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3.03 Prototype Assessment ItemsThese prototype assessment items illustrate the types of items used in the item bank for this objective. All items have been written to match the cognitive process of the apply verb in the objectives. These exact questions will not be used on the secure postassessment, but questions in similar formats will be used.Posting to the subsidiary ledgers—Cash Payments Journal to A/P LedgerFRIED FOODS, INC.CASH PAYMENTS JOURNALACCOUNTSPURCHASESCKPOST.GENERALPAYABLEDISCOUNTCASHDATEACCOUNT TITLENOREF.DEBITCREDITDEBITCREDITCREDIT1Jul2David's Drive In235580.00580.002What is the correct posting of the above Cash Payments Journal Entry to the accounts payable subsidiary ledger?Credit Accounts Payable/David's Drive In, $580.00Credit Cash $580.00Debit Accounts Payable/David's Drive In, $580.00Debit Accounts Payable/Fried Foods, Inc., $580.00Answer: Posting to the subsidiary ledgers—Purchases Journal to A/P Ledger PURCHASES JOURNAL?????DATEACCOUNT CREDITEDPURCH NOPOST REF Purchases Dr. Accts. Pay. Cr.?Dec. 10?Bart's Books265?384.00?????What is the correct posting of the above journalized transaction to the accounts payable subsidiary ledger?Credit Accounts Payable/ Bart's Books, $384Credit Purchases, $384Debit Accounts Payable/Bart's Books, $384Debit Purchases, $384Answer: 3.03 Prototype Assessment Items – Page 2Posting to the subsidiary ledgers A/R Ledger Eddie’s Used CarsCash Receipts JournalPage No. 1????G E N E R A L?????DateAccount TitleDoc No.Post Ref.DebitCreditAccounts Receivable CreditSales CreditSales Tax Payable CreditSales Discount DebitCash DebitApr 1James JonesR52???235.00???235.00Apr 2Amy AndersonR53???168.00???168.00What is the correct posting of the above Apr. 1 Cash Receipts Journal entry to the accounts receivable subsidiary ledger?Debit Accounts Receivable/James Jones $235.00; Credit Accounts Receivable, $235.00Debit Accounts Receivable/James Jones, $235.00Credit Accounts Receivable/James Jones, $235.00, which will increase the subsidiary ledger account Debit Balance, $235.00Credit Accounts Receivable/James Jones, $235.00, which will decrease the subsidiary ledger account Debit Balance, $235.00Answer: Posting to the General Ledger (from the General Journal) GENERAL JOURNAL Page 11DocPOST.GENERALDATEACCOUNT TITLENOREF.DEBITCREDIT1Aug9Supplies -StoreM441350245.002 Accts. Pay./Ollie's Office Supply/245.00What is the correct posting of the above General Journal Entry to the General Ledger?Debit Accounts Payable, $245.00; Credit Supplies-Store, $245.00Debit Accounts Payable-Control, $245.00; Credit Accounts Payable/Ollie's Office Supply, $245.00Debit Supplies-Store, $245.00; Credit Accounts Payable, $245.00Debit Supplies-Store, $245.00; Debit Accounts Payable-Control, $245.00 and Credit Accounts Payable/Ollie's Office Supply, $245.00Answer: 3.03 Prototype Assessment Items – Page 3Posting to the General Ledger (from Cash Payments Journal) CASH PAYMENTS JOURNALPage 22??????DATEItemCkPOST REFGENERALAccounts Payable DebitPurchases Discount CreditCashCreditNoDEBITCREDITMar. 7Purchases2324110400.00???400.00?????????Smith Supply made the above journal entry in their Cash Payments Journal. What is the correct posting of this entry to the general ledger?Debit Cash, $400.00; Credit Accounts Payable, $400.00Debit Cash, $400.00; Credit Purchases, $400.00Debit Purchases, $400.00; Credit Accounts Payable $400.00Debit Purchases, $400.00; Credit Cash, $400.00Answer: Making and Posting Adjusting Entries (Supplies-Office, Merchandise Inventory) Supplies-Office has a balance of $800. At the end of the month, a physical count of the Supplies-Office items shows only $380 is on hand. What is the journal entry for recording the adjustment to Supplies-Office?Debit Supplies Expense-Office, $420.00; Credit Supplies-Office, $420.00Debit Supplies Expense-Office, $380.00; Credit Supplies-Office, $380.00Debit Supplies-Office $420.00 and credit Supplies Expense-Office $420.00Debit Supplies-Office, $380.00; Credit Supplies Expense-Office, $380.00Answer: The merchandise inventory account has a balance of $1000. At the end of the month, a physical count of the inventory items shows only $600 is on hand. What is the journal entry for recording the adjustment to Merchandise Inventory?Debit Merchandise Inventory, $600.00; Credit Income Summary, $600.00Debit Merchandise Inventory, $400.00; Credit Income Summary, $400.00Debit Income Summary, $600.00; Credit Merchandise Inventory, $600.00Debit Income Summary, $400.00; Credit Merchandise Inventory, $400.00Answer: 3.03 Prototype Assessment Items – Page 4Making and Posting Adjusting Entries—Depreciation, Federal Income Tax ExpenseStore Equipment has a balance of $20,000. The equipment has a useful life of 8 years and a salvage value of $4,000. At the end of the year, how is the adjusting entry for depreciation recorded in the adjustments columns on a multicolumn trial