Appendix: Fundamentals: The Accounting Information
Processing System
Suggested Time
Solutions Manual to accompany Intermediate Accounting, Volume 1, 6th edition App1-
1
,Technical Review
TRApp1-1 Deferred Expenses………….. ........................... 5
TRApp1-2 Deferred Revenue................................................ 5
TRApp1-3 Accrued Expenses and Reversing Journal Entries 5
TRApp1-4 Accrued Revenue and Reversing Journal Entries .... 5
TRApp1-5 Adjusting Journal Entries ................................... 5
TRApp1-6 Adjusting Journal Entries ................................... 5
TRApp1-7 Adjusting Journal Entries ................................... 5
TRApp1-8 Closing Entries ................................................... 5
TRApp1-9 Adjusted Trial Balance ....................................... 5
TRApp1-10 Adjusting Entries and
Statement of Changes in Equity ............................ 5
Assignments
AApp1-1 Journalize Transactions ........................................ 20
AApp1-2 Journalize Transactions and Adjustments—
Valuation (*W) ...................................................... 30
AApp1-3 Journalize and Post—Unadjusted Trial Balance .. 30
AApp1-4 Adjusting Entries .................................................. 30
AApp1-5 Adjusting Entries .................................................. 20
AApp1-6 Adjusting Entries (*W)......................................... 30
AApp1-7 Adjusting Entries .................................................. 15
AApp1-8 Adjusting Entries .................................................. 25
AApp1-9 ASPE—Adjusting Entries .................................... 25
AApp1-10 Adjusting Entries ................................................. 30
AApp1-11 Adjusting Entries ................................................. 25
AApp1-12 Entries and Financial Statements ........................ 30
AApp1-13 Adjustments and Financial Statements (*W) ...... 30
AApp1-14 Adjustments and Statement of Financial Position 30
AApp1-15 Adjustments and Financial Statements................ 30
AApp1-16 Preparing a Statement of Financial Position ....... 30
AApp1-17 ASPE—Preparing Financial Statements (*W) .... 30
AApp1-18 Entries and Worksheet......................................... 45
AApp1-19 Entries and Worksheet......................................... 45
AApp1-20 ASPE—The Accounting Cycle ........................... 75
AApp1-21 The Accounting Cycle ......................................... 90
AApp1-22 Worksheet, Adjusting and Closing Entries,
Statements...................................................... 60
AApp1-23 Perform All Accounting Cycle Steps .................. 90
App1-2 Solutions Manual to accompany Intermediate Accounting, Volume 1, 6th edition
, AApp1-24 Special Journals ................................................... 20
AApp1-25 Special Journals ................................................... 10
AApp1-26 Special Journals ................................................... 20
AApp1-27 Special Journals ................................................... 20
AApp1-28 Transactions and Financial Statements ............... 40
AApp1-29 Transactions and Financial Statements ............... 40
AApp1-30 Transactions and Financial Statements ............... 25
*W The solution to this assignment is on the text website, Connect.
This solution is marked WEB.
Solutions Manual to accompany Intermediate Accounting, Volume 1, 6th edition App1-
3
, Technical Review
Technical Review App1-1
Nov 1
Dr. Prepaid insurance 600
Cr. Cash 600
To record payment of insurance.
Dec 31
Dr. Insurance expense 200
Cr. Prepaid insurance 200
To record insurance expense for two months to Nov 1 to Dec 31
(600 x 2/6)
Technical Review App1-2
April 1
Dr. Cash 2,400
Cr. Revenue – service contracts 2,400
To record receipt from customer for a 12-month service contract.
Oct 31
Dr. Revenue – service contracts 1,000
Cr. Deferred revenue 1,000
To record deferred revenue for five months Nov 1 to Mar 31
(2,400 x 5/12)
Technical Review App1-3
Apr 30
Dr. Wages expense 5,000
Cr. Accrued Wages 5,000
To accrue wages for 5 days (14,000 x 5/14) on April 30.
May 1
Dr. Accrued wages 5,000
Cr. Wages expense 5,000
To reverse the accrual on May 1.
