BỘ CÔNG THƯƠNG BỘ GIÁO DỤC & ĐÀO TẠO

TRƯỜNG ĐẠI HỌC CÔNG NGHIỆP TP.HCM

KHOA KẾ TOÁN - KIỂM TOÁN
******

BÀI THI GIỮA KỲ MÔN KẾ TOÁN ÚC

Giảng viên hướng dẫn: ThS. Lê Thị Hải Bình

Nhóm sinh viên thực hiện: Nhóm 9
Lớp học phần: 420300339401
Đề 2

TP. HCM, THÁNG 7 NĂM 2021

 DANH SÁCH NHÓM 9

STT Họ và Tên MSSV Công việc Đánh giá

1 Nguyễn Thị Cẩm Duyên 18048621 Question 1, 2 100%

2 Đỗ Tiểu Huỳnh 18048981 Question 3,4 100%

3 Nguyễn Hồ Trúc Mai 18025191 Question 1, 2 100%

4 Huỳnh Ngọc Uyên Nhi 18026131 Question 1, 2 100%

5 Lê Thị Quỳnh Như 18039681 Question 1, 2 100%

6 Trần Khánh Như 18024581 Question 3,4 100%

7 Đỗ Thị Huyền Trang 18055131 Question 3,4 100%

8 Lê Thị Thùy Trang 18049941 Question 3,4 100%

Question 1(2 marks): Consider the following transactions that occurred in
February 2012 for Gems.
Feb 3 Purchased inventory on terms 1/5, n/eom, $3,000.
4 Purchased inventory for cash of $1,600.
6 Returned $600 of inventory from February 4 purchase, received cash.
8 Sold goods on terms of 2/15, n/35 of $7,000 that cost $3,500.
10 Paid for goods purchased on February 3.
12 Received goods from February 8 sale of $700 that cost $190.
23 Received payment from February 8 customer.
Prepare journal entries and, assuming the perpetual inventory system.

 Solution:

 Feb 3: Dr Inventory: $3,000

Cr Account Payable: $3,000
 Feb 4: Dr Inventory: $1,600
Cr Cash: $1,600
 Feb 6: Dr Cash: $600
Cr Inventory: $600
 Feb 8: Dr Account Receivable: $7,000
Cr Sales Revenue: $7,000
Dr Cost of goods sold: $3,500
Cr Inventory: $3,500
 Feb 10: Dr Account Payable: $3,000
Cr Cash: $3,000
 Feb 12: Dr Sales returns and allowances: $700
Cr Account Receivable: $700
Dr Inventory: $190
Cr Cost of goods sold: $190
 Feb 23: Dr Cash: 6,300-126= $6,174
Dr Sales discount: (7,000- 700) *2%= $126
Cr Account Receivable: (7,000- 700) = $6,300
 Question 2: (3 marks) Pierot Theater Company’s trial balance at the end of its
current fiscal year:
Pierot Theater Company
Trial Balance
June 30, 2010
Accounts Debit Credit
Cash 31,800
Accounts Receivable 18,544
Prepaid Insurance 19,600
Office Supplies 780
Land 20,000
Theater Furnishings 770,000
Accumulated Depreciation–Theater 104,400
Furnishings
Accounts Payable 45,50
6
Gift Books Liability 41,90
0
Mortgage Payable 300,000
P. Rieu, Capital 293,018
P. Rieu, Drawing 60,000
Ticket Sales Revenue 456,600
Usher Wages Expense 157,000
Office Wages Expense 24,000
Utilities Expense 112,700
Interest Expense 27,000
Total 1,241,424 1,241,424

Additional information at June 30, 2010:

a. Inventory of unused office supplies, $244.
b. Estimated depreciation on the theater furnishings, $36,000.
c. Accrued but unpaid usher wages at the end of the accounting period, $860. d.
Expired insurance, $5,200. Required
1. Prepare an income statement, a statement of owner’s equity, and a classified
balance sheet.
2. Prepare closing entries at June 30, 2010
  Solution:
1.
a. Dr Office Supplies Expense: $536
Cr Office Supplies: 780- 244= $536
b. Dr Depreciation Expense- Theater Furnishings: $36,000
Cr Accumulated Depreciation- Theater Furnishings: $36,000
c. Dr Usher Wages Expense: $860
Cr Usher Wages Payable: $860
d. Dr Insurance Expense: $5,200
Cr Prepaid Insurance: $5,200

