f o.s ,r =2
P( f =3 \x =L)
Determine whether each of the following is a debit or credit using this code:
DR=debit; CR=credit. Mark the correct answer on your answer sheet.
1. The balance side of Cash in Bank
2. The decrease side of Miscellane
For questions 1 through 18, indicate the normal balance side of each account
using the code:
1. Uncollectible Accounts Expense
2. Depreciation Expense
3. a partners drawing account
4. Property Taxe
Brice Haile owns Haile Cleaning Services which provides residential and
commercial building cleaning services to the public. Brice has been in business
for many years.
His fiscal year ends December 31, at which time
For items 1 through 15, on your answer sheet write YES if the answer is yes; write
NO if the answer is no.
1. Is Supplies Expense a temporary account?
2. Is Purchases Discounts a permanent account?
3. Is Sales Ta
For questions 1 through 5 indicate the increase side of each of the following by
writing on your answer sheet either DR for debit or CR for credit.
1. Fees Income
2. Accounts Receivable
3. Jeremy Teague, Drawing
For questions 1 through 12, write on your answer sheet how each item is closed
(or not closed) at the end of the fiscal year using the following code:
DR = close the account with a debit
CR = close the account with a cr
Section 2. (Suggested Time: 2 Hours, 15 minutes) Answer any 3 of the following 4
7. We are considering a stochastic growth model where technology is observed with a lag.
The representative price-taking rm solves
max E (t | It ) = E (Yt | It ) W