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mid2-2008 Fall

# mid2-2008 Fall - UGBA102A Multiple choice Problem 1 Problem...

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UGBA102A Exam 2 FALL 2008 Multiple choice (30) NAME: Problem 1 (18) SID #: Problem 2 (16) Problem 3 (18) GSI: Problem 4 (18) SECTION: TOTAL MULTIPLE CHOICE (3 points each) – Put the correct answer on the scantron sheet: 1. Land is acquired for a purchase price of \$60,000. The purchaser paid \$3,000 to remove an old building, a real estate broker’s fee of \$1,200, \$2,500 to install a parking lot and \$500 to an architect to design the new building on the land. At what amount should the land account be debited? a) \$60,000 b) \$64,200 c) \$66,700 d) \$67,200 e) \$63,000 2. Venus Company’s bank statement at June 30 showed an ending balance of \$5,000. Additional information at June 30 included: outstanding checks were \$500, deposits in transit were \$1,000, bank service charges were \$10, and the bank erroneously credited a deposit to Venus Company’s bank account for \$110. The correct cash balance at June 30 should be: 3. At December 31, 2007 (fiscal year-end), ending inventory is understated by \$1,000. Which of the following would be true for the fiscal year-ended December 31, 2008? Page 1 of 7

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UGBA102A Exam 2 FALL 2008 4. When a company writes off an accounts receivable, the journal entry to record the transaction would include a
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mid2-2008 Fall - UGBA102A Multiple choice Problem 1 Problem...

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