4. (20 points) The following information, based on the 12/31/13 Annual Report to Shareholders of Krafty Foods ($ in millions): 4. Based on the information presented above, prepare the 2013 Income Statement for Krafty Foods. 5. (20 POINTS) Prepare the closing entries for Kraft Foods Company for the year ended December 31, 2013. c. Closing Entries: Date Account Debit Credit 4. (20 points) The following information, based on the 12/31/13 Annual Report to Shareholders of Krafty Foods ($ in millions): 4. Based on the information presented above, prepare the 2013 Income Statement for Krafty Foods. 5. (20 POINTS) Prepare the closing entries for Kraft Foods Company for the year ended December 31, 2013. c. Closing Entries: Date Account Debit Credit 4. (20 points) The following information, based on the 12/31/13 Annual Report to Shareholders of Krafty Foods ($ in millions): 4. Based on the information presented above, prepare the 2013 Income Statement for Krafty Foods. 5. (20 POINTS) Prepare the closing entries for Kraft Foods Company for the year ended December 31, 2013. c. Closing Entries: Date Account Debit Credit . (20 points) The following information, based on the 12/31/13 Annual Report to Shareholders of Krafty Foods ($ in millions): 4. Based on the information presented above, prepare the 2013 Income Statement for Krafty Foods. 5. (20 POINTS) Prepare the closing entries for Kraft Foods Company for the year ended December 31, 2013. c. Closing Entries: Date Account Debit Credit . (20 points) The following information, based on the 12/31/13 Annual Report to Shareholders of Krafty Foods ($ in millions): 4. Based on the information presented above, prepare the 2013 Income Statement for Krafty Foods. 5. (20 POINTS) Prepare the closing entries for Kraft Foods Company for the year ended December 31, 2013. c. Closing Entries: Date Account Debit Credit NEED AN ANSWER FOR QUESTION 4 THE SECOND PART ABOUT THE CLOSING ENTERIES.THANK YOU

Quiz 1 - Principles of Accounting I ACCT 220- SPRING 2015 Student: _____________________________ Date: __________________ 1. TYPES OF ACCOUNTS (5 points) 1. (20 points) Instructions: Place An \"X\" in the appropriate columns to designate whether each of the following accounts: (1) has a debit or credit normal balance; and (2) is an asset, liability, or owner's equity account. (1) (2) Owner's Account Debit Credit Asset Liability Equity 1. Notes Payable X X 2. Rent Expense 3. Owner's Capital 4. Supplies 5. Accounts Payable 6. Accounts Receivable 7. Owner's Drawing 8. Unearned Service Revenue 9. Service Revenue 10. Prepaid Insurance 2. (20 Points) MATCHING space provided. A. B. C. D. E. Match the items below by entering the appropriate code letter in the Account Normal account balance Debit Revenue account Compound entry F. G. H. I. J. Journal Posting Chart of accounts Trial balance Simple entry E_ 1. An entry that involves three or more accounts. _ G 2. Transferring journal entries to ledger accounts. B_ 3. The side which increases an account. _ H_ 4. A list of all the accounts used by an enterprise. _ A_ 5. A record of increases and decreases in specific assets, liabilities, and owner's equity items. _ C_ 6. Left side of an account. _ J_ 7. An entry that involves only two accounts. _ F_ 8. A book of original entry. _ I_ 9. A list of accounts and their balances at a given time. _ D_ 10. Has a credit normal balance _ 3. (20 points) Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. 1. The owner, Athena Lu, invests $35,000 in cash in starting a real estate office operating as a sole proprietorship. 2. Purchased $400 of supplies on credit. 3. Purchased equipment for $8,000, paying $2,000 in cash and signed a 30-day, $6,000, note payable. 4. Real estate commissions billed to clients amount to $4,000. 5. Paid $700 in cash for the current month's rent. Number Account 1. CASH $35,000 OFFICE SUPPLIES ACCOUNTS PAYABLE 3. Credit $35,000 COMMON STOCK 2. Debit $400 $400 OFFICE EQUIPMENT $8,000 CASH $2,000 NOTES PAYABLE 4. ACCOUNTS RECEIVABLE REAL ESTATE COMMISSIONS 5. $6,000 RENT EXPENSE CASH $4,000 $4,000 $700 $700 4. (20 points) The following information, based on the 12/31/13 Annual Report to Shareholders of Krafty Foods ($ in millions): 4. Based on the information presented above, prepare the 2013 Income Statement for Krafty Foods. 5. (20 POINTS) Prepare the closing entries for Kraft Foods Company for the year ended December 31, 2013. c. Closing Entries: Date Account Debit Credit