Essay on Acct 212 Week 4 Midterm Exam

976 Words Dec 6th, 2015 4 Pages
ACCT 212 WEEK 4 MIDTERM EXAM

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ACCT 212 Week 4 Midterm Exam,
Assets = owners’ equity + liabilities
Owners’ equity = assets – liabilities
Owners’ equity = 100,000 – 27,000
Owners’ equity = 73,000
According to our textbook, owners’ equity could include the following: Common stock, preferred stock, corporation stock accounts, retained earnings, and paid in capital in excess of par.
For a partnership or sole proprietorship, it would include the owners’ capital or drawing accounts.
2.
Assets = Liabilities + Owners Equity
Assets = 12,000 + 50,000
Assets = 62,000
Cash and
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(1) Explain what the Stable-Monetary-Unit Assumption is (10 points) & (2) provide an example of its application.(10 points)(Points: 20)
(TCO 2) Transaction analysis results in the development of a journal entry. Supplies are purchased on account agreeing to pay $2,500 within 30 days. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points) (Points : 20)
(TCO 2) Transaction analysis results in the development of a journal entry. A building is purchased for $535,000. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points) (Points : 20)
(TCO 2) Transaction analysis results in the development of a journal entry. A building is purchased for $35,000. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points)
(TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month $350 of office supplies were purchased. There was not a beginning balance and the one purchase was the only one for

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