课程名称︰会计学甲一上 课程性质︰必修 课程教师︰王泰昌 开课学院：管理学院 开课系所︰财务金融学系 考试日期（年月日）︰100.12.21 考试时限（分钟）：170 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : Acc 1003 03 Accounting 第二次小考 注意事项 1. 本试卷(不包含注意事项说明页)共4页，请同学作答前务必确认。 2. 请作答於答卷上，并请标明题号。作答於题目卷上将不予计分。 3. 本次考卷可使用铅笔。 4. 本次考试可使用电子计算机，但不得使用手机、电子辞典。 5. 祝同学圣诞节快乐！ Multiple-Choice 1. Computers For You is a retailer specializing in selling computers and related equipment. Which of the following would not be reported on the statement of the financial position for Computers For You at December 31, 2011? a. Computer purchased for resale during November 2011. b. Shelving materials purchased during December 2011. c. Freight costs related to the computers purchased in November. d. All of the choices are included in the merchandise inventory account at December 31, 2011. 2. Crossfooting a cash receipts journal means a. the equality of debits and credits in the journal has been proved. b. each line of the journal has a horizontal total c. the columns of the journal have been cross-referenced. d. All necessary postings have been cross-referenced. 3. If a company use a multiple-column purchases journal, which of the following possible headings for debit columns of the journal would not be appropriate? a. Accounts Payable b. Merchandise Inventory c. Store Supplies d. Office Supplies 4. Entries are made to the Petty Cash account when a. Establishing the fund b. Making payments out of the fund. c. Recording shortages in the fund. d. Replenishing the fund Problem: 1. Hemingway Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $200. During March the following petty cash receipts were found in the petty cash box. Date Receipt No. For Amount 3/5 1 Stamp Inventory $78 7 2 Freight-out 42 9 3 Miscellaneous Expense 12 11 4 Travel Expense 48 14 5 Miscellaneous Expense 10 The fund was replenished on March 15 when the fund contained $6 in cash. On March 20, the amount in the fund was increased to $300. Instructions Journalize the entries in March that pertain to the operation of the petty cash fund. (10%) 2. Financial information is presented below for two different companies. Elliott Cosmetics Stever Grocery Sales $90,000 $(e) Sales returns and allowances (a) 4,000 Net sales 87,000 95,000 Cost of goods sold 56,000 (f) Gross profit (b) 34,000 Operating expenses 17,000 (g) Income form operations (c) (h) Other income and expenses (4,000) (7,000) Net income (d) 11,000 Instructions Determine the missing amounts. (8%) 3. Journalize, without explanations, the following transactions of Jan’s Perfect Presents during the month of September. Jan’s Perfect Presents uses perpetual system to record all transactions. (14%) Sep.3 Purchase $1,900 of inventory on account under terms of 2/10 n/eom and FOB shipping point. 7 Returned $300 of defective merchandise purchased on September 3. 9 Paid freight bill of $30 on September 3 purchase. 10 Sold inventory on account for $3,100. Payment terms were 3/15 n/30. These good cost Jan’s $1,700. 12 Paid amount owed on credit on credit purchase of September 3. 16 Granted a sale allowance of $800 on the September 10 sale. 23 Received cash from September 10 customer in full settle of her debt. 4. Layman Boat Company’s bank statement for the month of September showed a balance per bank of $7,000. The company’s Cash account in the general ledger had a balance of $4,667 at September 30. Other information is as follows: (1) Cash receipts for September 30 recorded on the company’s books were $4,200 but this amount does not appear on the bank statement. (2) The bank statement shows a debit memorandum for $40 for checking printing charges. (3) Check No.119 payable to Mann Company was recorded in the cash payments journal and cleared the bank for $248. A review of the accounts payable subsidiary ledger shows a $36 credit balance in the account of Mann Company and that the payment to them should have been for $284. (4) The total amount of checks still outstanding at September 30 amounted to $5,800. (5) Check No. 138 was correctly written and paid by the bank for $429. The cash payment journal reflects an entry for Check No.138 as a debit to Accounts Payable and a credit to Cash in Bank for $492. (6) The bank returned an NSF check from a customer for $550. (7) The bank included a credit memorandum for $1260 which represents collection of a customer’s note by the bank for the company; principal amount of the note was $1200 and the interest was $60. Interest has not been accrued. Instructions (a) Prepare a bank reconciliation for Layman Boat Company. (12%) (b) Prepare and adjusting entries necessary as a result of the bank reconciliation. (12%) 5. Sasser Company uses a sales journal, a cash receipts journal, and a general journal to record transactions with its customers. Record the following transactions in the appropriate journals. The cost of all merchandise sold was 70% of the sales price. (16%) May 2 Sold merchandise for $18,000 to B. Stine on account. Credit terms 2/10, n/30. Sales invoice No.100. July 5 Received a check for $800 from R. Hyatt in payment of his account. 8 Sold merchandise to F. Wendel for $700 cash. 10 Received a check in payment of Sales invoice No.100 from B. Stine minus the 2% account. 15 Sold merchandise for $9,000 to J. Nott on account. Credit terms 2/10, n/30. Sales invoice No101. 18 Borrowed $25,000 cash from United Bank signing a 6-month, 10% note. 20 Sold merchandise for 15,000 to C. Karn on account. Credit terms 2/10, n/30. Sales invoice No102. 25 Issued a credit memorandum for $600 to C. Karn as an allowance for damaged merchandise previously sold on account. 31 Received a check from J. Nott for $5,000 as payment on account. Sales Journal Date Accounts Invoice Accounts Receivable DR. COGS DR. Debited Number Sales CR. Mer. Inv. CR. Cash Receipts Journal Date Accounts Cash Sales Accounts Sales Other COGS DR. Credited DR. Discounts Receivable CR. Accounts Mer. Inv. CR. DR. CR. CR. 6. The following information is available for Ling Company: Debit Credit Retained Earnings $50,000 Dividends $32,000 Sales 510,000 Sales Returns and Allowances 20,000 Sales Discounts 7,000 Cost of Goods Sold 347,000 Freight-out 2,000 Advertising Expense 15,000 Interest Expense 19,000 Store Salaries Expense 45,000 Utilities Expense 18,000 Depreciation Expense 7,000 Interest Revenue 25,000 Instructions Using the above information, prepare the closing entries for Ling Company.(10%) 7. On October 1, Belton Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $200 each. During the month of October, the following transactions occurred. Oct.4 Purchased 30 bicycles at a cost of $20 each from Kuhn Bicycle Company, terms 2/10, n/30 6 Sold 18 bicycles to Team America for $300 each, terms 2/10, n/30. 7 Received credit from Kuhn Bicycle Company for the return of 2 defective bicycles. 13 Issued a credit memo to Team America for the return of a defective bicycle. 14 Paid Kuhn Bicycle Company in full, less discount. Instructions Prepare the journal entries to record the transactions assuming the company uses a periodic inventory system. (10%) --

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