reviewexam2chpt3-4

reviewexam2chpt3-4 - REVIEW FOR EXAM ON CHAPTERS 3 AND 4...

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REVIEW FOR EXAM ON CHAPTERS 3 AND 4 Exam Format: The exam has three work problems, a matching question and 20 multiple-choice questions. It is worth  100 points. 1. ADJUSTING ENTRIES- WORK PROBLEM: You will be required to prepare the necessary adjusting entries for a variety of transactions. Review  the handout and adjusting entries as well as the exam review.  2. CLOSING ENTRIES - WORK PROBLEM You will be required to prepare the necessary closing entries for a company from a random list of  accounts. Be sure that you select only the "REID" accounts to close. There are only FOUR entries to  make! 3. PREPARATION OF A WORK SHEET - WORK PROBLEM You will be required to complete a work sheet. The numbers will be small and it is similar to the one  on the handout.  4. MATCHING QUESTION: This is matching problem in which you must be able to tell me where an        item is found on a classified Balance Sheet. For example, I might list        "Building" and you would tell me it is found under the heading of "Property,        Plant and Equipment". You will NOT have to prepare a classified Balance Sheet.
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Page 2 of 14     ACC 111: Review For Exam on Chapters 3 and 4         J. Stoudemire    REVIEW OF CLOSING ENTRIES: The company has the following accounts at end year. Prepare the required closing entries . Cash  $2900  Supplies  $  80 Building            $ 300 Rent Expense       $   30   Notes Payable            $ 150 Commissions Earned   $   35                        Supply  Expense $10    Advertising Expense  $   65 Accounts Payable     $15 Unearned Rent Revenue  $ 248    Service Fees Earned $2,000 Delivery Expense  $   22 Interest Income $300    Taxes Payable  $   60 Depreciation Expense   $50 Jinks, Drawing             $ 240    Wage Expense    $ 65 Prepaid Rent       $   25 Accum. Depreciation $45  Jinks, Capital     $3000 Prepaid Insurance $1500 Gas Expense             $    20
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Page 3 of 14     ACC 111: Review For Exam on Chapters 3 and 4         J. Stoudemire    REVIEW OF ADJUSTING ENTRIES Prepare the required adjusting entry for the following items. Assume a December 31 year-end for all of the transactions. 1. On March 1, 2006 the Bugs Bunny Company received $30,000 in rent in advance from a tenant. The  rent is for a 2-year lease period beginning on March 1 st . 2. Bugs purchased a computer on May 31
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reviewexam2chpt3-4 - REVIEW FOR EXAM ON CHAPTERS 3 AND 4...

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