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
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This note was uploaded on 11/22/2010 for the course ACCT 320 taught by Professor Alee during the Spring '10 term at Kansas State University.

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

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