ACCT 20100 Review Problem

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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.
Account
Debit
Credit
July 1
Purchased used truck for
$6,000, paying $3,000 cash and the
balance on a three year note payable.
Account
Debit
Credit
July 3
Purchased cleaning supplies for
$1,300 on account.
Account
Debit
Credit
July 5
Paid $2,400 cash on one-year
insurance policy effective July 1.
Account
Debit
Credit
July 12 Billed customers $2,500 for
cleaning services earned.
Account
Debit
Credit
July 18 Paid $1,000 cash on amount
owed on note payable and $800 on
amount owed on cleaning supplies.
Account
Debit
Credit
July 20 Paid $1,200 cash for
employee salaries.
Account
Debit
Credit
July 21 Collected $1,400 cash from
customers billed on July 12.
Account
Debit
Credit
July 25 Billed customers $5,000 for
cleaning services earned.
Account
Debit
Credit
July 31 Paid gas and oil for month on
truck $200.
Account
Debit
Credit
July 31 Declared and paid $900
dividend.
Account
Debit
Credit
Once Journal Entries are complete, Post
these to t-accounts.
Prepare UNADJUSTED TRIAL BALANCE
from t-account balances
Prepare Adjusting Journal Entries
(1) Services provided but unbilled and
uncollected at July 31 were $1,500.
Account
Debit
Credit
(2) Depreciation on equipment for
the month was $300.
Account
Debit
Credit
(3) One-twelfth of the insurance
expired.
Account
Debit
Credit
(4) An inventory count shows $400 of
cleaning supplies on hand at July 31.
Account
Debit
Credit
(5) Accrued but unpaid employee
salaries were $600.
Account
Debit
Credit
Prepare ADJUSTED TRIAL BALANCE (Post
Adjusting Journal Entries to a separate
column in the Trial Balance Worksheet)
Prepare Financial Statements:
1. Income Statement
2. Statement of Retained Earnings
3. Balance Sheet
Prepare Closing Entry
Closing Entry
Account
Debit
Credit
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