中级财务会计英模拟试题.docVIP

中级财务会计英模拟试题（分录部分） 考点一：应付账款与应付票据 Ex. 13-68—Notes payable. On August 31, Fargo Co. partially refunded $270,000 of its outstanding 10% note payable made one year ago to Arma State Bank by paying $270,000 plus $27,000 interest, having obtained the $297,000 by using $78,600 cash and signing a new one-year $240,000 note discounted at 9% by the bank. Instructions (1) Make the entry to record the partial refunding. Assume Fargo Co. makes reversing entries when appropriate. (2) Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount. Solution 13-68 (1) Notes Payable 270,000 Interest Expense 27,000 Discount on Notes Payable (9% × $240,000) 21,600 Notes Payable 240,000 Cash 78,600 (2) Interest Expense (1/3 × $21,600) 7,200 Discount on Notes Payable 7,200 Pr. 13-75—Accounts and Notes Payable. Described below are certain transactions of Beacon Company for 2004: 1. On May 10, the company purchased goods from Jay Company for $90,000, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18. 2. On June 1, the company purchased equipment for $120,000 from Nolan Company, paying $40,000 in cash and giving a one-year, 9% note for the balance. 3. On September 30, the company discounted at 10% its $240,000, one-year zero-interest-bearing note at First State Bank. Instructions (a) Prepare the journal entries necessary to record the transactions above using appropriate dates. (b) Prepare the adjusting entries necessary at December 31, 2004 in order to properly report interest expense related to the above transactions. Assume straight-line amortization of discounts. (c) Indicate the manner in which the above transactions should be reflected in the Current Liabilities section of Beacon Companys December 31, 2004 balance sheet. Solution 13-75 (a) May 10, 2004 Purchases/Inventory 88,200 Accounts Payable 88,200 May 18, 2004 Accounts Payable 88,200