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Intermediate accounting spiceland pdf

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Intermediate Accounting 9th 9E David Spiceland Author(s): J. David Spiceland; Mark W. Nelson; Wayne B. Thomas ISBN ISBN About Books [Doc] Intermediate Accounting by David Spiceland pdf, Download David Spiceland epub [Doc] Intermediate Accounting by. Intermediate Accounting 9th Edition by J. David Spiceland (eBook PDF) that this is a PDF digital format and not a hardcover printed book and the PDF file will .


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Intermediate Accounting NINTH EDITION J. DAVID SPICELAND University of Memphis MARK W. NELSON Cornell University WAYNE B. THOMAS University of. Full file at caite.info Solutions-Manual Chapter 2 Review of the Accounting Process QUESTIONS. Part A: Financial Accounting Environment 3. The Economic Environment and Financial Reporting 5. The Investment-Credit Decision—A Cash Flow. Perspective.

Journalizing is made more efficient through the use of specifically designed formats 2. Requirement 3 Adjusting entries, for the most part, are conversions from cash to accrual. To ensure that all revenues are recognized in the period goods or services are transferred to customers 2. If you want to download this book, click link in the last page 5. Are you sure you want to Yes No. Salaries expense Accounts payable 2, Cash 2, 8.

Step 1. Obtain information about transactions from source documents. Step 2. Transaction analysis is the process of reviewing source documents to determine the dual effect on the accounting equation and the specific elements involved.

Step 3. Record the transaction in a journal. Step 4. Post from the journal to the general ledger accounts. In addition to general ledger control accounts, a subsidiary ledger discussed in Appendix 2C contains a group of subsidiary accounts associated with particular general ledger control accounts.

Step 5. Prepare an unadjusted trial balance. A worksheet discussed in Appendix 2A can be used as a tool after and instead of step 5 in the processing cycle. Adjusting Entries A. Step 6. Record adjusting entries and post to the ledger accounts.

Intermediate Accounting 9th Edition by J. David Spiceland (eBook PDF)

Prepayments are transactions in which the cash flow precedes expense of revenue recognition. Prepaid expenses represent assets recorded when a cash disbursement creates benefits beyond the current reporting period. Deferred revenues represent liabilities recorded when cash is received from customers in advance of providing a good or service. Accruals involve transactions where the cash outflow or inflow takes place in a period subsequent to expense or revenue recognition.

Accrued liabilities represent liabilities recorded when an expense has been incurred prior to cash payment. Accrued receivables involve situations when the revenue is recognized in a period prior to the cash receipt. Estimates often are made to comply with the accrual accounting model. Most estimates involve either prepayments or accruals.

One situation involving an estimate that does not fit neatly into either the prepayment or accrual classification is accounting for bad debts. Step 7. Preparation of an adjusted trial balance. Accountants sometimes use reversing entries discussed in Appendix 2B in conjunction with adjusting entries. Step 8. Prepare Financial Statements A. The income statement B. The statement of comprehensive income C. The balance sheet D. The statement of cash flows E.

The statement of shareholders' equity V.

Step 9. Close the Temporary Accounts A. Close the revenue accounts to income summary. Close the expense accounts to income summary. Close the income summary account to retained earnings. Step Prepare a post-closing trial balance. Add deduct increases decreases in assets. For example, an increase in accounts receivable means that the company recognized more revenue than cash collected.

Add deduct decreases increases in accrued liabilities. For example, a decrease in interest payable means that the company incurred less interest expense than the cash interest paid, requiring the addition to cash basis-income. Accessible PowerPoint Presentations. Accessibility is becoming even more important in the education marketplace. Students and instructors with disabilities use many different assistive technologies, and McGraw-Hill Education is working to increase compatibility and access that will not only help those with disabilities achieve better learning outcomes, but also serve the institutions that are teaching these students.

Accessible PowerPoint allows slide content to be read by a screen reader and provides alternative text descriptions for any image files used that enrich the learning experience. Accessible PowerPoint is also designed with high-contrast color palettes and uses texture when possible, instead of color to denote different aspects of the imagery used within the slide.

The slides are intended to provide comprehensive coverage of the chapter, but they can be easily edited to allow instructors to change numbers and content in illustrations or to delete slides pertaining to topics they choose to omit or deemphasize. Spreadsheet Activities In addition to Exercise 2—20 and Problem 2—13, the requirements for Problems 2—2, 2—4, 2—6, 2—8, and 2—10 can be modified to include the use of software such as Excel. Professional Skills Development Activities The following are suggested assignments from the end-of-chapter material that will help your students develop their communication, analysis and judgment skills.

Communication Skills.

