Accounting 1A Exam 1 - Fall 2007

Accounting 1A Exam - Management 1A Fall 2007 Danny S Litt EXAM 1 Solutions I agree to have my grade posted by Student ID Number(Signature(Student

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Management 1A Fall 2007 Danny S. Litt EXAM 1 Solutions I agree to have my grade posted by Student ID Number ________________ _________________ (Signature) (Student ID Number) Name: ________________ PROBLEM POINTS SCORE 1 30 2 30 3 20 4 30 5 20 6 20 7 20 8 30 TOTAL 200
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
M ANAGEMENT 1A N AME : __________________________ Page | 1 Problem 1 The following unadjusted and adjusted trial balances were taken from the current year's accounting system for High Point, Inc. High Point Trial Balances For Year Ended December 31 Unadjusted Trial Balance Adjusted Trial Balance Debit Credit Debit Credit Cash. ..................................................... 11,300 11,300 Accounts receivable. ............................. 16,340 17,140 Office supplies. ..................................... 1,045 645 Prepaid advertising . .............................. 1,100 450 Building. ............................................... 26,700 26,700 Accumulated depreciation–Building . ... 1,300 6,300 Accounts payable. ................................. 3,320 3,500 Unearned services revenue . .................. 4,410 3,010 D. Ruiz, Capital . ................................... 17,905 17,905 Services revenue. .................................. 72,400 74,600 Salaries expense. ................................... 34,500 34,500 Utilities expense . .................................. 5,450 5,630 Advertising expense . ............................ 2,900 3,550 Supplies expense . ................................. 400 Depreciation expense– building . .......... _____ _____ 5,000 ______ Totals. ................................................... 99,335 99,335 105,315 105,315 Requirements: In general journal form, present the six adjusting entries that explain the changes in the account balances from the unadjusted to the adjusted trial balance. Prepare the appropriate adjusting journal entries on next page. No explanations are required.
Background image of page 2
M ANAGEMENT 1A N AME : __________________________ Page | 2 Problem 1 answers: Accounts Dr Cr Accounts Receivable. ........................................ 800 Services Revenue. .............................. 800 To adjust for revenues earned but not yet collected. Supplies Expense . ............................................. 400 Office Supplies. .................................. 400 To adjust for supplies used. Advertising Expense . ........................................ 650 Prepaid Advertising . .......................... 650 To adjust for advertising services used. Depreciation Expense–Building . ...................... 5,000 Accumulated Depreciation– Building . .......................................... 5,000 To record depreciation. Utilities Expense . .............................................. 180 Accounts or Utilities Payable. ............ 180 To adjust for accrued utilities expense. Unearned Services Revenue.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/22/2008 for the course MATH 32A taught by Professor Gangliu during the Winter '08 term at UCLA.

Page1 / 11

Accounting 1A Exam - Management 1A Fall 2007 Danny S Litt EXAM 1 Solutions I agree to have my grade posted by Student ID Number(Signature(Student

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online