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(ACCT101)[2010](f)quiz~cychanab^_10010.pdf
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ACCT101: Introduction to Accounting for Business Majors
Quiz I, Fall 2010

Name:
StudentID:
Section#:

Instructions: . This.is.a.closed.book.quiz.It.consists.of.12.questions. . Please.writeyour.name,.student.ID,.lecture.section.number.on.this.page.(put.in.the.timeof.the.section.ifyou.donotknow.the.section.number). . Answer.all.thequestions.withinthe.space.providedontheanswer.sheets..Youonly.need.to.hand.in.the.answer.sheets. . No.pencilis.allowed!
Grades:
Questions Part I: 1-10 Part II: 11 Part III: 12 Total
Max.Points 20. 60. 20 100
Grades.

Please answer the questions within the space provided below: Part I: Multiple-choice questions (20 points).
Question Answer Question Answer
1 A 6 D
2 B 7 B
3 B 8 C
4 C 9 C
5 D 10 D

11: Recording Journal Entries and Identify Cash Flow Effect (60 points) Required a) of Question 11, Journal Entries:
Transaction Account Description Debit Credit
A.. Cash 20,000
Contributed Capital 20,000


Transaction Account Description Debit Credit
B. Cash 15,000
Note Payable 15,000


Transaction Account Description Debit Credit
C.. Inventory 9,000
Account Payable 9,000


Transaction Account Description Debit Credit
D. Furniture 2,000
Cash 2,000


Transaction Account Description Debit Credit
E. Advertising expense 1,000
Cash 1,000


Transaction Account Description Debit Credit
. Cash 5,000
F.(1) Sales Revenue 5,000


Transaction Account Description Debit Credit
. Cost of Sales 3,000
F.(2) Inventory 3,000


Transaction Account Description Debit Credit
G. Account Payable 2,000
Cash 2,000


Transaction Account Description Debit Credit
Account Receivable 6,000
H(1).. Sales Revenue 6,000


Transaction Account Description Debit Credit
Cost of Sales 4,000
H(2).. Inventory 4,000


Transaction Account Description Debit Credit
I.. Cash 2,000
Account Receivable 2,000


Transaction Account Description Debit Credit
J. Rent expense 600
Cash 600


Transaction Account Description Debit Credit
K.. Wages Expense 1,000
Cash 1,000


Transaction Account Description Debit Credit
L. Retained earnings 500
Cash 500


Answers to Required b) of Question 11:
Cash
Beg. 0
(a) 20,000 2,000 (d)
(b) 15,000 1,000 (e)
(f) 5,000 2,000 (g)
(i) 2,000 600 (j)
1,000 (k)
500 (l)
End. 34,900

Answers to Required c) of Question 11:
Transaction A.. Operating Investing Financing No effect
B..
C..
D.
E..
F.
G..
H.
I..
J.
K..
L.


12. Recording Typical Adjusting Entries (20 points) Answers to Required a) of Question 12:
Transaction A. Unearned Revenue Prepaid Expense Accrued Revenue Accrued Expense
B.
C..