Tài liệu Khối Ngành Kinh Tế

In order to know how much is owed by credit customers, separate accounts can be used for each one. All accounts for credit customers can be placed in the Accounts Receivable ledger. Accounts Receivable ledgers are known as subsidiary ledgers.

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Illustration: Chelsea, Inc. reported revenues of $130,000 and expenses of $60,000 in each of its first three years of operations. For tax purposes, Chelsea reported the same expenses to the IRS in each of the years. Chelsea reported taxable revenues of $100,000 in 2015, $150,000 in 2016, and $140,000 in 2017. What is the effect on the accounts of r...

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The Cash Payments journal has five money columns. All credits are entered in the last two money columns. The purchases discount credit column is used to record any purchases discounts taken. The Cash Credit column is used to record the amount of cash payment in each transaction.

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Deposit Method Seller reports the cash received from the buyer as a deposit on the contract and classifies it on the balance sheet as a liability. The seller does not recognize revenue or income until the sale is complete.

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Two types of warranties to customers: Product meets agreed-upon specifications in contract at time product is sold. Warranty is included in sales price (assurance-type warranty). Not included in sales price of product (service-type warranty). Recorded as a separate performance obligation.

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Debt investments are characterized by contractual payments on specified dates of principal and interest on the principal amount outstanding. Companies measure debt investments at amortized cost or fair value.

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The cash receipts journal is a special journal in which all of business’s cash receipts transactions can be recorded in chronological order. The use of a cash receipts journal makes an accounting system more efficient. The cash receipts journal usually has several special money columns that simplify the recording of routine entries.

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Implementation of the with-and-without approach: First, determine total fair value of convertible debt with both the liability and equity component. Second, determine liability component by computing net present value of all contractual future cash flows discounted at the market rate of interest. Finally, subtract liability component estimated i...

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There is no need to enter account titles or to write a long explanation for each transaction. The purchases journal allows for great division of labor -- one person can be put in charge of entering purchases.

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Illustration: Vine Corporation has outstanding 1,000 shares of $100 par value common stock and retained earnings of $50,000. If Vine declares a 10 percent stock dividend, it issues 100 additional shares to current stockholders. If the fair value of the stock at the time of the stock dividend is $130 per share, the entry is:

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