Journal Entry Practice



Accounting 30S Exam Format and ReviewAccounting 30S Exam FormatExam based on Chapters 1 to 8Part A—Multiple Choice—37 marksReview: your definitions documentdefinitions in the textbookPowerPoint definitions file (available on Shared Drive and on Wiki)Part B—Accounting Cycle—2 marksPart C—Journal Entries—22 marksReview: Chapter 7 ex. 6, ex. 7; practice question belowPart D—Classified Balance Sheet—11 marksReview: practice question belowSimply Accounting Balance Sheet printoutsPart E—Closing Entries—7 marksChapter 8 Exercises; practice question belowPart F—Adjusting Entries—11.5 marksPrepaid Expenses, Unearned Revenue, Late-arriving Invoices; Chapter 8 Exercises; practice question belowPart G—T-Accounts and Income Statement—9.5 marksRequires figuring out revenue and expense amounts and setting up an income statementTotal Marks=100Review Options/StrategiesMatching Terms and Definitions—work alone or with a partner to match terms and definitions from Chapters 1-8 Textbook page 290 ex. 2 b) income statement and classified balance sheetAccounting 30S Online Exam Review 1—Accounting Terms/DefinitionsMatching Terms Quizzes 1-5Lesson 2—Accounting EquationTransactions and the Expanded Accounting Equation Skills TestTransactions and the Fully Expanded Accounting Equation Skills TestLesson 3—Debit and Credit ExplanationDebit/Credit Skills Test 1 and 2Debit/Credit Skills QuizLesson 4—Types of Accounts and Transaction AnalysisBasic Accounting Review QuizDebit/Credit Skills Test IIILesson 5—General Ledger and JournalsBasic Bookkeeping—General Ledger and JournalsLesson 6—Financial StatementsFinancial StatementsLesson 7—Summary/ReviewBasic Bookkeeping and Accounting Concepts I – IIIDebit/Credit Transaction Skills Final TestAccounting Cycle Tutorial available on Drive R—practice whichever steps you think you need to work onMore practice available for preparing income statement, classified balance sheet, closing entries, general journal entries, and adjusting entries on handout sheet.Journal Entry PracticeMr. E. Terry, an engineer, begins a small consulting business. The accounts for the firm are as follows.BankAutomobileHST PayableMiscellaneous ExpenseA/R—VariousEquipmentE. Terry, CapitalRent ExpenseOffice SuppliesA/P—VariousE. Terry, DrawingsTelephone ExpenseOffice FurnitureHST RecoverableFees EarnedJournalize the following transactions, using the general journal page below. Calculate and add the HST on all sales transactions. The rate for HST is 13%. Do not provide explanations. The next page number of the journal is 27.TransactionsJul.3Cheque CopyNo. 105, Chambers Bros., payment for monthly rent $450 plus HST of $58.50, total $508.50.5Purchase InvoiceFrom Glen Printing, $86.50 for office supplies plus HST of $11.25, total $97.75.8Sales InvoiceNo. 50 to J. Greenley, $250 for services performed, plus taxes.10Cash ReceiptFrom R. Grieve, $200 payment on account.18Cash Sales SlipNo. 100 to E. Webb, $85.50 plus taxes.20Cheque CopyNo. 106 to E. Terry, $490 for personal use.24Bank Debit Memo$25.00 for bank service charge.29Cheque CopyNo. 107 to Star Blueprinting, $500 on account.29Cheque CopyNo. 108 to Municipal Telephone for payment of telephone bill, $200 plus HST of $26, total $226.31Cheque CopyThe balances in the HST accounts for the previous period were: HST Recoverable $890 and HST Payable $1410. Cheque 109 was written to the Receiver General for $520 to clear the accounts for that period. Classified Balance Sheet PracticePremium Decorating?TRIAL BALANCEACCOUNTSDrCrBank4 047.50?Accounts Receivable7 421.00?Supplies3 000.00?Prepaid Insurance1 880.00?Furniture and Equipment8 500.00?Automobile12 800.00?Accounts Payable?3 250.00Bank Loan?10 000.00K. Morris, Capital?23 949.50K. Morris, Drawings19 500.00?Fees Earned?40 072.00Bank Charges 360.00?Car Expense3 547.00?Miscellaneous Expense 200.00?Rent Expense6 000.00?Telephone Expense 812.00?Interest Expense 900.00?Wages Expense02381250019050476250008 304.00??77 271.5077 271.50Adjusting Entries Practice1.The $50 000 balance in Advertising Expense at June 30, 20–1, represents the amount paid for advertising. Analysis indicates that $7500 of this amount is for radio ads to be aired in July.2.The $4800 balance in Prepaid Maintenance on June 30, 20–1, represents an advance payment, made September 30, 20–0, for maintenance on computers for one year. This regular maintenance service has been performed for the past nine months.3.A bill for supplies purchased on June 29, 20–1, for $400 was not received until July 8, 20–1.4.Depreciation is calculated using the declining-balance method. Using the following balances, Automotive Equipment: $17,000; Acc. Dep. Automotive Equipment: $7,208; Depreciation Rate: 5%.5.Depreciation is calculated using the straight-line method. Use the following information in your calculation: A truck cost $19,500 and is expected to last for five years. It is estimated that it would be worth $3,500 at the end of that time.Closing Entries PracticeK. Morris, Capital?23 949.50K. Morris, Drawings19 500.00?Fees Earned?40 072.00Bank Charges 360.00?Car Expense3 547.00?Miscellaneous Expense 200.00?Rent Expense6 000.00?Telephone Expense 812.00?Interest Expense 900.00?Wages Expense8 304.00? ................
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