In addition to Communication Case 2—3, Judgment Cases 2—1 and 2—2 can be adapted to ask students to write a memo. These Judgment Cases also do well as group assignments and create good class discussions. Analysis Skills. Exercises 2—15, 2—18 and Problems 2—7, 2—9 provide opportunities to develop and sharpen analytical skills. Judgment Skills. This chapter includes Judgment Cases 2—1 and 2—2.

No reproduction or distribution without prior written consent of McGraw-Hill Education. A bank loan increases cash and creates an obligation to repay it. Account Relationships Example: Maintained in separate subsidiary ledgers. Temporary Accounts Temporary accounts would not include: Salaries expense b. Accounts receivable c. Rent revenue d. All of these answers are incorrect The correct answer is b. Accounts receivable is a permanent asset account.

Steps 1 and 2 Step1: Sales invoices, bills from suppliers, and cash register tapes o Identify the date and nature of each transaction, the participating parties, and the monetary terms Step 2: Record the Transaction in a Journal Journals: Each investor was issued 3, shares of common stock. Recording an Expense Recording an expense for salaries incurred and paid in cash would be recorded by: Debiting a liability b.

Debiting an expense c. Debiting cash d. Crediting an expense The correct answer is b. Recording Common Stock The journal entry to record the issuance of common stock in exchange for cash involves: A debit to common stock and a credit to cash b.

A debit to cash and credits to common stock and retained earnings c. A debit to cash and a credit to common stock d. All of these answer choices are incorrect The correct answer is c. Cash is an asset, so it is increased with a debit and common stock is a permanent equity account, so it is increased with a credit. July 31 Bal. To ensure that all revenues are recognized in the period goods or services are transferred to customers 2. Assume that its useful life is five years 60 months and it will be worthless at the end of that period.

What is the liability amount for deferred subscription revenue that will appear in the balance sheet? The company could have debited rent expense, and the adjusting entry records the prepaid rent as of the end of July. Office equipment Less: Income Summary If expenses exceed revenues for the accounting period, the income summary account: Will have a debit balance after closing b. Will have a debit balance prior to closing c. Will have a credit balance prior to closing d.

All of these answer choices are incorrect The correct answer is a. Revenues are debited to reduce them to zero and the income summary account is credited. Expenses are credited to reduce them to zero and the income summary account is debited. So, a debit balance in income summary results from expenses for the period exceeding revenues.

Accounting pdf intermediate spiceland

Prepare a Post-Closing Trial Balance Prepared at year-end only to verify that the closing entries were prepared and posted correctly. You can determine insurance expense for the year. Cash paid 20, Less: Salaries expense , Less: Cash paid , , Salaries exp. Determine the sales revenue. Accounts Receivable Sales Revenue Beg.

Depreciation expense 8, Decrease in prepaid expenses 5, Add: The following adjusting entry for accrued salaries was prepared for the Dress Right Clothing Corporation to record accrued salaries at the end of July.

July 31 10, 5, Bal. The following reversing entry for accrued salaries is recorded for accrued salaries at the beginning of August. Journalizing is made more efficient through the use of specifically designed formats 2. Individual transactions are not posted to the general ledger accounts, they are accumulated and a summary posting is made periodically 3. Accounts Subsidiary Account No. Customer Name No. Receivable Aug. John Smith 18 Greystone School 22 Ms. Page 1 Accounts Cr. Sales Date Explanation or Account Dr.

Cash Receivable Revenue Name Cr. Other Other Accounts Aug. The company owns and operates a wholesale warehouse. The company uses the perpetual inventory system. Analyze each transaction and show the effect of each on the accounting equation for a corporation.

Expense — —1, Depr. Prepare journal entries to record each of the transactions above. Cash , Common stock , Full file at https: Cash , Common stock , 2. Equipment 36, Cash 12, Notes payable 23, Full file at https: Equipment 36, Cash 12, Notes payable 23, 3.

Merchandise inventory 97, Accounts payable 97, Full file at https: Merchandise inventory 97, Accounts payable 97, 4. Accounts receivable , Sales , Cost of goods sold 75, Merchandise inventory 75, Full file at https: Accounts receivable , Sales , Cost of goods sold 75, Merchandise inventory 75, 5.

Rent expense 4, Cash 4, Full file at https: Rent expense 4, Cash 4, 6. Prepaid insurance 5, Cash 5, Full file at https: Prepaid insurance 5, Cash 5, 7. Accounts payable 75, Cash 75, Full file at https: Accounts payable 75, Cash 75, 8. Cash 68, Accounts receivable 68, Full file at https: Cash 68, Accounts receivable 68, 9. Depreciation expense 1, Accumulated depr.

Assume that the opening balances in each of the accounts is zero. Prepare a trial balance from the ending account balances. Inventory 97, 97, Accounts payable 4.

Accounts receivable , Sales , 75, Cost of goods sold 75, 5. Inventory 4, Rent expense 4, Cash 6. Prepaid insurance 5, 5, Cash 7. Depreciation expense 1, Accumulated depreciation 1, Full file at https: Cash , 8 68, Inventory Sales Common stock , 3 97, 4 , Bal. Equipment 36, Cash 12, Common Stock Bal.