 Worksheet

Accounts Unadjusted Trial Adjusting Adjusted Trial Income Statement Balance Sheet
Balance Balance
Debit Credit Debit Cred Debit Credit Debit Credit Debit Credit
it
Cash 31, 31,800 31,800
800
Accounts 18, 18,544 18,544
Receivable 544
Prepaid 19, 5,200 14,400 14,400
Insurance 600
Office 536 244 244
Supplies 780
Land 20, 20,000 20,000
000
Theater 770, 770,000 770,000
Furnishings 000
Accumulated 104, 36,00 140,400 140,400
Depreciation 400 0
–Theater
Furnishings
Accounts 45, 45,506 45,506
Payable 506
Gift Books 41, 41,900 41,900
Liability 900
Mortgage 300, 300,000 300,000
Payable 000
P. Rieu, 293, 293,018 293,018
Capital 018
P. Rieu, 60, 60,000 60,000
Drawing 000
Ticket Sales 456, 456,600 456,60
Revenue 600 0
Usher Wages 157, 860 157,860 157,860
Expense 000
Office 24, 24,000 24,000
Wages 000
Expense
Utilities 112, 112,700 112,700
Expense 700
Interest 27, 27,000 27,000
Expense 000
Office 536 536 536
Supplies
Expense
Depreciation 36,00 36,000 36,000
Expense- 0
Theater
Furnishings
Usher Wages 860 860 860
Payable
Insurance 5,200 5,200 5,200
Expense
Total 1,241, 1,241, 42,59 42,59 1,278,28 1,278,28 363,296 456,60 914,98 821,684
424 424 6 6 4 4 0 8
Net 93,304 93,304
Income
456,600 456,60 914,98 914,988
0 8

Pierot Theater Company

Income Statement
June 30, 2010

Ticket Sales Revenue 456,600

Expenses:
Usher Wages Expense 157,860
Office Wages Expense 24,000
Utilities Expense 112,700
Interest Expense 27,000
 Office Supplies Expense 536
Depreciation Expense- 36,000
Theater Furnishings
Insurance Expense 5,200
Total expenses 363,296
Net Income 93,304

Pierot Theater Company

Statement of Owner’s Equity
June 30, 2010

P. Rieu, Capital 293,018

Net Income 93,304
386,322
Drawing (60,000)
P. Rieu, Capital, June 30,2010 326,322

Pierot Theater Company

Balance Sheet
June 30, 2010
Assets Liabilities
Current Assets Current Liabilities
Cash 31,800 Accounts Payable 45,506
Accounts Receivable 18,544 Gift Books $41,900
Liability
Prepaid Insurance 14,400 Mortgage Payable 300,000
Office Supplies 244 Usher Wages 860
Payable
Total Liabilities 388,266
Non- Current Assets Owner’s Equity
Land 20,000 Capital 326,322
Theater Furnishings 770,000
Accumulated (140,400)
Depreciation–Theater
Furnishings
Total Assets 714,588 Total Liabilities 714,588
 and Owner’s
Equity

2. Closing Entries
Dr Sales Revenue: $456,600

Cr Income Summary: $456,600

Dr Income Summary: $363,296

Cr Usher Wages Expense: $157,860

Cr Office Wages Expense: $24,000

Cr Utilities Expense: $112,700

Cr Interest Expense: $27,000

Cr Office Supplies Expense: $536

Cr Depreciation Expense- Theater Furnishings: $36,000

Cr Insurance Expense: $5,200

Dr Income Summary: $93,304

Cr Capital: $93,304

Dr Capital: $60,000

Cr Drawing: $60,000

P. Rieu, Capital, June 30,2010: $326,322

Question 3: (2 marks) The adjusted trial balance of Big Papi Music Company for
month ended at June 30, 2012, follows:
BIG PAPI MUSIC COMPANY
Adjusted Trial Balance
 June 30, 2012

Account Debit Credit

Cash 4,600
Accounts receivable 41,800
Inventory 17,200
Supplies 200
Furniture 40,000
Accumulated depreciation 8,400
Accounts payable 13,300
Salary payable 1,200
Unearned sales revenue 6,700
Note payable, long–term 15,000
Papi, capital 38,000
Papi, drawing 40,500
Sales revenue 182,000
Sales returns and allowances 5,000
Cost of goods sold 82,500
Selling expense 19,200
General expense 12,000
Interest expense 1,600
Total 264,600 264,600

Required
1. Prepare a income statement of BigPapi.
2. Prepare BigPapi’s statement of owner’s equity.
3. Prepare BigPapi’s balance sheet.
4. Journalize BigPapi’s closing entries.

 Solution:

1.
BIG PAPI MUSIC COMPANY
Adjusted Trial Balance
June 30, 2012
Sales revenue   182,000
5,00
Less: Sales returns and allowances 0 5,000
 Net Sales revenue   177,000
Cost of goods sold   82,500
Gross profit   94,500
Operating expenses:    
Selling expense 19,200  
General expense 12,000 31,200
Operating income   63,300
Other expense:    
(1,600
Interest expense   )
Net income   61,700

2.
BIG PAPI MUSIC COMPANY
Statement of owner's equity
June 30, 2012
Papi, capital June 30,2012 38,000
Net income 61,700
  99,700
Drawing 40,500
Papi, capital June 30,2012 59,200

3.
BIG PAPI MUSIC COMPANY
Balance Sheet
June 30, 2012
Assets Liabilities
Current assets: Current liabilities:
Cash 4,600 Accounts payable 13,300
Accounts receivable 41,800 Salary payable 1,200
Inventory 17,200 Unearned sales revenue 6,700
Supplies 200 Total current liabilities 21,200
Total current assets 63,800 Non-Current liabilities:
Non-Current assets: Note payable, long–term 15,000
Furniture 40,000 Total liabilities 36,200
Less: Accumulated 8,400 31,600 Owner's Equity
depreciation
Papi, capital 59,200
Total assets 95,400 Total Liabilities and 95,400
Owner's Equity

4. Closing Entries

Debit Service revenue: $5,000

Credit Sales returns and allowances: $5,000

Debit Service revenue: $177,000 (182,000 - 5,000)

Credit Income summary: $177,000

Debit Income Summary: $115,300

Credit Cost of goods sold: $82,500
Credit Selling expense: $19,200
Credit General expense: $12,000
Credit Interest expense: $1,600

Debit Income Summary: $61,700

Credit Papi, Capital: $61,700

Debit Papi, Capital: $40,500

Credit papi, Drawing: $40,500
Papi, Capital at ending period: $59,200

Question 4: (3 marks)
Comparing accrual and cash basis accounting
Smith’s Stews completed the following transactions during April 2012:
Apr 1 Prepaid rent for April through July, $4,800.
2 Purchased computer for cash, $3,600.
3 Performed catering services on account, $3,400.
5 Paid Internet service provider invoice, $225.
6 Catered wedding event for customer and received cash, $2,000.
8 Purchased $130 of supplies on account.
10 Collected $1,900 on account.
14 Paid account payable from April 8.
15 Paid salary expense, $1,000.
30 Recorded adjusting entry for rent (see April 1).
30 Recorded $100 depreciation on computer
1. Prepare journal entries for each transaction.
2. Using the journal entries as a guide, show whether each transaction would
be handled as a revenue or an expense, using both the accrual and cash
basis, by completing the following table.

3. After completing the table, calculate the amount of net income or net loss
for the company under the accrual and cash basis for April.
4. Considering your results from Requirement 3, which method gives the best
picture of the true earnings of Smith’s Stews? Why?

 Solution:

1.
 Apr 1: Debit Prepaid rent: $4,800

Credit Cash: $4,800

 Apr 2: Debit Computer: $3,600

Credit Cash: $3,600

 Apr 3: Debit Account receivable: $3,400

Credit Service revenue: $3,400

 Apr 5: Debit Internet service expense: $225

Credit Cash: $225

  Apr 6: Debit Cash: $2,000

Credit Service revenue: $2,000

 Apr 8: Debit Supplies: $130

Credit Account payable: $130

 Apr 10: Debit Cash: $1,900

Credit Account receivable: $1,900

 Apr 14: Debit Account payable: $130

Credit Cash: $130

 Apr 15: Debit Salary expense: $1,000

Credit Cash: $1,000

 Apr 30: Debit Rent expense: $1,200 ($4,800/4)

Credit Prepaid rent: $1,200 ($4,800/4)

Debit Depreciation expense- Computer: $100

Credit Accumulated depreciation- Computer: $100

2.

Cash-Basis Amount of Accrual-Basis Amuont of

Date
Revenue (Expense) Revenue (Expense)

Apr-01 (4,800) -
2 (3,600) -
3 - 3,400
5 (225) (225)
6 2,000 2,000
8 - -
10 1,900 -
14 (130) -
 15 (1,000) (1,000)
30 - (1,200)
30 - (100)

3.
 The Amount of net income for the company under the Accrual for March:

Net income = Accrual Basis Amount of Revenue – Accrual Basis Amount of Expense

= 3,400 + 2000 – 225 – 1,000 – 1,200 – 100 = $2,875

 The Amount of net loss for the company under the Cash Basis for March:

Net loss = Cash Basis Amount of Revenue – Cash Basis Amount of Expense

= 2,000 + 1,900 – 4,800 – 3,600 – 225 – 130 – 1,000

= ($5,855)

4.

Accrual accounting is method gives the best picture of the true earnings of Smith’s
Stews, Because:

- The accrual basis of accounting provides a better picture of a company's profits during
an accounting period, The reason is that the income statement prepared under the accrual
basis will report all of the revenues actually earned during the period and all of the
expense incurred in order to earn the revenues, 

- The accrual basis of accounting also provides a better picture of a company's financial
position at a moment or point in time, The reason is that all assets that were earned are
reported and all liabilities that were incurred will be reported,

- The accrual basis of accounting is required because of the matching principle.