ACCT 2301
Exam 1
QUESTION 1
Fishing Revenue
$ 42,000
Unearned Revenue
$ 16,000
Boat Expense
$ 7,000
Miscellaneous Expense
$ 1,000
Dividends
$ 2,000
Account Payable
$ 2,600
Wage Expense
$ 4,700
Account Receivable
$ 3,800
Cash
$ 12,000
Truck Expense
$ 1,300
Prepare an Income Statement for Baffin Enterprises for the year ended June 30, 2019.
(You may not need to use every account listed.)
QUESTION 2
Account Receivable
$ 45,000
Service Revenue
$ 775,000
Net income for 2019
$ 375,000
Cash
$ 75,000
Dividends
$ 100,000
Prepare a Statement of Retained Earnings for B&B Service for the year ended December 31, 2020, their first year of operations.
You may not need to use every item.
QUESTION 3
Common Stock
$ 55,000
Salary Expense
$ 16,000
Supplies Expense
$ 6,000
Supplies
$ 6,000
Account Receivable
$ 13,000
Unearned Revenue
$ 6,000
Account Payable
$ 10,000
Cash
$ 30,000
Retained Earnings
$ 18,000
Land
$ 40,000
Using the information above, prepare a balance sheet for Javier's QuickBooks
Company
as of June 30, 2020. (You may not need all of the information provided.)
QUESTION 4
Prepare journal entries for the following:
1-Feb
Opened a business bank account with a deposit of $15,000 in exchange for common stock.
2-Feb
Purchased office equipment on account for $4,900.
3-Feb
Provided Accounting Consulting Services in exchange for cash, $19,900
4-Feb
Provided Accounting Consulting Services on account, $3,900.
5-Feb
Paid salary expense in cash, $500.
6-Feb
Collected cash of $1,000 for a job to be performed in March.
7-Feb
Purchased Office Supplies for cash, $250.
8-Feb
Paid rent for the month, $600.
9-Feb
Received the utility bill and will pay it next month, $200.
10-Feb
Paid rent in advance for March, April, May, $1,800 total.