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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 cittadelmonte.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.

Skip to main content. Log In Sign Up. Full file at https: For every external transaction, the company is receiving something in exchange for something else. Internal events do not involve an exchange transaction but do affect the financial position of the company. Examples of external events are the purchase of inventory, a sale to a customer, and the borrowing of cash from a bank. Examples of internal events include the recording of depreciation expense, the expiration of prepaid rent, and the accrual of salary expense.

Collected an account receivable. Recorded depreciation expense. Purchased equipment for cash. Sold merchandise for cash. Sold merchandise on credit. Recorded accrued salaries and wages payable. Paid employee salaries and wages. CD Sold equipment for cash. CR Sold equipment on credit. GJ Paid a cash dividend to shareholders. Paid accounts payable. Paid interest on a loan. Purchased furniture for cash. SJ the sale only, not the cost of the merchandise 6.

CR the sale only, not the cost of the merchandise 7. Paid rent. Recorded accrued interest payable. Paid advertising bill. Collected cash from customers on account. Collected interest on a note receivable. CR Solutions Manual, Vol. Sales revenue Miscellaneous expenses Prepaid rent Insurance expense Rent revenue Accumulated depreciation—office equip.

Sales revenue: Increase in accounts payable 12, Purchases during , Add: Prepaid insurance expired during 2, Deduct: Prepaid rent 12, c. Interest receivable 3, d.

Interest payable 1, Solutions Manual, Vol. This measure is the difference between cash receipts and cash disbursements during a reporting period from transactions related to providing goods and services to customers.

Requirement 2 In most cases, the accrual accounting model provides a better measure of performance because it attempts to measure the accomplishments and sacrifices that occurred during the year, which may not correspond to cash inflows and outflows.

Requirement 3 Adjusting entries, for the most part, are conversions from cash to accrual. Prepayments and accruals occur when cash flow precedes or follows expense or revenue recognition. Accruals occur when the cash flow comes after either expense or revenue recognition. Requirement 2 The appropriate adjusting entry for a prepaid expense is a debit to expense and a credit to the prepaid asset.

For deferred revenue, the appropriate adjusting entry is a debit to the deferred revenue liability account and a credit to revenue. Requirement 3 The required adjusting entry for accrued liabilities is a debit to expense and a credit to a liability. For accrued receivables, the appropriate adjusting entry is a debit to a receivable and a credit to revenue.

Assuming this pertains to prepaid insurance, insurance expense must have exceeded the amount paid for insurance coverage, because the balance decreased during the year. We can visualize the change with a T account: Failure to record an adjusting entry for a prepaid expense will cause expenses to be understated and thus net income to be overstated. Each of these is in the opposite order from what we see in Illustration 2—14 based on U. If AF used U.

GAAP, Issued share capital would be Common stock, Reserves and retained earnings would be separated into retained earnings and one or more other accounts, usually Accumulated other comprehensive income accounts. Under U. GAAP balance sheet. The purpose of this chapter is to review the fundamental accounting process used to produce the financial statements. This review establishes a framework for the study of the concepts covered in intermediate accounting.

Actual accounting systems differ significantly from company to company. This chapter focuses on the many features that tend to be common to any accounting system. LO2—2 Record transactions using the general journal format.

Intermediate Accounting 9th 9E David Spiceland PDF eBook Download

LO2—3 Post the effects of journal entries to general ledger accounts and prepare an unadjusted trial balance. LO2—4 Identify and describe the different types of adjusting journal entries. LO2—5 Record adjusting journal entries in general journal format, post entries, and prepare an adjusted trial balance. LO2—6 Describe the basic financial statements. LO2—7 Explain the closing process. LO2—8 Convert from cash basis net income to accrual basis net income.

Lecture Outline I. The Basic Model A. External events involve an exchange between the company and another entity; internal transactions do not involve an exchange transaction but do affect financial position.

The accounting equation underlies the process used to capture the effect of economic events transactions: Each transaction has a dual effect on the accounting equation. Owners' equity for a corporation, called shareholders' equity, is classified by source as either paid-in capital or retained earnings.

The double-entry system is used to process transactions.

Elements of the accounting equation are represented by accounts in a general ledger. In the double-entry system, debit means left side of an account, and credit means right side of an account. Asset increases are entered on the debit side of accounts and decreases are entered on the credit side. Liability and equity account increases are credits and decreases are debits. The Accounting Processing Cycle A. 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.

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

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. 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. 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. MuoiEsterly Follow. Published in: Full Name Comment goes here. Are you sure you want to Yes No. Be the first to like this. No Downloads. Views Total views. Actions Shares. Embeds 0 No embeds. No notes for slide.

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