3.03 Prototype Assessment Items
These prototype assessment items illustrate the types of items used in the item bank for
this objective. All items have been written to match the cognitive process of the apply
verb in the objectives. These exact questions will not be used on the secure
postassessment, but questions in similar formats will be used.
Posting to the subsidiary ledgers—Cash Payments Journal to A/P Ledger
FRIED FOODS, INC.
CASH PAYMENTS JOURNAL
DATE
1
Jul
CK
NO
ACCOUNT TITLE
2
David's Drive In
POST.
REF.
GENERAL
DEBIT CREDIT
235
ACCOUNTS
PAYABLE
DEBIT
PURCHASES
DISCOUNT
CREDIT
580.00
CASH
CREDIT
580.00
2
1. What is the correct posting of the above Cash Payments Journal Entry to the
accounts payable subsidiary ledger?
A.
B.
C.
D.
Credit Accounts Payable/David's Drive In, $580.00
Credit Cash $580.00
Debit Accounts Payable/David's Drive In, $580.00
Debit Accounts Payable/Fried Foods, Inc., $580.00
Answer:
Posting to the subsidiary ledgers—Purchases Journal to A/P Ledger
PURCHASES JOURNAL
DATE
ACCOUNT CREDITED
Dec. 10
Bart's Books
PURCH NO
265
POST REF
Purchases Dr. Accts. Pay. Cr.
384.00
2. What is the correct posting of the above journalized transaction to the accounts
payable subsidiary ledger?
A.
B.
C.
D.
Credit Accounts Payable/ Bart's Books, $384
Credit Purchases, $384
Debit Accounts Payable/Bart's Books, $384
Debit Purchases, $384
Answer:
3.03 Prototype Assessment Items – Page 2
Posting to the subsidiary ledgers A/R Ledger
Eddie’s Used Cars
Cash Receipts Journal
Page No.
1
GENERAL
Date
Account Title
Doc
No.
Apr 1
Apr 2
James Jones
Amy Anderson
R52
R53
Post
Ref.
Debit
Credit
Accounts
Receivable
Credit
Sales
Credit
Sales
Tax
Payable
Credit
Sales
Discount
Debit
Cash
Debit
235.00
168.00
235.00
168.00
3. What is the correct posting of the above Apr. 1 Cash Receipts Journal entry to the
accounts receivable subsidiary ledger?
A.
B.
C.
D.
Debit Accounts Receivable/James Jones $235.00; Credit Accounts Receivable,
$235.00
Debit Accounts Receivable/James Jones, $235.00
Credit Accounts Receivable/James Jones, $235.00, which will increase the
subsidiary ledger account Debit Balance, $235.00
Credit Accounts Receivable/James Jones, $235.00, which will decrease the
subsidiary ledger account Debit Balance, $235.00
Answer:
Posting to the General Ledger (from the General Journal)
GENERAL JOURNAL
DATE
1
2
Aug
ACCOUNT TITLE
9 Supplies -Store
Accts. Pay./Ollie's Office Supply
Page 11
Doc
NO
POST.
REF.
M44
1350
/
GENERAL
DEBIT
CREDIT
245.00
245.00
4. What is the correct posting of the above General Journal Entry to the General
Ledger?
A.
B.
Debit Accounts Payable, $245.00; Credit Supplies-Store, $245.00
Debit Accounts Payable-Control, $245.00; Credit Accounts Payable/Ollie's
Office Supply, $245.00
C. Debit Supplies-Store, $245.00; Credit Accounts Payable, $245.00
D. Debit Supplies-Store, $245.00; Debit Accounts Payable-Control, $245.00 and
Credit Accounts Payable/Ollie's Office Supply, $245.00
Answer:
3.03 Prototype Assessment Items – Page 3
Posting to the General Ledger (from Cash Payments Journal)
Page
22
CASH PAYMENTS JOURNAL
Ck
DATE
Item
No
Mar. 7
Purchases
232
POST
REF
GENERAL
DEBIT
4110
CREDIT
Accounts
Payable
Debit
Purchases
Discount
Credit
400.00
Cash
Credit
400.00
5. Smith Supply made the above journal entry in their Cash Payments Journal. What is
the correct posting of this entry to the general ledger?
