QUIZ 1, 2, 3,4
HANDWRITTEN QUIZZ IS ACCEPTABLE
STUDENTS WHO WILL TYPE OR COPY PASTE WILL BE MARKED ZERO
Q# 1: The following accounts transactions show the first six transactions of Avenson
Insurance Company of Year 2019. Prepare a journal entry (including written explanation)
for each transaction (10 Points)
Cash
Supplies
Nov 30
Nov 1
120,000
Nov 8
Nov 25
Nov 30.
Building
Nov 8
9,400
33,600
12,000
1,400
Accounts Payables
70,000
Nov 25 12,000 Nov 8
Nov 30
95,000
8,000
Land
Notes Payables
Nov 8
58,600
Nov 21
Furniture
Nov 15 3,200. Nov 21.
480. Nov 15.
3,200
Capital Stock
480
Nov 1
120,000
Instructions:
1. Prepare a General Journal from the above data
Q# 2: (10 Points)
During the month of October 2017, Gardial company had the following transactions: a) Sales of $ 10,000 were occurred and received in cash
b) Bank loans of $ 2,000 were paid off
c) Equipment of $ 4000 were purchased
d) Transportation expense of $ 7,200 were paid
e) Additional shares of capital stock $ 7,200 were paid
f) Office equipment were purchased of $3000 on account
g) Account receivables of 40,000 were received
h) Receipts from the customers $2000 in cash
Assuming that the cash balance at the beginning of the month was $ 12,000, prepare a
statement of cash flows that reconciles the beginning and ending cash balances
Q#3: The following is an alphabetical list of data from the records of Kenyon Services
Corporation on March 31, 2017
Accounts payable
Accounts receivable
$ 9,000
3,900
Equipment rental expense $ 500
Insurance expense
400
Advertising expense
300
Interest expense
Fees Earned
Truck operating expense
Wages expense
100
4,500
700
1,500
Cash
3,100
Share capital
2,000
Equipment
5,000
Prepare an income statement for the month ended March 31, 2017. Record the expenses
in alphabetical order. (10 Points)
Q# 4: Prepare a balance sheet at March 31,2017 (10 Points)