📌 Chapter 4 – Porter, G.A., & Norton, C.L.

(2015):
➖ Question: 4 to 9, and 11;
4.
The income statement is prepared by using the accrual basis of accounting and indicates the
position about the profitability of the company. The income statement is not used as the measure
of company liquidity.

5.
Time period assumption – the relationship to accrual accounting!

6.
Necessary
7.

8.
Depreciation is an accounting method of allocating the cost of a tangible asset over its useful life
and is used to account for declines in value. Businesses depreciate long-term assets for both tax
and accounting purposes. For tax purposes, businesses can deduct the cost of the tangible assets
they purchase as business expenses

9.
1 Prepaid expenses - Example: Prepaid insurance
2 Unearned revenues - Example: An attorney’s retainer fee
3 Accrued revenues - Example: Unpaid interest earned on a notes receivable
4 Accrued expenses - Example: Unpaid wages owed to employees

11.
(c) Analyzing and recording transactions is actually the first step one would do - looking at the
transaction, working it out and recording it. Sometimes easy, sometimes not.

➖ Brief Exercises: 4-2, 4-3, 4-4

4-2.
June 14
April 5
August 30

4-3.

4-4.
January 12, 2015 revenue from the sale be recorded
January 12, 2015 cost of goods sold expense be recorded

➖ Exercises:
4-3,
 1. A
2. B
3. A
4. B
5. B
6. A
7. B
8. B
9. C

4-4.
1.Wages earned by employees but not yet paid. AL
2.Cash collected from subscriptions in advance of publishing a magazine. DR
3.Interest earned on a customer loan for which principal and interest have not yet been collected.
AA
4.One year’s premium on life insurance policy paid in advance. DE
5.Office building purchased for cash. DE
6.Rent collected in advance from a tenant. DR
7.State income taxes owed at the end of the year. AL
8.Rent owed by a tenant but not yet collected. AA

4-5
Office supply expenses 642 1,630
Office Supplies on Hand 15X 1,630
To record office supplies used:
$1,450 + $1,100 – $920
Net income for the month of May would be overstated by $1,630 if this adjusting entry were not
recognized, because expenses would be understated.

4-6
1. $12,000/6 months = $2,000 per month
2. Sept. 1 242 12,000
111 12,000

Note:
Định kỳ tiến hành phân bổ chi phí trả trước vào chi phí SXKD, ghi:
Nợ các TK 623, 627, 635, 641, 642
Có TK 242 - Chi phí trả trước.

3. 642 2,000
242 2,000
4.
net income for the year would be overstated by $6,000
($2,000 per month × 3 months)
4-7
4-8
4-9
4-10

4-11. (141: Số dư bên Nợ: - Số tạm ứng chưa thanh toán.)

1. August
111 27,000
Subscriptions Received in Advance 27,000
To record collection of 900 subscriptions of $30 each.

2. Aug. 31
Subscriptions Received in Advance 7,500
Subscription Revenue 7,500
To record subscriptions earned during August: $40,500 + $27,000 – $60,000.

3. Net income for the month would be understated by $7,500 if the accountant forgot to make the
entry to recognize revenue earned.

4-12
4-13
4-16,
4-18,
4-21,
4-23,
4-36
📌 Chapter 5– Porter, G.A., & Norton, C.L. (2015)
➖ Problems: 5-7, 5-7A
1.Problem 5-7A Purchases and Sales of Merchandise, Cash Flows

📌 Chapter 6 – Warren, C.S, Reeve, J.M, & Duchac, J.E. (2018)

➖ Exercises:
EX 6-14
a. Accounts Receivable— Balboa Co. 254,500
Sales 254,500

Cost of Merchandise Sold 152,700

Merchandise Inventory 152,700
b. Sales Returns and Allowances 30,000
Accounts Receivable— Balboa Co. 30,000
 Merchandise Inventory 17,500
Cost of Merchandise Sold 17,500

c. Cash 220,010
Sales Discounts 4,490 (224,500*2%)
Accounts Receivable— Balboa Co. 224,500
254,500-30,000=224,500

