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Post ACC111 midterm exam




Question;ACCOUNTING MID TERM;Michael?s;Plumbing Company has the following transactions for the year;December;1 ? Issued capital stock for $50,000 to start plumbing business.;December;1 - Paid gas expense $500.;December;1 - Paid one year insurance premium costing $3,600.;December;2 - Received $3,000 for job to install plumbing system in January next;year.;December;8 ? Plumbing repairs for three houses totaling $15,000 and billed;customers.;December;10 - Purchased equipment costing $8,400 on credit.;December;12 - Purchased supplies costing $900 on credit.;December;23 ? Plumbing services completed and billed to customers for $1,500.;December;24 - Paid for equipment purchased on December 10th.;December;28 - Received $2,000 for the repairs done on December 8th.;December;31 - Paid a $1,000 dividend.;Required;1. Prepare journal;entries for the above transactions. Be;sure to identify them as a through k.;2. Post the above;transactions to T Accounts.;3. Prepare a Trial;Balance.;4. Prepare adjusting;entries in journal format and post to T Accounts.;Supplies on Hand;December 31 was $500.;The Equipment is to;be depreciated over 48 months starting with December.;(HINT: Record one month depreciation;expense).;Wages owed but not;paid on December 31 was $250.;One month of insurance;has expired.;5. Prepare an Adjusted;Trial Balance.;6. Prepare an;Income Statement, Statement of Retained Earnings and a Balance Sheet.;7. Prepare closing;entries in journal format and post to the T Accounts.;8. Prepare a;Post-Closing Trial Balance.


Paper#39365 | Written in 18-Jul-2015

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