ACCT101_MidtermExamProblemsFall2016

ACCT101_MidtermExamProblemsFall2016 - Sussex County...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Sussex County Community College Accounting Principles I – Midterm Exam Professor King 1. (2) points: An examination of the Prepaid Insurance account shows a debit balance of $3,670 at the end of the accounting period before adjustment. Prepare journal entries to record the insurance expense for the period under each of the following independent assumptions : a. An examination of insurance policies shows that insurance costing $1,200 has expired during the period. General Journal Page 1 Date Description Post. Ref. Debit Credit Insurance Expense $1,200 Prepaid Insurance $1,200 Recorded expired insurance b. An examination of insurance policies shows unexpired insurance of $2,640 at the end of the period. General Journal Page 1 Date Description Post. Ref. Debit Credit Insurance Expense $2,640 Prepaid Insurance $2,640 Recorded unexpired insurance
Image of page 1

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

View Full Document Right Arrow Icon
2. (2) points: Dukes Press pays wages of $ Friday for a five-day workweek. September 30, the last day of the fiscal year, falls on a Tuesday. In the journal provided, prepare the September 30 adjusting entry as well as the October 12,000 every 3 follow-up entry when the wages are paid. Omit explanations. General Journal Page 1 Date Description Post. Ref. Debit Credit Sept. 30 Salaries Expense 4800 Salaries Payable 4800 3. (3) points: On December 12, Roger Kent, a painter, received $1,800 in advance for performing a service that would extend into the following calendar year. By December 31, he still had three-fourths of the service remaining to perform. In the journal provided, prepare the December 12 entry , the December 31 end-of-period adjustment , as well as the entry on January 29 when the job was completed. Omit explanations. General Journal Page 1 Date Description Post. Ref. Debit Credit Dec. 12 Cash Unearned Revenue 1800 1800 31 Unearned Revenue Service Revenue 1350 1350 Jan. 29 Unearned Revenue Service Revenue 450 450 4. (3) points: Using the income statement below, develop a common-size statement by filling in the blanks provided. Show your work. Round to one decimal place.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern