{"id":77354,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/post-acc111-midtem-exam"},"modified":"2017-08-18T07:13:47","modified_gmt":"2017-08-18T07:13:47","slug":"post-acc111-midtem-exam","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/post-acc111-midtem-exam\/","title":{"rendered":"POST ACC111 MIDTEM EXAM"},"content":{"rendered":"

ACCOUNTING MID TERM<\/span><\/strong><\/p>\n

Michael\u2019s Plumbing Company has the following transactions for the year<\/p>\n

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      \n
    1. December 1 \u2013 Issued capital stock for $50,000 to start plumbing business.<\/li>\n<\/ol>\n<\/ol>\n
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        1. December 1 \u2013 Paid gas expense $500.<\/li>\n<\/ol>\n<\/ol>\n
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            1. December 1 \u2013 Paid one year insurance premium costing $3,600.<\/li>\n<\/ol>\n<\/ol>\n
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                  \n
                1. December 2 \u2013 Received $3,000 for job to install plumbing system in January next year.<\/li>\n<\/ol>\n<\/ol>\n
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                    1. December 8 \u2013 Plumbing repairs for three houses totaling $15,000 and billed customers.<\/li>\n<\/ol>\n<\/ol>\n
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                        1. December 10 \u2013 Purchased equipment costing $8,400 on credit.<\/li>\n<\/ol>\n<\/ol>\n
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                              \n
                            1. December 12 \u2013 Purchased supplies costing $900 on credit.<\/li>\n<\/ol>\n<\/ol>\n
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                                  \n
                                1. December 23 \u2013 Plumbing services completed and billed to customers for $1,500.<\/li>\n<\/ol>\n<\/ol>\n
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                                      \n
                                    1. December 24 \u2013 Paid for equipment purchased on December 10th.<\/li>\n<\/ol>\n<\/ol>\n
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                                          \n
                                        1. December 28 \u2013 Received $2,000 for the repairs done on December 8th.<\/li>\n<\/ol>\n<\/ol>\n
                                            \n
                                              \n
                                            1. December 31 \u2013 Paid a $1,000 dividend.<\/li>\n<\/ol>\n<\/ol>\n

                                              Required:<\/span><\/strong><\/p>\n

                                              1. Prepare journal entries for the above transactions. Be sure to identify them as a through k.<\/strong><\/p>\n

                                              2. Post the above transactions to T Accounts.<\/strong><\/p>\n

                                              3. Prepare a Trial Balance.<\/strong><\/p>\n

                                              4. Prepare adjusting entries in journal format and post to T Accounts.<\/strong><\/p>\n

                                              Supplies on Hand December 31 was $500.<\/strong><\/p>\n

                                              The Equipment is to be depreciated over 48 months starting with December.<\/strong><\/p>\n

                                              (HINT: Record one month depreciation expense).<\/strong><\/p>\n

                                              Wages owed but not paid on December 31 was $250.<\/strong><\/p>\n

                                              One month of insurance has expired.<\/strong><\/p>\n

                                              5. Prepare an Adjusted Trial Balance.<\/strong><\/p>\n

                                              6. Prepare an Income Statement, Statement of Retained Earnings and a Balance Sheet.<\/strong><\/p>\n

                                              7. Prepare closing entries in journal format and post to the T Accounts.<\/strong><\/p>\n

                                              8. Prepare a Post-Closing Trial Balance.<\/strong><\/p>\n\n\n\n
                                              John\u2019s House Painting<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
                                              John\u2019s House Painting<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n <\/colgroup>\n\n\n\n\n
                                              <\/td>\nJohn\u2019s House Painting<\/td>\n<\/td>\n<\/td>\nJohn\u2019s House Painting<\/td>\n<\/tr>\n
                                              <\/td>\nIncome Statement<\/td>\n<\/td>\n<\/td>\nStatement of Retained Earnings<\/td>\n<\/tr>\n
                                              <\/td>\nFor the Year Ending December 31, 20XX<\/td>\n<\/td>\n<\/td>\nFor the Year Ending December 31, 20XX\u2026<\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

                                              ACCOUNTING MID TERM Michael\u2019s Plumbing Company has the following transactions for the year December 1 \u2013 Issued capital stock for $50,000 to start plumbing business. December 1 \u2013 Paid gas expense $500. December 1 \u2013 Paid one year insurance premium Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-77354","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/77354","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=77354"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/77354\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=77354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=77354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=77354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}