01 quiz-1 q%26a form - HFT 2401 Quiz 1(30 minutes Bring the...

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HFT 2401: Quiz 1 (30 minutes) Bring the question sheet to class for reviews. Name: ______________________________________________ Read the instruction and questions carefully and put your answers on the answer sheet provided. I. A list of account titles is provided in the answer sheet. Indicate which category each account belongs to as requested on the answer sheet ( A for assets; L for liability; E for equity; Rev for revenues; and Exp for expenses). II – V. The following questions are about recording process. Use the T-accounts provided in the answer sheet as the Chart of Accounts. Business Transactions: 1. Kathy decided to open a catering business and invested $50,000 of cash. She received Common Stock. 2. Kathy signed a fire insurance contract and made the cash payment of the annual premium $24,000 in advance . 3. One local bank decided to loan her $30,000 and she signed the loan at the annual interest rate of 18%. She put it in the Notes Payable account. 4. Necessary equipment whose market value is $42,000 has been purchased at $38,000 with the down-payment of $8,000. The rest of them were put on account for 3 years.
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