2002 Fall Accounting_011_final_exam_Fall_2002

2002 Fall Accounting_011_final_exam_Fall_2002 - Temple...

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Temple University Fox School of Business and Management Dr. Steven Balsam Accounting 011 Final Exam December 18, 2002 Instructions: You have 120 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!
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Problem 1 (20 points) Beta Alpha Psi purchases a new computer from CompUSA on January 1, 2003, with no money down and no payments (interest or otherwise) for two years. To avoid interest charges, at a rate of 10% per year, they must pay the purchase price of $2,500 by January 1, 2005. Record the purchase on January 1, 2003, the payment on January 1, 2005, and any adjusting entries required on December 31, 2003 and December 31, 2004. 2
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Problem 2 (20 points) Gamma corporation company hires Wolfgang on January 1, 2003. In addition to a salary of $1250 per week, he is to be given 3 weeks vacation per year, which may be carried forward, plus up to 12 sick days per year, which do not carry forward. At December 31
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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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2002 Fall Accounting_011_final_exam_Fall_2002 - Temple...

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