FAR Study Group Q1 2017 - Page 159

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  • March 9, 2017 at 12:01 am #1509192
    NYaccountingstudent
    Participant

    Im trying to find good journal entry transactions to review, here are the ones i have studied or plan on studying tonight. can anyone recommend anymore?

    Cost VS Par Value Journal Entries for T stock
    Bond issuance Journal Entries
    Acquisition Journal Entries
    Non Monetary vs monetary journal entries

    March 9, 2017 at 12:03 am #1509195
    Namstut
    Participant

    Governmental – open budget, encumbrances, expenditures, close budget.

    AUD 7/6/16 Passed
    BEC 9/3/16
    FAR TBD
    REG TBD

    March 9, 2017 at 12:10 am #1509202
    allstr921
    Participant

    2 of Bobs i liked alot and used a bunch of times in multiple choice were for what goes in statement of cash flows

    Investing activity makes me HAPPEE
    Held to maturity investments
    Available for sale investments
    Property
    Plant
    Equipment
    Equity investments

    Financing activity, Princ Divits

    PRINCipal
    DIVidends paid
    Issued stock
    Treasury Stock

    March 9, 2017 at 12:10 am #1509204
    mtaylo24
    Participant

    Business Combos
    Derivatives/Hedges
    Inventory
    Leases
    Don't sleep on A/R

    AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
    REG - 55 (2/16) 69 (5/16) Retake(8/16)
    BEC - 71(5/16) Retake (9/16)
    FAR - (8/16)

    March 9, 2017 at 12:14 am #1509205
    mtaylo24
    Participant

    Leases (excuse the scenarios)

    SU 13: Leases

    13.2 Lessee account for capital leases – initial measurement

    Dr. Leased machine
    Cr. Leased obligation

    13.3 Lessee accounting for capital leases – subsequent measurement

    12/31/1
    Dr. Interest expense
    Cr. Interest payable

    1/2/2
    Dr. Lease obligation
    Dr. Interest payable
    Cr. Cash

    13.4 – Lessee Accounting for Capital Leases – Other Considerations

    Throughout Lease
    Dr. Depreciation Expense
    Cr. Accumulated Depreciation

    End of Lease term
    Dr. Lease obligation
    Cr. Lease Machine

    13.5 Lessor Accounting for Capital Leases

    Dr. Lease Receivable
    Cr. Asset
    Cr. Unearned Interest Income

    1/2/1
    Dr. Lease payments receivable
    Cr. Asset
    Cr. Unearned Interest Income

    12/31/1
    Dr. Cash
    Cr. Lease payments receivable
    Dr. Unearned Interest Income
    Cr. Interest Income

    Sales Type Lease
    Dr. Lease payments receivable
    Dr. Cost of Goods Sold
    Cr. Unearned interest income
    Cr. Sales revenue
    Cr. Asset

    Year-end entry
    Dr. Cash
    Cr. Lease payments receivable
    Dr. Unearned interest income
    Cr. Interest income

    13.6 Operating Leases

    Lesssee Accounting
    Dr. Rent Expense
    Cr. Cash

    Lessor Accounting
    Dr. Cash
    Cr. Rent Expense

    AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
    REG - 55 (2/16) 69 (5/16) Retake(8/16)
    BEC - 71(5/16) Retake (9/16)
    FAR - (8/16)

    March 9, 2017 at 12:15 am #1509208
    allstr921
    Participant

    @nyaccountstudent

    recording leases

    March 9, 2017 at 12:16 am #1509210
    mtaylo24
    Participant

    SU 16 – Derivatives, Hedging, and Other Topics

    16.1 Derivatives and Hedging

    Purchase
    Dr. Inventory – Commodity B
    Cr. Cash

    Gain on sale
    Dr. Futures Contracts
    Cr. Gain on cash flow hedge – oci

    Net Cash Settlement
    Dr. Cash
    Cr. Futures Contract

    16.2 Foreign Currency Issues

    11/15/1
    Dr. Inventory
    Cr. A/P

    12/31/1
    Dr. Loss on foreign currency Transactions
    Cr. A/P

    1/15/2
    Dr. A/P
    Dr. Loss on foreign currency transactions
    Cr. Cash

    AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
    REG - 55 (2/16) 69 (5/16) Retake(8/16)
    BEC - 71(5/16) Retake (9/16)
    FAR - (8/16)

    March 9, 2017 at 12:19 am #1509216
    mtaylo24
    Participant

    OK, last freebie from me.

