Practice_Mid_Term1

Explain why you draw the conclusion 4 points 2 ii

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Unformatted text preview: lain why you draw the conclusion. (4 points) 2 (ii) Prepare journal entries for the above transactions. For those entries that need calculation to determine the amount, please provide the calculation process as well. (46 points) 3 Q u es t i o n 2 : On January 1st, 2009, Fast Track, Inc. was started with $30,000 invested by the owners as contributed capital. On December 31st, 2009, the accounting records contained the following amounts: Accounts payable Accounts receivable Accumulated depreciation Cash Consulting fees revenue Contributed capital Depreciation expense $ 2,200 2,200 500 10,000 19,200 25,000 500 Dividends declared Office equipment Office supplies Office supplies expense Rent expense Salary expense Telephone expense $ 2,300 20,000 1,750 600 2,400 6,900 250 Required: A. Prepare an i...
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This note was uploaded on 11/01/2013 for the course BUS 70-122 taught by Professor Sunez during the Fall '11 term at Carnegie Mellon.

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