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Ac2001 FALL 2015 BONUS PROBLEM #1 MAXIMUM 4 POINTS

PLEASE ANSWER THE QUESTIONS BELOW USING THESE DIRECTIONS:
 Bonus Problem due in-class only. See your class schedule for date due.
(Papers will NOT be accepted after class)

 Answers MUST BE TYPED in space provided.
 (Handwritten NOT accepted and receive a grade of ZERO)
 To make your answer easy to grade, please use the answer sheet provided at the start of
the bonus problem. Turn in ONLY the answer sheet.
 Hand in the ANSWER SHEET ONLY (no supporting work).
 SIGN YOUR NAME TO STATE THAT YOU DID YOUR OWN WORK.
You can work together BUT, each person must do their own solution.
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ANSWER SHEET FOR BONUS #1 (TO HAND IN)
( TYPE BOTH NAME AND PEOPLESOFT NUMBER )
NAME: __________________ Peoplesoft ID # ___________________
CLASS TIME: ________ SIGNATURE: ____________________

1. CREDIT to ____________ (Account Title)
For $__________ (Amount)

2. CREDIT to ____________ (Account Title)
For $__________ (Amount)

3. CREDIT to ____________ (Account Title)
For $__________ (Amount)

4. $ ________ (Amount)

5. $ ________ (Amount)

6. $ ________ (Amount)

7. $ ________ (Amount)

8. DEBIT to ____________ (Account Title)
For $__________ (Amount)

9. DEBIT to ____________ (Account Title)
For $__________ (Amount)

10. DEBIT to ____________ (Account Title)
For $__________ (Amount)

000 Cash 148.000 Office Supplies 9. would report total owners’ equity of: $____________. 2015. 2015. BONUS 1 FALL 2015 1.000 Salaries Payable 14.000 Common Stock ($1 par) 596. would report total assets of: $____________ ADJUSTING ENTRIES (questions 8-10) .000 Land 302.000 4. The income statement prepared at December 31. 2015. 2015: Depreciation Expense 16. The balance sheet prepared at December 31. 2015. would balance at: $____________. would report net income or (net loss) of: $____________.000 in cash. was $16.Equipment 54.000 Accounts Payable 20. On July 1. 2014.000 Retained Earnings (1/1/2015) 89. Meg Company purchased a new Printing Machine for $56. The adjusting entry at December 31.000 at the end of its estimated life.000 Salaries Expense 205. 12 months' rent totaling $21.600 was received for a rental of an unused office space. On April 1. 2015.000 Utilities Expense 56. The required adjusting entry on December 31.000 Equipment 270. The unadjusted trial balance amount for “PREPAID INSURANCE” on December 31.000 Office Supplies Expense 16.000 Rent Expense 120. 5.000 Prepaid Rent 50. 2015. Straight-line depreciation is used.000 Interest Payable 3.000 Dividends 14. 2015 would require a Credit to _______________ (Account Title) For $_______________ (Amount) 3. The Insurance policy was purchased on May 1. The machine has a useful life of 8 years and has an estimated residual value of $8. 6.000 Accounts Receivable 82. 2015. The balance sheet prepared at December 31.000 Accumulated Depreciation.000 Interest Expense 6. 2015 would require a Credit to _______________ (Account Title) For $_______________ (Amount) 2.000 Revenues 470. the adjusting entry to record depreciation for 2015 will require a: Credit_______________ (Account Title) For $________________ (Amount) QUESTIONS 4-7 ARE BASED ON THE FOLLOWING INFORMATION: (Hint: do a complete set of financial statements before answering these questions) Suni Company has the following adjusted account balances at December 31. The trial balance prepared at December 31.000 Unearned Revenue 48. 7. 2015 and is effective for 12 months starting on that date.800. At December 31. The receipt of cash was originally recorded by a credit to a “RENT REVENUE” account.

I do not want the original entry. Debit to _______________ (Account Title) For $_______________ (Amount) 10.800 of salaries have been earned by employees but not recorded yet. 2015.000 Salaries Expense 34. You need to refer to how the transactions were originally recorded by looking at the unadjusted accounts in order to answer each question. 2015. The $5. A real account was credited on May 1.000 Unearned Rent Revenue 14. just the adjusting entry. Debit to _______________ (Account Title) For $_______________ (Amount) 9. 2015.400 for rent revenue on an unused apartment the Company owns to be earned evenly over a 12 month period beginning on May 1.Listed below are unadjusted account balances for Mario Company as of December 31.830 remaining.500 Notes Receivable 30.000 Accounts Payable 23. the Company received $14. As of December 31.400 Accumulated Depreciation: Equipment 12. 8.000 Cash 70.000 Accounts Receivable 46. You may need to open up some new accounts as you make the necessary adjusting entries. DEBIT CREDIT Supplies 11. 2015.800 will be paid in 2016. 2015. Note. fill in the blanks for each year-end adjusting journal entry as of December 31.000 Equipment 42. an additional $5. 2015 showed $1.000 Using the information below. On May 1.000 Service Revenue 90. Debit to _______________ (Account Title) For $_______________ (Amount) . 2015. A count of supplies left at December 31.000 Retained Earnings 9.900 Common Stock 86. You do not need to use all of these accounts in this problem.