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Study Guide

[ACC 100] - Final Exam Guide - Comprehensive Notes fot the exam (242 pages long!)


Department
Accounting
Course Code
ACC 100
Professor
Kelvin Palmer
Study Guide
Final

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Ryerson
ACC 100
FINAL EXAM
STUDY GUIDE

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1 | C h 4
Chapter 4 - Financial Statements
Blast from the past
BFTP4-1
You start a consulting business on May 1, 2016 and had the below noted transactions during
the month. Analyze the transactions using the critical and enhancing questions and record the
business activities using the expanded accounting equation and account names. The chart is
provided on the next page. Answer the questions which follow.
1. You invest $4,500 of cash into a business.
2. You borrow $4,500 from the bank which is due in 3 years. The bank charges you interest on
the last day of every month.
3. You open a business bank account with a monthly fee of $14.99. The bank will withdraw the
fee at the end of every month. You also sign up for a business credit card.
4. You registered a business name with Service Ontario, $60, using the business credit card.
5. Purchased office supplies for $250, plus HST, using cash.
6. Purchase a 1 year liability insurance policy for $1,800, plus 8% sales tax, using cash.
7. Paid cash for 500 business cards from Staples for $75.00, plus HST.
8. Received cash from customers for consulting services provided, $1,500.
9. You attended a one day networking event, paying an entrance fee of $250, plus HST, using
your credit card.
10. You hand out all of your business cards during the conference.
11. At the end of the month you had $75 of office supplies remaining.
12. You record the use of insurance for 1 month.
13. The bank withdraws interest of $29 from your business bank account. The bank also
withdraws the monthly banking fee.
14. You pay $500 towards the outstanding balance on the business credit card.
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2 | C h 4
BFTP4-1, continued.
Assets =
Liabilities
+ Equity
Owner'
Capital
+ Retained Earnings
Revenue
cash
Business
license
supplies
Prepaid
insurance
Prepaid
expenses
Loan
payable
Account
payable
Owner’s
capital
Service
revenue
Event
expenses
Supplies
expenses
Insurance
expenses
Interest
expenses
Bank
account
expenses
+4500
+4500
+4500
+4500
No
Entry
+60
+60
-282.5
+282.50
-1944
+1944
-84.75
+84.75
+1500
+1500
+282.5
+282.50
-84.75
+84.75
-207.50
+207.50
-162
+162
-29
+29
-14.99
+14.99
-500
-500
7644.76
60
75
1782
0
4500
-157.5
4500
1500
-282.5
-292.25
-162
-29
-14.99
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