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ACCT 220 Week 8 Final Exam

ACCT 220 Week 8 Final Exam

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Author: Christine Farr
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Problem 1: 15% points:
The account balances appearing on the trial balance (below) were taken from the general ledger of Flap's Copy Shop at September 30, 2012.
Additional information for the month of September which has not yet been recorded in the accounts is as follows:
(a) A physical count of supplies indicates $400 on hand at September 30.
(b) The amount of insurance that expired in the month of September was $300.
(c) Depreciation on equipment for September was $500.
(d) Rent owed on the copy shop for the month of September was $400 but will not be paid until July.
Flap’s Copy Shop
Trial Balance
For the Month Ended September 30, 2012
Account Titles
Debit
Credit
Cash
$1,000
Supplies
1,100
Prepaid Insurance
2,200
Equipment
24,000
Accum. Depreciation— Equipment
$4,500
Accounts Payable
2,400
Notes Payable
4,000
Flap’s Capital
15,300
Flap’s Drawings
2,400
Service Revenue
4,900
Utilities Expense
400
Totals
$31,100
$31,100
Instructions:
Prepare in journal form, without explanations, the end of month adjusting entries for Flap's Copy Shop for the month of September. Prepare a partial adjusted trial balance for the accounts provided. Prepare in journal form, without explanations, the end of month closing entries for Flap's Copy Shop for the month of September.


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