ACCT2010/MGMT2110/ISOM2500

ACCT2010/MGMT2110/ISOM2500 - P C 18,000 4,000 (11) O 2,000...

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Problem 1: Multiple Choice, one correct answer only (50 points, enter your answers at the table below) Answer for Multiple Choice: 1 2 3 4 5 6 7 8 9 10 A C B D C D B D D A 11 12 13 14 15 16 17 18 19 20 A B D A D A C B C B 21 22 23 24 25 C C C C C
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Problem 2: Transaction analyses and general journals (45 Points) 1. Prepare the journal entries for above transactions. Only record the transaction happened during the period, leave the adjusting entries to the next question. Please follow the example given below in filing out your answers. Example transaction: The Company purchased business software for some number of copies, worth of $3,000; paid $1000 in cash and sign a short term notes payable for the rest Transaction Debit Credit Account Code Amount ($) Account Code Amount ($) Example C 3,000 A L 1,000 2,000 (1) A 52,000 N 52,000 (2) A 60,000 M 60,000 (3) E 40,000 A L 12,000 28,000 (4) C 20,000 A 20,000 (5) B Q 17,500 4,500 P C 17,500 4,500 (6) A 6,000 C 6,000 (7) R 3,000 A 3,000 (8) A 8,000 K 8,000 (9) D 1,000 A 1,000 (10) A Q 18,000 4,000
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Unformatted text preview: P C 18,000 4,000 (11) O 2,000 J 2,000 2. Prepare adjusting entries for any of the above 11 transactions on the date of August 31, 2011, if you think necessary. Transaction Debit Credit Account Code Amount ($) Account Code Amount ($) (1) (2) S 300 H 300 (3) S U 140 2,000 H F 140 2,000 (4) (5) (6) (7) (8) K 4,000 P 4,000 (9) (10) (11) Problem 3: Financial Statement calculation (12 Points) Calculate the following numbers for SUN Corporation in Problem 2, assuming no other transactions occurred during the month except for the ones listed in Problem 2. Answer: Total Revenues for the month ending Aug 31, 2011 = $ 39,500 Total Expenses for the month ending Aug 31, 2011 = $ 13,940 Retained Earnings @ Aug 31, 2011 = $ 23,560 Total Assets @ Aug 31, 2011 = $ 170,000 Rev = 17,500 + 18,000 + 4,000 = 39,500 Exp = 4,500 + 3,000 + 4,000 + 300 + 140 + 2,000 = 13,940 Retained Earnings = 0 + Rev – Exp – Dividend = 39,500 – 13,940 – 2,000 = 23,560 Cash: 108,000. A/R: 17,500. Inv: 5,500. Prepaid Expense: 1000. Equipment: 38,000 Total: $170,000....
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ACCT2010/MGMT2110/ISOM2500 - P C 18,000 4,000 (11) O 2,000...

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