1. Review of Accounting 1 Day 2

2. Review Problems 11-15

3. 11) Of the following accounts, the one that normally has a credit balance is: A) Sales Salaries Payable B) Owner, Withdrawals C) Cash D) Sales Salaries Expense E) Office Equipment
A - Review Tan Sheet

4. 12) On April 30, Holden Company had an Accounts Receivable balance of $18,000. During the month of May, total credits to Accounts Receivable were $52,000 from customer payments. The May 31 Accounts Receivable balance was $13,000. What was the amount of credit sales during May? A) $5,000 B) $32,000 C) $55,000 D) $47,000 E) $57,000
Accts Receivable
18,000 ?
52,000
13,000
4-30
During the month
5-31
18,000 – 13,000 = 5,000 decrease in account
52,000 – 5,000 = 47,000

5. 13) If the liabilities of a business increased $75,000 during a period of time and the owner’s equity in the business decreased $30,000 during the same period, the assets of the business must have: A) Decreased $105,000 B) Increased $105,000 C) Increased $45,000 D) Decreased $45,000 E) Increased $30,000
A = L OE
? = +75, ,000

6. 14) A company had the following accounts and balances at year-end: Cash…………………..……… $30,000 Accounts Receivable… ,000 Accounts Payable………. 20,000 Fees Earned………………. 65,000 Rent Expense……………. 15,000 Insurance Expense…… ,800 Supplies…………………… ,000 Sam, Capital………………. 19,800 Sam, Withdrawals…… , If all of the accounts have normal balances, what are the totals for the trial balance? A) $209,600 B) $45,200 C) $104,800 D) $186,600 E) $67,000
Debit Credit 30, , , , ,000 4,800 5, , , , ,800

7. Complete Problem 15 (back side) together with projector

8. Ready to move on to Accounting 2?