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ACCT 2101 Take-Home Test Chap 3,4,85 Following test is comprised of four problems. Scoring on the test is as follows: - 70 points - Problem 1 - 15 points - Problem 2 - 15 points - Problem 3 - 20 points - Problem 4 - 5 points - neatly hand-written, organized (name, date, class session, stapled), complete (all problems with all parts), and on-time work. - 125 - Total points on the test Problem 1 (70 points): On August 1, 2022, the following were the account balances of B\&8 Repair Services. During August, the following summary transactions were completed. Aug 1, Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. 3. Paid August rent $380. 5, Received $1,200 cash from customers in payment of account. 10. Paid $3,120 for salaries due employees, of which $1,700 is for August and $1,420 is for July salaries payable. 12, Received $2,800 cash for services performed in August. 15. Purchased store equipment on account $2,000. 20 , Paid creditors $2,000 of accounts payable due. 22, Purchased supplies on account $800. 25. Paid \$2,900 cash for employees' salaries. Adjustment data: 1. A count shows supplies on hand of $960. 2. Accrued but unpaid employees' salaries are $1,540. 3. Depreciation on equipment for the month is $320. 4. Services were performed to satisfy $800 of unearned service revenue. 5. One month's worth of advertising services has been received. 6. One month of interest revenue related to the $4,000 note receivable has accrued. The 4-month note has a 6% annual interest rate. (Hint Use the formula from Illustration 4.19 to compute interest.) Instructions: a) Journalize the August transactions in a General Journal. Refer to page 3-28. (10 points) b) Using T-accounts, post the August journal entries to the General Lodger. HINT: Beginning balances of the accounts are listed above. Refer to page 3-29 (10 points) c) Prepare a trial balance at August 31. Refer to page 3-30 (10 points) d) Joumalize and post adjusting entries. Refer to page 4-19 and 4-20 (10 points) e) Prepare an adjusted trial balance. Refer to page 4-22 (10 points) f) Journalize and post closing entries. Refer to page 4-27 (10 points) 9) Prepare a post-closing trial balance at August 31. Refer to page 4-27 (10 points) Problem 2 (15 Points): Menke Company is a fumiture retaller and uses the perpetual inventory system. On January 14, 2022, Menke purchased merchandise inventory at a cost of $45,000. Credit tarms were 2/10, n/30. The inventory was sold on account for $60,000 on January 21, 2022. Credit terms were 1/10,n/30. The accounts payable was settled on January 23, 2022, and the accounts receivables were settled on January 30, 2022. Prepare journal entries to record each of these transactions. Problem 3 (15 Points): Prepare the journal entries to record the following transactions on Markowitz Company's books using a perpetual inventory system. On February 6, Markowitz Company sold \$105,000 of merchandise to the Lyman Company, terms 2/10, net /30. The cost of the merchandise sold was $70,000. On February 8, the Lyman Company retumed $14,000 of the merchandise purchased on February 6 . The cost of the merchandise returned was $9,000. On February 16, Markowitz Company received the balance due from the Lyman Company. Problem 4 (20 points): The adjusted trial balance of McCoy Company included the following selected accounts: Instructions 1. Use the above information to prepare a multiple-step income statement for the year ended December 31,2022 . (15 points) 2. Calculate the profit margin and gross profit rate. (5 points)