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SECTION II (40 points). Where calculations are necessary, you MUST show your work to receive credit
for your answers and to receive partial credit. Please try to be as neat and organized as possible. Assume
that the accrual basis of accounting applies to all questions, unless a question specifically instructs
otherwise.
Accounts
Cash A+
Debit
3000
March 2nd
Credit
3000
Accounts
Debit
Credit
Debit
Credit
NO ENTRY NEEDED
March 3rd
Accounts
Equipment A+
2700
Notes Payable L+
March 5th
2700
Accounts
Debit
5000
Dividends Payable L+
March 7th
Credit
5000
Accounts
Debit
Credit
Debit
Credit
NO ENTRY NEEDED
March 12th
Accounts
1300
Accounts Payable L-
March 15th
Cash A+
1300
Accounts
Debit
800
Credit
March 19th
Accounts
Cash A+
800
Debit
Credit
700
Unearned Revenue L+
March 25th
700
Accounts
Unearned Revenue L-
Debit
Credit
700
March 30th
Accounts
700
Debit
Credit
95
Cash A-
March 31st
Prepaid Rent A+
Cash A-
95
Accounts
Debit
Credit
600
600
$186,400 2pts
46,500 2pts
<62,800> 2pts
<9,650> 2pts
<12,400> 2 pts
34,700 2pts
<500> 2pts
182,250 *
$ <104,000>
$ < 30,350>
$ 47,900
$ 48,400
$ 96,300
ACCOUNTS
Cash
Accounts receivable
Inventory
Prepaid insurance
Equipment
Accumulated depreciation
Accounts payable
Unearned revenue
Wages payable
Income tax payable
Contributed capital
Retained earnings
Sales revenues
Cost of goods sold
Depreciation expense
Wages expense
Insurance expense
Income tax expense
Totals
Adjusted
Trial Balance
DEBITS CREDITS
13,000
20,000
55,000
3,000
400,000
105,000
12,000
15,000
16,000
13,400
100,000
154,000
850,000
505,000
50,000
166,000
3,000
50,400
1,265,400 1,265,400
SOLUTION 2 points each journal entrycount the first one as two (12 points total)
1 point each line
A.
Accounts
Accounts receivable
Debit
Credit
5,000
Unearned revenue
20,000
Sales revenues
25,000
Accounts
Insurance expense
Debit
Credit
3,000
Prepaid insurance
Accounts
Depreciation expense
Accumulated depreciation
3,000
Debit
Credit
50,000
50,000
Accounts
Wages expense
Debit
Credit
16,000
Wages payable
16,000
Accounts
Income tax expense
Debit
Credit
13,400
13,400
Debit
Credit
850,000
Sales revenues
Cost of goods sold
505,000
Depreciation expense
50,000
Wages expense
166,000
Insurance expense
3,000
50,400
Retained earnings
75,600
Debit
Credit
850,000
Retained Earnings
850,000
505,000
Depreciation expense
50,000
Wages expense
166,000
Insurance expense
3,000
50,400
Retained earnings
774,400