1 / 24

ACCT 20100 Review Problem

ACCT 20100 Review Problem. Review for Exam #1 Fall 2010 Jordan Auditorium Mendoza College of Business September 19, 2010. July 1 Minh invested $12,000 cash in the business. July 1 Purchased used truck for $6,000, paying $3,000 cash and the balance on a three year note payable.

sarai
Download Presentation

ACCT 20100 Review Problem

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. ACCT 20100 Review Problem Review for Exam #1 Fall 2010 Jordan Auditorium Mendoza College of Business September 19, 2010

  2. July 1 Minh invested $12,000 cash in the business.

  3. July 1 Purchased used truck for $6,000, paying $3,000 cash and the balance on a three year note payable.

  4. July 3 Purchased cleaning supplies for $1,300 on account.

  5. July 5 Paid $2,400 cash on one-year insurance policy effective July 1.

  6. July 12 Billed customers $2,500 for cleaning services earned.

  7. July 18 Paid $1,000 cash on amount owed on note payable and $800 on amount owed on cleaning supplies.

  8. July 20 Paid $1,200 cash for employee salaries.

  9. July 21 Collected $1,400 cash from customers billed on July 12.

  10. July 25 Billed customers $5,000 for cleaning services earned.

  11. July 31 Paid gas and oil for month on truck $200.

  12. July 31 Declared and paid $900 dividend.

  13. Once Journal Entries are complete, Post these to t-accounts.

  14. Prepare UNADJUSTED TRIAL BALANCE from t-account balances

  15. Prepare Adjusting Journal Entries

  16. (1) Services provided but unbilled and uncollected at July 31 were $1,500.

  17. (2) Depreciation on equipment for the month was $300.

  18. (3) One-twelfth of the insurance expired.

  19. (4) An inventory count shows $400 of cleaning supplies on hand at July 31.

  20. (5) Accrued but unpaid employee salaries were $600.

  21. Prepare ADJUSTED TRIAL BALANCE (Post Adjusting Journal Entries to a separate column in the Trial Balance Worksheet)

  22. Prepare Financial Statements: • Income Statement • Statement of Retained Earnings • Balance Sheet

  23. Prepare Closing Entry

  24. Closing Entry

More Related