TT3_Fall_2010 - Name MEMORIAL UNIVERSITY OF NEWFOUNDLAND...

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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: MEMORIAL UNIVERSITY OF NEWFOUNDLAND FACULTY OF BUSINESS BUSINESS 1101 TERM TEST # 3 - Value - 20% of your final grade November 2010 Version 1 Question Marks Suggested Time 1 25 19 minutes 2 22 16 minutes 3 53 40 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 your answer booklet or this test paper. 4. As noted on your course outline, communication devices may not be accessed during exams. You may use a basic four-function calculator. Please turn off the ringer on your phone or Blackberry! Penalty if exam is not passed in on time
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1 1. 25 marks: suggested time - 19 minutes On this and the next page, you are provided with information for Snow Inc. ( Please have consideration for other students and do not tear pages out of your exam or book.) The problem continues on the next page. As well: The bank deducted amounts from Snow’s account for service charges, an insurance payment, and for an NSF (bounced) cheque from a customer. The bank deposited funds it collected from one of Snow’s customers. The bank did not make any mistakes. The correction of any errors in recording cheques should be made to accounts payable. The correction of any errors in recording cash receipts should be made to accounts receivable. Required: a) In your answer booklets, prepare a bank reconciliation for Snow Inc. for October 31, 2010. As was done in class, you need to show the reconciled balance for both the bank and the company. (15 marks) b) Prepare, in proper format, any necessary adjusting journal entries. You may omit explanations from your journal entries. (10 marks)
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2 #1 (continued) Answer this question in your answer book, not on this test paper. The marker will not see anything that you write on this paper for this question.
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3 2. 22 marks: suggested time - 16 minutes Part A: 8 marks For each of the following, indicate whether the statement is True (T) or False (F) by placing a T or F in the space by the statement . Unclear answers will not be graded. Each one is worth one mark. # T or F Statement 1. Goods that have been purchased FOB destination but are in transit, should be excluded from the buyer’s physical count of goods.
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