ACCT 201 TEST 1 Review.docx - ACCT 201 TEST 1 Review 1 2...

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ACCT 201 TEST 1 Review 1. Hunter Enterprises completed the transactions during December of the current year: a. Began an accounting price by investing $8,000 cash and office equipment having a $7,000 value in exchange for common stock. b. Purchased $2,000 of office supplies on credit. c. Purchased $1,300 of office equipment on account. d. Completed work for Burton Co. on account for $1,800. e. Completed work for Miller & Roads and immediately received a payment of $1,500 cash. f. Paid for supplies purchased b. g. Paid $1,200 for the annual premium on an insurance policy. h. Received payment in full from Burton co. for the work completed in d. i. Paid $175 cash for the December utility bills. j. Paid a $650 cash divided k. Received $1,500 from a client for accounting services to be rendered next year.

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