7111AFE_Final_Exam_S2_2008_02_1

7111AFE_Final_Exam_S2_2008_02_1 - Student Name: Student ID:...

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Unformatted text preview: Student Name: Student ID: (Family Name), (Given Name) Griffith University Dept Accounting, Finance & Economics 7111AFE (NA) - Accounting Semester 2 - 2008 End of Semester WORKING TIME: 2 Hrs 00 Mins PERUSAL TIME: 10 Mins EXAMINATION TYPE: Closed Book PERUSAL INSTRUCTIONS: Students may not write during perusal EXAMINATION INSTRUCTIONS TO STUDENTS: N/A STUDENTS ARE PERMITTED TO BRING THE FOLLOWING MATERIALS INTO THE EXAMINATION VENUE: CALCULATOR: Non-programmable calculator DICTIONARY: Dictionary not permitted OTHER MATERIALS ALLOWED: THE FOLLOWING MATERIALS ARE SUPPLIED BY GRIFFITH UNIVERSITY: THIS EXAMINATION PAPER MUST NOT BE REMOVED FROM THE EXAMINATION VENUE. Paper Number: 620 7111AFE Final Examination Semester 2, 2008 Page 2 of 16 Please Turn over. Question 1 (26 marks) (a) Write the journal entries for the following transactions (Explanations are not required): (i) On 12 January 2006, ABC Ltd. received $5,000 in advance against a contract to provide consulting service to one of its clients. (2 marks) ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ (ii) On 15 January 2006, Horror Enterprise received $3,200 from a customer on account. (2 marks) ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ (b) Post the following journal entries to Cash at Bank, Accounts Payable and Accounts Receivable accounts and show the closing balance for each account at its normal position. You will be marked only for the correct account balance shown at its normal position. (7 marks) (i) 2 Jan 2008: Cash at Bank Dr. 67 000 Motor Vehicle Dr. 29 000 R. Robinson, Capital Cr. 96 000 (ii) 4 Jan 2008: Inventory Dr. 35 000 Cash at Bank Cr. 13 000 Accounts Payable Cr. 22 000 (iii) 5 Jan 2008: Cash at Bank Dr. 10 500 Accounts Receivable Dr. 20 500 Sales Revenue Cr. 31 000 (iv) 9 Jan 2008: Accounts Payable Dr. 5 800 Cash at Bank Cr. 5 800 7111AFE Final Examination Semester 2, 2008 Page 3 of 16 Please Turn over. (v) 11 January 2008: Cash at Bank Dr. 11 850 Sales Revenue Cr. 11 850 (vi) 13 January 2008: Prepaid Rent Dr. 3 600 Cash at Bank Cr. 3 600 (vii) 17 January 2008: Accounts Payable Dr. 2 000 Purchase Returns and Allowances Cr. 2 000 (viii) 21 January 2008: Sales Returns and Allowances Dr. 1 500 Accounts Receivable Cr. 1 500 (ix) 23 January 2008: Accounts Payable Dr. 3 825 Cash at Bank Cr. 3 825 Cash at Bank Accounts Receivable 7111AFE Final Examination Semester 2, 2008 Page 4 of 16 Please Turn over....
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7111AFE_Final_Exam_S2_2008_02_1 - Student Name: Student ID:...

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