ACC1 Midterm 2018 Name:____ ________________________________ ID.

:_______________________
Accounting 1

Name:

Student No
Year Month Day

1 2018 Feb 1 You invest to open a business called, <<Your Name>>, consultant. $35,000.00
2 2018 Feb 1 You pay the rent $1,500.00
3 2018 Feb 2 You buy cash Computer Equipment for Note 1 $5,000.00
4 2018 Feb 3 You receive Professional Fees cash $6,250.00
5 2018 Feb 3 you paid the electricity bill $530.00
6 2018 Feb 4 You buy cash Office Equipment for Note 2 $4,530.00
7 2018 Feb 5 You have provided Professional Fees on account $5,280.00
8 2018 Feb 6 You buy cash Office supplies for Note 5 $452.00
9 2018 Feb 9 You pay salaries expenses (secretary) $1,120.00
10 2018 Feb 9 You pay salaries expenses (Owner) $1,750.00
11 2018 Feb 10 You sign a 5 month contract Note 3 $3,600.00
12 2018 Feb 11 You receive paiement on account receivable $2,180.00
13 2018 Feb 12 You buy on account: Computer equipment $2,845.00
14 2018 Feb 13 You withdraw for personal use $1,015.00
15 2018 Feb 14 You paid the insurance for 2 years Note 4 $4,200.00
16 2018 Feb 19 You make partial payment on account payable $925.00
17 2018 Feb 23 You pay salaries expenses (secretary) $1,600.00
18 2018 Feb 23 You pay salaries expenses (Owner) $2,500.00
19 2018 Feb 24 You buy cash Office Equipment for $3,500.00
20 2018 Feb 24 You withdraw for personal use $2,000.00
21 2018 Feb 25 You receive Professional Fees cash $7,887.00

Prepare the following documents

1 General Journal
2 T accounts
3 Trial Balance
4 Income statement
5 Owner Equity
6 Balance Sheet

Note
1 Computer Equipment linear depreciation on 36 months, residual of $825.00
2 Office Equipment linear depreciation on 24 months, residual of $470.00
3 The contract start on the 15
4 The insurance is a 2 years contract.
5 The Office Supplies used for the month is $317.00