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(acct101)[2010](f)quiz~2683^_10009.pdf
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Problem
Maximum mark
Suggested time
Mark

1
20
15


2 - 1
48
25


2 - 2
15
15


2 - 3
17
20


Total
100
75

















Problem 1: Multiple choice (2 points each question)

1
C
6
C

2
C
7
B

3
A
8
A

4
B
9
D

5
A
10
C




Problem 2: Journal entries and financial statement.

Required 1: Prepare journal entries for above transactions on the day when the transaction happened. (3 points for each transaction, totally 48 points)

Example transaction: The Company purchased inventory $3,000; paid $1000 in cash and the rest is purchased on account.

Reference
No.
Date
Debit
Credit

Account Code
Amount ($)
Account Code
Amount ($)

Example

C
3,000
A
F
1,000
2,000

1
July1, 2009
A
20,000
K
20,000

2
July 1, 2009
A
30,000
J
30,000

3
July 1, 2009
D
8,000
A
8,000

4
September 2, 2009
E
24,000
A
24,000

5
September 5, 2009
C
10,000
A
10,000

6
November 15, 2009
A
B
8,000
72,000
M
80,000

7
January 4, 2010
A
64,000
B
64,000

8
February 15, 2010
C
55,000
F
55,000

9
March 4, 2010
F
30,000
A
30,000

10
March 31, 2010
A
20,000
I
20,000

11
April 1, 2010
D
1,200
A
1,200

12
April 5, 2010
F
5,000
C
5,000

13
June 30, 2010
O
9,000
A
G
8,000
1,000

14
June 30, 2010
N
45,000
C
45,000

15
June 30, 2010
S
6,030
A
6,030

16
June 30, 2010
L
2,000
A
2,000



Required 2: Assuming: Now it is the last day of the fiscal year (i.e. June 30, 2010) and you are revisiting above 16 transactions. Please prepare adjusting entries or additional journal entries for any transactions that you think necessary. (3 points for each adjusting or additional entry, totally 15 points for 5 entries. There are two entries for the transaction occurred on July 1, 2009)

Reference
No.
Date
Debit
Credit

Account Code
Amount ($)
Account Code
Amount ($)

1
July1, 2009





2
July 1, 2009
Q
3,600
H
3,600

3
July 1, 2009
R
D
8,000
8,000
D
A
8,000
8,000

4
September 2, 2009





5
September 5, 2009





6
November 15, 2009





7
January 4, 2010





8
February 15, 2010





9
March 4, 2010





10
March 31, 2010
I
6,000
M
6,000

11
April 1, 2010
P
300
D
300

12
April 5, 2010





13
June 30, 2010





14
June 30, 2010





15
June 30, 2010