ACCT 2001 Study Guide - Midterm Guide: Asset Turnover, Financial Statement, Accounting Equation

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15 Oct 2018

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ACCT 2001 Full Course Notes

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The next five questions are based on the following information: At the end of its first year of operations, after adjustments were properly recorded, jim, inc. had the following adjusted account balances: Each of these accounts has the normal debit or credit balance. In preparing the closing entries, the debit to the income summary account to close expenses will be: none of the above. In preparing the closing entries, the credit to the income summary to close revenues account will be: none of the above. $ 112,000: none of the above, the purpose of closing entries would include all of the following except: To close dividends to the retained earnings account. In january 2006, tom company sold shares of common stock to new investors for ,000: the journal entry would include a debit to which type of account, asset, liability, owners" equity, revenue. Use the following information to answer the eight questions that follow:

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Mitchell Enterprises Adjusted Trial Balance December 31, 2015
Cash	$ 26,200
Accounts Receivable	10,600
Supplies	400
Prepaid Insurance Land	2,000 25,000
Building	54,000
Accumulated Depreciation - Building		$2,500
Accounts Payable		5,300
Unearned Revenue		6,000
Notes Payable		17,000
Common Stock		20,000
Retained Earnings (as of Jan. 1, 2015)		54,400
Dividends	1,000
Service Revenue		29,000
Salaries Expense	8,400
Rent Expense	3,600
Insurance Expense	3,000
	$134,200	$134,200

Mitchell Enterprises

Income Statement

On December 31, 2016, the accounts in the ledger of Parris Co.are listed below. All accounts have normal balances. At thebeginning of the year, retained earning balance is $4,000.

Note Payable due 10/31/2018	$ 10,000
Accounts Receivable	6,000
Accumulated Depreciation- Equipment (Creditbalance)	6,000
Dividends	1,000
Cash	16,000
Depreciation Expense	5,000
Equipment	12,000
Fees Earned	50,000
Rent Expense	6,000
Supplies	2,000
Supplies Expense	3,000
Wages Expense	21,000
Wages Payable	2,000

generate Retained Earnings Statement and a Balance Sheet

coffeeworm412

John's Cleaning Services, Inc. has the following adjustedaccount balances as of March 31, 2015. Prepare a classified balancesheet as of that date.

Account	Debit	Credit
Cash	$600
Common Stock		31,650
Inventory	2,000
Prepaid Rent	4,400
Building	50,000
Salaries Expense	1,000
Long-Term Investments	50,500
Accounts Payable		6,000
Rent Expense	1,000
Income Tax Payable		15,630
Long-Term Notes Payable		8,000
Accumulated Depreciation- Building		7,500
Retained Earnings		2,520
Service Revenue		41,000
Short-Term Investments	1,800
Insurance Expense	2,000
Current Portion of Long-Term Note Payable		2,500
Depreciation Expense- Building	1,500
Totals	$114,800	$114,800

Account	Debit	Credit
Cash	$600
Short-Term Investments	1,800
Inventory	2,000
Prepaid Rent	2,900
Prepaid Insurance	1,500
Building	50,000
Accumulated DepreciationâBuilding		$7,500
Long-Term Investments	23,000
Goodwill	20,000
Patent	7,500
Accounts Payable		6,000
Current Portion of Long-term Note Payable		2,500
Income Tax Payable		15,630
Long-term Notes Payable		8,000
Common Stock		1,650
Additional Paid-in Capital		30,000
Retained Earnings		2,520
Service Revenue		41,000
Rent Expense	1,000
Insurance Expense	2,000
Salaries Expense	1,000
Depreciation ExpenseâBuilding	1,500	_______
Totals	$114,800	$114,800

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ACCT 2001 Study Guide - Midterm Guide: Asset Turnover, Financial Statement, Accounting Equation

ACCT 2001 Full Course Notes

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