A.
B.
C.
D.
Debit Cash, $400.00; Credit Accounts Payable, $400.00
Debit Cash, $400.00; Credit Purchases, $400.00
Debit Purchases, $400.00; Credit Accounts Payable $400.00
Debit Purchases, $400.00; Credit Cash, $400.00
Answer:
Making and Posting Adjusting Entries (Supplies-Office, Merchandise Inventory)
6. Supplies-Office has a balance of $800. At the end of the month, a physical count of
the Supplies-Office items shows only $380 is on hand. What is the journal entry for
recording the adjustment to Supplies-Office?
A.
B.
C.
D.
Debit Supplies Expense-Office, $420.00; Credit Supplies-Office, $420.00
Debit Supplies Expense-Office, $380.00; Credit Supplies-Office, $380.00
Debit Supplies-Office $420.00 and credit Supplies Expense-Office $420.00
Debit Supplies-Office, $380.00; Credit Supplies Expense-Office, $380.00
Answer:
7. The merchandise inventory account has a balance of $1000. At the end of the
month, a physical count of the inventory items shows only $600 is on hand. What is
the journal entry for recording the adjustment to Merchandise Inventory?
A.
B.
C.
D.
Debit Merchandise Inventory, $600.00; Credit Income Summary, $600.00
Debit Merchandise Inventory, $400.00; Credit Income Summary, $400.00
Debit Income Summary, $600.00; Credit Merchandise Inventory, $600.00
Debit Income Summary, $400.00; Credit Merchandise Inventory, $400.00
Answer:
3.03 Prototype Assessment Items – Page 4
Making and Posting Adjusting Entries—Depreciation, Federal Income Tax Expense
8. Store Equipment has a balance of $20,000. The equipment has a useful life of 8
years and a salvage value of $4,000. At the end of the year, how is the adjusting
entry for depreciation recorded in the adjustments columns on a multicolumn trial
balance worksheet?
A.
Debit Store Equipment, $2,000.00; Credit Depreciation Expense-Store
Equipment, $2,000
B. Debit Depreciation Expense-Store Equipment, $2,000; Credit Store Equipment,
$2,000
C. Debit Depreciation Expense-Store Equipment, $2,000; Credit Accumulated
Depreciation-Store Equipment, $2,000
D. Debit Accumulated Depreciation-Store Equipment, $2,000; Credit Depreciation
Expense-Store Equipment, $2,000
Answer:
9. At the end of the year, Tom's Trucking has calculated its Federal Income Tax
amount for the year to be $6,000. Tom's Trucking has already made Federal
Income Tax payments in the amount of $4,000. How is the adjusting entry for
Federal Income Tax Expense recorded in the adjustments columns on a
multicolumn trial balance worksheet?
A.
Debit Federal Income Tax Expense, $10,000; Credit Federal Income Tax
Payable, $10,000
B. Debit Federal Income Tax Expense, $2,000; Credit Federal Income Tax
Payable, $2,000
C. Debit Federal Income Tax Expense, $4,000; Credit Federal Income Tax
Payable, $4,000
D. Debit Federal Income Tax Expense, $6,000; Credit Federal Income Tax
Payable, $6,000
Answer:
3.03 Prototype Assessment Items – Page 5
Making and Posting Adjusting Entries—Uncollectible Accounts
10. $1,000 of the current year’s sales will eventually be uncollectible. The Allowance for
Uncollectible Accounts balance is $450. What is the journal entry for recording the
adjustment for uncollectible accounts?
A.
B.
C.
D.
