3309 Exam 1 Review S10

3309 Exam 1 Review S10 - You should be able to do the...

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3309 Exam One Review I. Sarbanes-0xley Material     17 Conceptual Questions. Focus on material covered in slides. No need to study introductory accounting scandals (Enron, Tyco, etc.). No need to memorize implementation dates and section numbers (except section  404). II. Midatlantic Project Material     12 Conceptual Questions dealing with the accounting cycle. 11 Questions in the form of a long problem. Long problem: You will be given a trial balance for 7/31/2009.  You will be told the company’s  policy on sales and purchase discounts and that they use the periodic inventory  method.  You will be given transactions for August 2009, as well as information  for adjusting entries for August.
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Unformatted text preview: You should be able to do the following: 1. Enter beginning balances in the t-accounts for the month. 2. Journal entries for purchasing inventory on account, selling to customers on account, receiving cash from customers with sales discounts and paying cash to vendors with purchases discounts. 3. Adjusting entries for prepaid expenses, accruals (such as accrued interest or accrued salaries), and depreciation. 4. How to post the adjusting journal entry for inventory into the t-accounts. 5. How to compute Net Sales, Gross Profit, Net Income, Ending Owners Equity, Total Assets and Total Liabilities....
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3309 Exam 1 Review S10 - You should be able to do the...

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