Exam 2
Acct 328 ® Exam 2
Part 1 – 60%
Name of Company – Each student can make up a company name
Type of business – service company •sole proprietorship
Chart of Accounts – see below.
The numbers correspond to dates in the month of February (Use journal entries only) 1. Initial capital of $100,000 2. Prepaid rent - $19,200 for 2 years 3. Prepaid insurance - $24,000 for 2 years 4. Purchased a desk on account for $500 5. Purchased office supplies for $950 6. Sold 20 bicycles @ $350 each 7. Sold 3 bicycle parts for a total of $450 on account 8. Used $250 worth of office supplies 9. Purchased repair supplies for $600 on account 10. Received $250 in cash from transaction on 2/7/2011 11. Paid cash for transaction on 2/4/11 12. Paid $12,000 for vehicle with a service life of 5 years 13. Purchased $100 worth of office supplies 14. Paid $12, 000 in employee salaries 15. Received $850 cash for services in April 16. Paid $400 cash for repair supplies purchased 2/9/11
February 28, 2011 * Office supplies on hand at month end- $150 * Rent expense for February – refer to transaction #2 above * Insurance expense for February – refer to transaction #3 above * Depreciation expense on vehicle for February – refer to transaction #12 * Repair supplies on hand - $80
*Acct. No. Assets
101 Cash
102 Accounts Receivable
103 Prepaid Rent
104 Prepaid Insurance
105 Office Supplies
106 Repairs Supplies
107 Vehicle
108 Office Equipment
111 Accumulated Depreciation
Liabilities
201 Accounts Payable
203 Salaries Payable
205 Unearned Revenue
Revenue
401 Service Revenue
Expenses
501 Salaries Expense
502 Rent Expense
504 Supplies Expense
505 Repairs Supplies Expense
506 Vehicle Expense
514 Miscellaneous Expense
616 Depreciation Expense – Vehicle
617 Depreciation Expense – Office Equipment
Run the following reports: 1. chart of accounts
Part 1 – 60%
Name of Company – Each student can make up a company name
Type of business – service company •sole proprietorship
Chart of Accounts – see below.
The numbers correspond to dates in the month of February (Use journal entries only) 1. Initial capital of $100,000 2. Prepaid rent - $19,200 for 2 years 3. Prepaid insurance - $24,000 for 2 years 4. Purchased a desk on account for $500 5. Purchased office supplies for $950 6. Sold 20 bicycles @ $350 each 7. Sold 3 bicycle parts for a total of $450 on account 8. Used $250 worth of office supplies 9. Purchased repair supplies for $600 on account 10. Received $250 in cash from transaction on 2/7/2011 11. Paid cash for transaction on 2/4/11 12. Paid $12,000 for vehicle with a service life of 5 years 13. Purchased $100 worth of office supplies 14. Paid $12, 000 in employee salaries 15. Received $850 cash for services in April 16. Paid $400 cash for repair supplies purchased 2/9/11
February 28, 2011 * Office supplies on hand at month end- $150 * Rent expense for February – refer to transaction #2 above * Insurance expense for February – refer to transaction #3 above * Depreciation expense on vehicle for February – refer to transaction #12 * Repair supplies on hand - $80
*Acct. No. Assets
101 Cash
102 Accounts Receivable
103 Prepaid Rent
104 Prepaid Insurance
105 Office Supplies
106 Repairs Supplies
107 Vehicle
108 Office Equipment
111 Accumulated Depreciation
Liabilities
201 Accounts Payable
203 Salaries Payable
205 Unearned Revenue
Revenue
401 Service Revenue
Expenses
501 Salaries Expense
502 Rent Expense
504 Supplies Expense
505 Repairs Supplies Expense
506 Vehicle Expense
514 Miscellaneous Expense
616 Depreciation Expense – Vehicle
617 Depreciation Expense – Office Equipment
Run the following reports: 1. chart of accounts