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ACCT 550 Final Exam

ACCT 550 Final Exam

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Author: Christine Farr
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1. (TCO A) Listed below are several information, characteristics, and accounting principles and assumptions. Match the term with the appropriate phrase that states its application.
(Points : 30)

Potential Matches:

1 : Application of the same accounting principles as in the preceding year

2 : Earning process completed and realized or realizable

3 : Notes as part of necessary information to a fair presentation

4 : Valuing assets at amounts originally paid for them

5 : Yearly financial reports

6 : Stable dollar assumption

7 : Affairs of the business distinguished from those of its owners

8 : Presentation of error-free information with representational faithfulness

9 : Business enterprise assumed to have a long life

10 : Accruals and deferrals in adjusting and closing process

2. (TCO B) Adjusting Entries: Unearned rent at 1/1/1X was $10,300 and at 12/31/1X was $10,000. The records indicate cash receipts from rental sources during 201X amounted to $50,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit. (Points : 10)
3. (TCO B) Adjusting Entries: Data relating to the balances of various accounts affected by adjusting or closing entries appear below. (The entries which caused the changes in the balances are not given.) You are asked to supply the missing journal entries which would logically account for the changes in the account balances. Interest receivable at 1/1/1X was $5,000. During 201X cash received from debtors for interest on outstanding notes receivable amounted to $8,000. The 201X income statement showed interest revenue in the amount of $10,900. You are to provide the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit. (Points : 10)
4. (TCO B) Adjusting Entries: Accumulated depreciation-machinery at 1/1/1X was $150,000. At 12/31/1X, the balance of the account was $300,000. During 201X, one piece of equipment was sold. The equipment had an original cost of $100,000 and was 1/2 depreciated when sold. You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit. (Points : 10)
5. (TCO B) Adjusting Entries: Allowance for doubtful accounts on 1/1/1X was $70,000. The balance in the allowance account on 12/31/1X after making the annual adjusting entry was $70,000 and during 201X bad debts written off amounted to $40,000. You are to provide the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit. (Points : 10)


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