SOAL KUIS ASISTENSI I

AKUNTANSI KEUANGAN MENENGAH I

Berdoalah sebelum mengerjakan dan Boleh buka buku...
1. Bad Debt Reporting
a. Hill Company’s unadjusted trial balance at December 31, 2010 included the
following accounts:
Debit Credit
Allowance for doubtful accounts $ 3.000
Sales $ 450.000
Sales return and allowances $ 10.000

This company estimates its bad debts expense to be 2% of sales. Determine

bad debt expense for 2010 and prepare the entry!
b. An Analysis and aging of Dimitrij Co. accounts receivable at December 31,
2009 disclosed the following:
Amounts estimated to be uncollectible $ 250.000
Accounts receivable 1.750.000
Allowance for doubtful accounts (per books) 125.000
What is the net realizable value of Dimitrij Company receivables at
December,31 2009?
c. Bill Corp. provides for doubtful accounts based on 3% of credit sales. The
following data are available for 2009
Credit sales during 2009 $ 2.100.000
Allowance for doubtful accounts 1/1/09 12.000
Collection of accounts written oof in prior years 8.000
(customer credits was reestablished)
Customer accounts written off as uncollectible 30.000
What is the balance of in the Allowance for doubtful accounts at December
2009?
2. On September 1, 2007, Kola-Kola Farm sold a pecan-harvesting machine to
Brother Inc. In lieu of cash payment Brother Inc gave Kola-Kola Farm a three year, $
$200.000, 8% note (a realistic rate of interest for a note of this type). The note
required interest to be paid annually on September, 1. Kola-Kola Farm’s financial
statements are prepared on a calendar-year basis.
Instructions:
Prepare the necessary journal entries over 3 years until the maturity date!
3. In January 1, 2009, Bigelow Corp.makes a loan to Rita Co. and receives in
exchange a three year, $ 20.000 note bearing interest at 12% percent semi-annually.
The market rate of interest for a note for similar risk is 10%. Company uses effective
interest method and straight line method..
Prepare the necessary journal entries and schedule of note discount/ premium
amortization with the both methods for a year 2009 and 2010!

4. The following information relates to the Jimmy Johnson Company.

Date Ending Inventory Price Index
(End of year-prices)
December 31, 2007 $ 70.000 100
December 31, 2008 90.300 105
December 31, 2009 95.120 116
December 31, 2010 105.600 120
December 31, 2011 100.000 125

Use the dollar-value LIFO method to compute the ending inventory for Jimmy
Johnson Co. for 2007 through 2011!

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