Acc 101 Week 5 Accounting Answers
ACCT 101 PRACTICE QUESTIONS by Adekoya Ayodele
OBJECTIVE
The objective of this project is to enable student to record transactions into the accounting cycle.
The second objective is to enable them record adjustments and post them to the General Ledger
The third Objective is to enable them prepare accurate Income Statements and Balance Sheets.
INSTRUCTIONS: Each group is required to
1. Journalize the transactions
2. Post the transactions from journal to ledgers.
3. Prepare a trial balance
4. Journalize the adjusting entries and post them to the General Ledger
5. Prepare post adjustments trial balance
6. Prepare a worksheet and complete it. (Using Microsofts Excel)
7. Prepare financial statements – Balance …show more content…
April 13 Incurred utility expenses of $6,000 for the month of January – June 2009.
May 1 purchased a photocopy machine worth $20,000; paid cash of $5,000 and the remainder on account.
May 27 Paid for utility expenses incurred on April 13.
June18 Received Cheque from Estate Developers for security services worth $150,000.
July 2 Paid for advertising expenses incurred on March 1
August 19 received $30,000 cheque from Urban Tourism Limited for services on March 11.
September 21 Paid for the photocopy machine purchase on May 15.
October 23 received a $50,000 cheque as advance payment for security services. November 25 Paid for maintenance expenses of $15,000
December 15 received $60,000 from Metro Transport for services performed on February 16.
December 27 Incurred utility expenses of $6,500 for July – December 2009.
.
December 30 Owner withdraw $5,000 for personal use
Project 1: Required:
1. Journalize the transactions in the appropriate general journal.
2. Enter the opening balances in the ledger accounts and post the general journal to the affected general ledger
OBJECTIVE
The objective of this project is to enable student to record transactions into the accounting cycle.
The second objective is to enable them record adjustments and post them to the General Ledger
The third Objective is to enable them prepare accurate Income Statements and Balance Sheets.
INSTRUCTIONS: Each group is required to
1. Journalize the transactions
2. Post the transactions from journal to ledgers.
3. Prepare a trial balance
4. Journalize the adjusting entries and post them to the General Ledger
5. Prepare post adjustments trial balance
6. Prepare a worksheet and complete it. (Using Microsofts Excel)
7. Prepare financial statements – Balance …show more content…
April 13 Incurred utility expenses of $6,000 for the month of January – June 2009.
May 1 purchased a photocopy machine worth $20,000; paid cash of $5,000 and the remainder on account.
May 27 Paid for utility expenses incurred on April 13.
June18 Received Cheque from Estate Developers for security services worth $150,000.
July 2 Paid for advertising expenses incurred on March 1
August 19 received $30,000 cheque from Urban Tourism Limited for services on March 11.
September 21 Paid for the photocopy machine purchase on May 15.
October 23 received a $50,000 cheque as advance payment for security services. November 25 Paid for maintenance expenses of $15,000
December 15 received $60,000 from Metro Transport for services performed on February 16.
December 27 Incurred utility expenses of $6,500 for July – December 2009.
.
December 30 Owner withdraw $5,000 for personal use
Project 1: Required:
1. Journalize the transactions in the appropriate general journal.
2. Enter the opening balances in the ledger accounts and post the general journal to the affected general ledger