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

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

    Uploaded by

    Haries Vi Traboc Micolob
    118 views3 pages
    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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    Accounting

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    Acc101MTX1s2021tq

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    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.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    118 views3 pages

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

    Uploaded by

    Haries Vi Traboc Micolob
    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.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    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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