Exercise 08.01 – Reporting Method Matching
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Match the reporting method for each item.
Match the reporting method for each item.
Gives an amount borrowed on a loan and an interest rate. Asks for 3 journal entries.
Your numbers will vary.
Record the issuance of note, the adjustment for note, payment of the note.
Your numbers will vary.
Determine the amount of interest expense that should be recorded.
Your numbers will vary.
Record the appropriate entries for the notes payable and interest.
Your numbers will vary.
Record the advance collection, the revenue recognized, and what is the ending balance in the Deferred Revenue account.
Your numbers will vary.
Should this contingent liability be reported, disclosed, or neither, and explain.
Your numbers will vary.
Determine how to report the situation, explain.
Your numbers will vary.
Record the adjusting entry for estimated warranty costs, the summary entry for actual warranty, the adjusting entry for estimated warranty costs, and what is the balance in Warranty Liability.
Your numbers will vary.
Does the excerpt describe a contingent liability, record entry.
Your numbers will vary.