Quiz

Top of Form

Note:It is recommended that you save your response as you complete each question.

GJ - 1

Question 1(20 points)

The following is the Bravo Unlimited unadjusted Trial Balance.

Bravo Unlimited

Unadjusted Trial Balance

December 31, 2016

Account Title

Debit

Credit

Cash

$88,450

Accounts Receivable

231,860

Supplies

6,255

Prepaid Rent

12,000

Equipment

395,285

Accumulated Depreciation

$224,260

Accounts Payable

73,555

Wages Payable

0

Capital Stock

220,000

Retained Earnings

111,145

Service Revenue

893,105

Interest Income

1,500

Rent Expense

60,500

Wages Expense

527,260

Supplies Expense

42,520

Utilities Expense

8,595

Depreciation Expense

144,000

Interest Expense

6,840

________

Totals

$1,523,565

$1,523,565

Adjusting Items:

1. A physical inventory shows supplies on hand of $2,500 at year end.

2. The prepaid rent covers December 2016 thru March 2017 rents.

3. December depreciation on equipment is $11,500 per month.

4. At year end Wages of $12,000 were earned but unpaid.

Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No EntryRequired."

GJ - 2

Question 2(6 points)

On April 5, 2016, you discovered that your newly hired bookkeeper made an error when recording a transaction the previous day. The first salary payment this month was for $1,700, which included $900 of salaries payable on March 31. The payment was recorded as a debit to Wages Expense $1,700 and a credit to Cash $1,700. (No reversing entries were used.) Prepare thegeneral journal entry (without explanation) needed to correct this error. If no entry is required then write "No Entry Required."

GJ - 3

Question 3(6 points)

On April 2, 2016, you discovered that your newly hired bookkeeper made an error when recording a transaction the previous day. The errant bookkeeper posted a cash payment of repair expense on the truck for $196 was recorded as a debit to Equipment $169 and a credit to Cash $169. Prepare the compound general journal entry (without explanation) needed to correct this error. If no entry is required then write "No Entry Required."

GJ - 4

Question 4(9 points)

On August 1, 2016 supplies were purchased; Accounts Payable was debited and Supplies credited for $1,600. The account was due in October, and $700 of these supplies was on hand at the end of August.Prepare the compound general journal entry (without explanation) needed to reflect the correct account balances (to include any end of period adjustment) as of August 31. If no entry is required then write "No Entry Required."

IS - 1

Question 5(20 points)

The following is the Bravo Unlimited adjusted Trial Balance.

Bravo Unlimited

Adjusted Trial Balance

December 31, 2016

Account Title

Debit

Credit

Cash

$88,450

Accounts Receivable

231,860

Supplies

17,255

Equipment

395,285

Accumulated Depreciation

$224,260

Accounts Payable

72,555

Capital Stock

220,000

Retained Earnings

111,145

Service Revenue

893,105

Interest Income

1,500

Dividends

2,000

Rent Expense

58,500

Wages Expense

527,260

Supplies Expense

42,520

Utilities Expense

8,595

Depreciation Expense

150,840

________

Totals

$1,522,565

$1,522,565

Use this information to prepare the Single-Step Income Statement for the fiscal year. There are additional lines in the formatted income statement form to allow for authorized alternate presentations.

Bal - 1

Question 6(24 points)

The following is the Bravo Unlimited adjusted Trial Balance.

Bravo Unlimited

Adjusted Trial Balance

December 31, 2016

Account Title

Debit

Credit

Cash

$88,450

Accounts Receivable

231,860

Supplies

17,255

Equipment

395,285

Accumulated Depreciation

$224,260

Accounts Payable

72,555

Capital Stock

120,000

Retained Earnings

214,145

Service Revenue

892,105

Interest Income

2,500

Dividends

5,000

Rent Expense

58,700

Wages Expense

527,000

Supplies Expense

42,600

Utilities Expense

8,600

Depreciation Expense

150,815

________

Totals

$1,525,565

$1,525,565

Use this information to prepare the Balance Sheet for the fiscal year. There are additional lines in the formatted Balance Sheet form to allow for authorized alternate presentations.

FIB - 1

Question 7(15 points)

The information is provided in a table for Alpha Company and Bravo Company.

Alpha Company

Bravo Company

Balance 12/31/15

Assets

$65,000

Liabilities

$17,000

Equity

40,000

55,000

Balance 12/31/16

Assets

90,000

Liabilities

26,000

15,000

Equity

80,000

75,000

During the Year:

Additional Stock Issued

10,000

Dividends paid to shareholders

3,000

5,000

Revenue

90,000

Expenses

65,000

50,000

What are the amounts for each of the following missing items?

1. Alpha Company's 12/31/15 Liabilities

2. Alpha Company's 12/31/16 Assets

3. Alpha Company's 12/31/16 Additional Stock Issued

4. Bravo Company's 12/31/15 Assets

5. Bravo Company's 12/31/16 Revenues

Quiz Note: It is recommended that you save your response as you complete each question. GJ - 1 Question 1 (20 points) The following is the Bravo Unlimited unadjusted Trial Balance. Bravo Unlimited Unadjusted Trial Balance December 31, 2016 Account Title Debit Cash $88,450 Accounts Receivable 231,860 Supplies 6,255 Prepaid Rent 12,000 Equipment 395,285 Credit Accumulated Depreciation $224,260 Accounts Payable 73,555 Wages Payable 0 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 893,105 Interest Income 1,500 Rent Expense 60,500 Wages Expense 527,260 Supplies Expense 42,520 Utilities Expense 8,595 Depreciation Expense 144,000 Interest Expense 6,840 ________ Totals $1,523,565 $1,523,565 Adjusting Items: 1. A physical inventory shows supplies on hand of $2,500 at year end. 2. The prepaid rent covers December 2016 thru March 2017 rents. 3. December depreciation on equipment is $11,500 per month. 4. At year end Wages of $12,000 were earned but unpaid. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required." GJ - 2 Question 2 (6 points) On April 5, 2016, you discovered that your newly hired bookkeeper made an error when recording a transaction the previous day. The first salary payment this month was for $1,700, which included $900 of salaries payable on March 31. The payment was recorded as a debit to Wages Expense $1,700 and a credit to Cash $1,700. (No reversing entries were used.) Prepare the general journal entry (without explanation) needed to correct this error. If no entry is required then write "No Entry Required." GJ - 3 Question 3 (6 points) On April 2, 2016, you discovered that your newly hired bookkeeper made an error when recording a transaction the previous day. The errant bookkeeper posted a cash payment of repair expense on the truck for $196 was recorded as a debit to Equipment $169 and a credit to Cash $169. Prepare the compound general journal entry (without explanation) needed to correct this error. If no entry is required then write "No Entry Required." GJ - 4 Question 4 (9 points) On August 1, 2016 supplies were purchased; Accounts Payable was debited and Supplies credited for $1,600. The account was due in October, and $700 of these supplies was on hand at the end of August. Prepare the compound general journal entry (without explanation) needed to reflect the correct account balances (to include any end of period adjustment) as of August 31. If no entry is required then write "No Entry Required." IS - 1 Question 5 (20 points) The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Cash $88,450 Accounts Receivable 231,860 Supplies 17,255 Equipment 395,285 Credit Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 893,105 Interest Income 1,500 Dividends 2,000 Rent Expense 58,500 Wages Expense 527,260 Supplies Expense 42,520 Utilities Expense 8,595 Depreciation Expense 150,840 ________ $1,522,565 $1,522,565 Totals Use this information to prepare the Single-Step Income Statement for the fiscal year. There are additional lines in the formatted income statement form to allow for authorized alternate presentations. Bal - 1 Question 6 (24 points) The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Cash $88,450 Accounts Receivable 231,860 Supplies 17,255 Equipment 395,285 Credit Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 120,000 Retained Earnings 214,145 Service Revenue 892,105 Interest Income 2,500 Dividends 5,000 Rent Expense 58,700 Wages Expense 527,000 Supplies Expense 42,600 Utilities Expense 8,600 Depreciation Expense 150,815 ________ $1,525,565 $1,525,565 Totals Use this information to prepare the Balance Sheet for the fiscal year. There are additional lines in the formatted Balance Sheet form to allow for authorized alternate presentations. FIB - 1 Question 7 (15 points) The information is provided in a table for Alpha Company and Bravo Company. Alpha Company Bravo Company Balance 12/31/15 Assets $65,000 Liabilities Equity $17,000 40,000 55,000 Balance 12/31/16 Assets 90,000 Liabilities 26,000 15,000 Equity 80,000 75,000 During the Year: Additional Stock Issued Dividends paid to shareholders 10,000 3,000 5,000 Revenue 90,000 Expenses 65,000 What are the amounts for each of the following missing items? 1. Alpha Company's 12/31/15 Liabilities 2. Alpha Company's 12/31/16 Assets 3. Alpha Company's 12/31/16 Additional Stock Issued 4. Bravo Company's 12/31/15 Assets 5. Bravo Company's 12/31/16 Revenues 50,000