Name ____________________________________________________________
Quiz I
Variant A
Future Investment Co.
Trial Balance
February 1, 2011
tenge
Cash
Accounts receivable
Supplies
Equipment
Accounts payable
Dividends payable
Notes payable
Interest payable
Income taxes payable
Capital stock
Retained earnings
Client revenue
Salary expense
Gasoline expense
33 900
43 400
14 900
57 600
45 490
5 400
10 000
150
1 200
17 000
42 400
87 000
38 500
20 340
208 640
208 640
The company engaged in the following transactions during the February:
1. February 8 Future Investment Co. purchased inventory from the partner in Russia. Purchase
price 20 tenge, number of units 30. All on account.
2. Company pays 3000 tenge salary and 1500 tenge rent per month. Salary and rent have to be
paid at the end of each month.
3. February 11 Company purchased a car for 50 000 tenge signing a note payable. Payment is
due at the end of 2011.
4. February 14 Company collected a 3500 tenge receivables from Past Investment Co.
5. February 17 Company borrowed 2500 tenge from a bank.
6. February 20 Billed Present Investment Co. 7000 tenge for services provided. The entire
amount is due on February 27.
INSTRUCTION:
- Prepare all necessary journal entries;
- Post each entry to the appropriate ledger accounts (T account);
- Prepare Trial balance for February 28, 2011;
- Prepare Balance Sheet, Income Statement, Statement of Retained Earnings for February
28, 2011.
Good luck)