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ACCT 221 Mid-Term Exam_Ch_1_5

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Question;ACCT 221 Mid-Term Exam: Ch. 1-5;Problem;1. Journalize the following selected;transactions for April 2013 in a two-column journal. Journal entry explanations may be omitted.;April 1;Received cash from;stockholder, Kevin Marks, in return for stock, $14,000.;2;Received cash for;providing accounting services, $9,500.;3;Billed customers on;account for providing services, $4,200.;4;Paid advertising;expense, $700.;5;Received cash from;customers on account, $2,500.;6;Dividends paid;$1,010.;7;Received telephone;bill, $900.;8;Paid telephone;bill, $900.;Date;Description;Post Ref;Debit;Credit;2. Journalize in a two column journal the;adjusting entries required at August 31, 2013. Omit explanations.;1. Fees accrued but unbilled are $4,500.;2. The supplies account balance on December 31;is $5,250. The supplies on hand are;$1,015.;3. Wages accrued but not paid are $3,500.;4. Depreciation of office equipment is $2,200.;5. Rent expired during year, $7,800.;Date;Description;Post Ref;Debit;Credit;3. On the basis of the following data taken from;the Adjusted Trial Balance columns of the work sheet for the year ended March;31 for Boles Athletic Company, journalize the four closing entries.;Cash;$ 30,000;Accounts Receivable;45,200;Supplies;5,000;Equipment;169,900;Accumulated;Depreciation;$ 32,000;Accounts Payable;12,500;Capital Stock;71,600;Dividends;47,000;Fees Earned;510,000;Salary Expense;244,500;Rent Expense;48,000;Depreciation;Expense;25,000;Supplies Expense;9,500;Miscellaneous;Expense;2,000;$626,100;$626,100;Date;Description;Post Ref;Debit;Credit;4.Merchandise with a list price of $7,500;is purchased on account, terms FOB shipping point, 1/10, n/30. The;seller prepaid;transportation costs of $300. Prior to payment, $2,000 of the merchandise is;returned. The;correct amount is;paid within the discount period.;Record the foregoing;transactions of the buyer in the sequence indicated below.;(a);Purchased the;merchandise.;(b);Recorded receipt of;the credit memorandum for merchandise returned.;(c);Paid the amount;owed.;Date;Description;Post Ref;Debit;Credit;5. Merchandise with a list price of $3,800 and costing $2,000 is;sold on account, subject to the following terms;FOB shipping;point, 2/10, n/30. The seller prepays;the $50 shipping charges and bills the customer, (seller;pays Cash). Prior;to payment for the goods, the seller issues a credit memorandum for $800 to the;customer for;merchandise;costing $500 that is returned. The correct amount is received within the;discount period.;Record the foregoing;transactions of the seller in the sequence indicated below.;(a);Sold the;merchandise, recognizing the sale and cost of merchandise sold.;(b);Paid the;transportation charges.;(c);Issued the credit;memorandum.;(d);Received payment;from the customer.;Date;Description;Post Ref;Debit;Credit

 

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