Exam 1 concepts review - Kenny Zheng AIM 2301 Financial...

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Exam 1 Review Comprehensive Review Problem Kenny Zheng AIM 2301 Financial Accounting
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Lecture Outline Comprehensive Review Problem 1
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Comprehensive Review Problem Name of Account Dr. Cr. Cash 30 Accounts receivable 91 Notes receivable, current 100 Accrued interest receivable 16 Merchandise inventory 160 Prepaid fire insurance 3 Notes receivable, long-term Equipement 120 Accumulated depreciation, equipment 76 Accounts payable 90 Accrued wages payable 8 Accrued income taxes payable 4 Uneraned sales revenue 10 Paid-in capital 110 Retained income 322 620 Postclosing trial balance for Mallard Clothing on Dec. 31, 19X4 Transactions 12/31/19X4 Balance Sheet (B/S) 12/31/19X5 Income Statement (I/S) Balance Sheet (B/S) Statement of Retained Earnings (SORE) 2
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Comprehensive Review Problem (Balance Sheet Equation Format) Assets Liabilities Owners’ Equity Inventory +480 Accounts Payable +480 + Date: During 19X5 a. Merchandise inventory purchased on open account was $480. Journal Entry format (Dr./Cr.) Dr. Inventory +480 Cr. Accounts Payable +480 = 3
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Comprehensive Review Problem Assets Liabilities Owners’ Equity Cash +178 ($890 × 20% = 178) Accounts Receivable +712 ($890 × 80% = 712) Retained Earnings (Sales Revenue) +890 b. Total sales were $890, of which 80% were on credit. = + Date: During 19X5 4
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Comprehensive Review Problem c. The sales in b were exclusive of the deliveries of goods to customers who had paid in advance as of December 31, 19X4. All of those goods ordered in advance were indeed delivered during 19X5. Assets Liabilities Owners’ Equity Retained Earnings (Sales Revenue) +10 Unearned Sales Revenue Balance on 12/31/X4: +10 -10 Transaction c. (During 19X5) = = + + The following transaction happened before 12/31/19X4 Assets Liabilities Owner s Equity Cash +10 Unearned Sales Revenue +10 Owners Equity 5
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Comprehensive Review Problem Assets Liabilities Owners’ Equity Inventory -440 Retained Earnings (Cost of Goods Sold) -440 + Date: During 19X5 d. The cost of goods sold for 19X5, include those in c, was $440. = 6
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Problem Assets Liabilities Owners’ Equity Cash +682 Accounts Receivable -682 = + Date: During 19X5 e. Collections from credit customers were $682. 7
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This note was uploaded on 11/24/2009 for the course BA 2301 taught by Professor Mattpolze during the Fall '08 term at University of Texas at Dallas, Richardson.

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Exam 1 concepts review - Kenny Zheng AIM 2301 Financial...

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