Fall 2007 - Exam 1 - Answer Key - Posted

Fall 2007 - Exam 1 - Answer Key - Posted - Fall 2007, Exam...

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Fall 2007, Exam 1, Combined Keys (including Final Draft) Answer Draft Form A Form B Form C 1. A B C C 2. C C B D 3. B E D D 4. B D E B 5. D C B B 6. C C B A 7. C B B C 8. D B C C 9. E D B D 10. D D C A 11. E B D B 12. D B A D 13. B B A C 14. C A B E 15. D A C D 16. B C D C 17. D B D B 18. C E B D 19. B D C D 20. B C D C 21. B D C B 22. B B D B 23. A D E B 24. C D B E 25. D C D B
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PROBLEM 1 (15 points) Please prepare the following journal entries for the company specified. Listed below, in alphabetical order, are the account names to use for this problem. Note – it is possible that an account will be used more than once or an account is not used at all. Accounts Payable Income Tax Expense Accounts Receivable Income Tax Payable Book Expense Inventory Notes Payable Advertising Expense Sales Revenue Notes Receivable Equipment Prepaid Rent Cash Rent Expense Advertising Revenue Rent Revenue Cost of Good Sold (COGS) Unearned Revenue a. On November 1, Bevo Inc. (a bookstore) sold 10 books to Aggie Inc (a football team) for $10 each. Aggie Inc promised to pay on November 15. The books cost Bevo Inc. $5 each. Company Account Title Debit Credit Bevo Accounts Receivable 100 Sales Revenue 100 COGS 50 Inventory 50 Company Account Title Debit Credit Aggie Book Expense 100 Accounts Payable
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Fall 2007 - Exam 1 - Answer Key - Posted - Fall 2007, Exam...

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