Prelim_1_Answer_KEY_Fall_2007-1 - David A. Dittman...

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David A. Dittman HADM 121 - Financial Accounting Preliminary Examination 1-Fall 2007 Answer Sheet A nswer Sheet – Prelim 1 TRUE/FALSE QUESTIONS (Each question is worth 1 point . Please X the one you believe to be correct. 1. T F 2. T F 3. T F 4. T F 5. T F 6. T F 7. T F 8. T F 9. T F 10. T F 11. T F 12. T F 13. T F 14. T F 15. T F MULTIPLE CHOICE QUESTIONS (Each question is worth 2 point . Please X the one you believe to be correct. 16. A B C D E 17. A B C D E 18. A B C D E 19. A B C D E 20. A B C D E 21. A B C D E 22. A B C D E 23. A B C D E 24. A B C D E 25. A B C D E 26. A B C D E 27. A B C D E 28. A B C D E 29. A B C D E 30. A B C D E 31. A B C D E 32. A B C D E 33. A B C D E 34. A B C D E 35. A B C D E 36. A B C D E 37. A B C D E 38. A B C D E 39. A B C D E 40. A B C D E 1
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David A. Dittman HADM 121 - Financial Accounting Preliminary Examination 1-Fall 2007 Answer Sheet Dittman Garden Inn: Answer Sheet General Journal Ref. Description Debit Credit 1 point each = 9 points total Problem 1 Requirement 1: Entries to record the events of the year (these items are from Section A in the Problem) (a) Cash 500,000 Notes Payable LT 500,000 To record note at 10% interest due 12/31/09 (b) Buildings 500,000 Cash 500,000 (c) Cash 2,500,000 Accounts Receivable 500,000 Room Revenue 3,000,000 (d) Cash 500,000 Accounts Receivable 500,000 (e) Cash 87,500 Unearned Room Revenue 87,500 (f) Wage Expense 1,430,000 Wages Payable 70,000 Cash 1,500,000 (g) Supplies 80,000 Accounts Payable 80,000 (h) Accounts Payable 100,000 Taxes Payable 596,050 Cash 696,050 (i) Retained Earnings 400,000 Dividends Payable 400,000 2
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David A. Dittman HADM 121 - Financial Accounting Preliminary Examination 1-Fall 2007 Answer Sheet 1 point each = 6 points total Problem 1: Requirement: 2 Adjusting Journal Entries (Items are from Section B of Problem.) (j) Wage Expense 50,000 Wages Payable 50,000 (k) Insurance Expense 12,000 Prepaid Insurance 12,000 (l) Supplies Expense 90,000 Supplies 90,000 (m) Interest Expense 50,000 Interest Payable 50,000 $50,000 x 10% = $50,000 (n) Depreciation Expense 125,000 Accumulated Depreciation - Building 125,000 (o) Depreciation Expense
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This note was uploaded on 10/09/2009 for the course H ADM 201 at Cornell University (Engineering School).

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Prelim_1_Answer_KEY_Fall_2007-1 - David A. Dittman...

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