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Unformatted text preview: ACCT101: Introduction to Accounting for Business Majors Quiz I, Fall 2009 Version A Solution Student ID: Section No: Name: Instructions: •
• This is a closed book quiz. It consists of 22 questions. Please write your name, student ID, lecture section number on this page. For each subsequent page, please write your student ID at the top of the page in the space provided. •
• Please sign the honor code statement on page 1. Answer all the questions within the space provided on the examination paper, i.e. answer question 1 to 20 on page 6, question 21 on page 8 and 9, and question 22 on page 11. Only answers on those pages will be graded. •
• You may use the back of the pages as scrap paper. You need to hand in all pages of the quiz. You will get zero score if any page of your quiz is missing. • Please do not discuss with anyone else about the quiz before 3pm, October 6th, 2009.
Questions Part I: 120 Part II: 21 0 Part II: 22 Total Version A Student ID: Points 40 Score 40 20 Answers to Question 1 to 20: Question Answer Question Answer 1 C 11 C 2 A 12 C 3 C 13 C 4 B 14 D 5 B 15 D 6 C 16 B 7 D 17 C 8 D 18 A 9 A 19 D 10 100 B 20 C 1 Version A Student ID: Answers to Required a) of question 21: Transaction A. Account Description Cash Debit Credit 2,000 Account Receivable 2,000 Transaction B.. Account Description Account Receivable Debit Credit 1,500 Service Revenue 1,500 Transaction C. Account Description Prepaid rent Debit Credit 3,000 Cash 3,000 Transaction D. Account Description Utility expense Debit Credit 150 Cash 150 Transaction E. Account Description Cash Debit Credit 3,000 Contributed Capital 3,000 Transaction F. Account Description Account payable Credit 100 Cash 100 Debit 2 Version A Student ID: Transaction G. Account Description Cash Debit Credit 80,000 Note Payable 80,000 Transaction H. Account Description Land Debit Credit 70,000 Cash 70,000 Transaction I. Account Description Retained Earnings Debit Credit 10,000 Cash 10,000 Transaction J. Account Description Debit Supplies Credit 2,000 Account payable 2,000 Answers to Required b) of question 21: Transaction A. B. C. D. E. F. G. H. I. J. Operating V Investing Financing No effect V V V V V V V V V 3 Version A Student ID: 4 Version A Student ID: Answers to Required a) of question 22: Transaction Unearned Prepaid Revenue Expense A. V B. C. D. V Answers to Required b) of question 22: Transaction A. Account Description Insurance expense Accrued Revenue Accrued Expense V V Debit Credit 2,000 Prepaid insurance 2,000 Transaction B. Account Description Rent/Account Receivable Debit Credit 750 Rent revenue 750 Transaction C. Account Description Interest expense Debit Credit 833 Interest payable 833 Transaction D. Account Description Unearned rent revenue Debit Credit 450 Rent Revenue 450 5 ...
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This note was uploaded on 03/01/2012 for the course ACCT 101 taught by Professor Acbsadf during the Spring '12 term at Minnesota.
- Spring '12