DEPARTMENT OF ACCOUNTING, ECONOMICS & FINANCE ARCHIE W. DUNHAM COLLEGE OF BUSINESS HOUSTON BAPTIST UNIVERSITY INTERMEDIATE ACCOUNTING I (ACCT 3311) CRN 6765 Examination on Accounting Information Systems (Chapter 3) Spring 2016 Professor: Dr. Stephen Owusu-Ansah *****ee**** e ees******************* Examination Instructions: 1. The examination consists of six major questions. Answer all the questions. 2. The maximum time allowed for the examination is seventy-five minutes 3. Write neatly, boldly, clearly and legibly, and avoid the use of unconventional abbreviations and 4. acronyms plain sheets of paper your own, which should have your name Provide your answers on four answers on the at the top of the first page. Use both sides of the sheets. Do not provide your question paper. ******W************************************************** Questions Clown Around, Inc., provides party entertainment for children of all ages. The company's trial balance dated February 1, 2015 is shown below 2,850 Cash tao 900 Accounts Receivable 800 taso Accounts Payable 2,000 Capital Stock 750 Retained Earnings 1,350 t 480 Party Revenue 830 Salaries Expense 240 Party Food Expense 80 Travel Expense $4.900 $4.900 Clown Around, Inc., engaged in the following transactions in February: Feb. 2 Paid $750 in partial settlement of the outstanding accounts payable reported in the trial balance dated February 1