QUIZ+2+solutions

QUIZ+2+solutions - QUIZ #2: Chapter 3 ACTG2P31 NAME:...

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QUIZ #2: Chapter 3 ACTG2P31 NAME: STUDENT #: Provide journal entries for the adjustments that are required December 31, 2009, the end of the fiscal year, for each of the following (3 marks each, no part marks) 1. The supplies inventory on January 1, 2009 was $8,350. Supplies costing $16,650 were acquired during the year and charged to the Supplies Inventory. A count on December 31, 2009 indicated supplies on hand of $6,810. Account Amount ($) Dr. SUPPLIES EXPENSE 18,190 Cr. SUPPLIES / INVENTORY 18,190 2. On April 30, 2009, a one-year, 12 percent note receivable for $20,000 was received from a customer. Principal and interest will be repaid on April 30, 2010. Account Amount ($) Dr. INTEREST RECEIVABLE 1,600 Cr. INTEREST REVENUE 1,600 3. On March 1, 2009, $8,400 was paid in advance for rent for one year and a nominal account was debited when the entry was made. Account Amount ($) Dr. PREPAID RENT 1,400 Cr. RENT EXPENSE 1,400
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MULTIPLE CHOICE. Circle the BEST answer (1 mark each) 1. When an item of revenue is collected and recorded in advance, it is normally called a(n) ___________ revenue. a. accrued
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QUIZ+2+solutions - QUIZ #2: Chapter 3 ACTG2P31 NAME:...

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