther Non-Current AssetLong-Term InvestmentTrade & Other PayablesNegative Shareholders Equity Item°°°°°°° A promissory note received from the president of the company which is due on Oct. 31, 2017 |
Other Non-Current Asset |
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Give the Balance Sheet Classification for each number. Assume a balance sheet date of Dec. 31, 2015 and a normal operating cycle of two years. Choose from the following classifications:Trade & Other ReceivablesOther Non-Current AssetLong-Term InvestmentTrade & Other PayablesNegative Shareholders Equity Item°°°°°°° Advances to subsidiary which is due on Dec. 10, 2016 |
Long-Term Investment |
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Give the Balance Sheet Classification for each number. Assume a balance sheet date of Dec. 31, 2015 and a normal operating cycle of two years. Choose from the following classifications:Trade & Other ReceivablesOther Non-Current AssetLong-Term InvestmentTrade & Other PayablesNegative Shareholders Equity Item°°°°°°° Subscription Receivable which is due on March 31, 2017 |
Negative Shareholders Equity Item |
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Give the Balance Sheet Classification for each number. Assume a balance sheet date of Dec. 31, 2015 and a normal operating cycle of two years. Choose from the following classifications:Trade & Other ReceivablesOther Non-Current AssetLong-Term InvestmentTrade & Other PayablesNegative Shareholders Equity Item°°°°°°° Advances to supplier. The merchandise will be delivered on April 1, 2017 |
Trade and Other Receivables |
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Give the Balance Sheet Classification for each number. Assume a balance sheet date of Dec. 31, 2015 and a normal operating cycle of two years. Choose from the following classifications:Trade & Other ReceivablesOther Non-Current AssetLong-Term InvestmentTrade & Other PayablesNegative Shareholders Equity Item°°°°°°° Cash deposit for the purchase of equipment. The equipment will be delivered on Jan. 10, 2016 |
Other Non-Current Asset |
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Give the Balance Sheet Classification for each number. Assume a balance sheet date of Dec. 31, 2015 and a normal operating cycle of two years. Choose from the following classifications:Trade & Other ReceivablesOther Non-Current AssetLong-Term InvestmentTrade & Other PayablesNegative Shareholders Equity Item°°°°°°° A customer's account with a credit balance on Dec. 31, 2015 |
Trade and Other Payables |
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Give the Balance Sheet Classification for each number. Assume a balance sheet date of Dec. 31, 2015 and a normal operating cycle of two years. Choose from the following classifications:Trade & Other ReceivablesOther Non-Current AssetLong-Term InvestmentTrade & Other PayablesNegative Shareholders Equity Item°°°°°°° A creditor's account with a debit balance on Dec. 31, 2015 |
Trade and Other Receivables |
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What is the Basis for initial measurement of Long-Term, interest bearing note |
Face Value |
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What is the Basis for initial measurement of Long-Term, non interest bearing note |
Present Value / Discounted Value |
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What is the Basis for initial measurement of Short-Term Notes |
Face Value |
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What is the basis for the subsequent measurement of Accounts Receivables |
Net Realizable Value |
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What is the basis for the subsequent measurement of Long-Term, non interest bearing note |
Amortized Cost |
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On Dec. 31, 2015, a customer purchased P100,000 merchandise, 2/10, n/30. On Dec. 31, 2015, it is expected that the customer will pay within 10 days. Give the adjusting entry on Dec. 31, 2015 |
Sales Discount 2,000 Allowance for Sales Discount 2,000 # |
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On Dec. 31, 2015, a customer purchased P100,000 merchandise, 2/10, n/30. On Dec. 31, 2015, it is expected that the customer will pay within 10 days. Give the adjusting entry on Dec. 31, 2015. Give the entry upon payment of customer within 10 days. |
Cash 98,00 Allowance for Sales Discount 2,000 Accounts Receivable 100,00 # |
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A customer purchases P1,000,000 merchandise, 2/10, n/30. The P20,000 freight is paid by the customer. Give the entry to record the sale assuming the term of the sale is FOB shipping point. |
Accounts Receivable 1,000,000 Sales 1,000,000 # |
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A customer purchases P1,000,000 merchandise, 2/10, n/30. The P20,000 freight is paid by the customer. Give the entry to record the sale assuming the term of the sale is FOB shipping point. Give the entry to record collection within discount period |
Cash 980,000 Sales Discount 20,000 Accounts Receivable 1,000,000 # |
