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ACCT-112 Final Exam Review Solutions

1-

Date Account Debit Credit

Jan 1 Cash 200,000

H. Happee, Capital 200,000

Jan 2 Prepaid Insurance 10,000

Cash 10,000

Jan 15 Equipment 15,000

Cash 5,000

Notes Payable 10,000

Jan 30 Wages Expense 9,000

Cash 9,000

Feb 4 Supplies 1,200

Accounts Payable 1,200

Feb 20 Cash 12,000

Service Revenue 12,000

Feb 25 H. Happee, drawings 3,000

Cash 3,000

Feb 28 Notes Payable 10,000

Cash 10,000

Mar 3 Cash 1,000

Unearned Revenue 1,000

Mar 17 Accounts Payable 1,200

Cash 1,200

Mar 25 Accounts Receivable 2,200

Service Revenue 2,200

Mar 30 Wages Expense 20,000

Cash 20,000

Mar 31 Utilities Expense 200

Accounts Payable 200

Mar 31 Cash 2,200

Accounts Receivable 2,200

Mar 31 Accounts receivable 600

Service Revenue 600

Mar 31 Advertising Expense 150

Cash 150

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Date Account Debit Credit

Dec 31 Unearned Revenue 1,000

Service Revenue 1,000

Dec 31 Amortization Expense 10,000

Accumulated Amortization- building 10,000

(150,000 / 15 = 10,000)

Dec 31 Amortization Expense 10,000

Accumulated Amortization- equipment 10,000

(70,000 / 7 = 10,000)

Dec 31 Supplies Expense 6,250

Supplies 6,250

Dec 31 Salaries Expense 3,500

Salaries Payable 3,500

Dec 31 Insurance Expense 400

Prepaid Insurance 400

2.

Happee Enterprise

Adjusted Trial Balance

December 31, 2012

Account Debit Credit

Cash 24,000

Accounts Receivable 13,000

Supplies 1,250

Prepaid insurance 800

Land 75,000

Building 150,000

Accumulated Amortization-building 40,000

Equipment 70,000

Accumulated Amortization-equipment 20,000

Accounts Payable 5,500

Salaries Payable 3,500

Unearned service revenue 28,000

H. Happee, capital 110,000

H. Happee, drawings 3,000

Service revenue 193,700

Interest revenue 11,400

Salaries expense 7,000

Advertising expense...