課程名稱：初級會計學 開課教師：戚務君 開課學院：會計整開 開課系級：會計整開 考試日期(年月日)：期中考2008/11/18 考試時限(Mins)：三小時 試題本文： Principles of Accounting Midterm 97.11.18 Degree Name ID Number Part A TRUE-FALSE STATEMENTS 1 If net income for a corporation was $25,000, the dividends paid in cash of $10,000, and the stockholders' invested $5,000 in cash, the stockholders' equity increased by $20,000. 2 Receiving payments on an account receivable increases both stockholders' equity and assets. 3 A trial balance determines the accuracy of the numbers. 4 The totals at the bottom of the trial balance and the totals at the bottom of the balance sheet both show equality and balancing, and therefore should be equal. 5 A company pays an employee $1,000 for a ve day work week, from Monday to Friday. The adjusting entry on December 31, which is a Wednesday, is debit Wages Expense, $200 and credit Wages Payable, $200. Part B MULTIPLE CHOICE QUESTIONS 6 Which of the following is false with regard to a work sheet? a Before the adjusting entries are recorded in the General Journal, they are recorded in the adjustments columns of the work sheet. b A work sheet is a required step in the accounting cycle. c When a work sheet is used, the preparation of nancial statements is still required. d If a credit is needed to balance the income statement columns on the work sheet, a debit will be needed to balance the balance sheet columns. 7 For which of the following types of adjusting entries are liabilities understated and expenses understated before the adjusting entry is made? a Unearned Revenues b Accrued Revenues c Prepaid Expenses d Accrued Expenses 8 An accrued revenue account represents revenue that has a been earned and received. b been received but not earned. c been earned but not received. d not been earned or received. 9 The book value of a depreciable asset is dened as the asset's a current market value. b cost less accumulated depreciation. c replacement cost. d cost. 10 Smith Company purchased $105,000 of computer equipment from Brown Company. Smith Company paid for the equipment using cash that had been obtained from the initial in- vestment by Connie Smith. The transaction involving the computer equipment should be recorded on the accounting records of which of the following entities? a Smith Company and Connie Smith's personal records b Brown Company and Connie Smith's personal records c Brown Company d Smith Company and Brown Company 11 Equipment with an estimated market value of $45,000 is oered for sale at $65,000. The equipment is acquired for $10,000 in cash and a note payable of $40,000 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is a $50,000 b $65,000 c $10,000 d $45,000 12 Which of the following entries records the receipt of a utility bill from the water company? a debit Utilities Expense; credit Accounts Payable b debit Utilities Payable; credit Accounts Receivable c debit Accounts Payable; credit Cash d debit Accounts Payable; credit Utilities Payable 13 A patient has a physical examination and asks the bookkeeper to mail the bill. The book- keeper should a make no entry until the cash is received b Cash, debit; Accounts Receivable, credit c Cash, debit; Fees Earned, credit d Accounts Receivable, debit; Fees Earned, credit 14 Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means a all of the information from the journal was correctly transferred to the ledger. b all accounts have their correct balances in the ledger. c only the journal is accurate; the ledger may be incorrect. d only that the debit dollar amounts equal the credit dollar amounts. 15 Which of the following is considered to be an accrued expense? a A computer technician has installed the latest software updates and was paid on the same day. b A computer technician has been paid in advance to install software updates as they become available. c A computer technician has installed the latest software updates, but you have not received their invoice for payment. d A computer technician has just signed an agreement with you regarding pricing for future work. Part C BRIEF EXERCISES AND SHORT ANSWER QUESTIONS 16 Complete the partial work sheet presented below. REYES SERVICES AGENCY Partial Work Sheet For the Month Ended September 30, 2008 Adjusted Income Balance Trial Balance Statement Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 6,500 Accounts Receivable 2,000 Supplies 3,075 Prepaid Insurance 2,000 Prepaid Rent 500 Equipment 35,000 Accum. Depreciation{Equipment 4,000 Notes Payable 14,000 Accounts Payable 12,000 Unearned Revenue 2,000 F.Reyes, Capital 9,825 F.Reyes, Drawing 2,000 Service Revenue 20,000 Interest Expense 400 Salaries Expense 7,000 Supplies Expense 1,500 Rent Expense 2,000 Insurance Expense 1,200 Salaries Payable 1,300 Interest Payable 50 |||| |||| Total $63,175 $63,175 17 After the accounts have been adjusted at January 31, 2008, the end of the scal year, the following balances are taken from the ledger of Reach It Batting Cages Company. Capital Stock $356,000 Dividends $12,000 Fees Earned 123,400 Wages Expense 36,000 Rent Expense 50,000 Supplies Expense 14,300 Miscellaneous Expense 1,050 Instructions Journalize the four entries required to close the accounts. 18 What is the accounting cycle? Please describe it. 19 What is the role of closing entries in the presentation of nancial statements? 20 For each of the following, journalize the necessary adjusting entry: a A business pays weekly salaries of $15,000 on Friday for a ve-day week ending on that day. Journalize the necessary adjusting entry at the end of the scal period, assuming that the scal period ends (1) on Wednesday, (2) on Thursday b The balance in the prepaid insurance account before adjustment at the end of the year is $14,000. Journalize the adjusting entry required under each of the following alternatives: (1) the amount of insurance expired during the year is $4,500, (2) the amount of unexpired insurance applicable to a future period is $1,500. c On July 1 of the current year, a business pays $36,000 to the city for license taxes for the coming scal year. The same business is also required to pay an annual property tax at the end of the year. The estimated amount of the current year's property tax allocable to July is $3,200. (1) Journalize the two adjusting entries required to bring the accounts aected by the taxes up to date as of July 31. (2) What is the amount of tax expense for July? d The estimated depreciation on equipment for the year is $24,000. 21 Record the following selected transactions for March in a two-column journal, identifying each entry by letter: a Received $10,000 from Shirley Knowles in exchange for capital stock. 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. 22 Calculate the following: a. Determine the cash receipts for June based on the following data: Cash payments during May $42,500 Cash account balance, May 1 3,750 Cash account balance, May 30 7,000 b. Determine the cash received from customers on account during June based on the following data: Accounts receivable account balance, May 1 $11,500 Accounts receivable account balance, May 30 8,250 Fees billed to customers during May 27,000 --

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