NAME Accounting 1 Exam 2 1) ABC purchased $8,000 in merchandise from XYZ on 2-5-16 with terms 2/10/Net20. ABC paid for the merchandise on 2-12-16. What are ABC's journal entries for 2-5-16 and 2-12-16? 2) XYZ purchased $3,000 in merchandise from ABC on 4-5-16 with terms 2/15/Net30. XYZ paid for the merchandise on 4/17/16. The merchandise cost ABC $1,200. What are ABC's journal entries for 4-5-16 and 4-17-16? Adjusting Entries 3) ABC Company bought a Crane on 7-1-18 for $160,000. The Crane has a residual value of $40,000 and a useful life of 3 years. What is the journal entry for 7-1-18 and the adjusting entry on 12-31-18? ABC made a $40,000 down payment on the Crane when it was purchased. They are financing the rest. 4) ABC Company had a beginning inventory of office supplies of $25,000 on 1-1-18. They purchased another $80,000 in office supplies during 2018. As of 12-31-18, ABC Company has a $40,000 balance in office supplies. What is the adjusting entry on 12-31-18? 5) ABC Company pays rent for July 2017 to March 2018 on July 15, 2017. What is the journal entry on 7-15-17 and the adjusting entry on 12-31-17? Rent is $1,000 per month 6) ABC receives a payment of $20,000 on August 15" for work they will do later. As of December 31", ABC has performed 25% of the work. What is the journal entry and the adjusting entry on 12-31-17