This Final Exam is due tomorrow morning. Hope someone can help me.

Name: _____________________________________ Class __________________ Date: _______________ Final Test - ACCT 2301 Instructions: Type up answers in new Word or Excel document; indicate question and answer. Only answers should be submitted, information must be neat and organized chronologically. Late test papers will not be accepted. Deadline: Tuesday, July 28th at 11:59 am. 1. Set up an accounting equation including the following accounts: Cash, Accounts Receivable, Supplies, Accounts Payable, Capital Stock, Dividends, Professional Fees, and Operating Expenses. (a) In the accounting equation format, record the following transactions of Potter Pool Services for June, 2011, identifying each entry by date: June 1 Dan Potter invested $12,500 cash in the business in exchange for stock. June 3 Purchased supplies on account, $6,250. June 10 Paid monthly operating expenses, $5,500. June 11 Billed clients for fees, $7,440. June 15 Received cash from cash clients, $4,700. June 16 Paid creditors on account, $1,400. June 19 Received $3,100 from clients on account. June 28 The company paid Dan $1,500 in cash dividends. 2. Set up T accounts for Cash, Accounts Receivable, Supplies, Accounts Payable, Capital Stock, Dividends, Professional Fees, and Operating Expenses. (a) In the T accounts, record the following transactions of Potter Pool Services for June, 2011, identifying each entry by number: June 1 June 3 June 10 June 11 June 15 June 16 June 19 June 28 Dan Potter invested $12,500 cash in the business in exchange for stock. Purchased supplies on account, $6,250. Paid monthly operating expenses, $5,500. Billed clients for fees, $7,440. Received cash from cash clients, $4,700. Paid creditors on account, $1,400. Received $3,100 from clients on account. The company paid Dan $1,500 in cash dividends. 3. Journalize the following adjusting entries for June 30, 2011 in a journal. a. Billed customers on account for additional fees, $4,200. b. Received invoice for operating expenses due next month, $900. c. Used supplies, $700. 4. Use the transactions in question 2 & 3 and prepare a post-closing Trial Balance for the month of June. 5. A copy machine acquired on March 1, 2011 with a cost of $705 has an estimated useful life of 4 years. Assuming that it will have a residual value of $125, (a) determine the depreciation for the first year by (i) the straight line method and (ii) double-declining-balance method and (b) what is the book value at the end of year 2 using (i) the straight line method and (ii) double-declining-balance method . 6. The summary of the payroll for the monthly pay period ending July 15 indicated the following: Sales salaries Federal income tax withheld Office salaries Medical insurance withheld Social security tax withheld Medicare tax withheld $125,000 32,300 35,000 7,370 10,200 2,550 Journalize the entries to record (a) the payroll and (b) the employer's payroll tax expense for the month. The state unemployment tax rate is 3.1%, and the federal unemployment tax rate is 0.8%. Only $25,000 of salaries are subject to unemployment taxes. 7. Travis Company purchased merchandise on account from a supplier for $7,500, terms 2/10, net 30. Travis returned $1,350 of the merchandise and received full credit. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record all of the journal entries required for the above transactions. 8. The three identical units of Product Basic H are purchased during July, as shown below. Date July 3 July 10 July 24 Product Basic H Purchase Purchase Purchase Total Units 1 1 1 3 Average cost per unit Cost $35 $36 $37 $108 $36 Assume one unit sells on July 28 for $45. Determine the gross profit, cost of merchandise sold, and ending inventory on July 31 using (a) first in first out, (b) last in last out, (c) average cost flow methods. 9. Using the following information, prepare a bank reconciliation for Young Co. for August 31, 2011: (a) (b) (c) (d) (e) (f) The bank statement balance is $4,010 The cash account balance is $4,207. Outstanding checks amounted to $517. Deposits in transit are $633. The bank service charge is $45. A check for $84 for supplies was recorded as $48 in the ledger. 10. At the end of the current year, Accounts Receivable has a balance of $550,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and net sales for the year total $2,500,000. An analysis of receivables estimates uncollectible receivables as $25,000. Determine (a) the amount of the adjusting entry for bad debt expense; (b) the adjusted balances of Accounts Receivable, Allowance of Doubtful Accounts; and Bad Debt Expense; and (c) the net realizable value of accounts receivable