Acc 101 Exam #1 V2 Student File

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LDS Business College **We aren't endorsed by this school
Course
ACC 101
Subject
Accounting
Date
Oct 26, 2023
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8
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ACCOUNTING 101 EXAM #1 MASTER NAME: Problem 1 a. Fremont began business after issuing common stock for 12,000 b. Fremont bought a truck, the total cost of the truck was 11,200 c. Fremont was paid cash for the services provided in the amount of 5,500 d. Fremont paid Junes salaries in cash, total salaries were 1,200 e. Fremont billed customers for services provided in the amount of 4,600 f. Fremont's phone bill arrived the last day of the month in the amount of 400 1. Horizontal Financial Statement model ASSETS LIABILITIES EQUITY Income Statement Cash Flow Points Cash Truck Revenue Expense Net Inc a 2.0 b 2.0 c 2.0 d 2.0 e 2.0 f 2.0 Totals - - - - - - - - - - - 2. Transaction Type Points a 0.5 b 0.5 c 0.5 d 0.5 e 0.5 f 0.5 Accounts Receivable Accounts Payable Common Stock Retained Earnings Fremont Industries experienced the following events during the month of June, it's first month of business. Requirements: 1. Enter each separate event in the horizontal financial statement model 2. Determine the transaction type of each, separate event (Asset Source (AS), Asset Exchange (AE), Asset Use (AU), or Claims Exchange (CE)).
Problem 2 Date a 1-Jan GroGo began business after issuing common stock in the amount of 16,000 b 2-Jan GroGo prepaid for 9 months rent, total paid was 5,400 c 15-Jan GroGo purchased supplies on account. 3,300 d 31-Jan GroGo was paid cash for services provided in the amount of 3,600 e 14-Feb GroGo provided services which were billed to the customer in the amount of 1,400 f 18-Feb GroGo paid salaries of 2,950 g 10-Mar GroGo received a payment on a customer account of 550 h 31-Mar Total supplies left were 325 i 31-Mar Record rent expense for the first 3 months, for rent paid in January 1. Journal Entries Points 2. General Ledger (T Accts) Date Account Debit Credit Points Points Points a 0.5 Cash 2.5 Accounts Payable 0.5 Common Stock 0.5 0.5 b 0.5 0.5 c 0.5 Accounts Receivable 1.0 Service Revenue 1.0 0.5 d 0.5 0.5 e 0.5 Prepaid Rent 1.0 Salaries Expense 0.5 0.5 f 0.5 0.5 g 0.5 Supplies 1.0 Rent Expense 0.5 0.5 h 0.5 0.5 Supplies Expense 0.5 i 0.5 0.5 3 Adjusted Trial Balance 0.5 0.5 0.5 Account Debit Credit 5.0 Totals 4 Statement of Cash Flows 0.5 0.5 0.5 5.0 The following events pertain to GroGo, which began operations this year. Requirements: 1. Record these events in a general journal. 2. Post the events to the general ledger and determine each account's balance. 3. Create the adjusted trial balance as of March 31, 20xx 4. Prepare the Statement of Cash Flows for the Quarter ending 3/31/20xx. Show each transaction in the statement for all three categories, Operations, Investments, and Financing.
Problem 3 Prepare the following financial statements for Leo Carrillo Surf Company Using the Adjusted Trial Balance below for the Year 20XX a Income Statement for year ending 20xx b Statement of Stockholder's Equity for year ending 20xx c Balance Sheet for 12/31/20xx For each financial statement include a proper heading Leo Carrillo Surf Company Adjusted Trial Balance 12/31/20XX Account Debit Credit Cash 7,000 Accounts Receivable 2,400 Supplies 1,725 Equipment 6,890 Accounts Payable 2,350 Loan Payable 3,400 Unearned Revenue 985 Common Stock 7,000 Retained Earnings 4,730 Dividends 1,000 Surf Fees Earned 19,650 Supplies Expense 3,600 Rent Expense 3,500 Insurance Expense 1,800 Wage Expense 10,200 - Totals 38,115 38,115 - Points a 0.5 0.5 0.5 3.5 b 0.5
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