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.