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A customer purchases P1,000,000 merchandise, 2/10, n/30. The P20,000 freight is paid by the customer. Give the entry to record the sale assuming the term of the sale is FOB shipping destination. Give the entry to record the sale assuming the term of sale is FOB destination. |
Accounts Receivables 1,000,00 Freight Out 20,000 Sales 1,000,000 Allowance for Freight Charges 20,000 # |
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A customer purchases P1,000,000 merchandise, 2/10, n/30. The P20,000 freight is paid by the customer. Give the entry to record the sale assuming the term of the sale is FOB shipping destination.(refer to previous slide) Give the entry to record collection within discount period. |
Cash 980,000 960,000 Sales Discount 20,000 20,000 Allowance for Freight Chargers 20,000 Accounts Receivable 1,020,000 # |
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Using the Net Method, give the journal entry to record: Sales of merchandise, P100,000, 2/10, n/30 |
Accounts Receivable 98,000 Sales 98,000 # |
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Using the Net Method, give the journal entry to record: Collection within the discount period. |
Cash 98,000 Accounts Receivable 98,000 # |
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Using the Net Method, give the journal entry to record: Collection beyond the discount period |
Cash 100,000 Sales Discount Forfeited 2,000 Accounts Receivables 98,000 # |
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Give the Journal Entry to recognize D/A Expense based on the following. DR. CR. Accounts Receivable P200,000 Allowance for D/A 5,000 (Unadjusted Ending Balance) Sales P1,000,000 °°°° It is estimated that 5% of A/R will prove to be uncollectible |
Doubtful Account 15,000 Allowance for Doubtful 15,000 # |
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Give the Journal Entry to recognize D/A Expense based on the following. DR. CR.Accounts Receivable P200,000 Allowance for D/A 5,000(Unadjusted Ending Balance)Sales P1,000,000°°°° It is estimated that 1% of sales will prove to be uncollectible |
Doubtful Account 10,000 Allowance for Doubtful 10,000 # |
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Give the Journal Entry to recognize D/A Expense based on the following. DR. CR.Accounts Receivable P200,000 Allowance for D/A 5,000(Unadjusted Ending Balance)Sales P1,000,000°°°° Estimated doutful accounts per aging of A/R, P8,000 |
Doubtful Account 13,000 Allowance for Doubtful 13,000 # |
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ABC Corporations adjusted trial balance on Dec. 31, 2014 showed the following: Accounts Receivable P5,000,000 Allowance for D/A 300,000 2015 transactions included the following: -Total Sales P20,000,000 (including P10,000,000 credit sales) -Collection of A/R 9,000,000 Write-off of A/R during the year100,000 Recovery of an Account Previously Written off 20,000 ABC Corporations recognizes D/A Expense at 2% of total sales °°°° Compute the A/R balance on Dec. 31, 2015 |
USE T ACCOUNT USE T ACCOUNT USE T ACCOUNT USE T ACCOUNT |
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ABC Corporations adjusted trial balance on Dec. 31, 2014 showed the following:Accounts Receivable P5,000,000Allowance for D/A 300,0002015 transactions included the following:-Total Sales P20,000,000(including P10,000,000 credit sales) -Collection of A/R 9,000,000Write-off of A/R during the year100,000Recovery of an Account Previously Written off 20,000 ABC Corporations recognizes D/A Expense at 2% of total sales°°°° Compute the unadjusted allowance for D/A balance on Dec. 31, 2015 |
220,000 |
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ABC Corporations adjusted trial balance on Dec. 31, 2014 showed the following:Accounts Receivable P5,000,000Allowance for D/A 300,0002015 transactions included the following:-Total Sales P20,000,000(including P10,000,000 credit sales) -Collection of A/R 9,000,000Write-off of A/R during the year100,000Recovery of an Account Previously Written off 20,000 ABC Corporations recognizes D/A Expense at 2% of total sales°°°° Give the entry to recognize D/A Expense |
Doubtful Account 400,000 Allowance for Doubtful Account400,000 # |
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ABC Corporations adjusted trial balance on Dec. 31, 2014 showed the following:Accounts Receivable P5,000,000Allowance for D/A 300,0002015 transactions included the following:-Total Sales P20,000,000(including P10,000,000 credit sales) -Collection of A/R 9,000,000Write-off of A/R during the year100,000Recovery of an Account Previously Written off 20,000 ABC Corporations recognizes D/A Expense at 2% of total sales°°°° Assume that later on an aging of A/R revealed that the net realizable value of A/R is P5,700,000. Give the entry to correct the allowance for D/A |
Allowance for D/A 420,000 D/A Expense 400,000 |
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ABC Corporations accounts receivable ledger shows the following: X Co. P2,000,000 Y Co. 1,000,000 Z Co. 3,500,000 Others 900,000 ABC Co. Maintains an allowance for D/A equal to 5% of outstanding A/R. It is probablr that only P1,500,000 can be collected from Z Co. because it is undergoing financial difficulties. The allowance entry to record impairment loss. |
Miscellaneous Income 20,000 |
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