Exam_1_key_spring_2011_(2) - Fundamentals of Financial Accounting ACC 311 Spring 2011 Exam 1 KEY Form A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

Exam_1_key_spring_2011_(2) - Fundamentals of Financial...

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Fundamentals of Financial Accounting ACC 311, Spring, 2011 Exam 1, KEY Form A Form B 1 C 1 C Form C 2 D 2 B 1 C 3 B 3 C 2 D 4 E 4 E 3 B 5 B 5 B 4 B 6 D 6 D 5 D 7 C 7 D 6 D 8 C 8 D 7 C 9 D 9 B 8 A 10 D 10 B 9 E 11 C 11 C 10 C 12 C 12 B 11 D 13 E 13 C 12 D 14 C 14 C 13 B 15 B 15 C 14 C 16 B 16 D 15 B 17 B 17 E 16 D 18 D 18 B 17 C 19 A 19 C 18 D 20 B 20 B 19 C 21 D 21 D 20 B 22 B 22 D 21 B 23 D 23 D 22 C 24 C 24 A 23 B 25 C 25 C 24 E 25 C
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SECTION II ( 50 points ). Where calculations are necessary, you MUST show your work to receive credit for your answers and to receive partial credit. Please try to be as neat and organized as possible. PROBLEM 1 (20 pts) Given the journal entries below, write a brief explanation of the event that created the transaction and a brief statement of what, if any, kind of adjusting journal entry might be required in the future as a result of this transaction (for example, accrual to recognize utilities expense). If no adjusting entry will be needed enter “None.” Assume that you are applying accrual accounting principles and that the periodic inventory method applies. Transaction Debit Credit Explanation of Entry Possible future adjusting journal entry needed?
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