Magister Manajemen Fakultas Ekonomi Universitas Andalas Matrikulasi Akuntansi Latihan 1. What is the role of accounting in business? 2.

Do the terms debit and credit signify increase or decrease or can they signify either? Explain! 3. Why are adjusting entries needed at the end of an accounting period? Identify the five different categories of adjusting entries frequently required at the end of an accounting period. 4. Why are closing entries required at the end of an accounting period? Describe the four entries that close the temporary accounts! 5. Summarize and provide examples of internal control procedures that apply to inventories. 6. Describe three inventory cost flow assumptions and how they impact the income statement and balance sheet. 7. Compute the proper valuation of inventory at other than cost, using the lower of cost or market and net realizable value concepts. 8. Define fixed assets and describe the accounting for their cost. 9. Differentiate between the accounting for capital expenditures and revenue expenditures. 10. Compute depletion and journalize the entry for depletion. 11. Describe how depreciation expense is reported in an income statement, and prepare a balance sheet that includes fixed assets and intangible assets. Soal: 1. The beginning inventory of books at Mitra Book Store and data on purchases and sales for three month period in year 2004 are as follows:

Date January 2 8 20 30 8 10 27 31 5 13 23 30

Transaction Inventory Purchase Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale

February

Maret

Number of units 500 1500 900 700 100 1000 700 400 1500 700 800 1000

Per unit ($) 61 62 90 90 91 61 92 92 60 100 60 100

Total 30.500 93.000 81.000 63.000 9.100 61.000 64.400 36.800 90.000 70.000 48.000 100.000

Instructions: a. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record, using the FIFO method. b. Determine the total sales and the total cost of books sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account.

c. Determine the gross profit from sales for the period. d. Determine the ending inventory cost. 2. New tire retreading equipment, acquired at a cost of $100,00 at the beginning of a fiscal year, has an estimated useful life of 4 years and an estimated residual value of $10,000. The manager requested information regarding the effect of alternative method on the amount of depreciation expense each year. On the basis of the data presented to the manager, the declining-balance method was selected. In the first week of the fourth year, the equipment was traded in for similar equipment priced at $125,000. The trade-in allowance on the old equipment was $15,000, cash of $10,000 was paid, and a note payable was issued for the balance. Instructions 1. Determine the annual depreciation expense for each of the estimated 4 years of use, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by (a) the straight-line method and (b) the declining-balance method (at twice the straight-line rate). The following columnar heading are suggested for each schedule. Year Depr Expense Accum. Deprec. End of Year Book Value, End of Year

2. For financial reporting purposes, determine the cost of the new equipment acquired in the exchange. 3. Journalize the entry to record the exchange. 4. Journalize the entry to record the exchange, assuming that the trade-in allowance was $8,000 instead of $15,000. 3. Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: a. Timber rights on a tract of land were purchased for$480,000 on July 12. The stand of timer is estimated at 1,5000,000 board feet. During the current year, 380,000 board feet of timber were cut. b. Goodwill in the amount of $5,000,000 was purchased on January 3. It is decided to amortize over the maximum period allowable. c. Governmental and legal costs of $80,000 were incurred on October 2 in obtaining a patent with an estimated economic life of 10 years. Amortization is to be for one-fourth year. Instructions 1. Determine the amount of the amortization or depletion expense for the current year for each of the foregoing items. 2. Journalize the adjusting entries required to record the amortization or depletion for each item. 4. The Thunderlight Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Tom Hanks Capital; Tom Hanks Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Journalize the following selected transactions for August 2005 in a General Journal. August 1. Paid rent for the month, $ 1,700. 2. Paid advertising expense, $ 750.

4. Paid cash for supplies, $ 1,000. 6. Purchased office equipment on account, $ 5,630. 8. Received cash from costumers on account, $ 3.900. 12. Paid creditor on account, $1,150. 20. Withdrew cash for personal use, $1,000. 25 Paid cash for repairs to office equipment, $500. 30. Paid telephone bill for the month, $195. 31. Fees Earned and billed to costumers for the month, $ 10,150. 31. Paid electricity bill for the month, $ 450.

5. Ruhut Panjaitan Company offers legal consulting advice to its clients. The company prepared the following trial balance at 31 July, 2005, the end of the current fiscal year: Ruhut Panjaitan Company Trial Balance July 31, 2005 Cash 6.400 Accounts Receivable 21.000 Prepaid Insurance 3.600 Supplies 2.700 Land 100.000 Building 273.000 Accumulated Depreciation-Building 121.400 Equipment 185.400 Accumulated Depreciation-Equipment 72.600 Accounts Payable 13.000 Unearned Rent 6.000 Ruhut Panjaitan, Capital 425.000 Ruhut Panjaitan, Drawing 20.000 Fees Revenue 382.000 Salaries and Wages Expense 192.400 Advertising Expense 126.400 Utilities Expense 36.000 Repairs Expense 25.000 Miscellaneous Expense 28.100 Total 1.020.000 1.020.000 The data needed to determine year-end adjustments are as follows: a. Accrued fees revenue at July 31 are $ 20.000. b. Insurance expired during the year is $ 900. c. Supplies on hand at July 31 are $1.350. d. Depreciation of building for the year is $3.240. e. Depreciation of equipment for the year is $ 7.000. f. Accrued salaries and wages at July 31 are $ 3.600. g. Unearned rent at July 31 is $ 2.000. Instructions

1. 2. 3. 4. 5. 6. 7.

Complete work sheet and add accounts as needed! Journalize the adjusting entries! Prepare an Income Statement for the year ended July 31, 2005 Prepare a statement of owners equity for the year ended July 31, 2005. Prepare a Balance Sheet as of July 31, 2005 Journalize the closing entries! Prepare a Post-Closing Trial Balance of July 31, 2005