ACCT-112 Final Exam Practice Solutions

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1 ACCT-112 Final Exam Practice Solutions Question 1 Jan 1 Cash 200,000 H. Happee, Capital 200,000 Jan 2 Prepaid Insurance 10,000 Cash 10,000 Jan 15 Equipment 15,000 Cash 5,000 Notes Payable 10,000 Jan 30 Wages Expense 9,000 Cash 9,000 Feb 4 Supplies 1,200 Accounts Payable 1,200 Feb 20 Cash 12,000 Service Revenue 12,000 Feb 25 H. Happee, drawings 3,000 Cash 3,000 Feb 28 Notes Payable 10,000 Cash 10,000 Mar 3 Cash 1,000 Unearned Revenue 1,000 Mar 17 Accounts Payable 1,200 Cash 1,200 Mar 25 Accounts Receivable 2,200 Service Revenue 2,200 Mar 30 Wages Expense 20,000 Cash 20,000 Mar 31 Utilities Expense 200 Accounts Payable 200 Mar 31 Cash 2,200 Accounts Receivable 2,200 Mar 31 Accounts receivable 600 Service Revenue 600 Mar 31 Advertising Expense 150 Cash 150

2 Question 2 Adjusting Entries Dec 31 Unearned Revenue 1,000 Service Revenue 1,000 Dec 31 Amortization Expense 10,000 Accumulated Amortization- building 10,000 (150,000 / 15 = 10,000) Dec 31 Amortization Expense 10,000 Accumulated Amortization- equipment 10,000 (70,000 / 7 = 10,000) Dec 31 Supplies Expense 6,250 Supplies 6,250 Dec 31 Salaries Expense 3,500 Salaries Payable 3,500 Dec 31 Insurance Expense 400 Prepaid Insurance 400

3 Adjusted Trial Balance Happee Enterprise Adjusted Trial Balance December 31, 2012 Account Debit Credit Cash 24,000 Accounts Receivable 13,000 Supplies 1,250 Prepaid insurance 800 Land 75,000 Building 150,000 Accumulated Amortization-building 40,000 Equipment 70,000 Accumulated Amortization-equipment 20,000 Accounts Payable 5,500 Salaries Payable 3,500 Unearned service revenue 28,000 H. Happee, capital 110,000 H. Happee, drawings 3,000 Service revenue 193,700 Interest revenue 11,400 Salaries expense 7,000 Advertising expense 6,000 Utilities expense 30,000 Insurance expense 3,400 Interest expense 2,000 Supplies expense 6,650 Amortization expense 20, , ,100

4 Closing Entries Dec 31 Service Revenue 193,700 Interest Revenue 11,400 Income Summary 205,100 Dec 31 Income Summary 75,050 Salaries Expense 7,000 Advertising Expense 6,000 Utilities Expense 30,000 Insurance Expense 3,400 Interest Expense 2,000 Supplies Expense 6,650 Amortization Expense 20,000 Dec 31 Income Summary 130,050 H. Happee, capital 130,050 Dec 31 H. Happee, capital 3,000 H. Happee, drawings 3,000 Income Statement Happee Enterprise Income Statement Year ended, December 31, 2012 Revenues Service Revenue 193,700 Interest Revenue 11, ,100 Expenses Salaries Expense 7,000 Advertising Expense 6,000 Utilities Expense 30,000 Insurance Expense 3,400 Interest Expense 2,000 Supplies Expense 6,650 Amortization Expense 20,000 75,050 Net income (loss) 130,050

5 Statement of Retained Earnings Happee Enterprise Statement of Owner s Equity Year ended, December 31, 2012 H. Happee, beginning capital 110,000 Add: net income 130,050 Less: drawings (3,000) H. Happee, ending capital 237,050 Classified Balance Sheet Happee Enterprise Classified Balance Sheet Year ended, December 31, 2012 Assets Current Assets Cash 24,000 Accounts Receivable 13,000 Supplies 1,250 Prepaid insurance 800 Total Current Assets 39,050 Property, plant and equipment Land 75,000 Building 150,000 Accumulated Amortization-building (40,000) 110,000 Equipment 70,000 Accumulated Amortization-equipment (20,000) 50,000 Total Assets 274,050 Liabilities Current Liabilities Accounts Payable 5,500 Salaries Payable 3,500 Unearned service revenue 28,000 Total Liabilities 37,000 Owner s Equity H. Happee, capital 237,050 Total Liabilities and Owner s Equity 274,050

