SUBJECT INTRODUCTION TO ACCOUNTING
LECTURER Md Abu Jahid, MBA
TIME 80 Minutes
DAY/DATE Tuesday, 29 October 2019
VENUE PS.304
DEPT/PROGRAM Economics - IPIEF
TYPE/RULE Closed Book
- Please pray before and after doing your exam!
- Read carefully every single question, and provide your answers on the available sheets!
- You may use dictionary to help answer your exam!
- Any form of cheating is NOT entertained. Therefore, this exam is considered VOIDand will be calculated in your final results.
Solve any 2(two) of the following problems, each problem contain 10(ten) marks
Problem 1.
On April 1, 2019 Ridho established Makka Travel Agency. The following transactions were completed during the month.
1. Invested $10,000 cash to start the agency.
2. Paid $400 cash for April office rent.
3. Purchased office equipment for $2,500 cash.
4. Incurred $300 of advertising costs in the Daily Jakarta Express, on account.
5. Paid $600 cash for office supplies.
6. Earned $7,500 for services rendered: $1,000 cash is received from customers, and the balance of $6,500 is billed to customers on account.
7. Withdrew $200 cash for personal use.
8. Paid to the Daily Jakarta Express amount due in transaction (4).
9. Paid employees' salaries $2,200.
10. Received $5,000 in cash from customers who have previously been billed in traction (6) Instructions:
Prepare a tabular analysis of the transactions using the following column headings: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, and Ridho, Capital.
MID EXAM, ODD SEMESTER 2019/2020 ECONOMICS DEPARTMENT
INTERNATIONAL PROGRAM FOR ISLAMIC ECONOMICS AND FINANCE (IPIEF) FACULTY OF ECONOMICS AND BUSINESS
UNIVERSITAS MUHAMMADIYAH YOGYAKARTA
Problem-2.
Kara Shin is a licensed CPA in May 1. During the first month of operations of her business, the following events and transactions occurred:
May 1: She invested $20,000 cash.
2: Hired a secretary-receptionist at a salary of $1,000 per month.
3: Purchased $1,500 of supplies on account from Red Supply Company.
7: Paid office rent of $900 cash for the month.
11: Completed a tax assignment and billed client $2,100 for services provided.
12: Received $3,500 advance on a management consulting engagement.
17: Received cash of $1,200 for services completed for H. Arnold Co.
31: Paid secretary-receptionist $1,000 salary for the month.
31: Paid 40% of balance due Read Supply Company.
Kara uses the following chart of accounts: No. 101Cash, No. 112 Accounts Receivable, No.126 Supplies, No. 201 Accounts Payable, No. 205 Unearned Revenue, No. 301 Kara Shin’s Capital, No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense.
Instructions:
Journalize the transactions according to the table format.
Go to the next page
Problem-3.
The following list of accounts and their balances are given for preparing a Trial Balance of 'Tommy Equipment Rentals' at December 31, 2007, the end of the annual accounting period.
Accounts Title Taka
Emmy, Capital 30660
Rent Revenue 161960
Cash 6500
Unearned Rent Revenue 10200
Prepaid Insurance 4320
Supplies 13200
Accounts Payable 9310
Building 50000
Equipment 130000
Accumulated Depreciation-Building 10000
Land 12000
Accumulated Depreciation-Equipment 52000
Emmy, Drawing 31000
Interest Expense 3500
Note Payable 50000
Salaries Expense 70600
Miscellaneous Expenses 3010
You are required to prepare a trial balance according to the format.
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