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Exam I Review Exercises_Key

# Exam I Review Exercises_Key - ACCT 320 Exam I Additional...

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ACCT 320 Exam I: Additional Review Problems Adjusting Entries: 1. A year-end physical count of office supplies on hand reveals supplies worth \$1,800. The balance sheet reflected a balance in the office supplies account of \$3,700 before any year-end adjustments were made. What is the amount of supplies expense that will be included on the current year income statement? \$1,900 Office Supplies Supplies Expense BB \$3,700 (12/31) \$1,900 (12/31) \$1,900 EB \$1,800 2. On December 1, 2007, Nelson collected rent of \$7,200 (for December, January, and February rent) from a tenant renting some space in its warehouse and credited Unearned Rent Revenue for the entire amount. What is the balance sheet value of Unearned Rent Revenue on 12/31/07? \$4,800 Cash Unearned Rent Revenue 12/1 \$7,200 12/1 \$7,200 (12/31) \$2,400 EB \$1,800 \$4,8 00 Rent Revenue (12/31) \$2,400 3. On July 31, 2008, Smith Company paid \$10,200 to rent warehouse space for the period 7/31/08 to 7/31/09. This warehouse space was also rented from 7/31/07 to 7/31/08. Smith’s 1/1/08 balance sheet reflected a balance in the Prepaid Rent account relating to this warehouse of \$5,775. Determine the amount of rent expense that would appear on Smith’s 2008 income

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Exam I Review Exercises_Key - ACCT 320 Exam I Additional...

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