Questions - Answer all FOUR (4 x 5 marks = 20 marks) 1. The following transactions are from Farman Company's book. Date Account Titles Debit Credit April 1 Cash 60,000 Capital Cash 60,000 April 5 7,000 3,000 Accounts Receivable Service Revenue 10,000 Office Equipment Cash Notes Payable April 6 35,000 30,000 5,000 April 8 Account Receivable 8,000 Service Revenue 8,000 April 22 Cash 1,500 Account Receivable 1500 Instructions: a. Post transactions to ledger by using the standard form b. Prepare a trial balance at April 30, 2019 2. The trail balance columns of the worksheet for Khareef Company at September 30, 2019, are as follows: Khareef Company Worksheet For the month ended September 30, 2019 Trial Balance Account Titles Dr. Cr. Cash 15,000 Accounts Receivable 9,700 Supplies Accounts Payable 5,500 3,700 Unearned Service Revenue 8,200 Сapital 20,000 Service Revenue 1,700 Salaries Expense 2,500 Utilities Expense 900 Total 33,600 33,600 Additional Information: 1. The available supplies on hand is $2,000 2. Rendered service of $10,000 but not recorded. 3. Accrued interest is $150 4. Accrued salaries are $500 5. Utilities expense of $600 is not recorded 6. Paid the amount due of $700 on account Business Administration Program Final Assessment Semester Spring 2020 Page 3
Questions - Answer all FOUR (4 x 5 marks = 20 marks) 1. The following transactions are from Farman Company's book. Date Account Titles Debit Credit April 1 Cash 60,000 Capital Cash 60,000 April 5 7,000 3,000 Accounts Receivable Service Revenue 10,000 Office Equipment Cash Notes Payable April 6 35,000 30,000 5,000 April 8 Account Receivable 8,000 Service Revenue 8,000 April 22 Cash 1,500 Account Receivable 1500 Instructions: a. Post transactions to ledger by using the standard form b. Prepare a trial balance at April 30, 2019 2. The trail balance columns of the worksheet for Khareef Company at September 30, 2019, are as follows: Khareef Company Worksheet For the month ended September 30, 2019 Trial Balance Account Titles Dr. Cr. Cash 15,000 Accounts Receivable 9,700 Supplies Accounts Payable 5,500 3,700 Unearned Service Revenue 8,200 Сapital 20,000 Service Revenue 1,700 Salaries Expense 2,500 Utilities Expense 900 Total 33,600 33,600 Additional Information: 1. The available supplies on hand is $2,000 2. Rendered service of $10,000 but not recorded. 3. Accrued interest is $150 4. Accrued salaries are $500 5. Utilities expense of $600 is not recorded 6. Paid the amount due of $700 on account Business Administration Program Final Assessment Semester Spring 2020 Page 3
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Questions - Answer all FOUR
(4 x 5 marks = 20 marks)
1. The following transactions are from Farman Company's book.
Date
Account Titles
Debit
Credit
April 1
Cash
60,000
Capital
Cash
60,000
April 5
7,000
3,000
Accounts Receivable
Service Revenue
10,000
Office Equipment
Cash
Notes Payable
April 6
35,000
30,000
5,000
April 8
Account Receivable
8,000
Service Revenue
8,000
April 22
Cash
1,500
Account Receivable
1500
Instructions:
a. Post transactions to ledger by using the standard form
b. Prepare a trial balance at April 30, 2019
2. The trail balance columns of the worksheet for Khareef Company at September 30, 2019, are as
follows:
Khareef Company
Worksheet
For the month ended September 30, 2019
Trial Balance
Account Titles
Dr.
Cr.
Cash
15,000
Accounts Receivable
9,700
Supplies
Accounts Payable
5,500
3,700
Unearned Service Revenue
8,200
Сapital
20,000
Service Revenue
1,700
Salaries Expense
2,500
Utilities Expense
900
Total
33,600
33,600
Additional Information:
1. The available supplies on hand is $2,000
2. Rendered service of $10,000 but not recorded.
3. Accrued interest is $150
4. Accrued salaries are $500
5. Utilities expense of $600 is not recorded
6. Paid the amount due of $700 on account
Business Administration Program Final Assessment Semester Spring 2020
Page 3
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