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ACC 421 Final Exam Answers Guide for WileyPlus

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Welcome the ACCNerd's Final Exam Study Guide for ACC 421: Intermediate Accounting I

About the ACC 421 Final Exam Answers Guide

The ACC 421Final Exam Study is designed to help students attending Intermediate Accounting I. This comprehensive guide contains all the answers required for the final exam. This is a very difficult test that will cover technical accounting practices and general bookkeeping concepts. ALL WORK IS SHOWN to help you find the correct solutions for any data set. 

Guarantee: Guaranteed A on the exam or your money back!

Type: Instant Download

Format: Microsoft Word

Version: 2015 Exam Version WileyPlus

Intermediate Accounting I

Preview of Exam Answers

Question 1

 

Transactions for Mehta Company for the month of May are presented below.

 

May 1 B.D. Mehta invests $3,054 cash in exchange for common stock of Mehta Company, a small welding corporation.

3 Buys equipment on account for $1,547.

13 Pays $477 to landlord for May rent.

21 Bills Noble Corp. $542 for welding work done.

 

Prepare journal entries for each of these transactions.

 

Date

Account

Debit

Credit

May 1

Common Stock Investments – Mehta Company

3,054

 

 

   Cash

 

3,054

 

May 3

Equipment

1,547

 

 

   Accounts Payable

 

1,547

 

May 13

Rent Expense

477

 

 

   Cash

 

477

 

May 21

Accounts Receivable

542

 

 

   Service Revenue

 

542

 

Question 2

 

On July 1, 2012, Crowe Co. pays $19,796 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Crowe Co. journalize the entry on July 1 and the adjusting entry on December 31. (Round answers to zero decimal places, e.g. 2,555.)

 

Date

Account

Debit

Credit

July 1

Prepaid Insurance

19,796

 

 

   Cash

 

19,796

 

Dec 31

Insurance Expense

3,299

 

 

   Prepaid Insurance

 

3,299

 

19,796 x (1/6) = 3299.33

 

 

 

 

Question 3

 

Dresser Company's weekly payroll, paid on Fridays, totals $12,000. Employees work a 5-day week. Prepare Dresser's adjusting entry on Wednesday, December 31, and the journal entry to record the $12,000 cash payment on Friday, January 2. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

 

Date

Account

Debit

Credit

Dec 31

Salaries and Wages Expense

7,200

 

 

   Salaries and Wages Payable

 

7,200

 

12,000 x (3/5)

 

 

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