6 Question 3 Dec 2 Inventory 370,000 Accounts Payable 370,000 Dec 3 No Entry Dec 8 Cash 900,000 Sales Revenue Cost of Goods Sold 300,000 Inventory 300,000 Delivery Expense 15,000 Cash 15,000 Dec 10 Accounts Payable 370,000 Cash 362,600 Inventory 7,400 Dec 21 Accounts Receivable 225,000 Sales Revenue 225,000 Cost of Goods Sold 75,000 Inventory 75,000 Dec 23 Sales Returns and Allowances 9,000 Accounts Receivable 9,000 Inventory 3,000 Cost of Goods Sold 3,000 Dec 25 Inventory (For Merchandise) 150,000 Accounts Payable 150,000 Inventory (For Freight) Cash Dec 28 Sales Returns and Allowances 1,000 Accounts Receivable 1,000 Dec 31 Accounts Payable 50,000 Inventory Dec 31 Accounts Payable 100,000 Inventory 2,000 Cash 98,000

7 Question 4 FIFO Date Purchase of Inventory Sales (at Cost) Inventory Balance Jan 1 Beginning Inventory 175 units x $ 20 = $ 3,500 $3,500 Mar units x $40 = 16,000 $19,500 Apr units x $20 = $3, units x $40 = $3,000 $13,000 Total = $6,500 Jul units x $40 = $12,000 $1,000 Aug units x $ 50 = $15,000 $16,000 Sep units x $ 75 = $30,000 $46,000 Dec units x $40 = $1, units x $50 = $15, units x $75 = $9,375 $20,625 Total = $25,375 Cost of Goods Available 1,275 units = $ 64,500 Cost of Goods Sold 1000 units = $ 43,875 Ending Inventory $ 20,625 Weighted Average Date Purchase of Inventory Sales (at Cost) Jan 1 Beginning Inventory 175 units x $ 20 = $ 3,500 Inventory Balance $3,500 Mar units x $40 = $16,000 $19,500 Apr units x $33.91 = $8,478 $11,022 Jul units x $33.91 = $10,173 $849 Aug units x $50 = $15,000 $15,849 Sep units x $75 = $30,000 $45,849 Dec x = $28,458 $17,391 Cost of Goods Available 1,275 units = $64,500 Cost of Goods Sold 1,000 units = $47,109 Ending Inventory $17,391 Weighted Cost of Inventory $ 3,500 / 175 units = 20$ / unit $ 19,500 / 575 units = $ / unit $ 11,022 / 325 units = $ / unit $ 849 / 25 units = $ / unit $ 15,849 / 325 units = $ / unit $ 45,849 / 725 units = $ / unit $ / 275 units = $ / unit

8 LIFO Date Purchase of Inventory Sales (at Cost) Inventory Balance Jan 1 Beginning Inventory 175 units x $ 20 = $ 3,500 $3,500 Mar units x $40 = 16,000 $19,500 Apr units x $40 = $10,000 $9,500 Jul units x $40 = $6, units x $ 20 = $3,000 $500 Total = $9,000 Aug units x $ 50 = $15,000 $15,500 Sep units x $ 75 = $30,000 $45,500 Dec units x $75 = $30, units x $50 = $2,500 $13,000 Total = $32,500 Cost of Goods Available 1,275 units = $ 64,500 Cost of Goods Sold 1000 units = $ 51,500 Ending Inventory $ 13,000 Question 5 1. August 15 Petty Cash 175 Cash August 31 Petty Cash 25 Advertising expense 62 Postage expense 26 Office supplies expense 47 Cash over and short 5 Cash August 31 Petty Cash 25 Advertising expense 62 Postage expense 26 Office supplies expense 47 Cash over and short 5 Cash 155

9 Question 6 Bank Reconciliation Cash Balance per bank statement $25,000 Add: Deposit in transit 4,200 Bank error correction 90 4,290 29,290 Less: Outstanding cheques (2, ) (2,824) Adjusted cash balance per bank $26,466 Cash Balance per books $22,000 Add: Interest earned $24 Electronic receipts from customers 4,798 Deposit error correction 243 5,065 27,065 Less: NSF cheque $444 Bank service charges (including NSF cheque) 155 (599) Adjusted cash balance per books $26,466 Journal Entries Dec 31 Cash 24 Interest Revenue 24 (To record the interest received) Dec 31 Cash 4,798 Accounts Receivable 4,798 (To record electronic receipts on account) Dec 31 Accounts Receivable ( ) 466 Cash 466 (To re-establish accounts receivable for NSF cheque and related service charges) Dec 31 Bank Charges Expense ($155 $22) 133 Cash 133 (To record bank service charges) Dec 31 Cash 243 Accounts Receivable ( ) 243 (To correct deposit error)

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