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2021 Practice Exam 1-4

2021 Practice Exam 1-4 - Practice exam for ACG 2021...

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Practice exam for ACG 2021 Chapters 1-4 1. Indicate below whether each of the following accounts is a Current Asset (CA), Investment (INVT), Property, Plant, & Equipment (PPE), Intangible Asset (IA), Current Liability (CL), Long- term Liability (LTL), Contributed Capital (CC), Retained Earnings (RE), a Revenue (R), Cost of Goods Sold (COGS), Operating Expenses (OE), Other Revenues & Expenses (ORE), or Income Taxes Expense (ITE) AND indicate below whether each account would be shown on the income statement (IS), a statement of retained earnings (RE), or the balance sheet (BS). Hint: some accounts may be on more than one Financial Statement. CA, INVT, PPE, IA, CL, LTL, CC, RE, R, COGS, OE, ORE, ITE IS, RE, BS ACCOUNT Automobile Accounts payable Cash Sales Returns and Allowances Dividends Fares Earned Rent Expense Utilities Expense Supplies Retained Earnings Sales Delivery Expense Interest Expense Unearned Revenue Cost of Goods Sold Depreciation Expense Accumulated Depreciation Trademark Marketable Securities Investment held more than 1 year 2. Using T-accounts for: Accounts payable, Cash, Common stock, Dividends, Rent expense, Repair equipment, Repair fees earned, Salaries expense, and Supplies; record the following transactions
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for the month of June directly into the T-accounts. Use the letter to identify the transaction. Determine the balance in each account. a. Michelle D. opened the Eastmoor Repair Service by investing $4,300 in cash and $1,600 in repair equipment for shares of common stock. b. Paid $400 for current month's rent. c. Purchased repair supplies on credit, $500. d. Purchased additional repair equipment for cash, $300. e. Paid salary to a helper, $450. f. Paid $200 of amount purchased on credit in c.
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