acct220 quiz 1 latest 2017

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

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.

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.

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.

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