chart of accounts for Eddy’s Carpet Cleaners contains the following accoants: No. 10I Cash, No.112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment,No. 158 Accumulated Depreciation–Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable,No. 301 L. Eddy, Capital; No. 306, L. Eddy, Drawing; No. 350 Income Summary, No. 400 ServiceRevenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 DepreciationExpense, No. 722 Insurance Expense, and No. 726 Salaries Expense.Technology and Applied Sciences, NizwaCollege of Applied SciencesDepartment of Business AdministrationNon Real Time TestUniversity2.BSDR 1004, Financial Accounting 1Maximum Marks: 30Duration: 3 DaysSection: A(2 *3= 6 marks)Short Answer Questions1. The income statement for Crestwood Golf Club for the month ending July 31 shows Green FeeRevenue $13,600, Salaries Expense $8,200, Maintenance Expense $2,500, and Net Income $2,900.Prepare the entries to close the revenue and expense accounts.2. The adjusted trial balance of Harmony Company at December 31, 2010, includes the followingaccounts: S. Harmony, Capital $15,600; S. Harmony, Drawing $6,000; Service Revenue $35,400;Dunonse $16.009; Insurance Expense $2,000; Rent Expense $4,000; Supplies Expense $1,500otatement for the year.

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Short Answer Questions (2 *3=6 marks) 1. The income statement for Crestwood Golf Club for the month ending July 31 shows Green Fee Revenue $13,600, Salaries Expense $8,200, Maintenance Expense $2,500, and Net Income $2,900. Prepare the entries to close the revenue and expense accounts. liuutod trial balance of Harmony Company at December 31, 2010, includes the following wing $6 000: Service Revenue $35,400

Short Answer Questions (2 *3=6 marks) 1. The income statement for Crestwood Golf Club for the month ending July 31 shows Green Fee Revenue $13,600, Salaries Expense $8,200, Maintenance Expense $2,500, and Net Income $2,900. Prepare the entries to close the revenue and expense accounts. liuutod trial balance of Harmony Company at December 31, 2010, includes the following wing $6 000: Service Revenue $35,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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