ACCOUNTING 101 EXAM #1 MASTER NAME: Problem 1 a. Fremont began business after issuing common stock for12,000 b. Fremont bought a truck, the total cost of the truck was11,200 c. Fremontwas paid cash for the services provided in the amount of5,500 d. Fremont paid Junes salaries in cash, total salaries were1,200 e. Fremont billed customers for services provided in the amount of4,600 f. Fremont's phone bill arrived the last day of the month in the amount of400 1.Horizontal Financial Statement model ASSETSLIABILITIESEQUITYIncome StatementCash FlowPoints CashTruckRevenueExpenseNet Inc a2.0 b2.0 c2.0 d2.0 e2.0 f2.0 Totals----------- 2. Transaction TypePoints a0.5 b0.5 c0.5 d0.5 e0.5 f0.5AccountsReceivableAccountsPayableCommonStockRetained EarningsFremont 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 a1-Jan GroGo began business after issuing common stock in the amount of16,000 b2-Jan GroGo prepaid for 9 months rent, total paid was5,400 c15-Jan GroGo purchased supplies on account.3,300 d31-Jan GroGo was paid cash for services provided in the amount of3,600 e14-Feb GroGo provided services which were billed to the customer in the amount of1,400 f18-Feb GroGo paid salaries of2,950 g10-Mar GroGo received a payment on a customer account of550 h31-Mar Total supplies left were325 i31-Mar Record rent expense for the first 3 months, for rent paid in January 1. Journal EntriesPoints2. General Ledger (T Accts) DateAccountDebitCreditPointsPointsPoints a0.5Cash2.5Accounts Payable0.5Common Stock0.5 0.5 b0.5 0.5 c0.5Accounts Receivable1.0Service Revenue1.0 0.5 d0.5 0.5 e0.5Prepaid Rent1.0Salaries Expense 0.50.5 f0.5 0.5 g0.5Supplies1.0Rent Expense0.5 0.5 h0.5 0.5 Supplies Expense0.5 i0.5 0.5 3 Adjusted Trial Balance 0.5 0.5 0.5 AccountDebitCredit 5.0 Totals 4 Statement of Cash Flows 0.5 0.5 0.5 5.0The 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 aIncome Statement for year ending 20xx bStatement of Stockholder's Equity for year ending 20xx cBalance Sheet for 12/31/20xx For each financial statement include a proper heading Leo Carrillo Surf Company Adjusted Trial Balance 12/31/20XX AccountDebitCredit Cash7,000 Accounts Receivable2,400 Supplies1,725 Equipment6,890 Accounts Payable2,350 Loan Payable3,400 Unearned Revenue985 Common Stock7,000 Retained Earnings4,730 Dividends1,000 Surf Fees Earned19,650 Supplies Expense3,600 Rent Expense3,500 Insurance Expense1,800 Wage Expense10,200- Totals38,11538,115 -Points a0.5 0.5 0.5 3.5 b0.5
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