29 Jun Question Acct220: Principles of Accounting I
Question
Acct220: Principles of Accounting I
Problem 1: 15% points:
The account balances appearing on the trial balance (below) were taken from the general ledger of Flip’s Copy Shop at June 30, 2012.
Additional information for the month of June which has not yet been recorded in the accounts is as follows:
(a) A physical count of supplies indicates $300 on hand at June 30.
(b) The amount of insurance that expired in the month of June was $200.
(c) Depreciation on equipment for June was $400.
(d) Rent owed on the copy shop for the month of June was $600 but will not be paid until July.
Flip’s Copy Shop
Trial Balance
June 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
Flip’s Capital
15,300
Flip’s Drawings
2,400
Service Revenue
4,900
Utilities Expense
400
Totals
$31,100
$31,100
Instructions:
a. Prepare in journal form, without explanations, the end of month adjusting entries for Flip’s Copy Shop for the month of June.
b.Prepare a partial adjusted trial balance for the accounts provided.
c.Prepare in journal form, without explanations, the end of month closing entries for Flip’s Copy Shop for the month of June.
Problem 2: 15% points:
The following information is available for Flip Company:
Beginning inventory 600 units at $4
First purchase 900 units at $6
Second purchase 500 units at $7.20
Assume that Flip uses a periodic inventory system and that there are 700 units left at the end of the month.
Instructions:
a. Compute the cost of goods available for sale.
b. Compute the value of ending inventory and Cost of Good Sold under the
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