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Question(s) / Instruction(s):

ACCT 252 MID-TERM EXAM: Chapters 1-4

Problem

                1.            From the following list of accounts taken from Compliment's Accounting, Inc. records, identify those that would appear on the Income Statement.

 

(a)          Rent Expense

(b)          Land

(c)           Capital Stock

(d)          Fees Earned

(e)          Cash

(f)           Wages Expense

(g)          Accounts Payable

2.            Identify which of the following accounts appear on a Balance Sheet.

 

(a)          Cash

(b)          Fees Earned

(c)           Capital Stock

(d)          Wages Payable

(e)          Rent Expense

(f)           Supplies

(g)          Land

3.            Increases and decreases in various types of accounts are listed below. In each case, indicate by "Dr." or "Cr." (a) whether the change in the account would be recorded as a debit or a credit and (b) whether the normal balance of the account is a debit or a credit.

 

                                (a)

Recorded

      As                     (b)

Normal

 Balance

 (1)         Increase in Capital Stock               ________           _______

 (2)         Increase in Dividends     ________           _______

 (3)         Decrease in Accounts Receivable              ________           _______

 (4)         Increase in Note Payable              ________           _______

 (5)         Increase in Accounts Payable     ________           _______

 (6)         Decrease in Supplies      ________           _______

 (7)         Decrease in Salaries Expense      ________           _______

 (8)         Increase in Accounts Receivable               ________           _______

 (9)         Increase in Cash               ________           _______

(10)        Decrease in Land              ________           _______

 

4.            Record the following selected transactions for March in a two-column journal, identifying each entry by letter:

 

(a)          Received $10,000 from Swinging Gates, Inc.

(b)          Purchased equipment for $35,000, paying $10,000 in cash and giving a note payable for the remainder.

(c)           Paid $1,000 for rent for March.

(d)          Purchased $8,500 of supplies on account.

(e)          Recorded $2,500 of fees earned on account.

(f)           Received $11,000 in cash for fees earned.

(g)          Paid $200 to creditors on account.

(h)          Paid wages of $1,250.

(i)            Received $1,150 from customers on account.

(j)           Recorded dividends of $1,850.

5.            The following accounts (all normal balances) were taken from the ledger of Mega Max Company, Inc. on June 30 of the current year.  Journalize the closing entries in the correct order (4 steps).

 

Accounts Payable            $ 2,100                  Rent Expense    $10,500

Accounts Receivable      1,450                     Salary Expense  13,000

Cash      5,375                     Fees Earned       46,600

Capital Stock      15,800                   Supplies               1,125

Dividends            13,500                   Supplies Expense             1,400

Equipment          13,500                   Utilities Expense              4,400

Miscellaneous Expense 250                         Retained Earnings            0

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