Prepare year-end adjustments for the following transactions. Omit explanations – MGMT 30A Midterm 1 Practice Exam Accrued interest on notes receivable is $30. $1,000 of unearned service revenue has been recognized. Three years’ rent, totaling $45,000, was paid in advance at the beginning of the year. Services totaling $2,900 had Read more
Sunkan Company prepares monthly financial statements – MGMT 30A Midterm 1 Practice Exam Sunkan Company prepares monthly financial statements. Below are listed some selected accounts and their balances on the September 30 trial balance before any adjustments have been made for the month of September. SUNKAN COMPANY Trial Balance (Selected Read more
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 Read more
MGMT 30A Midterm 1 Practice Exam – The Golden Petting Zoo operates a drive-through tourist attraction in Colorado The Golden Petting Zoo operates a drive-through tourist attraction in Colorado. The company adjusts its accounts at the end of each month. The selected accounts appearing below reflect balances after adjusting entries Read more
MGMT 30A Midterm 1 Practice Exam – Ledger accounts are used by the Heartland Race Track The following ledger accounts are used by the Heartland Race Track: Accounts Receivable Prepaid Advertising Prepaid Rent Unearned Sales Revenue Sales Revenue Advertising Expense Rent Expense Instructions: For each of the following transactions below, Read more