Quiz+1+-+Ch+3+Accouting+Info+System - Virginia Tech Pamplin...

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Virginia Tech Pamplin College of Business Intermediate Financial Accounting Quiz 1 – Spring Semester 2011 Instructor: Lynn Almond READ AND HEED: This quiz is due on or before class period on Friday, February 4, 2011. This quiz will not be accepted after this time – no exceptions, no excuses. If I do not have it you will receive a zero. This is an open book quiz. It is ok to work with your classmates on this. Name: _____________________________________ ID: _____________________________________ Signature: __________________________________ Class Time: _______________________ Please round all calculations to the nearest dollar. 1. Below is an unadjusted trial balance for Acme Machine Tool Company as of December 31, 2011. Account Title Debit Credit Cash 161,500 Accounts Receivable 45,000 Prepaid Insurance 4,500 Prepaid Rent 6,000 Inventory 26,000 Shop Supplies 12,000 Note Receivable 20,000 Equipment 20,000 Accumulated Depreciation 5,500 Accounts Payable 42,000 Salaries Payable 0 Note Payable 80,000 Common Stock 100,000 Retained Earnings 0 Sales Revenue 651,500 Cost of Goods Sold 122,000 Salaries Expense 299,000 Rent Expense 66,000 Insurance Expense
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Quiz+1+-+Ch+3+Accouting+Info+System - Virginia Tech Pamplin...

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