1. Chapter 1-5 Review Quiz

2. Question # 1 David listed his son and daughter’s tuition as an expense for his personal business? What GAAP does this situation violate?

3. Question # 2 A major expense was incurred in 2009, but will not be paid until 2010, so the bookkeeper decided not to journalize it until 2010. What GAAP does this violate?

4. Question # 3 Dec 3 -A new client was obtained that will pay for one cleaning per month, paying $300. What is the journal entry?

5. Question # 4 Apr 1 - B. Johnson paid off his entire account with a cheque for $3400. What is the journal entry?

6. Question # 5 Aug 11 -$1250 of revenue was earned, but has yet to be billed or recorded. What is the journal entry?

7. Question # 6 Sept 30 – A 6 month insurance policy was purchased on Sept 1 for $1500. What is the journal entry?

8. Question # 7 A. Dudeck paid off his debt of $3500, Cash was debited 3500 and Sales was credited 3500. What is the correcting entry?

9. Question 8 After closing entries, this year’s capital has decreased $600 compared to last year. How is this possible?

10. Question # 9 COGS= $24,500,000 Beginning Inventory = 3,250,000 Ending Inventory = 1,360,000 Calculate Inventory Turnover Days Sales in Inventory

11. Question 10 Oct 1 -ABC purchased $10250 worth of Inventory from XYZ terms n/30, the merchandise was shipped FOB Shipping Point, the proper party paid a $250 cash payment. The merchandise originally cost $8500. What is the journal entry for ABC? What is the journal entry for XYZ?