201_ANSWER__3rd_Exam

201_ANSWER__3rd_Exam - Third Hour Exam Answer Key 1. E 2. E...

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Unformatted text preview: Third Hour Exam Answer Key 1. E 2. E 3. B 4. A 5. E 6. B 7. E 8. D 9. A 10. B Problem 1 (30 points) Problem 2 (25 points) Answer: 1. Dec. 31 Bad Debts Expense................................................... Allowance for Doubtful Accounts................ Calculation D e s ir e d b a la n c e in a llo w a n c e a c c o u n t: $ 1 8 5 ,6 0 0 x .0 6 = C u rre n t b a la n c e in a llo w a n c e a c c o u n t: A d ju s tm e n t to a llo w a n c e a c c o u n t $ 1 1 ,1 3 6 c r e d it 1 ,6 0 0 c r e d it $ 9 ,5 3 6 c r e d it 9,536 9,536 2. Dec. 31 Bad Debts Expense................................................... Allowance for Doubtful Accounts................ $1,280,000 x .75 x .015 =$14,400 14,400 14,400 Problem 3 (25 points) Answer: Dec 3 Postage Expense........................................ 43.5 . 1 Office Supplies........................................... 0 51.8 5 Office Equipment Repair Expense........... 49.0 0 Cash Over and Short ................................. Cash....................................................... 1.40 145.75 ...
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This note was uploaded on 06/22/2011 for the course ACCT 201 taught by Professor Tracyedmond during the Spring '10 term at Park.

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201_ANSWER__3rd_Exam - Third Hour Exam Answer Key 1. E 2. E...

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