Exam#1 Solution

Exam#1 Solution - Name_SOLUTION Professor Section Number...

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

View Full Document Right Arrow Icon
Name: _______ SOLUTION_ _______________ Accounting 101 Professor: ______________________________ Fall 2009 Section Number: _________________________ Instructions: 1. READ CAREFULLY! Failure to follow instructions can result in substantial loss of points. 2. There are 11 pages in this exam. Make sure you have all of the pages before you begin. 3. All work is to be done on the attached pages. 4. For problems requiring computations, work must be shown in order to get credit. Zero points will be given to any correct answer showing no supporting calculations. Showing your work is also necessary for partial credit. Therefore, label all your work and make it as neat as possible. 5. If journal entries are required, use descriptive account titles (no abbreviations or acronyms) that indicate you know what you are doing. Be sure the journal entry is in the proper form, including the date. Explanations for the entry are not required. 6. Write your name on the back of the last page prior to handing in the exam. 7. You may use a four function or a business (financial) calculator only. No graphing calculators, PDAs, or cell phones are permitted. 8. During the exam, the proctors will not answer any questions. If you are unclear and make an assumption when answering a question, state the assumption you made clearly at the beginning of your answer. 9. GOOD LUCK! Score: Question 1: ______/16 Question 5: ______/4 Question 9: ______/12 Question 2: ______/4 Question 6: ______/11 Question 3: ______/5 Question 7: ______/15 Question 4: ______/18 Question 8: ______/15 Total Score: _____/100 1
Background image of page 1

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

View Full Document Right Arrow Icon
1. (16 Total Points – 2 Points Each) Complete the following chart, list all that apply (i.e. may be more than one) Account Titles Type of Account A = Asset L = Liability SE = Stockholders’ equity C = Contra R= Revenue E = Expense Closing Status C=closed N =not closed Typical Balance (to increase it) D = debit C = credit Financial Statement on which reported: IS = Income Statement BS = Balance Sheet SE = Statement of Stockholder’s equity Ex. Cash A N D BS 1. Common Stock SE N C BS, SE 2. Prepaid Expenses A N D BS 3. Unearned revenue L N C BS 4. Insurance Expense E C D IS 5. Salaries Payable L N C BS 6. Accrued Expenses L N C BS 7. Service Revenue R C C IS 8. Land A N D BS 2. (4 Points) Calculate the ending balance in the accounts receivable account for Redskins Company on December 31, 2007 given the following information. a. The January 1, 2007 balance in accounts receivable is $23,000. b. Redskins sold $27,570 of services on credit during 2007. c. Redskins collected $48,285 in cash from credit customers during 2007.
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.

{[ snackBarMessage ]}

Page1 / 12

Exam#1 Solution - Name_SOLUTION Professor Section Number...

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