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Holy Cross of Davao College: Other Campuses: Camudmud (IGACOS), Bajada (SOS Drive)

1. This document provides information for the midterm examination in Accounting 101 taken by student Haries Vi T. Micolob, including two multiple choice tests on accounting concepts and a problem solving case study involving the preparation of financial statements for Maraway Enterprises. 2. Test I involves identifying which accounts need to be closed at the end of the accounting period, and Test II involves matching accounting terms to their descriptions. 3. The problem solving case requires preparing a 10-column worksheet and the financial statements of income, equity, and financial position for Maraway Enterprises using provided trial balance and adjustment data.

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Haries Vi Traboc Micolob
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185 views3 pages

Holy Cross of Davao College: Other Campuses: Camudmud (IGACOS), Bajada (SOS Drive)

1. This document provides information for the midterm examination in Accounting 101 taken by student Haries Vi T. Micolob, including two multiple choice tests on accounting concepts and a problem solving case study involving the preparation of financial statements for Maraway Enterprises. 2. Test I involves identifying which accounts need to be closed at the end of the accounting period, and Test II involves matching accounting terms to their descriptions. 3. The problem solving case requires preparing a 10-column worksheet and the financial statements of income, equity, and financial position for Maraway Enterprises using provided trial balance and adjustment data.

Uploaded by

Haries Vi Traboc Micolob
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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HOLY CROSS OF DAVAO COLLEGE

Main Campus: Sta. Ana Avenue 8000 Davao City


Other Campuses:  Camudmud(IGACOS), Bajada (SOS Drive)

Hcdcolc1say2021 Mid term Examination in Accounting 101

Name: MICOLOB, HARIES VI T. Permit No.: 0429626 Score


Course /Year: BSBA-HR 1st Year Exam Date: October 14, 2020 Rating

Important Notice:  Put all your answers on the prescribed answer sheet only.

Test I  Identification  - Put an (x) mark on spaces provided before each number for accounts that needs to be
closed at the end of an accounting period. 
1 Allowance for Bad Debts X 1 Service Income
1
X 2 Light and Water 1 Bad Debts
2
X 3 Accrued Interest Income 1 Freight & Handling
3
4 Litigation Expenses X 1 Prepaid Advertising
4
5 Accumulated Depreciation 1 Repairs & Maintenance
5
X 6 Rent Expense 1 M. Arita, Capital
6
7 Notes Payable X 1 M. Arita, Drawing
7
8 Tools Used X 1 Tools
8
X 9 Gasoline & Oil X 1 Taxes & Licenses
9
1 Unused Supplies 2 Unexpired Insurance
0 0

Test II Matching Type - Choose from among the list of possible answers the terminology described by the
statements below.  Write the letter corresponding your answers on blanks provided before each number.

List of Possible Answers


A. Mixed Account F. Net Realizable Value
B. Net Book Value G. Unearned Income
C. Prepaid Expense H. Accrued Expense
D. Accrued Income I. Adjusting Entry
E. Promissory Note J. Principal

H 1.  An expense that is already incurred but not yet paid when the accounting period ended.
F 2.  The difference between Accounts Receivable and its related Allowance for Bad Debts.

G 3.  An income that is already received but not yet earned when the accounting period ended.

A 4.  An account that contains both nominal and real components.

C 5.  An expense that is already paid but not yet incurred when the accounting period ended.

E 6. An unconditional promise in writing made by one person to another, signed by the maker engaging to
pay to order or to bearer a sum certain in money, on demand or at a fixed determinable future time.

D 7.  An income already earned but not yet collected at the end of the period.

J 8.  Refers to the face value of the note.

I 9.  An entry that splits the nominal and real components of a mixed account.

B 10. The difference between the cost of fixed assets and the related Accumulated Depreciation

Test III - Problem Solving


Maraway Enterprises
Trial Balance
December 31, 2019
Debit Credit

Cash in Bank P 1,237,000


Accounts Receivable 45,300
Merchandise Inventory 160,000
Supplies Inventory 25,000
Prepaid Rent 21,690
Store Furniture and Fixtures 210,000
Accounts Payable P23,200
VAT Payable 22,980
C. Espejo, Capital 1,721,310
C. Espejo, Drawing 20,000
Sales 205,000
Sales Returns Allowances 3,500
Sales Discounts 10,000
Purchases 190,000
Purchase Returns and Allowances 2,000
Purchase Discounts 5,000
Salaries and Wages 21,000
Taxes and Licenses 14,000
Freight Out 1,500
Postage and Telephone 7,500
Utilities Expense 13,000
Total P1,979,490 P 1,979,490

Data for the year-end adjustment:


a) Merchandise Inventory, end is P250,000.
b) 15% should be provided for uncollectible accounts.
c) Actual Supplies inventory, P 20,000.
d) Unrecorded Cash Sales per invoice number 0069, P10,000.
e) Accrued light and water, P4,000.(Utilities)
f) Purchases of supplies on account amounting to P3,000 was not recorded.
g) Unrecorded depreciation of store Furniture and Fixtures, P15,000.

Required:

1. Prepare a 10 – column worksheet.


2. Prepare in good form the financial statements of Maraway Enterprises:
a) Statement of Comprehensive Income for the year ended December 31, 2019;
b) Statement of Changes in Equity for the year ended December 31, 2019 and
c) Statement of Financial Position as of December 31, 2019.

Goodluck and God Bless !

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