Exam2v1_with_sols

Exam2v1_with_sols - Name: _ Student Number: _ MEMORIAL...

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1. NO QUESTIONS WILL BE ANSWERED BY THE INVIGILATOR. Please include with your written answers any assumptions that you feel are necessary. Only logical assumptions will be considered. Name: __________________________ Student Number: __________________ MEMORIAL UNIVERSITY OF NEWFOUNDLAND FACULTY OF BUSINESS BUSINESS 1101 TERM TEST # 2 v.1 - Value - 20% of your final grade February 13, 2007 Question Marks Suggested Time 1 27 20 minutes 2 8 6 minutes 3 12 9 minutes 4 20 15 minutes 5 33 25 minutes 100 75 minutes Instructions: 2. This entire exam must be returned to the University. Please be neat and logical. 3. Budget your time. Please use a pen or dark pencil . DO NOT TEAR PAGES OUT OF THE EXAM. 4. As noted on your course outline, communication devices such as cell phones, Blackberries and English/foreign language translators may not be accessed during exams. Please turn off the ringer on your cell phone! Page 1 Penalty if exam is not passed in on time
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1. 27 marks: suggested time – 20 minutes Transactions for Polowski Corporation for the month of October are presented below. Journalize each transaction in general journal form. Identify each transaction by number. You may omit journal explanations. 1. Shareholders invested an additional $40,000 cash in the business. 2. Purchased land costing $38,000 for cash. 3. Purchased equipment costing $8,000 for $3,000 cash and the remainder on credit. 4. Purchased supplies on account for $800. 5. Paid $1,000 for a one-year insurance policy. 6. Received $3,000 cash for services performed. 7.
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This note was uploaded on 06/08/2011 for the course ECON 1006 taught by Professor Pow during the Fall '11 term at CUNY Baruch.

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Exam2v1_with_sols - Name: _ Student Number: _ MEMORIAL...

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