acct220 quiz 1 latest 2017

Quiz 1

Question 1 The following is the Bravo Unlimited unadjusted
Trail Balance.

Bravo Unlimited
Unadjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	231,860
Supplies	6,255
Prepaid Rent	11,000
Equipment	395,285
Accumulated Depreciation		$224,260
Accounts Payable		72,555
Wages Payable		0
Capital Stock		220,000
Retained Earnings		111,145
Service Revenue		893,105
Interest Income		1,500
Rent Expense	60,500
Wages Expense	527,260
Supplies Expense	42,520
Utilities Expense	8,595
Depreciation Expense	144,000
Interest Expense	6,840	________
Totals	$1,522,565	$1,522,565

Adjusting Items:

1. A physical inventory shows supplies on hand of $2,000 at
year end.

2. The prepaid rent covers December 2016 & January 2017
rents.

3. December depreciation on equipment is $12,000 per month.

4. At year end Wages of $10,300 were earned but unpaid.

Use this information to prepare the General Journal entry
(without explanation) for the required end of the month adjustment. If no entry
is required then write “No Entry Required.”

Question 2 On April 5, 2016, you discovered that your newly
hired bookkeeper made an error when recording a transaction the previous day.
The first salary payment this month was for $2,500, which included $700 of
salaries payable on March 31. The payment was recorded as a debit to Wages
Expense $2,500 and a credit to Cash $2,500. (No reversing entries were used.)
Prepare the compound general journal entry (without explanation) needed to
correct this error. If no entry is required then write “No Entry
Required.”

Question 3 On April 2, 2016, you discovered that your newly
hired bookkeeper made an error when recording a transaction the previous day.
The errant bookkeeper posted a cash payment of repair expense on the truck for
$163 was recorded as a debit to Equipment $136 and a credit to Cash $136.
Prepare the compound general journal entry (without explanation) needed to
correct this error. If no entry is required then write “No Entry
Required.”

Question 4 On August 1, 2016 supplies were purchased;
Accounts Payable was debited and Supplies credited for $1,500. The account was
due in October, and $700 of these supplies was on hand at the end of
August. Prepare the compound general
journal entry (without explanation) needed to reflect the correct account
balances (to include any end of period adjustment) as of August 31. If no entry
is required then write “No Entry Required.”

Question 5 The following is the Bravo Unlimited adjusted
Trail Balance.

Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	231,860
Supplies	17,255
Equipment	395,285
Accumulated Depreciation		$224,260
Accounts Payable		72,555
Capital Stock		120,000
Retained Earnings		214,145
Service Revenue		892,105
Interest Income		2,500
Dividends	5,000
Rent Expense	58,700
Wages Expense	527,000
Supplies Expense	42,600
Utilities Expense	8,600
Depreciation Expense	150,815	________
Totals	$1,525,565	$1,525,565

Use this information to prepare the Single-Step Income
Statement for the fiscal year. There are additional lines in the formatted
income statement form to allow for authorized alternate presentations.

Question 6 The following is the Bravo Unlimited adjusted
Trail Balance.

Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	231,860
Supplies	17,255
Equipment	395,285
Accumulated Depreciation		$224,260
Accounts Payable		72,555
Capital Stock		220,000
Retained Earnings		111,145
Service Revenue		893,105
Interest Income		1,500
Dividends	2,000
Rent Expense	58,500
Wages Expense	527,260
Supplies Expense	42,520
Utilities Expense	8,595
Depreciation Expense	150,840	________
Totals	$1,522,565	$1,522,565

Use this information to prepare the Balance Sheet for the
fiscal year. There are additional lines in the formatted Balance Sheet form to
allow for authorized alternate presentations.

Question 7 The information is provided in a table for Alpha
Company and Bravo Company.

Alpha Company	Bravo Company
Balance 12/31/15
Assets	$60,000
Liabilities		$15,000
Equity	43,600	32,000
Balance 12/31/16
Assets		70,000
Liabilities	18,400	20,000
Equity	90,000	50,000
During the Year:
Additional Stock Issued		10,000
Dividends paid to shareholders	3,000	5,000
Revenue	95,000
Expenses	59,000	60,000

What are the amounts for each of the following missing
items?

1. Alpha Company’s 12/31/15 Liabilities

2. Alpha Company’s 12/31/16 Assets

3. Alpha Company’s 12/31/16 Additional Stock Issued

4. Bravo Company’s 12/31/15 Assets

5. Bravo Company’s 12/31/16 Revenues

 

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