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    ACC 1 Quiz No. 15 Answer Key

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    nicole bancoro

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    ACC 1 Quiz No. 15 Answer Key

    Uploaded by

    nicole bancoro
    13 views5 pages

    Original Title

    ACC-1-Quiz-No.-15-Answer-Key

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    © © All Rights Reserved

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    Copyright:

    © All Rights Reserved
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    Download as xlsx, pdf, or txt
    13 views5 pages

    ACC 1 Quiz No. 15 Answer Key

    Uploaded by

    nicole bancoro

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    REQUIREMENT 1

    Unadjusted
    Trial Balance Adjustments
    Debit Credit Debit Credit
    Cash 50,000
    Accounts Receivable 185,000
    Allowance For Doubtful Accounts 500 a.
    Merchandise Inventory 15,000
    Store Supplies 2,000 b.
    Office Equipment 60,000
    Accumulated Depreciation - Office Equipment 9,000 c.
    Accounts Payable 42,500
    Notes Payable 85,000
    Montecillo, Capital 110,000
    Montecillo, Drawing 5,000
    Sales 350,000
    Sales Returns 10,000
    Sales Discounts 2,500
    Purchases 250,000
    Purchase Returns 20,000
    Purchase Discounts 5,000
    Freight-In 5,000
    Freight-Out 10,000
    Salaries Expense 25,000
    Advertising Expense 1,500
    Utilities Expense 1,000
    Totals 622,000 622,000
    Adjustments:
    Bad Debt Expense a. 1,350
    Supplies Expense b. 1,800
    Depreciation Expense c. 12,000
    Interest Expense d. 1,600
    Interest Payable d.
    Totals 16,750
    Net Income
    Totals
    Adjusted Income Statement of
    Adjustments Trial Balance Statement Financial Position
    Credit Debit Credit Debit Credit Debit Credit
    50,000 50,000
    185,000 185,000
    1,350 1,850 1,850
    15,000 15,000 e. 20,000 e. 20,000
    1,800 200 200
    60,000 60,000
    12,000 21,000 21,000
    42,500 42,500
    85,000 85,000
    110,000 110,000
    5,000 5,000
    350,000 350,000
    10,000 10,000
    2,500 2,500
    250,000 250,000
    20,000 20,000
    5,000 5,000
    5,000 5,000
    10,000 10,000
    25,000 25,000
    1,500 1,500
    1,000 1,000

    1,350 1,350
    1,800 1,800
    12,000 12,000
    1,600 1,600
    1,600 1,600 1,600
    16,750 636,950 636,950 336,750 395,000 320,200 261,950
    58,250 58,250
    395,000 395,000 320,200 320,200
    REQUIREMENT 2
    Montecillo Enterprises
    Statement of Comprehensive Income
    For the Month Ended August 31, 2018

    Net Sales
    Gross Sales 350,000
    Sales Returns - 10,000
    Sales Discount - 2,500 337,500

    Cost of Goods Sold


    Beginning Inventory 15,000
    Net Purchases
    Gross Purchases 250,000
    Purchase Returns - 20,000
    Purchase Discounts - 5,000
    Freight-In 5,000 230,000
    Total Goods Available for Sale 245,000
    Ending Inventory - 20,000 225,000
    Gross Profit 112,500

    Operating Expenses
    Selling Expenses
    Salaries Expense 25,000
    Freight-Out 10,000
    Supplies Expense 1,800
    Advertising Expense 1,500 38,300
    Administrative Expenses
    Bad Debt Expense 1,350
    Depreciation Expense 12,000
    Utilities Expense 1,000 14,350 52,650
    Operating Income 59,850
    Finance Costs 1,600
    Net Income 58,250
    Montecillo Enrterprises Montecil
    Statement of Changes in Equity Statement of
    For the Month Ended August 31, 2018 Augu

    Montecillo Capital, 08/01/2018 110,000 Assets


    Additional Investment - Cash
    Total 110,000 Accounts Receivable
    Net Income for the period 58,250 Allowance For Doubtful Accounts
    Total 168,250 Merchandise Inventory
    Withdrawals - 5,000 Store Supplies
    Montecillo Capital, 08/31/2018 163,250 Office Equipment
    Accumulated Depreciation - Office Equipm
    Total Assets

    Liabilities and Owner's Equity


    Accounts Payable
    Notes Payable
    Interest Payable
    Total Liabilities

    Montecillo, Capital
    Total Owner's Equity
    Total Liabilities and Owner's Equity
    Montecillo Enrterprises
    Statement of Financial Position
    August 31, 2018

    50,000
    185,000
    For Doubtful Accounts - 1,850 183,150
    se Inventory 20,000
    200
    60,000
    ed Depreciation - Office Equipment - 21,000 39,000
    292,350

    d Owner's Equity
    42,500
    85,000
    1,600
    129,100

    163,250
    163,250
    es and Owner's Equity 292,350

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