Acct 2301 exam 1 chapters 1 and 2

  
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.