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Final Exam

(Chapters 6–12)

Problem #1: Record the following transactions in a general journal entry format distinctly showing the debit and credit accounts as recorded in manual accounting. Credit accounts must be indented. Omit explanations. Skip a line after each transaction. Assume that the company uses the perpetual inventory method.

July 1 - Your Name Drugstore purchased medical supplies intended for sale for $1,000.00 from Vendor X. The terms of sale are 2/10, n/30, FOB destination. The freight charges are $50.00.

July 3 - Your Name Drugstore purchased medical equipment for sale for $3,000.00 from Vendor Y. The terms of sale are 1/10, n/30, FOB shipping point. The freight charges are $150.00.

July 4 - Your Name Drugstore returned $200.00 worth of merchandise purchased from Vendor Y.

July 5 - Your Name Drugstore purchased medical supplies for use for $2,000.00 from Vendor Z. The terms of sale are 2/15, n/30, FOB destination. The freight charges are $100.00.

July 7 - Your Name Drugstore sold merchandise to Customer A for $8,000.00. The terms of sale are 2/10, n/30. The cost of the inventory is $3,200.00.

July 9 - Your Name Drugstore paid the amount owed to Vendor X for the purchase of July 1.

July 12 - Your Name Drugstore sold merchandise to Customer B for $6,000.00. The terms of sale are 1/10, n/30. The cost of the inventory is $2,400.00.

July 13 - Your Name Drugstore paid the amount owed to Vendor Y on the purchase of July 3.

July 15 - Your Name Drugstore collected cash from Customer A for the sale of July 7.

July 17 - Customer B returned $300.00 worth of defective merchandise to Your Name Drugstore. The cost is $120.00.

July 21 - Your Name Drugstore paid the amount owed to Vendor Z.

July 22 - Your Name Drugstore received cash from Customer B for the sale of July 12.

July 30 - Your Name Drugstore purchased medical supplies for use for $1,000.00 and paid with cash. The terms of sale are FOB destination. The freight charges are $50.00.

Problem #2: Your Name Drugstore pays employees on a weekly basis, and it is the first pay period of the year.

The manager’s weekly salary is $500.00 plus commission of 3% of month-to-date sales. The total month-to-date sales for January are $50,000.00. The manager contributes 5% of his gross pay to his 401K retirement plan. He also contributes $10.00 per pay period to United Way of Southern Nevada. Based on the Employer’s Tax Guide, his federal withholding tax is 15% of total gross pay.

Your Name Drugstore matches the manager’s contributions to his 401K retirement plan. The company covers employees with medical health insurance at 20%. The company rate for Nevada state unemployment is 3%, and the rate for workers’ compensation insurance is 5%.

For the pay period covering January 1–7 of the current year, complete the following:

Compute the manager’s gross pay.
Compute the manager’s total deductions.
Compute the manager’s net pay.
Compute Your Name Drugstore’s total involuntary contributions for the manager.
Compute Your Name Drugstore’s total voluntary contributions for the manager.
Record the necessary journal entry to pay the manager’s salaries for this pay period, assuming the company does not keep a separate payroll account.
Record the necessary journal entry for the payroll taxes.
Record the necessary journal entry for the employer’s voluntary contributions.

Problem #3: The following trial balance accounts were randomly arranged for Your Name Drugstore. Prepare the behind-the-scenes closing entries for the year ended December 31.

Your Name Drug Store
Trial Balance
December 31, (year)


Accounts Payable		12,000.00
Accounts Receivable		14,500.00
Accumulated Depreciation, Equipment		2,000.00
Accumulated Depreciation, Furniture		3,000.00
Advertising Expense		300.00
Automobile Expense		480.00
Bank Service Charge Expense		25.00
Cash	22,888.00
Depreciation Expense, Equipment		750.00
Depreciation Expense, Furniture		600.00
Entertainment Expense		200.00
Equipment		10,000.00
Furniture & Fixture		9,000.00
Insurance Expense		575.00
Interest Expense		290.00
Interest Income		175.00
Inventory		35,000.00
Legal Expense	2,500.00
Maintenance Expense		600.00
Medical Supplies		2,100.00
Medical Supplies Expense		290.00
Notes Payable		18,000.00
Office Supplies		850.00
Office Supplies Expense		1,575.00
Petty Cash		500.00
Postage Expense		420.00
Professional Fees Income		3,000.00
Rent Expense		2,500.00
Repairs Expense		120.00
Sales Discounts		2,000.00
Sales Returns & Allowances		1,000.00
Sales Revenue		40,000.00
Travel Expense	875.00
Unearned Revenue		5,000.00
Utilities Expense	782.00
Your Name, Capital		28,545.00
Your Name, Draw		1,000.00

PROBLEM #1

GENERAL JOURNAL
DATE	ACCOUNT TITLES	DEBIT	CREDIT

PROBLEM #2: REQUIREMENTS 1, 2, 3, 4, 5

PROBLEM #2: REQUIREMENTS 6, 7, 8

GENERAL JOURNAL
DATE	ACCOUNT TITLES	DEBIT	CREDIT

PROBLEM #3

GENERAL JOURNAL

DATE

ACCOUNT TITLES

DEBIT

CREDIT

Sample Company
Chart of Accounts
As of Dec 31, (Year)