May 9
Dr. Wages expense 14,000
Cr. Cash 14,000
To record payment of wages for pay period ending May 9
App1-4 Solutions Manual to accompany Intermediate Accounting, Volume 1, 6th edition
Processing System
Suggested Time
Solutions Manual to accompany Intermediate Accounting, Volume 1, 6th edition App1-
1
,Technical Review
TRApp1-1 Deferred Expenses………….. ........................... 5
TRApp1-2 Deferred Revenue................................................ 5
TRApp1-3 Accrued Expenses and Reversing Journal Entries 5
TRApp1-4 Accrued Revenue and Reversing Journal Entries .... 5
TRApp1-5 Adjusting Journal Entries ................................... 5
TRApp1-6 Adjusting Journal Entries ................................... 5
TRApp1-7 Adjusting Journal Entries ................................... 5
TRApp1-8 Closing Entries ................................................... 5
TRApp1-9 Adjusted Trial Balance ....................................... 5
TRApp1-10 Adjusting Entries and
Statement of Changes in Equity ............................ 5
Assignments
AApp1-1 Journalize Transactions ........................................ 20
AApp1-2 Journalize Transactions and Adjustments—
Valuation (*W) ...................................................... 30
AApp1-3 Journalize and Post—Unadjusted Trial Balance .. 30
AApp1-4 Adjusting Entries .................................................. 30
AApp1-5 Adjusting Entries .................................................. 20
AApp1-6 Adjusting Entries (*W)......................................... 30
AApp1-7 Adjusting Entries .................................................. 15
AApp1-8 Adjusting Entries .................................................. 25
AApp1-9 ASPE—Adjusting Entries .................................... 25
AApp1-10 Adjusting Entries ................................................. 30
AApp1-11 Adjusting Entries ................................................. 25
AApp1-12 Entries and Financial Statements ........................ 30
AApp1-13 Adjustments and Financial Statements (*W) ...... 30
AApp1-14 Adjustments and Statement of Financial Position 30
AApp1-15 Adjustments and Financial Statements................ 30
AApp1-16 Preparing a Statement of Financial Position ....... 30
AApp1-17 ASPE—Preparing Financial Statements (*W) .... 30
AApp1-18 Entries and Worksheet......................................... 45
AApp1-19 Entries and Worksheet......................................... 45
AApp1-20 ASPE—The Accounting Cycle ........................... 75
AApp1-21 The Accounting Cycle ......................................... 90
AApp1-22 Worksheet, Adjusting and Closing Entries,
Statements...................................................... 60
AApp1-23 Perform All Accounting Cycle Steps .................. 90
App1-2 Solutions Manual to accompany Intermediate Accounting, Volume 1, 6th edition
, AApp1-24 Special Journals ................................................... 20
AApp1-25 Special Journals ................................................... 10
AApp1-26 Special Journals ................................................... 20
AApp1-27 Special Journals ................................................... 20
AApp1-28 Transactions and Financial Statements ............... 40
AApp1-29 Transactions and Financial Statements ............... 40
AApp1-30 Transactions and Financial Statements ............... 25
*W The solution to this assignment is on the text website, Connect.
This solution is marked WEB.
Solutions Manual to accompany Intermediate Accounting, Volume 1, 6th edition App1-
3
, Technical Review
Technical Review App1-1
Nov 1
Dr. Prepaid insurance 600
Cr. Cash 600
To record payment of insurance.
Dec 31
Dr. Insurance expense 200
Cr. Prepaid insurance 200
To record insurance expense for two months to Nov 1 to Dec 31
(600 x 2/6)
Technical Review App1-2
April 1
Dr. Cash 2,400
Cr. Revenue – service contracts 2,400
To record receipt from customer for a 12-month service contract.
Oct 31
Dr. Revenue – service contracts 1,000
Cr. Deferred revenue 1,000
To record deferred revenue for five months Nov 1 to Mar 31
(2,400 x 5/12)
Technical Review App1-3
Apr 30
Dr. Wages expense 5,000
Cr. Accrued Wages 5,000
To accrue wages for 5 days (14,000 x 5/14) on April 30.
May 1
Dr. Accrued wages 5,000
Cr. Wages expense 5,000
To reverse the accrual on May 1.
May 9
Dr. Wages expense 14,000
Cr. Cash 14,000
To record payment of wages for pay period ending May 9
App1-4 Solutions Manual to accompany Intermediate Accounting, Volume 1, 6th edition
