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by: Skyla Lynch


Skyla Lynch
GPA 3.73


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Class Notes
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This 3 page Class Notes was uploaded by Skyla Lynch on Monday October 19, 2015. The Class Notes belongs to ACCT102 at Ohio University taught by MontHollingsworth in Fall. Since its upload, it has received 8 views. For similar materials see /class/224404/acct102-ohio-university in Accounting at Ohio University.




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Date Created: 10/19/15
ACCT 102 Managerial Accounting ACCT 101 Review Problem Transactions 1 8 9 Mike Company had sales of goods totaling 15000 receiving 10000 in cash and 5000 on account The cost of the goods sold was 5000 Mike Company purchased 15000 of inventory All purchases were on account Mike Company paid salaries including 1000 for this month and 1 500 that was payable from last month Mike Company purchased 500 of supplies All of these purchases were on account Mike Company collected 2500 cash from customers who had been granted credit The entire amount collected relates to sales from last month Mike Company paid utilities of 500 7 Mike Company paid 3000 to its suppliers related to previous purchases on account Mike Company paid 1500 for this month s rent Mike Company incurred depreciation expense for the month of 2000 10 After counting its supplies on hand Mike Company determined that they had 1000 in supplies on hand as of the end of the month 11 1000 of prepaid insurance expired 12 Mike Company paid 300 of interest on its longterm debt 13 Mike Company incurred 1000 of salaries expense but will pay this amount next month 14 Mike Company declared and paid 500 in dividends REQUIRED 1 2 3 Prepare journal entries for all of the above transactions Post the journal entries to TAccounts Prepare the following financial statements in proper form a Income Statement Assume income taxes are zero b Statement of Retained Earnings c Balance Sheet Beginning Balance Sheet Company Name Balance Sheet 31Dec04 Assets Current Assets Cash 12000 Accounts Receivable 8000 Prepaid Insurance 10000 Supplies 2000 Inventory 30000 Total Current Assets 62000 Property Plant amp Equipment Land 68000 Equipment 100000 Accumulated Depreciation 30000 Total PPE 138000 Total Assets 200000 Liabilities amp Stockholders Equity Current Liabilities Accounts Payable 5000 Salaries Payable 1500 Total Current Liabilities 6 500 Long Term Debt 100000 Stockholders Equity Retained Earnings 38500 Common Stock 55000 Total Stockholders Equity 93500 Total Liabilities amp Stockholders Equity 200000 T Acc0unts Cash Accounts Payable Interest EX ense Salaries Pa able Sugglies E Qense Accounts Receivable Lo ngTerm Debt Rent EX ense Retained Earnin s Pre aid Insurance Insurance EX ense Inventory Common Stock Sales Sugalies Cost of Goods Sold Land Salaries EX ense E ui ment Utilities EX ense Accumulated De r Depreciation Exgense


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