2002 Fall Accounting_011_exam_1___Fall_2002

2002 Fall Accounting_011_exam_1___Fall_2002 - Temple...

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Unformatted text preview: Temple University Fox School of Business and Management Dr. Steven Balsam Accounting 011 Exam #1 September 25, 2002 Instructions: You have 50 minutes. Answer the questions on the pages provided and please remember to show all work so that you may receive partial credit. Also please put your name on each page in case the pages get separated. Good luck! Beta Alpha Psi started a sideline business selling school supplies on September 26, 2002. During October 2002 the following transactions occurred. October 1 Invested $1,500 cash in business 1 Purchased inventory (school supplies) for $1,200 (paid cash) 2 Placed advertisement in Ambler Gazette at cost of $50 (did not pay cash) 30 Sales (all cash) for the month totaled $1,500, Cost of goods sold totaled $1,000. 31 Paid a dividend of $300 cash. Required: 1. Prepare the journal entries for the above transactions 2. Post the entries to the following accounts: i. Cash ii. Inventory (School supplies) iii. Accounts Payable iv. Stockholders Equity v. Dividend vi. Cost of Goods Sold vii. Advertising Expense viii. Revenue 3. Prepare a trial balance as of December 31, 2002. 4. Prepare journal entries to close the temporary accounts. 5. Prepare the following i. income statement ii. balance sheet iii. statement of owners equity iv. statement of cash flows 2 Use this page for your journal entries _______________________________________________________________________ _ _______________________________________________________________________ _ _______________________________________________________________________ _ _______________________________________________________________________ _ _______________________________________________________________________ _ _______________________________________________________________________ _ _______________________________________________________________________ _ _______________________________________________________________________ _ _______________________________________________________________________ _ _______________________________________________________________________ _ _______________________________________________________________________ _ _______________________________________________________________________ _ _______________________________________________________________________ _ _______________________________________________________________________ _ _______________________________________________________________________ _ 3 _______________________________________________________________________ _ _______________________________________________________________________...
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2002 Fall Accounting_011_exam_1___Fall_2002 - Temple...

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