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Exam+I-+sum2

Exam+I-+sum2 - Financial Accounting AC221-SB1 Summer II...

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Financial Accounting AC221-SB1 Summer II - 2010 Name. ______________________________________________ 7/7/2010 1 Cash Accounts Payable Accounts Receivable Note Payable Inventories Wages Payable Interest Expense Revenue Prepaid Expenses Cost of Goods sold Equipment Operating Expenses (wages, supplies) Retained Earnings The following transactions occurred during the last quarter (Oct to Dec). a) Equipment 300 Cash 100 Note Payable 200 b) Paid $100 cash for wages; 40% for last period and the rest for this period. Wages Payable 40 Operating Expense 60 Cash 100 c) Sold inventories costing $30 for $50. Twenty percent were received in cash, the rest on 30 days credit. Cash 10 Accounts Receivable 40 Revenues 50 Cost of goods sold 30 Inventories 30 d) Collected $80 cash for services performed this period. Cash 80 Revenues 80 e) Collected $25 cash for services performed last period Cash 25 Accounts receivable 25 f) Incurred $15 operating expenses this period to be paid next period. Operating expenses 15 Accounts payable 15 g) Prepaid Expenses 70 Operating expenses 70 h) At the end of 2004, made the first quarterly payment on the note as detailed in item (a).
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