Debit Allowance for Uncollectible Accounts, $1,000; Credit Uncollectible
Accounts Expense, $1,000
Debit Allowance for Uncollectible Accounts, $550; Credit Uncollectible Accounts
Expense, $550
Debit Uncollectible Accounts Expense, $1,000; Credit Allowance for
Uncollectible Accounts, $1,000
Debit Uncollectible Accounts Expense, $550; Credit Allowance for Uncollectible
Accounts, $550
Answer:
Computing the Cost of Merchandise Sold
11. Find the cost of merchandise sold, given the following information: Purchases,
$8,000; Beginning Inventory, $45,000; Ending Inventory, $31,000.
A.
B.
C.
D.
$ 6,000
$22,000
$68,000
$84,000
Answer:
3.03 Prototype Assessment Items – Page 6
Preparing Financial Statements
Fran's Furniture
Worksheet
For the Year Ended December 31, 201Trial Balance
Account Title
3
Allow. for Uncollectible
4
Merchandise Inventory
5
Prepaid Insurance
6
Store Equipment
7
Debit
Credit
10,000
4,500
Federal Income Tax Payable
2,000
Retained Earnings
13
Dividends
14
Income Summary
15
Sales
16
Sales Discount
17
Purchases
18
Purchases Discount
19
Advertising Expense
20
Depreciation Exp. - Store
21
Insurance Expense
22
Uncollectible Accts. Expense
23
Federal Income Tax Expense
Debit
15,000
9
12
Credit
300
8,000
Capital Stock
Debit
Balance Sheet
200
900
Accounts Payable
11
Credit
Income
Statement
1,000
8
Dividends Payable
Debit
750
Acc. Depr. - Store Equip.
10
Adjustments
1,400
1,500
200
5,000
15,000
1,000
1,000
80,000
8,000
40,000
3,000
7,000
1,400
2,000
300
200
1,500
1,500
24
25
Net Income after Federal Income Tax
Figure 1
12. Using the Year Ended worksheet for Fran's Furniture in Figure 1, compute the cost
of merchandise sold.
A.
B.
C.
D.
The cost of merchandise sold is $36,000.
The cost of merchandise sold is $38,000.
The cost of merchandise sold is $44,000.
The cost of merchandise sold is $71,800.
Answer:
Credit
3.03 Prototype Assessment Items – Page 7
13. Using the Year Ended worksheet for Fran's Furniture in Figure 1, compute the Net
Sales.
A.
B.
C.
D.
Net sales are $112,000.
Net sales are $40,000.
Net sales are $72,000.
Net sales are $88,000.
Answer:
(Note: Also have students compute net income after income tax using Figure 1.)
Preparing a Post-Closing Trial Balance (calculating balances)
Adams Accounting
Worksheet
For the Year Ended December 31, 201-
Trial Balance
Account Title
Debit
1
Cash
1,000
2
Accounts Receivable
3
Merchandise Inventory
5
Prepaid Insurance
6
Store Equipment
7
Debit
Credit
Income
Statement
Debit
Credit
Balance Sheet
Debit
300
Allow. for Uncollectible
4
Credit
Adjustments
25
1,400
35
200
600
300
5,000
Acc. Depr. - Store Equip.
1,000
8
Accounts Payable
500
9
Federal Income Tax Payable
500
10
Dividends payable
100
11
Capital Stock
5,000
12
Retained Earnings
6,000
13
Dividends
300
100
2,500
2,000
Figure 2
14. Using the Year Ended Worksheet for Adams Accounting in Figure 2, compute the
merchandise inventory balance on the Post-Closing Trial Balance.
A.
B.
C.
D.
The merchandise inventory balance is $200.
The merchandise inventory balance is $1200.
The merchandise inventory balance is $1400.
The merchandise inventory balance is $1600.
Answer:
Credit
3.03 Prototype Assessment Items – Page 8
15. Using the Year Ended Worksheet for Adams Accounting in Figure 2, compute the
Acc. Depr. – Store Equip. balance on the Post-Closing Trial Balance.
A.
B.
C.
D.
The Acc. Depr. – Store Equip. balance is $300.
The Acc. Depr. – Store Equip balance is $700.
The Acc. Depr. – Store Equip balance is $1000.
The Acc. Depr. – Store Equip balance is $1300.
Answer: