Final Review Exercises Key

ABT 184 FINAL EXAM REVIEW KEY
A. PETTY CASH
Apr
15
26
31
Petty Cash
Bank
100.00
100.00
Delivery Expense
Office Supplies
Promotion Expense
Parking Expense
HST Paid on Purchases
Bank
13.85
24.64
28.12
14.72
5.43
Delivery Expense
Postage Expense
Cash Over and Short
Bank
45.00
39.50
5.92
1.50
Petty Cash
Bank
50.00
86.76
91.92
50.00
C. BANK RECONCILIATION
Bank Balance
Add: Deposits
Subtotal
Deduct: Outstanding Cheques
#2012 $
1,520.50
#2052
380.00
#2055
1,205.75
Bank Error
Subtotal
Redonda East Resort

Bank Reconciliation Statement
May 31, 20XX
$2,757.67
Book Balance
2,545.10
Add: Rent Revenue
$5,302.77
Subtotal
Deduct:
Service Charges
Service Charges
Journal Error
3,106.25
NSF Cheque
750.00
Subtotal
3,856.25
Adjusted Bank Balance
Account/Explanation
Date
May
$1,446.52
31
Bank
Rent Revenue
$1,179.30
575.00
$1,754.30
42.33
15.00
90.00
160.45
307.78
Adjusted Book Balance

Ref
$1,446.52
Debit
Credit
575.00
575.00
31
31
31
Service Charges
Bank
57.33
Insurance Expense
Bank
90.00
10
11
90.00
Accounts Receivable/Bill Gates

Bank
D. PRACTICE SET JOURNAL AND LEDGER

Date
Account/Explanation
Oct
1 Bank
Bob Brown, Capital
2
57.33
Prepaid Rent
Bank
160.45
160.45
Ref
1010
3100
Debit
20,000.00
1045
1020
1010
1,800.00
216.00
20,000.00
2,016.00
Advertising Expense
Accounts Payable/Victoria Times
5020
1020
2010/
175.00
21.00
Accounts Receivable/Select Tours

HST Charged on Sales
Tour Group Rentals
1015/
2020
4010
1,904.00
Bank
HST Charged on Sales
Daily/Hourly Rentals
1010
2020
4020
2,240.00
Cycling Equipment
Bank
1055
1020
1010
10,000.00
1,200.00
1010
1015/
1,904.00
3020
1010
2,000.00
Bank
Accounts Receivable/Select Tours
Bob Brown, Withdrawals
Bank
Credit
196.00
204.00
1,700.00
240.00
2,000.00
11,200.00
1,904.00
2,000.00
Name Bank_____________________________________________________ Account No. _1010_____

Date
Description
Oct
1
2
8
9
10
11
Post
Ref
7
7
7
7
7
7
Debit
Credit
Dr
Cr
20,000.00
Balance
20,000.00
17,984.00
20,224.00
9,024.00
10,928.00
8,928.00
2,016.00
2,240.00
11,200.00
1,904.00
2,000.00
Name Accounts Receivable_________________________________________ Account No. _1015____

Date
Description
Oct
7
10
Post
Ref
7
7
Debit
Credit
Dr
Cr
1,904.00
Balance
1,904.00
0.00
1,904.00
Name HST Paid on Purchases_____________________________________ Account No. _1020_____

Date
Oct
Description
2
Post
Ref
7
5
9
7
7
Debit
Credit
Dr
Cr
Balance
216.00
216.00
21.00
1,200.00
237.00
1,437.00
Name Prepaid Rent______________________________________________ Account No. _1045_____

Date
Oct
Description
2
Post
Ref
7
Debit
Credit
Dr
Cr
1,800.00
Balance
1,800.00
Name Cycling Equipment_______________________________________________ Account No. _1055____

Date
Oct
Description
9
Post
Ref
7
Debit
Credit
Dr
Cr
10,000.00
Balance
10,000.00
Name Accounts Payable_________________________________________ Account No. _2000_____

Date
Oct
Description
5
Post
Ref
7
Debit
Credit
Dr
Cr
196.00
Balance
196.00
Name HST Charged on Sales _____________________________________ Account No. _2020_____

Date
Oct
Description
7
8
Post
Ref
7
7
Debit
Credit
204.00
240.00
Dr
Cr
Balance
204.00
444.00
Name Bob Brown, Capital_________________________________________ Account No. _3010_____

Date
Description
Oct
Post
Ref
7
Debit
Credit
Dr
Cr
Balance
20,000.00
20,000.00
Name Bob Brown, Withdrawals___________________________________ Account No. _3020_____

