ACC101 – Fundamental of Accounting Principles

Mid- Term Test – time 60 minutes

Name of Student:

1. Maia's Bike Shop uses the perpetual inventory system and had the following
transactions during the month of May:

=> Prepare the required journal entries that Maia's Bike Shop must make to record these
transactions.

2. Following is the year-end adjusted trial balance for Yakima's Sporting Goods for the current
year:

=> Prepare the closing entries at December 31 for the current year.
 3. Worker Product Company – Adjusted Trial Balance

=>From the above adjusted trial balance for the Worker Products Company, prepare a
multiple-step income statement in good form.

4. The following unadjusted and adjusted trial balances were taken from the current
year's accounting system for High Point.

In general journal form, present the six adjusting entries that explain the changes in the
account balances from the unadjusted to the adjusted trial balance.
5. The unadjusted trial balance of Quick Delivery is entered on the partial work sheet
below. Complete the work sheet using the following information:

(a) Salaries earned by employees that are unpaid and unrecorded, $5,000.
(b) An inventory of supplies showed $1,000 of unused supplies still on hand.
(c) Depreciation on delivery vans, $24,000.
(d) Services paid in advance by customers of $10,000 have now been provided to
customers.