EX 6-34
Jan. 2 Purchases 18,200
Accounts Payable 18,200

5 Freight In 190
Cash 190

6 Accounts Payable 2,750

Purchases Returns and Allowances 2,750

13 Accounts Payable 37,300

Sales 37,300

15 Delivery Expense 215

Cash 215

17 Accounts Payable 15,450

Purchases Discounts 309
Cash 15,141
23 Cash 36,927
Sales Discounts 373
Accounts Receivable 37,300

➖ Problems:
6-2A
Mar. 2 Accounts Receivable—Equinox Co. 18,900
Sales 18,900

2 Cost of Merchandise Sold 13,300

Merchandise Inventory 13,300

3 Cash 12,031
Sale 11,350
Sales Tax Payable 681
3 Cost of Merchandise Sold 7,000
Merchandise Inventory 7,000
 4 Accounts Receivable—Empire Co. 55,400
Sales 55,400

4 Cost of Merchandise Sold 33,200

Merchandise Inventory 33,200

5 Cash 31,800
Sales 30,000
Sales Tax Payable 1,800
5 Cost of Merchandise Sold 19,400
Merchandise Inventory 19,400

12 Cash 18,711
Sales Discounts 189
Accounts Receivable—Equinox Co 18,900
14 Cash 13,700
Sales 13,700

14 Cost of Merchandise Sold 8,350

Merchandise Inventory 8,350

16 Accounts Receivable—Targhee Co. 27,500

Sales 27,500

16 Cost of Merchandise Sold 16,000

Merchandise Inventory 16,000

18 Sales Returns and Allowances 4,800

Accounts Receivable—Targhee Co. 4,800

18 Merchandise Inventory 2,900

Cost of Merchandise Sold 2,900

19 Accounts Receivable—Vista Co 8,250

Sales 8,250

19 Accounts Receivable—Vista Co. 75

Cash 75

19 Cost of Merchandise Sold 5,000

Merchandise Inventory 5,000

26 Cash 22,473
Sales Discounts 227
Accounts Receivable—Targhee Co. 22,700
 28 Cash 8,160
Sales Discounts 165
Accounts Receivable—Vista Co. 8,325
31 Cash 55,400
Accounts Receivable—Empire Co. 55,400

31 Delivery Expense 5,600

Cash 5,600

Apr.3 Credit Card Expense 940

Cash 940

15 Sales Tax Payable 6,544

Cash 6,544

6-3A
Nov.3 Merchandise Inventory 63,750
Accounts Payable—Moonlight Co.
[$85,000 – ($85,000 × 25%)] = $63,750 63,750
4 Cash 37,680
Sales 37,680

4 Cost of Merchandise Sold 22,600

Merchandise Inventory 22,600

5 Merchandise Invntory 48,310

Accounts Payable—Papoose Creek Co. 48,310

6 Accounts Payable—Moonlight Co. 13,500

Merchandise Inventory 13,500

11 Accounts Receivable—Quinn Co. 15,600

Sales 15,600
[$24,000 – ($24,000 × 35%)] = $15,600

11 Cost of Merchandise Sold 9,400

Merchandise Inventory 9,400

13 Accounts Payable—Moonlight Co. 50,250

Cash 49,245
Merchandise Inventory 1,005
14 Cash 236,000
Sale 236,000
 14 Cost of Merchandise Sold 140,000
Merchandise Inventory 140,000

15 Accounts Payable—Papoose Creek Co. 48,310

Cash 47,360
Merchandise Inventory 950
21 Cash 15,444
Sales Discountss 156
Accounts Receivable—Quinn Co. 15,600

6-4A
Aug.1 Accounts Receivable—Beartooth Co. 48,000
Sales 48,000

1 Cost of Merchandise Sold 28,800

Merchandise Inventory 28,800

2 Delivery Expense 1,150

Cash 1,150

5 Accounts Receivable—Beartooth Co. 66,000

Sales 66,000

5 Cost of Merchandise Sold 40,000

Merchandise Inventory 40,000

15 Accounts Receivable—Beartooth Co. 58,700

Sales 58,700

15 Accounts Receivable—Beartooth Co. 1,675

Cash 1,675

16 Cash 47,040
Sales Discounts 960
Accounts Receivable—Beartooth Co. 48,000
20

25

31
 📌 Chapter 5 – Arnold, G & Kyle, S. (2018):
➖ Exercises:
EX 5-1, EX 5-2, EX 5-3, EX 5-4

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