Date
Oct
Description
11
Post
Ref
7
Debit
Credit
Dr
Cr
Balance
2,000.00
2,000.00
Name Tour Group Rentals_______________________________________ Account No. _4010_____

Date
Description
Oct
Post
Ref
7
Debit
Credit
Dr
Cr
Balance
1700.00
1700.00
Name Hourly/Daily Rentals_______________________________________ Account No. _4020_____

Date
Description
Oct
Post
Ref
7
Debit
Credit
Dr
Cr
Balance
2000.00
2000.00
Name Advertising Expense________________________________________ Account No. _5050_____

Date
Description
Oct
Post
Ref
7
Debit
Credit
Dr
Cr
Balance
175.00
175.00
Name Rent Expense______________________________________________ Account No. _5090_____

Date
Description
Post
Ref
Debit
Credit
Dr
Cr
Balance
Name __Accounts Receivable Select Tours_________________________

Date
Oct
Description
7
10
Post
Ref
7
7
Debit
Credit
Balance
1904.00
1904.00
0.00
1904.00
Name Accounts Payable Victoria Times Newspaper_______________________________________

Date
Oct
Description
5
Post
Ref
7
Debit
Credit
196.00
Balance
196.00
E. MERCHANDISING JOURNAL ENTRIES

Dec
10
11
12
20
Inventory
Accounts Payable/Scorer Supplies
5000.00
5000.00
Accounts Receivable/Pat May

Sales
350.00
COGS
Inventory
245.00
350.00
245.00
Office Furniture
Accounts Payable/Leonards
1000.00
Bank
Sales
6900.00
COGS
Inventory
4830.00
1000.00
6900.00
4830.00
Sales Returns and Allowances

50.00
Inventory
COGS
35.00

Inventory
Delivery Expense
Accounts Payable/Wings for Wheels
50.00
35.00
1000.00
1000.00
25.00
25.00

Inventory
Bank
4000.00
Bank
Sales Discounts
297.00
3.00
Inventory
Bank
80.00
3920.00
300.00
88.00
88.00
F. INCOME STATEMENT
(a)
Net Sales: (Sales-Sales Returns and Allowances-Sales Discounts) 164,500
(b)
Gross Profit: (Net Sales-COGS) 75,000
(c)
Gross Sales: 170,000
(d)
Net Income: (Gross Profit-Expenses) 27,300
G. PAYROLL
Date
Jun
30
Account/Explanation
Wages Expense
Payroll Taxes Expense
WCB Expense
Medical Expense
Vacation Payable
CPP Payable
EI Payable
WCB Payable
Medical Payable
Income Tax Payable
Canada Savings Bonds Payable
Bank
Debit
4160.00
133.00
120.00
15.00
Credit
160.00
126.00
120.00
120.00
15.00
1200.00
200.00
2487.00

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ABT 184 FINAL EXAM REVIEW KEY

Redonda East Resort

Adjusted Bank Balance

Adjusted Book Balance

Accounts Receivable/Bill Gates

D. PRACTICE SET JOURNAL AND LEDGER

Accounts Receivable/Select Tours

Name Bank_____________________________________________________ Account No. _1010_____

Name Accounts Receivable_________________________________________ Account No. _1015____

Name HST Paid on Purchases_____________________________________ Account No. _1020_____

Name Prepaid Rent______________________________________________ Account No. _1045_____

Name Cycling Equipment_______________________________________________ Account No. _1055____

Name Accounts Payable_________________________________________ Account No. _2000_____

Name HST Charged on Sales _____________________________________ Account No. _2020_____

Name Bob Brown, Capital_________________________________________ Account No. _3010_____

Name Bob Brown, Withdrawals___________________________________ Account No. _3020_____

Name Tour Group Rentals_______________________________________ Account No. _4010_____

Name Hourly/Daily Rentals_______________________________________ Account No. _4020_____

Name Advertising Expense________________________________________ Account No. _5050_____

Name Rent Expense______________________________________________ Account No. _5090_____

Name __Accounts Receivable Select Tours_________________________

Name Accounts Payable Victoria Times Newspaper_______________________________________

E. MERCHANDISING JOURNAL ENTRIES

Accounts Receivable/Pat May

Sales Returns and Allowances

Accounts Payable/Scorer Supplies

Accounts Payable/Scorer Supplies

Net Sales: (Sales-Sales Returns and Allowances-Sales Discounts) 164,500

Gross Profit: (Net Sales-COGS) 75,000

Gross Sales: 170,000

Net Income: (Gross Profit-Expenses) 27,300

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Name Accounts Receivable Select Tours_______________________