MGT120H5 Final: MGT120H 2007 Winter Test and Test Solution.pdf
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MGT120H5 Full Course Notes
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Part a ( 15 marks: a company erroneously recorded a cheque written in payment of an account as . The adjusting journal entry required to correct this would be: accounts payable, cash. Accounts receivable: no journal entry is required, cash. 36: assume the balance in prepaid insurance is ,500 but it should be ,500. The entry required on the company"s books is: debit cash, credit interest income, credit notes receivable. What is the net realizable value of the accounts receivable at december 31: ,000, ,000, ,000, ,000. 3: valdez co. borrowed ,000 on september 1, 2006 from the bank. The term of the loan is nine months and the interest rate is 9% per annum. If the ending balance of retained earnings on. December 31, 2006 is ,000 and the company had revenues of ,000 from. 2006 sales, the company"s 2006 expenses totaled: ,000, ,000, ,000, ,000. Masterful moving corporation has been in operation since january 1, 2007.