Account ID	Account Description	Account Type
10000	Cash	Current Assets
10100	Petty Cash	Current Assets
11000	Accounts Receivable	Current Assets
11400	Other Receivables	Current Assets
11500	Allowance for Doubtful Account	Contra Asset
12000	Merchandise Inventory	Current Assets
13000	Medical Supplies	Current Assets
13100	Office Supplies	Current Assets
14000	Prepaid Expenses	Current Assets
14100	Employee Advances	Current Assets
14200	Notes Receivable-Current	Current Assets
14700	Other Current Assets	Current Assets
15000	Furniture and Fixtures	Fixed Assets
15100	Medical Equipment	Fixed Assets
15200	Office Equipment	Fixed Assets
15300	Other Depreciable Property	Fixed Assets
15400	Leasehold Improvements	Fixed Assets
15500	Building	Fixed Assets
15600	Building Improvements	Fixed Assets
16900	Land	Fixed Assets
17000	Accum. Depreciation - Furniture	Contra Asset
17100	Accum. Depreciation - Med. Equip	Contra Asset
17200	Accum. Depreciation - Office Equipment	Contra Asset
17300	Accum. Depreciation - Other	Contra Asset
17400	Accum. Depreciation - Leasehol	Contra Asset
17500	Accum. Depreciation - Building	Contra Asset
17600	Accum. Depreciation - Bldg Imp	Contra Asset
19000	Deposits	Other Assets
19100	Organization Costs	Other Assets
19150	Accum. Amortiz. - Org. Costs	Other Assets
19900	Other Noncurrent Assets	Other Assets
20000	Accounts Payable	Current Liabilities
23000	Accrued Expenses	Current Liabilities
23100	Sales Tax Payable	Current Liabilities
23200	Salaries Payable	Current Liabilities
23400	Federal Payroll Taxes Payable	Current Liabilities
23500	FUTA Tax Payable	Current Liabilities
23600	Workmen’s Comp. Ins. Taxes Payable	Current Liabilities
23700	SUTA Payable	Current Liabilities
23800	Pension Plan Payable	Current Liabilities
24200	Current Portion Long-Term Debt	Current Liabilities
24400	United Way Contributions Payable	Current Liabilities
24800	Medical Health Ins. Payable	Current Liabilities
24900	Suspense-Clearing Account	Current Liabilities
27000	Notes Payable-Noncurrent	Long Term Liabilities
27400	Other Long-Term Liabilities	Long Term Liabilities
39005	Retained Earnings	Equity-Retained Earnings
39006	Owner’s Capital	Equity-Doesn’t get closed
39007	Owner’s Draw	Equity-Gets closed
40000	Sales-Drugs	Income
40500	Service Revenue	Income
41000	Interest Income	Income
41200	Other Income	Income
45400	Finance Charge Income	Income
45500	Shipping Charges Reimbursed	Income
48000	Sales Returns and Allowances	Contra Income
49000	Sale Discounts	Contra Income
50000	Cost of Sales-Drugs	Expenses
58500	Inventory Adjustments	Expenses
59000	Purchase Returns and Allowance	Expenses
59500	Purchase Discounts	Expenses
60100	Advertising Expense	Expenses
60500	Amortization Expense	Expenses
61000	Auto Expenses	Expenses
61500	Bad Debt Expense	Expenses
62000	Bank Charges	Expenses
62500	Cash Over and Short	Expenses
63000	Charitable Contributions Exp	Expenses
63500	Commissions and Fees Exp	Expenses
64000	Depreciation Expense	Expenses
64500	Dues and Subscriptions Exp	Expenses
65000	Employee Benefit Programs Exp	Expenses
65500	Freight Expense	Expenses
66000	Gifts Expense	Expenses
66500	Income Tax Expense	Expenses
67000	Insurance Expense	Expenses
67500	Interest Expense	Expenses
68000	Laundry and Cleaning Exp	Expenses
68500	Legal and Professional Expense	Expenses
69000	Licenses Expense	Expenses
69500	Loss on NSF Checks	Expenses
70000	Maintenance Expense	Expenses
70500	Meals and Entertainment Exp	Expenses
71000	Medical Supplies Expense	Expenses
72000	Office Supplies Expense	Expenses
72500	Payroll Tax Expense	Expenses
73000	Penalties and Fines Exp	Expenses
73500	Other Taxes	Expenses
74000	Postage Expense	Expenses
74100	Property Taxes Expense	Expenses
74500	Rent or Lease Expense	Expenses
75500	Repairs Expense	Expenses
76000	Telephone Expense	Expenses
76500	Travel Expense	Expenses
77000	Salaries Expense	Expenses
78000	Utilities Expense	Expenses
89000	Other Expense	Expenses
89500	Purchase Disc-Expense Items	Expenses
90000	Gain/Loss on Sale of Assets	Expenses