Exam__1_Fall_2010_1 - ACCT 311 Intermediate Accounting I...

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ACCT 311 Intermediate Accounting I Fall 2010 Exam #1 Due Monday October 25 th Name: ____ Grading: Possible Actual Problem 1 6 Problem 2 6 Problem 3 8 Problem 4 10 Problem 5 11 Problem 6 30 Problem 7 10 Problem 8 8 Problem 9 11 Total 100 Page 1
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1. Provide clear, concise answers for the following. 1. 2. 3. 4. 5. 6. Page 2
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2. Adjusting entries. Present, in journal form, the adjustments that would be made on July 31, 2011, the end of the fiscal year, for each of the following. 1. 2. 3. Page 3
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3. Adjusting entries. Reed Co. wishes to enter receipts and payments in such a manner that adjustments at the end of the period w require reversing entries at the beginning of the next period. Record the following transactions in the desired and give the adjusting entry on December 31, 2010. (Two entries for each part.) 1. An insurance policy for two years was acquired on April 1, 2010 for $8,000. 2. Rent of $12,000 for six months for a portion of the building was received on November 1, 2010. 4/1/10 Prepaid Insurance $8,000 Cash $8,000 12/31/10 Insurance Expense 2,999.97 Prepaid Insurance 2,999.97 11/1/10 Cash 12,000 Unearned Rent Revenue 12,000 12/31/10 Unearned Rent Revenue 4,000 Rent Revenue 4,000 Page 5
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4. Accrual basis. Grier & Associates maintains its records on the
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This note was uploaded on 02/21/2011 for the course ACCOUNTING 311 taught by Professor Williams during the Spring '11 term at University of Alaska Southeast.

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Exam__1_Fall_2010_1 - ACCT 311 Intermediate Accounting I...

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