Accounting
olamayo2
bus_112_final_exam_questions_-.docxBUS 112 Q1-2016
Final Term Exam
Name:____________
Q1: Apachi Company ended its fiscal year on July 31, 2010. The company's adjusted trial balance as of the end of its fiscal year is as shown below.
|
APACHI COMPANY |
|||
|
Adjusted Trial Balance |
|||
|
July 31, 2010 |
|||
|
No. |
Account Titles |
Debits |
Credits |
|
101 |
Cash |
$14,840 |
|
|
112 |
Accounts Receivable |
8,780 |
|
|
157 |
Equipment |
15,900 |
|
|
167 |
Accumulated Depreciation |
|
$7,400 |
|
201 |
Accounts Payable |
|
4,220 |
|
208 |
Unearned Rent Revenue |
|
1,800 |
|
301 |
B. J. Apachi, Capital |
|
45,200 |
|
306 |
B. J. Apachi, Drawing |
16,000 |
|
|
404 |
Commission Revenue |
|
65,000 |
|
429 |
Rent Revenue |
|
6,500 |
|
711 |
Depreciation Expense |
4,000 |
|
|
720 |
Salaries Expense |
55,700 |
|
|
732 |
Utilities Expense |
14,900 |
|
|
|
|
$130,120 |
$130,120 |
Instructions
(a) Prepare the closing entries.
|
General Journal |
|
|
|
Date |
Account/Description |
Debit |
Credit |
|
July 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(To close revenue.) |
|
|
|
July 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(To close expenses.) |
|
|
|
July 31 |
|
|
|
|
|
|
|
|
|
|
(To close net loss.) |
|
|
|
July 31 |
|
|
|
|
|
|
|
|
|
|
(To close drawings.) |
|
|
Q2: On September 1, Howe Office Supply had an inventory of 30 pocket calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred.
|
Sept. |
6 |
Purchased 80 calculators at $20 each from De Vito Co. for cash. |
|
|
9 |
Paid freight of $80 on calculators purchased from De Vito Co. |
|
|
10 |
Returned 2 calculators to De Vito Co. for a $42 credit (including freight) because they did not meet specifications. |
|
|
12 |
Sold 26 calculators costing $21 (including freight) for $31 each to Mega Book Store, terms n/30. |
|
|
14 |
Granted credit of $31 Mega Book Store for the return of one calculator that was not ordered. |
|
|
20 |
Sold 30 calculators costing $21 for $31 each to Barbara's Card Shop, terms n/30. |
Instructions
Journalize the September transactions.
|
Date |
Description/Account |
Debit |
Credit |
|
Sept. 6 |
|
|
|
|
|
|
|
|
|
Sept. 9 |
|
|
|
|
|
|
|
|
|
Sept. 10 |
|
|
|
|
|
|
|
|
|
Sept. 12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(To record cost of merchandise sold.) |
|
|
|
Sept. 14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(To record cost of merchandise sold.) |
|
|
|
Sept. 20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(To record cost of merchandise sold.) |
|
|
