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FIN324_Final_Exam[1] - [2 points 3 Prepare a trial balance...

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Name: Final Exam FIN324 Jennifer Wilkinson 10 points Problem 1 (2 points) For each of the accounts listed, indicate whether it is Balance Sheet account (BS), or an Income Statement account (IS). [.25 points each] 1. Cash BS 2. Sales BS 3. Accounts Receivable 4. Cost of Goods Sold 5. Insurance Expense 6. Capital Stock 7. Mortgage Payable 8. Salaries and Wages Expense Problem 2 (6 points ) Jackson Enterprises had the following transactions during January 2009. All expenses were paid in cash, unless otherwise stated. a. Collected $42,000 cash payment for services rendered ( revenue). b. Paid utilities of $12,600. Required: 1. Prepare journal entries to record each listed transaction. [2 points] 2. Post the journal entries to the T-accounts (assume Beginning Balances of 0 at January 1, 2009).
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Unformatted text preview: [2 points] 3. Prepare a trial balance for Jackson Enterprises at January 31, 2009. [2 points] Problem 3 (2 points) A new startup company often engages in the following transactions in its first year of operations. Classify these transactions in one of the three major categories of an organization’s business activities. A. Financing B. Investing C. Operating [.25 points each] _____1. Owner’s investment in the business. _____ 5. Performing services for customers. _____ 2. Purchasing a new server. ______6. Collecting cash from customers. ______3. Selling used equipment. ______7. Renting warehouse space. ______4. Borrowing cash from a bank. ______8. Paying telephone bill....
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