ACCT220: Principles of Accounting I Final Examination

ACCT220: Principles of Accounting I Final Examination
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ACCT220: Principles of Accounting I Final Examination


For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines.

Question 1: 15% points:
The account balances appearing on the trial balance (below) were taken from the general ledger of Flop’s Copy Shop at September 30, 2012.
Additional information for the month of September which has not yet been recorded in the accounts is as follows:
(a) A physical count of supplies indicates $400 on hand at September 30.
(b) The amount of insurance that expired in the month of September was $300.
(c) Depreciation on equipment for September was $500.
(d) Rent owed on the copy shop for the month of September was $400 but will not be paid until July.
Flop’s Copy Shop
Trial Balance
For the Month Ended September 30, 2012
Account Titles Debit Credit
Cash $1,000
Supplies 1,100
Prepaid Insurance 2,200
Equipment 24,000
Accum. Depreciation— Equipment $4,500
Accounts Payable 2,400
Notes Payable 4,000
Flop’s Capital 15,300
Flop’s Drawings 2,400
Service Revenue 4,900
Utilities Expense 400
Totals $31,100 $31,100
Instructions:
1. Prepare in journal form, without explanations, the end of month adjusting entries for Flop’s Copy Shop for the month of September.
2. Prepare a partial adjusted trial balance for the accounts provided.
3. Prepare in journal form, without explanations, the end of month closing entries for Flop’s Copy Shop for the month of September.

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Question 2: 15% points:
The following information is available for Flip Company:
Beginning inventory 600 units at $5
First...