ACC3341Extra Credit

ACC3341Extra Credit - St. Johns University The Peter J....

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St. John’s University The Peter J. Tobin College of Business Accounting 2338 – Fundamentals of Accounting I Fall 2007 Midterm I Name________________________________________________________________________ This examination consists of the following seven questions, all of which relate to the same firm, Bennis Company, regarding its operations for September 2007 and its accounting month ended 9/30/07. 1. Analyze the transactions listed and write the appropriate journal entries. (30%) 2. Post the journal entries to the T accounts provided and compute balances. (10%) 3. Prepare a trial balance. (5%) 4. Write journal entries for the adjustments needed and post the adjustments to the T accounts. (20%) 5. Prepare an adjusted trial balance. (5%) 6. Prepare the three financial statements. (30%) 7. Extra credit: prepare closing entries. (5%) Please answer all questions on the accounting forms. Present computations as necessary to support your answers so that partial credit can be given if necessary. Bennis Company is a firm that was organized to provide services to companies needing advertising designs and layouts for periodicals and catalogues. In 2004, the firm incorporated, and 1,000 shares of common stock were issued. The adjusted trial balance at the end of August 2007 is presented below:
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ACC3341Extra Credit - St. Johns University The Peter J....

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