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.
Record the issuance of note, the adjustment for note, payment of the note.
Determine the amount of interest expense that should be recorded.
Record the appropriate entries for the notes payable and interest.
Record the advance collection, the revenue recognized, and what is the ending balance in the Deferred Revenue account.
Should this contingent liability be reported, disclosed, or neither, and explain.
Determine how to report the situation, explain.
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.
Does the excerpt describe a contingent liability, record entry.