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Baker Street Cinema Quiz 2a Student Response
Baker Street Cinema Quiz 2a Student Response
Quiz # 2
Instruction:
1 Please ensure that you state your section, full name, and student ID in the yellow space pro
2 Please answer all the questions by recording your responses in the yellow highlighted areas
3 If you need to do rough work, please use the ROUGH WORK area provided. DO NOT type a
4 Please ensure that you name the excel file after your Name and Student ID. Not following t
6 Solution received after the deadline will be accepted with a 10% mark reduction, even if
Section
Name
ID
D in the yellow space provided below.
rovided. DO NOT type anywhere on the sheet except for in the rough work area provided.
udent ID. Not following this instruction will result in receiving -1.
mark reduction, even if it is late by 1 minute. No responses will be accepted 15 minutes past the deadline.
ACCT 100, Fall Semester 2020-21
Quiz 2
The fiscal year of Baker Street Cinema Limited ends on December 31. The business adjusts its accounts on a monthly
The unadjusted trial balance for the month ended August 31, 2020 is given below along with further information relat
adjustments for the month (adjusting entries for the period January 1 – July 31, 2020 have already been made).
722,500 722,500
Additional Items
1. The expenses relating to movie rental are $10,500 per month. These have been paid in advance.
2. Depreciation rates applied to the building are 5% and the fixtures are 20%.
3. Interest on the note payable is paid on the first of the following month (interest for the month of January is paid on
etc.) It is a 10%, two year note issued on January 1, 2020.
4. Limited time offers are regularly offered to the public. Recently the cinema has introduced a special deal for the loc
home allowing buy one get one free each Wednesday afternoon. The care home has made a $1,500 advance payment
this facility for its residents for the months of July, August, and September.
5. Baskin Robbins runs a kiosk in the premises and pays the cinema a share of its revenues on or before the 10 th of the
following month. The amount payable by Baskin Robbins for the month of August amounted to $2,250. This revenue
yet been recorded. (Use the account Kiosk Revenue.)
6. Unrecorded but accrued salaries at August 31 amount to $1,700.
7. The August income tax expense is estimated at $4,200 (payable before November 15).
8. Utilities expense is recorded as monthly bills are received during the month. No adjusting entries for utilities expen
9. Cash received from Barnabus School as an advance payment for an upcoming school trip to the cinema was debite
$500, and Accounts Payable was credited for the same amount.
10. A dividend paid during the period of 1,000 was debited to Salaries and Wages Expense for 1,000 and credited to C
Instructions
Where necessary, round numbers to the nearest whole number
ate the entries for closing the revenue and dividend accounts.
Marks
21 (a) Journalize the transactions (omit explanations)
Negative marking: Overall 2 marks will be deducted if incorrect account titles are
used.
General Journal
Date Account Title and Explanation Debit Credit
Less: Expenses
Net Income
3 (f) How many months of expense are included in the following account balances?
1. Utilities expense
2. Depreciation expense - Building
3. Accumulated depreciation - Building
3.5 (g) Total interest expense and interest liability at December 31 2021.
Negative marking: Overall 1 mark will be deducted if incorrect account titles are
used.
General Journal
Date Account Title and Explanation Debit Credit
EN
Marks
13 (b) Prepare adjusted trial balance
0 0
Current assets
Total Assets
Current Liabilities
Rough Work