balance worksheet?Debit Store Equipment, $2,000.00; Credit Depreciation Expense-Store Equipment, $2,000Debit Depreciation Expense-Store Equipment, $2,000; Credit Store Equipment, $2,000Debit Depreciation Expense-Store Equipment, $2,000; Credit Accumulated Depreciation-Store Equipment, $2,000Debit Accumulated Depreciation-Store Equipment, $2,000; Credit Depreciation Expense-Store Equipment, $2,000Answer: At the end of the year, Tom's Trucking has calculated its Federal Income Tax amount for the year to be $6,000. Tom's Trucking has already made Federal Income Tax payments in the amount of $4,000. How is the adjusting entry for Federal Income Tax Expense recorded in the adjustments columns on a multicolumn trial balance worksheet?Debit Federal Income Tax Expense, $10,000; Credit Federal Income Tax Payable, $10,000Debit Federal Income Tax Expense, $2,000; Credit Federal Income Tax Payable, $2,000Debit Federal Income Tax Expense, $4,000; Credit Federal Income Tax Payable, $4,000Debit Federal Income Tax Expense, $6,000; Credit Federal Income Tax Payable, $6,000Answer: 3.03 Prototype Assessment Items – Page 5Making and Posting Adjusting Entries—Uncollectible Accounts $1,000 of the current year’s sales will eventually be uncollectible. The Allowance for Uncollectible Accounts balance is $450. What is the journal entry for recording the adjustment for uncollectible accounts?Debit Allowance for Uncollectible Accounts, $1,000; Credit Uncollectible Accounts Expense, $1,000Debit Allowance for Uncollectible Accounts, $550; Credit Uncollectible Accounts Expense, $550Debit Uncollectible Accounts Expense, $1,000; Credit Allowance for Uncollectible Accounts, $1,000Debit Uncollectible Accounts Expense, $550; Credit Allowance for Uncollectible Accounts, $550Answer: Computing the Cost of Merchandise SoldFind the cost of merchandise sold, given the following information: Purchases, $8,000; Beginning Inventory, $45,000; Ending Inventory, $31,000.$ 6,000$22,000$68,000$84,000Answer: 3.03 Prototype Assessment Items – Page 6Preparing Financial Statements Fran's FurnitureWorksheet For the Year Ended December 31, 201-??Trial BalanceAdjustmentsIncome StatementBalance Sheet?Account TitleDebitCreditDebitCreditDebitCreditDebitCredit3 Allow. for Uncollectible?750?200????4Merchandise Inventory10,000?1,000?????5Prepaid Insurance 900???300????6Store Equipment15,000???????7 Acc. Depr. - Store Equip.?4,500?1,400????8Accounts Payable?8,000??????9Federal Income Tax Payable?2,000?1,500????10Dividends Payable?200??????11Capital Stock?5,000??????12Retained Earnings?15,000??????13Dividends 1,000???????14Income Summary???1,000????15Sales?80,000??????16Sales Discount8,000???????17Purchases40,000???????18Purchases Discount?3,000??????19Advertising Expense7,000???????20Depreciation Exp. - Store??1,400?????21Insurance Expense2,000??300?????22Uncollectible Accts. Expense??200?????23Federal Income Tax Expense1,500?1,500?????24?????????25Net Income after Federal Income Tax????????Figure 1Using the Year Ended worksheet for Fran's Furniture in Figure 1, compute the cost of merchandise sold.The cost of merchandise sold is $36,000.The cost of merchandise sold is $38,000.The cost of merchandise sold is $44,000.The cost of merchandise sold is $71,800.Answer: 3.03 Prototype Assessment Items – Page 7Using the Year Ended worksheet for Fran's Furniture in Figure 1, compute the Net sales are $112, sales are $40, sales are $72, sales are $88,000.Answer: (Note: Also have students compute net income after income tax using Figure 1.)Preparing a Post-Closing Trial Balance (calculating balances) Adams AccountingWorksheet For the Year Ended December 31, 201-??Trial BalanceAdjustmentsIncome StatementBalance Sheet?Account TitleDebitCreditDebitCreditDebitCreditDebitCredit1Cash1,000???????2Accounts Receivable300???????3 Allow. for Uncollectible?25?35????4Merchandise Inventory1,400?200?????5Prepaid Insurance 600??300????6Store Equipment5,000???????7 Acc. Depr. - Store Equip.?1,000?300????8Accounts Payable?500??????9Federal Income Tax Payable?500?100????10Dividends payable?100??????11Capital Stock?5,000??????12Retained Earnings?6,0002,500?????13Dividends 2,000???????Figure 2Using the Year Ended Worksheet for Adams Accounting in Figure 2, compute the merchandise inventory balance on the Post-Closing Trial Balance. The merchandise inventory balance is $200.The merchandise inventory balance is $1200.The merchandise inventory balance is $1400.The merchandise inventory balance is $1600.Answer: 3.03 Prototype Assessment Items – Page 8Using the Year Ended Worksheet for Adams Accounting in Figure 2, compute the Acc. Depr. – Store Equip. balance on the Post-Closing Trial Balance. The Acc. Depr. – Store Equip. balance is $300.The Acc. Depr. – Store Equip balance is $700.The Acc. Depr. – Store Equip balance is $1000.The Acc. Depr. – Store Equip balance is $1300.Answer: ................
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