Accounting 301, you did a great job on my homework I received a 98%.

Name______________________________________ Quiz #1 Professor Talbot Start time_________________ Spring 2016 ACCT 301 Finish time__________________ Please turn in the one page of personal notes with your exam in the assignment section. Know basic journal entries Know the accounting cycle Study the classified balance sheet. UMUC Problem #1 Prepare an income statement. points The accounts in the ledger of Talbot Delivery Service contain the following balances on July 31, 2014. Accounts Receivable $10,642 Prepaid Insurance $1,968 Accounts Payable Cash Equipment Gasoline Expense Utilities Expense Notes Payable ? Maintenance and Repairs 8,396 Expense Service Revenue 49,360 Dividends 758 Common Stock 523 Salaries and Wages Expense 26,450 Salaries and Wages Payable Retained Earnings Instructions Prepare an income statement and fill in the missing amount for Cash. 961 10,610 700 40,000 4,428 815 4,636 Problem #2 points Otis Company accumulates the following adjustment data at December 31. 1. 2. 3. 4. 5. 6. Services provided but not recorded total $1,420. Supplies of $300 have been used. Utility expenses of $225 are unpaid. Unearned service revenue of $260 is recognized for services performed. Salaries of $800 are unpaid. Prepaid insurance totaling $380 has expired. Instructions For each of the above items indicate the following. (a) Journalize the entry Date Otis Company General Journal Entry Account Title Debit Credit Problem #3 points The following accounts were taken from the financial statements of Orville Company. Answer 1 Interest revenue 2 Accounts payable 3 Supplies 4 Bonds payable 5 Trademarks 6 Common stock 7 Accumulated depreciationequipment 8 Equipment 9 Investment in real estate 10 Unearned rent revenue Match each of the accounts to its proper balance sheet classification, as shown below. If the item would not appear on a balance sheet, use \"NA.\" Current assets (CA) Long-term investments (LTI) Property, plant, and equipment (PPE) Intangible assets (IA) Current liabilities (CL) Long-term liabilities (LTL) Stockholders' equity (SE) Multiple choice answers: 1 2