Prepare the required end-of-period adjusting entries for each independent case – MGMT 30A Midterm 1 Practice Exam

MGMT 30A Midterm 1 Practice Exam –  Prepare the required end-of-period adjusting entries for each independent case

Prepare the required end-of-period adjusting entries for each independent case listed below.

Case 1

The Thoma Company began the year with a $3,000 balance in the Supplies account. During the year, $8,500 of additional supplies were purchased. A physical count of supplies on hand at the end of the year revealed that $8,300 worth of supplies had been used during the year. No adjusting entry has been made until year end.

Case 2

The Leno Company has a calendar year-end accounting period. On July 1, the company purchased office equipment for $30,000. It is estimated that the office equipment will depreciate $200 each month. No adjusting entry has been made until year end.

Case 3

Yeats Realty is in the business of renting several apartment buildings and prepares monthly financial statements. It has been determined that 2 tenants in $900 per month apartments and one tenant in the $1,000 per month apartment had not paid their December rent as of December 31st.

 

Course: MGMT 30A – Principles of Accounting I
Assignment: Midterm 1 Practice Exam
School: University of California, Irvine

  • : 07/02/2017
  • : 3