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ACCT 20100 Review Problem

ACCT 20100 Review Problem. Review for Exam #1 Fall 2010 Jordan Auditorium Mendoza College of Business September 19, 2010. July 1 Minh invested $12,000 cash in the business. July 1 Purchased used truck for $6,000, paying $3,000 cash and the balance on a three year note payable.

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ACCT 20100 Review Problem

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  1. ACCT 20100 Review Problem Review for Exam #1 Fall 2010 Jordan Auditorium Mendoza College of Business September 19, 2010

  2. July 1 Minh invested $12,000 cash in the business.

  3. July 1 Purchased used truck for $6,000, paying $3,000 cash and the balance on a three year note payable.

  4. July 3 Purchased cleaning supplies for $1,300 on account.

  5. July 5 Paid $2,400 cash on one-year insurance policy effective July 1.

  6. July 12 Billed customers $2,500 for cleaning services earned.

  7. July 18 Paid $1,000 cash on amount owed on note payable and $800 on amount owed on cleaning supplies.

  8. July 20 Paid $1,200 cash for employee salaries.

  9. July 21 Collected $1,400 cash from customers billed on July 12.

  10. July 25 Billed customers $5,000 for cleaning services earned.

  11. July 31 Paid gas and oil for month on truck $200.

  12. July 31 Declared and paid $900 dividend.

  13. Once Journal Entries are complete, Post these to t-accounts.

  14. Prepare UNADJUSTED TRIAL BALANCE from t-account balances

  15. Prepare Adjusting Journal Entries

  16. (1) Services provided but unbilled and uncollected at July 31 were $1,500.

  17. (2) Depreciation on equipment for the month was $300.

  18. (3) One-twelfth of the insurance expired.

  19. (4) An inventory count shows $400 of cleaning supplies on hand at July 31.

  20. (5) Accrued but unpaid employee salaries were $600.

  21. Prepare ADJUSTED TRIAL BALANCE (Post Adjusting Journal Entries to a separate column in the Trial Balance Worksheet)

  22. Prepare Financial Statements: • Income Statement • Statement of Retained Earnings • Balance Sheet

  23. Prepare Closing Entry

  24. Closing Entry

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