Old exam 1

Old exam 1 - Temple University Fox School of Business and...

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Unformatted text preview: Temple University Fox School of Business and Management Dr. Steven Balsam Accounting 011 Exam #1 September 23, 1999 Instructions: You have 150 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! Problem 1 (75 points) Beta Alpha Psi started a sideline business selling Hot Dogs on September 26, 1999. During the remainder of 1999 the following transactions occurred. October 1 Invested $1,000 cash in business 1 Purchased grill at cost of $500 paying cash 2 Purchased 500 Hot Dogs and Rolls at cost of $100 paying cash 3 Placed advertisement in Ambler Gazette at cost of $50 6 Sold 300 Hot Dogs (and Rolls) receiving $300 in cash. Required: 1. Prepare the journal entries 2. Post the entries to the following accounts: i. Cash ii. Inventory (Hot Dogs & Rolls) iii. Equipment-Grill iv. Accounts Payable v. Stockholders Equity vi. Cost of Goods Sold vii. Advertising Expense viii. Revenue 3. Prepare a trial balance as of December 31, 1999. 4. 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 _______________________________________________________________________ _ _______________________________________________________________________ _ _______________________________________________________________________ _ _______________________________________________________________________ _ _______________________________________________________________________ _ 4 Use this page for your ledger accounts 5 Use this page for your trial balance...
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This note was uploaded on 05/19/2008 for the course ACCT 3511 taught by Professor Balsam during the Spring '07 term at Temple.

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Old exam 1 - Temple University Fox School of Business and...

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