Copy of DarwinInc

Copy of DarwinInc - Quiz # 2 Accounting Cycle Problem...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Quiz # 2 Accounting Cycle Problem Budgeted Time: 10 minutes DARWIN INC. PROBLEM: ITEMS BAL 1 Accts. Pay. 30 TO THE LEFT ARE ACCOUNTING BALANCES AS OF 12/31/2000 2 Dividends 5 SOME ADJUSTING ENTRIES HAVE ALREADY BEEN MADE. 3 Cash 8 4 Equipment 30 THE FOLLOWING ADJUSTMENTS HAVE YET TO BE MADE: 5 Supplies Exp. 12 6 Acum. Depr. 5 1 Revenues are overstated by $2. You need to correct 7 Accts. Rec. 25 the original entry. The original entry was a credit 8 Supplies Inv 25 to revenues and a debit to Accts. Rec. 9 Revenue 35 10 Notes Pay. 10 2 Supplies count at the end of month showed a balance of $23 11 Capital 15 12 Ret. Earn. 10 3 Depreciation on the equipment for the year is $2 REQUIRED: Prepare: a) Financial Statements, b) Closing Entries, c) Post Closing Trial Balance Balance Sheet Income Statement Statement of Retained Earnings Closing Entries:
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
UNADJ T.B Page 2 DARWIN INC. UNADJ. TB ITEMS Debit Credit BALANCES Cash 8 8 Accts. Rec. 25 25 Supplies 25 25 Equipment 30 30 Acum. Depr 5 -5 TOTAL 83
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 8

Copy of DarwinInc - Quiz # 2 Accounting Cycle Problem...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online