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(ACCT101)[2010](f)quiz~ee_pax^_10012.pdf
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ACCT101 Fall 2010
QUIZ 1 (Green Version)
1)
Prepare a journal entry for each transaction (9 points). (1pt each)
a. Cash 50,000
Contributed Capital $50,000
b. Account Payable $18,000
Cash $ 18,000
c. Cash $35,000
Accounts Receivable $20,000
Revenue $55,000
d. Office Equipment $20,000
Office Supplies 3,000
Accounts Payable 23,000
e. Land $70,000
Note Payable $70,000
f. Prepaid Insurance Expense $1,200
Cash $1,200
g. Retained Earnings $2,000
Dividend Payable $2,000
h. Cash $12,000
Accounts Receivable $12,000
i. Wages Expense $25,000
Rent Expense $15,000
Cash $40,000
2). (4 points, 2 points each T-account)
Accounts Receivable
Accounts Payable
Beginning Bal. 16,000
c. $20,000
h. $12,000
b. 18,000
Beginning Bal.$21,000
d. $23,000
Balance $24,000
Balance $26,000
3) Net income = $55,000 revenue - $25,000 wage expense - $15,000 rent expense = $15,000
(2 points)