311-F08-Exam_II--_KEY - Acc 311 - Exam II KEY - Page 1 ACC...

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Acc 311 - Exam II KEY - Page 1 Fall 2008 ACC 311, Fundamentals of Financial Accounting Fall 2008 Exam II KEY
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Acc 311 - Exam II KEY - Page 2 Fall 2008 Fall 2008, Exam II, Combined Keys Ques. Form A 1. B 2. D 3. A 4. B 5. C 6. C 7. C 8. B 9. C 10. C 11. B 12. C 13. D 14. A 15. A 16. E 17. C 18. A 19. A 20. D 21. B 22. B 23. C 24. A 25. B
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Acc 311 - Exam II KEY - Page 3 Fall 2008 SECTION II (50 points) You MUST show your work to receive credit for your answers and to receive partial credit. Please try to be as neat and organized as possible. PROBLEM 1 (22 points) The following summary events occur for Morris Engineering during 2008 and 2009, it’s first two years of operations. Requirement 1 : Record each of the following transactions. 1. During 2008 - Provided services to customers on account for $32,000. Accounts Receivable 32,000 Service Revenue 32,000 2. During 2008 - Received $22,000 from customers on account. Cash 22,000 Accounts Receivable 22,000 3. 12/31/2008 – Based on an aged trial balance, estimated that 30% of the balance in accounts receivable will not be collected. Bad Debt Expense
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This note was uploaded on 08/24/2011 for the course ACC 311 taught by Professor Charrier during the Spring '08 term at University of Texas at Austin.

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311-F08-Exam_II--_KEY - Acc 311 - Exam II KEY - Page 1 ACC...

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