E13.2 (LO 1) (Accounts and Notes Payable) The Following Are Selected 2022 Transactions of

Nama : Aldini Nurul Aidha
NPM : 0119101068
Kelas : A
Mata kuliah : Akuntansi Instrumen Keuangan
E13.2 (LO 1) (Accounts and Notes Payable) The following are selected 2022 transactions of
Darby Corporation
Sept 1 Purchased inventory from Orion Company on account for $50,000. Darby records
purchases gross and uses a periodic inventory system.
Oct 1 Issued a $50,000, 12-month, 8% note to Orion in payment of account.
Oct 1 Borrowed $75,000 from the Shore Bank by signing a 12-month, zero-interest-bearing
$81,000 note.
Instructions
a. Prepare journal entries for the selected transactions above.
b. Prepare adjusting entries at December 31.
c. Compute the total net liability to be reported on the December 31 statement of financial
position for:
1. The interest-bearing note.
2. The zero-interest-bearing note.
Jawab :
a. Prepare journal entries for the selected transactions above.
Date Description Dr Cr
Sept Purchase 50.000
1 Account Payable 50.000
Oct 1 Account payable 50.000

Notes payable 50.000
Oct 1 Cash 75.000

b. Prepare adjusting entries at December 31.

Des Interest expense 1.000
31 Interest payable 1.000
*50.000 x 8% x 3/12
Des Interest expense 1.500
31 Discount on notes payable 1.500
*60.000 x 3/12
c. (1) The interest-bearing note.
Interest 1.000
payable
51.000
(2) The zero interest-bearing note

Less discount (6.000- 4.500
1.500)
76.500
E13.8 (LO 1) (Adjusting Entry for Sales Tax and VAT) During the month of June, Danielle’s
Boutique had cash sales of R$265,000 and credit sales of R$153,700, both of which include the
6% sales tax that must be remitted to the government by July 15.
Instructions
a. Prepare the adjusting entry that should be recorded to fairly present the June 30 financial
statements
b. How would the adjusting entry change if the 6% tax was a VAT rather than a sales tax?
Jawab:
a. Prepare the adjusting entry that should be recorded to fairly present the June 30 financial
statements
June
Sales revenue. 23.700
30 Sales taxes payable 23.700
Computation:
Sales plus sales tax R$418.700
(R$265.000 + R$153.700)
Sales exclusive of tax (395.000)
(R$418.700/1,06)
Sales tax R$23.700
b. How would the adjusting entry change if the 6% tax was a VAT rather than a sales tax?
Sales revenue 23.700
Value added taxes payable 23.700
P13.2 (LO 1, 2) (Liability Entries) Listed below are selected transactions of Schultz Department
Store for the current year ending December 31.
1. On December 5, the store received €500 from the Jackson Players as a deposit to be
returned after certain furniture to be used in stage production is returned on January 15.
2. During December, cash sales totaled €798,000, which includes the 5% VAT that must be
remitted to the tax authority by the fifteenth day of the following month.
3. On December 10, the store purchased for cash three delivery trucks for €120,000. The
trucks were purchased in a jurisdiction that applies a 5% VAT.
4. The store determined it will cost €100,000 to restore the area surrounding one of its store
parking lots, when the store is closed in 2 years. Schultz estimates the fair value of the
obligation at December 31 is €84,000.
Instructions
Prepare all the journal entries necessary to record the transactions noted above as they
occurred and any adjusting journal entries relative to the transactions that would be required
to present fair financial statements at December 31. Date each entry. For simplicity, assume
that adjusting entries are recorded only once a year on December 31.
Jawab:
Des 5 Cash 500
Returnable deposit (liability) 500
Des 1- Cash 798.000

31 Sales revenue 760.000
(798.000/1,05)
Value added taxes payable 38.000
(760.000 x 0,5)
Des 10 Trucks (120.000 x 1,05) 126.000

Cash 126.000
Des 31 Parking lot 84.000

Environmental liability 84.000
P13.7 (LO 2) (Warranties) Alvarado Company sells a machine for $7,400 with a 12-month
warranty agreement that requires the company to replace all defective parts and to provide
the repair labor at no cost to the customers. With sales being made evenly throughout the
year, the company sells 600 machines in 2022 (warranty expenditures are expected half in
2022 and half in 2023). As a result of product testing, the company estimates that the total
warranty cost is $390 per machine ($170 parts and $220 labor).
Instructions
Assuming that actual warranty expenditures occur exactly as estimated, what journal entries
would be made relative to the following facts?
a. Sale of machinery and warranty expenditures occur in 2022.
b. Warranty accrual on December 31, 2022.
c. Warranty expenditures occur in 2023. d. What amount, if any, is disclosed in the
statement of financial position as a liability for future warranty expenditures as of
December 31, 2022?
Jawab:
a. Sale of machinery and warranty expenditures occur in 2022.

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Nama : Aldini Nurul Aidha

Oct 1 Account payable 50.000

Oct 1 Cash 75.000

b. Prepare adjusting entries at December 31.

(2) The zero interest-bearing note

Des 1- Cash 798.000

Des 10 Trucks (120.000 x 1,05) 126.000

Des 31 Parking lot 84.000

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