reviewexam3chpt5-6-1

reviewexam3chpt5-6-1 - REVIEW FOR EXAM ON CHAPTERS 5 AND 6...

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REVIEW FOR EXAM ON CHAPTERS 5 AND 6 Exam Format: The  exam  has  three  work  problem s,  a  matching  question  and  19  multiple- choice   questions.  It is worth  115  points. 1. Journal entries for the buyer and seller: You  will be  required  to prepare  the  neces sary  entries  for a variety  of transactions   including  sales,  sales  returns,  sales  discounts,  credit cards  sales,  sale  tax, purchase s   and  purchase  returns.  Review  the  chapter  handout  as  well as  the  exam  review.   2. Closing entries for a merchandising company: 3. Prepare a Multi-step and Single-step Income Statement:
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A ccounting 111 - Review - Chapters 5 and 6 J. Stoudemire Page 2 of 12 Review Problems: Closing Entries and Income Statements The company has the following accounts at end year. Prepare the required closing entries and Multi-step and Single Income Statement. Rent Expense $30 Sales $2,000 Sales Returns/Allowances $35 Depreciation Expense $50 Transportation-Out $22 Supply Expense $ 65 Interest Income $300 Joker, Drawing $240 Cost of Goods Sold $500 Rental Income $300 Interest Expense $10 Sales Discounts $20 Advertising Expense $60 Telephone Expense $5 Date GENERAL JOURNAL Description PR Debit Credit
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A ccounting 111 - Review - Chapters 5 and 6 J. Stoudemire Page 3 of 12 Date GENERAL JOURNAL Description PR Debit Credit
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A ccounting 111 - Review - Chapters 5 and 6 J. Stoudemire Page 4 of 12 THE JOKER COMPANY INCOME STATEMENT FOR THE YEAR ENDED 12/31/06 REVENUE FROM SALES: NET SALES GROSS MARGIN OPERATING EXPENSES: TOTAL OPERATING EXPENSES INCOME FROM OPERATIONS OTHER REVENUES/EXPENSES NET INCOME THE JOKER COMPANY INCOME STATEMENT FOR THE YEAR ENDED 12/31/06 REVENUES:
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A ccounting 111 - Review - Chapters 5 and 6 J. Stoudemire Page 5 of 12 EXPENSES: NET INCOME
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A ccounting 111 - Review - Chapters 5 and 6
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This note was uploaded on 04/07/2008 for the course ACCT 201 taught by Professor Shleifer during the Spring '08 term at Clemson.

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reviewexam3chpt5-6-1 - REVIEW FOR EXAM ON CHAPTERS 5 AND 6...

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