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Acct 212 Week 4 Midterm Exam

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ACCT 212 WEEK 4 MIDTERM EXAM A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=week-4-midterm-exam Visit Our website: http://hwsoloutions.com/ Product Description ACCT 212 Week 4 Midterm Exam, Assets = owners’ equity + liabilities Owners’ equity = assets – liabilities Owners’ equity = 100,000 – 27,000 Owners’ equity = 73,000 According to our textbook, owners’ equity could include the following: Common stock, preferred stock, corporation stock accounts, retained earnings, and paid in capital in excess of par. For a partnership or sole proprietorship, it would include the owners’ capital or drawing accounts. 2. Assets = Liabilities + Owners Equity Assets = 12,000 + 50,000 Assets = 62,000 Cash and…show more content…
(10 points) (Points : 20) (TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month $1,350 of office supplies were purchased. There was not a beginning balance and the one purchase was the only one for the month. At the end of the month $500 of supplies remained. Develop the adjusting entry. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points) (Points : 20) (TCO 5) Internal Controls are required to safeguard assets and to ensure ethical business practices. (1) Identify and explain the reason for any two of the seven internal control procedures (10 points) and (2) provide examples of how your two selected internal control procedures will meet the goal of safeguarding assets and promoting ethical business practices. (15 points) (Points : 25) (TCO 5) Internal Controls are required to safeguard assets and to ensure ethical business practices. (1) Identify and explain the reason for any two of the five components of internal control (10 points) and (2) provide examples of how your two selected components of internal control will meet the goal of safeguarding assets and promoting ethical business
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