Exam 2B Solution - 2012 2B marking Multiple Choice 1 2 3 4...

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2012 2B marking Multiple Choice: 1. C 2. B 3. A 4. D 5. B 6. C 7. C 8. A 9. D 10. B Question 1 July 4 Merchandise Inventory .................................................................. 3,750 Accounts Payable ................................................................. 3,750 6 Accounts Receivable ...................................................................... 2,500 Sales ..................................................................................... 2,500 Cost of Goods Sold ($150 x 10) ...................................................... 1,500 Merchandise Inventory ........................................................ 1,500 7 Accounts Payable ........................................................................... 300 Merchandise Inventory ........................................................ 300
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8 Cash. ............................................................................................. 500 Sales. .................................................................................... 500 Cost of Goods Sold. ........................................................................ 300 Merchandise Inventory ........................................................ 300 13 Sales Returns and Allowances ....................................................... 250 Accounts Receivable ............................................................ 250 Merchandise Inventory ................................................................... 150 Cost of Goods Sold ............................................................... 150 14 Accounts Payable ($3,750 – $300) ................................................. 3,450 Cash ($3,450 × 98%) ............................................................ 3,381 Merchandise Inventory ($3,450 × 2%) ................................. 69 15 Cash. ............................................................................................. 2,205 Sales Discounts .............................................................................. 45 Accounts Receivable ............................................................ 2,250
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Question 2 Office Supplies Expense .................................................................................... 1,500 Office Supplies .............................................................................. 1,500 (To record the amount of office supplies used) 2. Insurance Expense ................................................................................ 275 Prepaid Insurance ........................................................................ 275 (To record insurance expired; $6,600 ÷ 24) because of the monthly adjustments the company makes. 3. Unearned Rent Revenue ...................................................................... 700 Rent Revenue ...............................................................................
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  • Winter '11
  • K.R.Golding
  • Accounting, Revenue, ........., Generally Accepted Accounting Principles

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