Sample+test+2+-+key

Sample+test+2+-+key - 720 Salaries payable 720 5....

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Key to Sample Test 2 I. Multiple choices 1 B 2 D 3 D 4 C 5 A 6 B 7 A 8 D 9 B 10 D II. Recording Accounting Transactions DATE DEBIT CREDIT JULY 1 1 11 JULY 4 3 8 JULY 5 6 10 JULY 8 1 13 JULY 14 15 8 JULY 19 17 1 JULY 25 3 8 JULY 26 4 1 JULY 27 1 9 JULY 28 2 13 1
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III. Adjusting Entries and Financial Statements (a) Adjusting entries 1. Supplies expense 250 Supplies 250 2. Insurance expense 150 Prepaid insurance 150 3. Unearned revenue 1500 Service revenue 1500 4. Salaries expense
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Unformatted text preview: 720 Salaries payable 720 5. Depreciation expense 100 Accumulated depreciation 100 6. Accounts receivable 700 Service revenue 700 (b) Income statement Miller Company Income Statement For August 2006 Revenues Service revenue 5950 Expenses Salaries expense 2720 Rent expense 750 Supplies expense 250 Insurance expense 150 Depreciation expense 100 3970 Net income 1980 2...
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Sample+test+2+-+key - 720 Salaries payable 720 5....

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