8578961

Acct 328 ® Examination 2 Component 1 – 60% Term of Organization – Every student can make up a business name Kind of business – service company •sole proprietorship Graph of Accounts – discover below. The numbers correspond to dates in the month of February (Use journal items only) 1 . Initial capital of $22.99, 000 installment payments on your

Prepaid rent , $19, 200 to get 2 years several. Prepaid insurance , $24, 000 intended for 2 years 4. Purchased a desk upon account for $500 5. Acquired office supplies for $950 6. Distributed 20 bicycles @ $350 each several. Sold three or more bicycle parts for a total of $450 on account 8. Applied $250 really worth of office supplies on the lookout for. Purchased repair supplies intended for $600 on account 15.

Received $250 in cash from deal on 2/7/2011 11. Paid cash pertaining to transaction about 2/4/11 12. Paid $12, 000 to get vehicle having a service life of 5 years 13. Purchased $100 really worth of business office supplies 16. Paid $12, 000 in employee incomes 15. Received $850 cash for solutions in The spring 16. Paid out $400 funds for restore supplies bought 2/9/11 March 28, 2011 * Office supplies available at month end- $150 * Lease expense pertaining to February – refer to transaction #2 over * Insurance expense to get February – refer to deal #3 previously mentioned * Devaluation expense in vehicle to get February – refer to transaction #12 * Repair products on hand , $80 Acct. No . Resources 101Cash 102Accounts Receivable 103Prepaid Rent 104Prepaid Insurance 105Office Supplies 106Repairs Supplies 107Vehicle 108 Workplace Equipment 111 Accumulated Depreciation Liabilities 201Accounts Payable 203Salaries Payable 205Unearned Revenue Income 401 Assistance Revenue Bills 501Salaries Price 502Rent Expenditure 504 Items Expense 505Repairs Supplies Price 506 Automobile Expense 514Miscellaneous Expense 616 Depreciation Charge – Car 617 Depreciation Expense – Office Gear Run the subsequent reports: 1 ) chart of accounts 2 . eneral diary 3. basic ledger some. GL trial balance five. income affirmation 6. balance sheet Part two – 40% Multiple Decision – Highlight answer and submit this kind of file. 1 ) A post-closing trial harmony will show a. zero balances for all accounts. b. absolutely no balances for balance sheet accounts. c. just balance sheet accounts. d. simply income assertion accounts installment payments on your The salary statement pertaining to the year 2010 of Poole Co. contains the following details: Revenues$70, 000 Expenses: Salary Expense$45, 000 Rent Expense12, 000 Advertising and marketing Expense6, 1000 Supplies Expense6, 000 Utilities Expense2, 500

Insurance Charge 2, 1000 Total expenditures 73, 500 Net income (loss)$(3, 500) After all closing articles have been submitted, the income account may have a balance of your. $0. n. $70, 000 credit. c. $70, 000 debit. d. $3, five-hundred credit. three or more. Which with the following will not result in unearned revenue? a. Rent accumulated in advance coming from tenants w. Services performed on accounts c. Sale for season seat tickets to basketball games d. Sale of two-year magazine subscribers 4. The following is selected info from Alpha-Beta-Gamma Corporation intended for the fiscal year closing October 31, 2010.

Money received via customers$300, 000 Revenue earned350, 000 Funds paid for expenses170, 000 Cash paid for computer systems on The fall of 1, 2009 that will be intended for 3 years (annual depreciation is $16, 000)48, 000 Expenditures incurred, not including any depreciation200, 000 Proceeds from a financial loan, part of which was used to spend on the computers100, 000 Depending on the accrual basis of accounting, what is Alpha-Beta-Gamma Corporation’s net income for the year ending Oct 31, 2010? a. $114, 000 n. $134, 500 c. $82, 000 deb. $150, 000 5.

Bee-In-The-Bonnet Company purchased office supplies costing $6, 000 and debited Business office Supplies for the full quantity. At the end from the accounting period, a physical depend of workplace supplies uncovered $2, 400 still readily available. The appropriate altering journal admittance to be produced at the end from the period would be a. Debit Workplace Supplies Expenditure, $2, 500, Credit Business office Supplies, $2, 400. b. Debit Workplace Supplies, $3, 600, Credit Office Products Expense, $3, 600. c. Debit Workplace Supplies Charge, $3, six hundred, Credit Business office Supplies, $3, 600. deb. Debit Business office Supplies, $2, 400, Credit rating Office Materials Expense, $2, 400.. Forzudo Company acquired a computer for $4, 800 on 12 , 1 . Approximately annual depreciation using the pc will be $960. If economic statements need to be prepared about December 23, the company will need to make the following adjusting access: a. Debit Depreciation Charge, $960, Credit Accumulated Depreciation, $960. w. Debit Depreciation Expense, $80, Credit Built up Depreciation, $80. c. Debit Depreciation Expenditure, $3, 840, Credit Built up Depreciation, $3, 840. g. Debit Workplace Equipment, $4, 800, Credit Accumulated Downgrading, $4, 800.