Accounting 110 - Practice Exam W/ Answers

1424 words 6 pages
Camosun College Financial Accounting Acct110 PRACTICE Final Exam

B. Edwards

Name: ____________________________________________________________

___________________ Question One: A/R and Bad debts (15 minutes)
Read each transaction and record the appropriate journal entry for Morrison Consultants, which has a June 30 year end. Explanations are NOT required. 1. On June 30 2011, Morrison prepares an aging schedule of accounts receivable that shows estimated uncollectible accounts of $5,200. Before journal entries, the Allowance for Doubtful accounts has a debit balance of $300 and Accounts Receivable has a balance of $85,000. 2. On July 5, Morrison was notified that Sperry Ltd has declared bankruptcy and Morrison writes off its A/R
…show more content…
36,000

Balance Sheet

There is no representation that the practice questions reflect the actual exam questions.

5|Page

Camosun College Financial Accounting Acct110 PRACTICE Final Exam

B. Edwards

Question Five: Merchandising operations (15 minutes)
Read each transaction and record the appropriate journal entry for Hiller Bookstore, which uses the perpetual inventory method. Explanations are NOT required.
1. Jan 5. Purchased books from Wiley Publishing at a cost $10,000 on account with terms 2/10, n/30. 2. Jan 7. Hiller paid freight costs of $100 on the Wiley purchase. 3. Jan 10. Hiller returned $2,000 of books from the Wiley purchase. 4. Jan 12. Hiller sold $2,000 of books to Camosun on account. Cost of the books was $1,600. 5. Jan 13 Hiller paid Wiley. Date Account Debit Credit

Calculations:

There is no representation that the practice questions reflect the actual exam questions.

6|Page

Camosun College Financial Accounting Acct110 PRACTICE Final Exam

B. Edwards

Question Six: Various journal entries (15 minutes)
1. On December 15, 2011 the payroll register of Seaside Architecture Inc. indicates $718 of CPP Contributions and $251 of EI contributions withheld on total salaries of $14,500 for the period. Taxes of $2,900 were deducted. Provide the journal entries to record the payroll and the employer’s payroll deduction expense for the period. 2. The bank

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