Essay on First Midterm

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SOLUTIONS Introductory Financial Accounting Midterm Exam Professor Yanfeng Xue

Note: 1. You have 90 minutes to finish this exam. The total score for this exam is 100 points. Please use your time wisely. 2. Please show your work because I do give partial credit. 3. If you cannot remember the name of a particular account, do your best at guessing and at least indicate the type of the account (asset, retained earnings, etc.) 4. Good luck!

Name: __________________________________________________

1 …show more content…
Both are treated as correct if the right assumption is specified. If they describe the impact as of the end of October, the income statement will see revenue increased by 3,000.

4

3)

Cash

10,000 Common stock 10,000

The income statement should not be affected.

4)

Salary expense 2,000 Cash 2,000

Report salary expense of 2,000.

5)

Accounts receivable Service revenue Report revenue of 3,000.

3,000 3,000

6)

Utility expenses 600 Accounts payable Report utility expenses of 600. 600

7)

Dividend Cash

1,000 1,000

The income statement is not affected.

Problem 3. Adjusting entries, trial balances, and financial statements (43 points) At the end of October 2010, the unadjusted trial balance of Pumpkin Auto Service is presented in the next page. Before preparing financial statements, the accounting manager of Pumpkin Auto Service Company gathered the following information: 1. Part of prepaid rent expired during the month. The unadjusted prepaid rent balance of $3,000 relates to the period from October through December. 2. Accrue October interest expense of $300 for all the bank loans outstanding. 3. The office supplies are worth $300 on October 31st. Book supply expenses for the month. 4. Accrue depreciation expense for equipment.

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