© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin1 Review Exercise Chapter 9-10.

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© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin1 Review Exercise Chapter 9-10

© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin2 Exercise 1: Bad Debt Expense, Allowance Method, Percent of Sales Method (Chap 9) Alvare Company  Dec.31, estimate 0.5% bad debt of annual credit sales of $875,000  Feb.1, decide that $420 account of P. Coble is uncollectible and write it off as a Bad Debt  June 5, Coble unexpectedly pays the amount previously written off

© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin3 Exercise 1: Bad Debt Expense, Allowance Method, Percent of Sales Method (Chap 9) Alvare Company  Dec.31, estimate 0.5% bad debt of annual credit sales of $875,000  Feb.1, decide that $420 account of P. Coble is uncollectible and write it off  June 5, Coble unexpectedly pays the amount previously written off

© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin4 Exercise 2: Bad Debt Expense, Allowance Method, Percent of Account Receivable Method (Chap 9) Cabool Supply Co.  Dec.31, 2005, outstanding account receivable $53,000, estimate 4% uncollectible  (a) Allowance for Doubtful Accounts has $915 credit balance  (b) Allowance for Doubtful Accounts has $1,332 debit balance

© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin5 Cabool Supply Co. Dec.31, 2205, outstanding account receivable $53,000, estimate 4% uncollectible (a) Allowance for Doubtful Accounts has $915 credit balance (b) Allowance for Doubtful Accounts has $1,332 debit balance

© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin6 Exercise 3: Note Receivable, Interest Revenue (Chap 9) Deshawn Company 2004 Dec.13, accept $10,000, 60-day,8% note dated Dec.13 in granting Clark a time extension on her past-due account receivable. Dec.31, Prepare adjusting entry for accrued interest of Clark note Feb.11, Receive Clark’s payment for principle and interest on note of Dec.13 Mar.3, accept $4,000, 90-day,10% note dated Mar.3 in granting Shandi Company a time extension on her past-due account receivable. Mar.17, accept $2,000, 30-day,9% note dated Mar.17 in granting Torres a time extension on her past-due account receivable. Apr.16, Torres dishonor his note when presented for payment. May.1, Wrote off Torres account against allowance for Doubtful Accounts June.1 Receive Shandi payment for principle and interest on note of Mar.17

© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin7

© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin8 Exercise 4: Extraordinary Repairs, Plant Asset Depreciation (Chap 10) Passat Company has a building with original cost $561,000, and Accumulate Depreciation $420,750  The building has 20-year life and no salvage value, and depreciate with straight-line method  Major structural repair costing $67,200 completed during first week of January.  The repair will extend useful life of building for 7 years.  What’s the age of building?  Journal entry for structural repair  Book value of building immediately after repair?  Journal entry for current year’s depreciation?

© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin9 Exercise 4: Extraordinary Repairs, Plant Asset Depreciation (Chap 10) Passat Company has a building with original cost $561,000, and Accumulate Depreciation $420,750  The building has 20-year life and no salvage value, and depreciate with straight-line method  Major structural repair costing $67,200 completed during first week of January.  The repair will extend useful life of building for 7 years.  What’s the age of building?  Journal entry for structural repair  Book value of building immediately after repair?  Journal entry for current year’s depreciation?

© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin10 Exercise 5: Plant asset disposal, exchange similar assets (Chap 10) Jan.2, Atlantic Co. dispose a machine costing $42,000 with accumulated depreciation $22,625. Prepare journal entry for, (a) Machine is sold for $16,250 (b) Machine is traded in on a similar machine with $58,500 cash price. A $20,000 trade-in allowance is received, and balance is paid in cash. (c) Machine is traded in on a similar machine with $58,500 cash price. A $15,000 trade-in allowance is received, and balance is paid in cash.

© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin11