Exam 2

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Acct 328 ® Exam 2
Part 1 – 60%
Name of Company – Each student can make up a company name
Type of business – service company •sole proprietorship
Chart of Accounts – see below.
The numbers correspond to dates in the month of February
(Use journal entries only)
1. Initial capital of $100,000
2. Prepaid rent - $19,200 for 2 years
3. Prepaid insurance - $24,000 for 2 years
4. Purchased a desk on account for $500
5. Purchased office supplies for $950
6. Sold 20 bicycles @ $350 each
7. Sold 3 bicycle parts for a total of $450 on account
8. Used $250 worth of office supplies
9. Purchased repair supplies for $600 on account
10. Received $250 in cash from transaction on 2/7/2011
11. Paid cash for transaction on 2/4/11
12. Paid $12,000 for vehicle with a service life of 5 years 13. Purchased $100 worth of office supplies
14. Paid $12, 000 in employee salaries
15. Received $850 cash for services in April
16. Paid $400 cash for repair supplies purchased 2/9/11
February 28, 2011
* Office supplies on hand at month end- $150
* Rent expense for February – refer to transaction #2 above * Insurance expense for February – refer to transaction #3 above * Depreciation expense on vehicle for February – refer to transaction #12 * Repair supplies on hand - $80

*Acct. No.Assets
101Cash
102Accounts Receivable
103Prepaid Rent
104Prepaid Insurance
105Office Supplies
106Repairs Supplies
107Vehicle
108 Office Equipment
111 Accumulated Depreciation

Liabilities
201Accounts Payable
203Salaries Payable
205Unearned Revenue

Revenue
401 Service Revenue

Expenses
501Salaries Expense
502Rent Expense
504 Supplies Expense
505Repairs Supplies Expense
506 Vehicle Expense
514Miscellaneous Expense
616 Depreciation Expense – Vehicle
617 Depreciation Expense – Office Equipment

Run the following reports:
1. chart of accounts
2....
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