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Prof. A. Neal Geller Answer KEY – Financial Accounting Principles PRELIMINARY EXAM 1 – October 3, 2006 A nswer Sheet – Prelim 1 TRUE/FALSE QUESTIONS (Each question is worth 2 points .) Please X the one you believe to be correct. 1. T F 2. T F 3. T F 4. T F 5. T F 6. T F 7. T F 8. T F 9. T F 10. T F MULTIPLE CHOICE QUESTIONS (Each question is worth 2 points .) Please X the one you believe to be correct. 11. A B C D E 12. A B C D E 13. A B C D E 14. A B C D E 15. A B C D E 16. A B C D E 17. A B C D E 18. A B C D E 19. A B C D E 20. A B C D E 21. A B C D E 22. A B C D E 23. A B C D E 24. A B C D E 25. A B C D E 26. A B C D E 27. A B C D E 2
Prof. A. Neal Geller Answer KEY – Financial Accounting Principles PRELIMINARY EXAM 1 – October 3, 2006 Problem 1: Total Points = 46 (plus 6 points Extra Credit) Requirement 1 point each = 9 points total General Journal Ref. Description Debit Credit Problem 1 Requirement 1: Entries to record the events of the year (these items are from Section A in the Problem) (a) cash 2,000,000 accounts receivable 500,000 room revenue 2,500,000 (b) cash 700,000 accounts receivable 700,000 (c) dividend payable 200,000 cash 200,000 (d) cash 30,000 unearned revenue 30,000 (e) prepaid insurance 36,000

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