会计原理Chapter.ppt

* * * * * * * * * * * 100 100 * 70 70 * 70 70 * 70 70 * * 44 44 * * * * * * * 44 44 * * * * * * * 69 69 * * * * * * * * * 77 77 * 80 80 * * 77 77 * * * * Prepare a July 31 bank reconciliation statement and the resulting journal entries for the Simmons Company. The July 31 bank statement indicated a cash balance of $9,610, while the cash ledger account on that date shows a balance of $7,430. Additional information necessary for the reconciliation is shown on the next page. Bank Reconciliation Outstanding checks totaled $2,417. A $500 check mailed to the bank for deposit had not reached the bank at the statement date. The bank returned a customer’s NSF check for $225 received as payment of an account receivable. The bank statement showed $30 interest earned on the bank balance for the month of July. Check 781 for supplies cleared the bank for $268 but was erroneously recorded in our books as $240. A $486 deposit by Acme Company was erroneously credited to our account by the bank. Bank Reconciliation Bank Reconciliation Bank Reconciliation End of Chapter 6 Summary Reading: Chapter 6 Accounting for sales Credit card discount (contra-revenue) Sales discount (contra-revenue) Sales return and allowance (contra-revenue) Net sales = Sales – all contra-revenue account 3. Accounting for bad debts estimation of bad debt expense Write-off bad debt 4. Estimating of BDE Percentage of credit sales – estimation of BDE Aging of A/R – estimation of EB for ADA 5. Internal control of cash/Bank Reconciliation 6. Gross profit percentage Receivables Turnover Ratio 7. HW 6 Exercise 1: percentage of credit sales 12/31/2011 12/31/2010 Allowance for doubtful accounts $5,500 (cr.) $6,000 (cr.) During 2011, Pam recorded revenue of $100,000 including $80,000 on account. Past experience indicates 3% bad debt rate on credit sales (1) Prepare journal entry for sales during 2011 (2) Record the estimation of bad debt expense (3) Ho