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(Answered)-: Acct 220: Final Exam Student Name: ACCT 220 Final Exam Answer
Please Answer on the attached Answer?sheet and correct my mistakes if any!!!!
:
Acct 220:
Final Exam
Student
Name:
ACCT 220 Final Exam Answer Sheet
Question 1 (40points)
a. General Journal Entries:
Date
Account
Accounts receivable
Debit
Credit
1500
cash
1500
Inventory
3500
COGS
3500
b. Adjusting Entries:
Date
Account
Accrued Interest Income Rec
Debit
Credit
296
Interest Income
Interest Payable
296
1875
Interest Expense
Accumulated Depreciation
1875
4500
Building Depreciation Expense
Accumulated Depreciation
4500
7500
Equipment Depreciation Expense
Salaries Payable
7500
5500
Salaries Expense
Bad Debt Expense
Allowance for Doubtful Accounts
5500
4100
4100
:
Acct 220:
Final Exam
Student
Name:
c. Adjusted Trial Balance:
Adjusted Trial Balance
Account Titles
Debit
Credit
Cash
45000
Accounts Receivable
52000
Notes Receivable
30000
Merchandise Inventory
51500
Accrued Income Receivable
Land
Building
296
20000
150000
Equipment
50000
Goodwill
26000
Salaries Expense
155500
Utilities Expense
3500
COGS
353,500
Admin Expenses
55000
Depreciation Expense
12,000
Sales Expense
15000
Bad Debt Expense
4100
Interest Expense
1875
Allowance for Doubtful
2600
Accumulated Depreciation Building
19500
Accumulated Depreciation Equipment
28500
Accounts Payable
25000
Interest Payable
1875
Salaries Payable
5500
Long-Term Notes Payable
75000
Common Stock
20000
Retained Earnings
147000
Sales Revenue
700000
Interest Income
Totals
296
$1,025,271
$1,025,271
:
Acct 220:
Final Exam
Student
Name:
:
Acct 220:
Final Exam
Student
Name:
d. Classified Balance Sheet:
:
Acct 220:
Final Exam
Student
Name:
e. Closing Entries:
Date
Account
Debit
Credit
Question 2 (8points)
a. Cost of Goods Available for Sale
b. Sales
c. Value of:
(1) LIFO method
(2) FIFO method
(3) Average-cost method
Ending Inventory
COGS
:
Acct 220:
Final Exam
Student
Name:
Question 3 (7points)
Date
Account
Debit
Credit
:
Acct 220:
Final Exam
Student
Name:
Question 4: (9points)
a. Answer:
Year
Depreciation Expense
Total Accumulated
End-of-Year
Depreciation
Book Value
1
11000
11000
54000
2
11000
22000
43000
3
11000
33000
32000
4
11000
44000
21000
5
11000
55000
10000
b. Answer:
Year
Depreciation Expense
Total Accumulated
End-of-Year
Depreciation
Book Value
1
26000
26000
39000
2
15600
41600
23400
3
9360
50960
14040
4
4040
55000
10000
c.
Answer
$7975.50 or if rounding up $7960
Question 5 (7points)
Date
Account
Debit
Credit
:
Acct 220:
Final Exam
Student
Name:
Question 6 (4points)
Date
Account
Debit
Credit
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DATE ANSWEREDOct 07, 2020
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