Accounts receivable , Sales , Equipment Bal. Rent expense 4, Bal. Prepaid insurance 5, Depreciation Expense Bal. Accounts payable 75, 9 1, Cash 75, Bal. Cash 68, Accounts receivable 68, Bal.

The company owns and operates a retail shoe store. Recorded the amount of prepaid insurance that expired for the month. Prepare journal entries to record each of the transactions and events listed above. Cash 5, Common stock 5, Full file at https: Cash 5, Common stock 5, 6, 2.

Furniture Cash 4, Notes payable 2, Full file at https: Furniture Cash 4, Notes payable 2, 3. Inventory 2, Accounts payable 2, Full file at https: Inventory 2, Accounts payable 2, 4. Accounts receivable 3, Sales 3, Cost of goods sold 2, Inventory 2, Full file at https: Accounts receivable 3, Sales 3, Cost of goods sold 2, Inventory 2, 5.

Rent expense 1, Cash 1, Full file at https: Prepaid insurance Cash Full file at https: Prepaid insurance Cash 7. Accounts payable 2, Cash 2, Full file at https: Accounts payable 2, Cash 2, 8. Cash 3, Accounts receivable 3, Full file at https: Cash 3, Accounts receivable 3, 9.

Retained earnings Cash Full file at https: Retained earnings Cash Depreciation expense Accumulated depreciation Full file at https: Depreciation expense Accumulated depreciation Assume that no financial statements were prepared during the year and no adjusting entries were recorded. The company debited insurance expense for the entire amount.

Intermediate Accounting 9th Edition by J. David Spiceland (eBook PDF)

The payment, representing rent for December and January, was credited to deferred rent revenue. Depreciation expense 12, Accumulated depreciation 12, Full file at https: Depreciation expense 12, Accumulated depreciation 12, 3.

Salaries expense 20, Salaries payable 20, Full file at https: Salaries expense 20, Salaries payable 20, 4. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assuming all quarterly adjusting entries were properly recorded, prepare the necessary year-end adjusting entries at the end of June 30, year 2, for the following situations.

Azmie owns a warehouse that it rents to another company. Account Title Debit Credit Cash 22, Accounts receivable , Prepaid rent 12, Inventory 65, Office equipment , Accumulated depreciation—office equipment , Accounts payable 58, Note payable due in six months 59, Salaries payable 10, Interest payable 1, Common stock , Retained earnings , Sales revenue , Cost of goods sold , Salaries expense , Rent expense 45, Depreciation expense 88, Interest expense 7, Advertising expense 18, Totals 1,, 1,, Full file at https: Prepare an income statement for the year ended December 31, year 1, and a classified balance sheet as of December 31, year 1.

Prepare the necessary closing entries at December 31, year 1. Make sure the change is made in the narration as well.

Spiceland intermediate pdf accounting

The following is a partial adjusted trial balance as of December 31, year 1. Account Title Debits Credits Retained earnings 78, Sales revenue , Interest revenue 4, Cost of goods sold , Salaries expense , Rent expense 22, Depreciation expense 29, Interest expense 5, Insurance expense 6, Required: The November 30 and December 31, year 1, trial balances contained the following account information: November 30 December 31 Debits Credits Debits Credits Supplies 1, 3, Prepaid insurance 5, 4, Salaries and wages payable 14, 21, Deferred rent revenue 2, 1, The following information also is known: No insurance payments were made in December.

Deferred rent revenue was credited. What was the cost of supplies purchased during December? What was the adjusting entry recorded at the end of December for prepaid insurance? What was the adjusting entry recorded at the end of December for accrued salaries and wages?

What was the amount of rent revenue recognized in December? What adjusting entry was recorded at the end of December for deferred rent? Supplies Nov. Prepaid Insurance Nov. Salaries and Wages Payable Nov. Differed Rent Revenue Nov. Principal and interest at 8. The company records supplies purchased in an asset account. Record each transaction in general journal form. Omit explanations. Prepare any necessary adjusting entries at the year-end on December 31, year 1. No adjusting entries were recorded during the year for any item.

During year 1, the following cash flows were recorded: Prepare an accrual basis income statement for year 1. Ignore income taxes. Account Titles Debits Credits Cash 18, Accounts receivable 32, Prepaid rent 4, Inventory 45, Equipment 80, Accumulated depreciation—equipment 25, Accounts payable 20, Salaries and wages payable 0 Common stock 80, Retained earnings 27, Sales revenue , Cost of goods sold , Salaries and wages expense 72, Rent expense 25, Depreciation expense 0 Utility expense 14, Advertising expense 3, Totals , , Full file at https: You can change your ad preferences anytime.

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