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(ACCT101)[2010](f)quiz~ee_pax^_10011.pdf
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ACCT101 Fall 2010
QUIZ 1 (Yellow Version)

1)
Prepare a journal entry for each transaction (9 points). (1pt each)




a. Office Equipment $20,000
Office Supplies 3,000
Accounts Payable 23,000

b. Cash $30,000
Contributed Capital $30,000

c. Account Payable $16,000
Cash $ 16,000

d. Cash $30,000
Accounts Receivable $15,000
Revenue $45,000

e. Wages Expense $28,000
Rent Expense $12,000
Cash $40,000

f. Land $70,000
Note Payable $70,000

g. Prepaid Insurance Expense $1,800
Cash $1,800

h. Retained Earnings $3,000
Dividend Payable $3,000

i. Cash $5,000
Accounts Receivable $5,000


2). (4 points, 2 points each T-account)
Accounts Receivable
Accounts Payable

Beginning Bal. 15,000
d. $15,000


i. $5,000



c. 16,000
Beginning Bal.$17,000
a. $23,000

Balance $25,000
Balance $24,000




3) Net income = $45,000 revenue - $28,000 wage expense - $12,000 rent expense = $5,000
(2 points)