Financial Accounting

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ACC2209VersionCMidtermExamTEMPLATE2.xlsx
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Marks Summary

ACC2209 - Midterm Exam Version C
Marks Summary
FOR INSTRUCTOR USE ONLY
Question Requirements Points
Question 1 Financial statement users and GAAP 0
Question 2 Record May transactions 0
Question 3 Record May adjusting entries 0
Question 4 Post entries to T-accounts 0
Question 5 Record closing entries 0
Question 6 Prepare adjusted trial balance at May 31, 2020 0
Question 7 Prepare income statement 0
Question 8 Prepare statement of retained earnings 0
Question 9 Prepare classified balance sheet 0
Total Points: 0

Q1

Question 1
A. Identify 3 main users of the financial statements of London Tour Company, and the GAAP most appropriate for each user
User GAAP
B. Based on the users / GAAP identified above, make an overall recommendation to Andrew regarding the continued use of ASPE

Q2

Question 2
Based on the information provided, prepare the journal entries for transactions that occurred in May 2020
Instead of a date, number your entries as T1, T2, T3, etc.
Date Description Debit Credit

Q3

Question 3
Based on the information provided, prepare the adjusing entries at May 31, 2020
Instead of a date, number your entries as A1, A2, A3, etc.
Date Description Debit Credit

Q4

Question 3
Post all entries from Question 2 and 3 to the T-accounts listed below.
Make sure you calculate the ending balance in each account
Assets
Cash Accounts receivable Supplies Prepaid insurance Prepaid rent
4/30/20 18,200 4/30/20 6,630 4/30/20 5,240 4/30/20 750
Furniture Acc. Depn - furniture Equipment Acc. Depn - Equipment Bus Acc. Depn - Bus
4/30/20 5,000 1,000 4/30/20 4/30/20 8,000 4,000 4/30/20
Liabilities
Accounts payable Wages payable Unearned revenue Note payable Interest payable Income taxes payable
6,400 4/30/20 1,900 4/30/20
Equity
Capital (common) shares Retained earnings
20,000 4/30/20 10,520 4/30/20
Revenue
Sales revenue Gain on Trade
Expenses
Wages expense Insurance expense Office rent expense Salaries expense Supplies expense
Telephone expense Depreciation expense Interest expense Income tax expense

Q5

Question 5
Based on the ending balances in your trial balance, prepare closing entries
Instead of a date, number your entries as C1, C2, C3, etc.
You are NOT required to post the closing entries to the T-accounts
Date Description Debit Credit

Q6

Question 6
Prepare an adjusted trial balance (pre-closing) at May 31, 2020
London Tour Company
Trial Balance
At May 31, 2020
Account Debit Credit
Cash
Accounts receivable
Supplies
Prepaid insurance
Prepaid rent
Furniture
Accumulated depreciation - furniture
Equipment
Accumulated depreciation - equipment
Bus
Accumulated depreciation - bus
Accounts payable
Wages payable
Unearned revenue
Note payable
Interest payable
Income taxes payable
Capital (common) shares
Retained Earnings
Sales revenue
Gain on Trade
Wages expense
Insurance expense
Office rent expense
Salaries expense
Supplies expense
Telephone expense
Depreciation expense
Interest expense
Income tax expense
TOTALS

Q7

Question 7
Prepare the May income statement

Q8

Question 8
Prepare the May statement of retained earnings

Q9

Question 9
Prepare the balance sheet at May 31