ORIE 3150 quiz 3 draft Fall 2009 answers

ORIE 3150 quiz 3 draft Fall 2009 answers - ORIE 3150 Name...

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Unformatted text preview: ORIE 3150 Name (please print)______ANSWERS_______________ Quiz #3 Fall 2009 Open book and notes 1. Prepare the required end-of-period adjusting entries for each independent case listed below. Case 1 The Thomas Company began the year with a $3,000 balance in the Office Supplies account. During the year, $8,500 of additional office supplies was purchased. A physical count of office supplies on hand at the end of the year revealed that $8,300 worth of office supplies had been used during the year. No adjusting entry has been made until year end. December 31 Office Supplies Expense (temp SE) 8,300 Office Supplies (A) 8,300 Case 2 Yates Realty is in the business of renting several apartment buildings and prepares monthly financial statements. It has been determined that 2 tenants in $800 per month apartments and one tenant in the $1,000 per month apartment had not paid their December rent as of December 31 st . December 31 Rent Receivable (A) 2,600 Rent Revenue (temp SE) 2,600 2. The adjusted trial balance shown below is for Stitch Company at the end of its fiscal year: STITCH COMPANY Trial Balance December 31, 2008 ______________________________________________________________________________ Debit Credit Cash .........................................................................................................Cash ....
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This note was uploaded on 10/07/2010 for the course ORIE 3150 taught by Professor Callister during the Fall '08 term at Cornell University (Engineering School).

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ORIE 3150 quiz 3 draft Fall 2009 answers - ORIE 3150 Name...

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