Accounting Test 1

QUESTION 1
1. Annie's Attic has the following account balances for the dates given: Cash, Sept 1
$40,000
Cash, Sept 30
60,000
Accounts receivable, Sept 1
10,000
Accounts receivable, Sept 30
14,000
Owner's equity, Sept 1
?
Owner's equity, Sept 30
?
Supplies, Sept 1
30,000
Supplies Sept 30
24,000
Accounts payable, Sept 1
6,000
Accounts payable, Sept 30
?
Net income for September
20,000

What would owner's equity be on September 1?

5 points
QUESTION 2
1. Annie's Attic has the following account balances for the dates given: Cash, Sept 1
$40,000
Cash, Sept 30
60,000
Accounts receivable, Sept 1
10,000
Accounts receivable, Sept 30
14,000
Owner's equity, Sept 1
?
Owner's equity, Sept 30
?
Supplies, Sept 1
30,000
Supplies Sept 30
24,000
Accounts payable, Sept 1
6,000
Accounts payable, Sept 30
?
Net income for September
20,000

What would owner's equity be on September 30?

5 points
QUESTION 3
1. M. H. Acosta, CA, completed these transactions during November of the current year:

Nov. 1
Began a public accounting practice by investing $4,000 in cash and office equipment having a $3,300 fair value.
Nov. 2
Purchased on credit office equipment, $900, and office supplies, $150.
Nov. 4
Completed accounting work for client and immediately received a payment of $400 cash.
Nov. 8
Completed accounting work on credit for Acme Loan Co., $600.
Nov. 10
Paid for the items purchased on credit on November 2.
Nov. 14
Paid the annual $800 premium on an insurance policy.
Nov. 18
Received payment in full from Acme Loan Co. for the work completed on November 8.
Nov. 27
M. H. Acosta withdrew $650 cash from the practice to pay personal expenses.
Nov. 30
Paid the November utility bills, $140. Prepare general journal entries to record the transactions.

1. Attach File
10 points
QUESTION 4
1. Presented below are the year-end balances at October 31, 2014 of Laura's Laundry