    SU 11: Employee Benefits

    11.1 – Types of Pension Plans

    100K plan
    Deposits 100,000 in pension plan
    Dr. Pension Expense
    Cr. Cash

    Deposits 110,000 in the pension plan
    Dr. Pension Expense 100
    Dr. Ppd Expenses 10
    Cr. Cash 110

    Employer deposits 90,000 in plan
    Dr. Pension Expense 100
    Cr. Cash 90
    Cr. Pension Payable 10

    11.2 Defined Benefit Plan – Components of Pension Expense

    Dr. Pension Expense
    Cr. Pension Liability
    Dr. OCI
    Cr. Pension Expense
    Dr. Pension Expense
    Cr. OCI

    Amortization of the Prior Service Cost
    Dr. Prior Service Cost – OCI
    Cr. Pension Liablity – PBO

    Amortize Prior Service Cost
    Dr. Pension Expense
    Cr. Prior Service Cost – OCI

    1/1
    Dr. Prior Service Cost – OCI
    Cr. Pension Liability – PBO

    12/1
    Dr. Pension Expense
    Cr. Prior Service Cost – OCI

    11.6 – Compensated Absences and Postemployment Benefits

    Dr. Vacation pay expense
    Cr. Compensated absences payable – current liability
    Cr. Compensated absences payable – non-current liability

    11.7 Share-based payment
    Recognition of expense during the requisite service period
    Dr. Compensation expense
    Cr. Paid-in capital – equity award

    Issuance of shares
    Dr. Cash
    Dr. Paid in capital – equity award
    Cr. Common stock
    Cr. Paid in capital in excess of par

    Forfeitures, expiration of options, etc.
    Dr. Paid-in Capital – equity award
    Cr. Paid-in Capital – Forfeitures

    Share Option
    12/31/1
    Recognition of Compensation Cost
    Dr. Compensation Cost
    Cr. Paid-in Capital – Share Options

    12/31/2
    Exercise of Options
    Dr. Cash
    Dr. Paid-in Capital – Share options
    Cr. Common stock
    Cr. Additional paid-in capital – common stock

    12/31/10
    Expired Options
    Dr. Paid in Capital – share options
    Cr. Paid in Capital – expired Share options

    AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
    REG - 55 (2/16) 69 (5/16) Retake(8/16)
    BEC - 71(5/16) Retake (9/16)
    FAR - (8/16)

    March 9, 2017 at 12:21 am #1509223
    NYaccountingstudent
    Participant

    @mtaylo

    What business combo JE should i be looking at besides acquition JE (CAR IN BIG)

    March 9, 2017 at 12:29 am #1509226
    mtaylo24
    Participant

    SU 15 Business Combinations

    15.1 – Accounting for Business Combinations – Overview
    Bond Issue Costs
    Dr. Debt Issue Costs
    Cr. Cash

    Fee for stock certificates
    Dr. APIC
    Cr. Cash

    Finders and consulting fees
    Dr. Business Combo Expense
    Cr. Cash

    15.5 Consolidated Financial Reporting – Intraentity Elimination
    Eliminating JE
    Dr. Sales
    Cr. Inventory
    Cr. COGS
    Dr. Sales
    Cr. COGS

    Dr. Equipment
    Dr. Gain on Sale of Equipment
    Cr. Accumulated Depreciation
    Cr. Depreciation Expense

    5.2 Fair Value Option
    Dr. Investment – FVO
    Cr. Cash

    Remeasurement of FV
    Dr. Unrealized Holding loss on FVO investment
    Cr. Investment – FVO

    Year-end FV remeausrement
    Dr. Investment – FVO
    Cr. Unrealized Holding Gain

    5.4 – Equity Method

    Dr. Investment in Minion Co
    Cr. Cash

    Dr. Investment in X Co
    Cr. Revenue

    Dr. Loss – Share of X Co. Losses
    Cr. Investment in X Co.

    Dr. Cash or dividend receivable
    Cr. Investment in X Co.

    Dr. Investment in Downland Corp
    Cr. Cash

    Dr. Cash
    Cr. Investment in Dowland Corp

    Dr. Investment in Dowland Corp
    Cr. Income – equity-method investee

    Dr. Equity Method Loss
    Cr. Investment in X co.

    AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
    REG - 55 (2/16) 69 (5/16) Retake(8/16)
    BEC - 71(5/16) Retake (9/16)
    FAR - (8/16)

    March 9, 2017 at 12:31 am #1509231
    NYaccountingstudent
    Participant

    Where are you getting these from

    When I need to find journal entry examples i either google or youtube “(insert cpa exam subject here) journal entries”

    March 9, 2017 at 12:33 am #1509234
    NYaccountingstudent
    Participant

    and thanks for all those

    March 9, 2017 at 12:33 am #1509235
    mtaylo24
    Participant

    @NYaccountingstudent – I wasted a weekend typing any and all JEs from my review book

    AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
    REG - 55 (2/16) 69 (5/16) Retake(8/16)
    BEC - 71(5/16) Retake (9/16)
    FAR - (8/16)

    March 9, 2017 at 1:35 am #1509268
    norseman88
    Participant

    Thanks @namstut – I so hope I'm done, can't take another one of these! Just give yourself enough time with sims, I think they handed me the L.

    March 9, 2017 at 1:38 am #1509270
    NYaccountingstudent
    Participant

    im going to attempt to leave myself two hours for Sims

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