Question

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1、The ABC Travel completed these transactions during June:
1 Received cash for services from June to the end of the year, 700 in advance.
1 Prepaid rent for 2 months, 900
4 Paid telephone bill, 750.
5 Performed services for cash, 3,000
11 Purchased equipment lasted for 3 year in cash, 10,800.
12 Received cash for services performed, 2,000
30 Accrued Income Tax Expense, 200
30 Recorded adjusting entry for June Unearned revenue.
30 Recorded adjusting entry for June Rent expense
30 Recorded adjusting entry for June Depreciation expense
Required: Prepare the Journal Entries for June.

判断
（一）(1) If a department in one store has its own accountimg system and records transactions with other departments, then it is an accounting entity.
(2) Finacial statements are presented in the currency of thie country where an entiry operates.
(3) The value of money is constant over time.
(4) The historical cost has an important advantage over other valuations: it is reliable.
(5) Companies account for liabilities on a cost basis.
(6) If accounting procedures are changed, the fact of the change and its effet on reported results are supposed to be disclosed in the financial statements.
(7) A change should not be made even if a new procedure would result in financial statements with improved "tuth and fairness”.
(8) Two similar firms in the same industry may record a similar transaction in the different ways, and still comply with the consistency principle.
(9) The consistents principle means that a business depreciates all its assets on the same basis
(10) In gereral ,experses are not recorded as soon as they become probable.
（二）1.Companies determine the number of unit from perpetual inventory records ,backed up by a physical count.
2. FIFO and LIFO inventory costingmethods are exact opposites of each other.
3.With the increased availability of relatively inexpersive accounting software, may businesses have switched to perpetual inventory systems.
4. If a perpetual inventory system is used, cost of goods sold appears on the balance sheet.
5.Under the FIFO method, ending inventory is valued based on the most recent purchases.
6. When prices are rising. LIFO generally results in the lowest taxable income, and therefore helps reduce taxes paid
7.FIFO will report the lowest cost of goods sold on the income Statement when price are falling.
8. LIFO matches cost of goods sold to sales on the balance sheet better than FIFO .
9.When price are falling ,the LIFO method results in the lowest taxable income.
10.The LIFO method can result in the misleading inventory costs on the Balance sheet because the ordest prices are left in ending inventory.

Answer 1

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