Soal Bebelac UTS Semester Ganjil

Pengantar Akuntansi

A. Multiple Choice
1. Presented below is selected information related to Indonesian Motor Company at
December 31, 2020.

Indonesian Motor Company reports financial information monthly as below..

Accounts Payable $ 3,000 ;Cash 7,000 ; Advertising Expense 6,000 ; Service
Revenue 54,000 ; Equipment 29,000 ; Salaries Expense $16,500 ; Note Payable
25,000 ; Rent Expense 10,500 ; Accounts Receivable 13,500 ; Drawings 7,500 ;

Determine the total assets of Indonesian Motor Company at December 31, 2020
a. The total assets are $52,500.
b. The total assets are $49,500
c. The total assets are $77,500
d. The total assets are $36,500

2. Determine the total liability of Indonesian Motor Company at December 31, 2020
a. The total liability are $3,000
b. The total liability are $25,000
c. The total liability are $28,000
d. The total liability are $82,000

3. Adjustments for unearned revenues:

a. decrease liabilities and increase revenues.
b. have an assets-and-revenues-account relationship.
c. increase assets and increase revenues.
d. decrease revenues and decrease assets

4. The following are Internal users associated in accounting except..

a. Finance
b. Creditors
c. Marketing
d. Management

5. Accounts that normally have debit balances are:

a. assets, expenses, and revenues.
b. assets, expenses, and owner’s capital.
c. assets, liabilities, and owner’s drawings.
d. assets, owner’s drawings, and expenses.

6. Which of the following is not part of the recording

a. Analyzing transactions.
b. Preparing a trial balance.
c. Entering transactions in a journal.
d. Posting transactions

7. A metal shop’s employees work overtime to finish an order that is sold on March 28.
The office sends a statement to the customer in early April and payment is received
by mid-April. The overtime wages should be expensed inHow much is Walker’s cost
of goods manufactured for the year?
a. March
 b. April
c. the period when the workers receive their checks.
d. either in March or April depending on when the pay period ends

8. If a resource has been consumed but a bill has not been received at the end of the
accounting period, then
a. an expense should be recorded when the bill is received.
b. an expense should be recorded when the cash is paid out.
c. an adjusting entry should be made recognizing the expense.
d. it is optional whether to record the expense before the bill is received.

9. Idahoo Corporation issued a one-year, 4%, $360,000 note on August 31, 2021.
Interest expense for the year ended December 31, 2021 was
a. $14,400.
b. $6,000.
c. $4,800.
d. $3,600.

10. A business pays weekly salaries of $70,000 on Friday for a five-day week ending on
that day. The adjusting entry necessary at the end of the fiscal period ending on a
Wednesday is
a. debit Salaries and Wages Payable, $42,000; credit Cash, $42,000.
b. debit Salaries and Wages Expense, $42,000; credit Cash, $42,000.
c. debit Salaries and Wages Expense, $42,000; credit Salaries and Wages
Payable, $42,000.
d. debit Salaries and Wages Expense, $28,000; credit Salaries and Wages
Payable, $28,000.

11. Kremal Corporation purchased a one-year insurance policy in January 2021 for
$114,000. The insurance policy is in effect from May 2021 through April 2022. If the
company neglects to make the proper year-end adjustment for the expired insurance
a. net income and assets will be understated by $76,000.
b. net income and assets will be overstated by $76,000.
c. net income and assets will be understated by $38,000.
d. net income and assets will be overstated by $38,000.

12. A company has purchased a tract of land. It expects to build a production plant on
the land in approximately 5 years. During the 5 years before construction, the land
will be idle. The land should be reported as:
a. property, plant, and equipment.
b. land expense.
c. a long-term investment..
d. an intangible asset.

13. An account that will have a zero balance after closing entries have been journalized
and posted is:
a. Service Revenue.
b. Supplies.
c. Prepaid Insurance.
d. Accumulated Depreciation—Equipment.
14. Cash of $150 received at the time the service was performed was journalized and
posted as a debit to Cash $150 and a credit to Accounts Receivable $150. Assuming
the incorrect entry is not reversed, the correcting entry is:
a. debit Service Revenue $100 and credit Accounts Receivable $100.
b. debit Accounts Receivable $100 and credit Service Revenue $100.
c. debit Cash $100 and credit Service Revenue $100.
d. debit Accounts Receivable $100 and credit Cash $100.

15. When Maxim Company purchased supplies worth $300, it incorrectly recorded a
credit to Supplies for $3,000 and a debit to Cash for $3,000. Before correcting this
error:a. general ledger posting to Accounts Payable to the debit postings of the
accounts receivable subsidiary ledger.
a. Cash is overstated and Supplies is overstated.
b. Cash is understated and Supplies is understated.
c. Cash is understated and Supplies is overstated.
d. Cash is overstated and Supplies is understated.

16. The income statement for Indizche Company for the month ending July 31 shows
their Revenue $15,200, Salaries Expense $7,300 , Account Receivable $1250,
Maintenance Expense $3,250, and Net Income $4,650. The correct entries and
number to close the revenue accounts are
a. Net Income $4,650 (Dr); Income Summary $4,650 (Cr)
b. Revenue $15,200 (Dr); Income Summary $15,200 (Cr)
c. Revenue $16,450 (Dr); Income Summary $16,450 (Cr)
d. Income Summary $16,450 (Dr); Revenue $16,450 (Cr)

17. Liabilities of a company would not include

a. notes payable.
b. accounts payable.
c. salaries and wages payable.
d. cash

18. Revenues would not result from

a. sale of merchandise.
b. initial investment of cash by owner.
c. performance of services.
d. rental of property.
e.

19. Eli’s Electronic Repair Shop started the year with total assets of $300,000 and total
liabilities of $200,000. During the year, the business recorded $400,000 in electronic
repair revenues, $300,000 in expenses, and Eli withdrew $50,000. The net income
reported by Eli's Electronic Repair Shop for the year was
a. $100,000.
b. $150,000.
c. $250,000.
d. $300,000.

20. Which of the following accounts will normally appear in the ledger of a
merchandising company that uses a perpetual inventory system?
a. Purchases.
b. Cost of Goods Sold.
c. Freight-In.
d. Purchase Discounts.
 B. Essay

1. The income statement of Leang’s Luggage includes the items listed below:
Net sales $875,000
Gross profit 305,000
Beginning inventory 75,000
Purchase discounts 12,000
Purchase returns and allowances 8,000
Freight-in 10,000
Operating expenses 320,000
Purchases 560,000

Instructions
Use the appropriate items listed above as a basis for determining:
(a) Cost of goods sold.
(b) Cost of goods available for sale.
(c)Ending inventory.

2. Financial information is presented below for two different companies.

Gowe Martini
r Food and
Drugs Liquor
Sales revenue
Sales returns and allowances $90,000 $ (e)
(a) 3,000
Net sales 86,000 95,000
Cost of goods sold 56,000 (f)
Gross profit (b) 36,000
Operating expenses 22,000 (g)
Income from operations (c) (h)
Other expenses and losses 4,000 7,000
Net income (d) 11,000

Instructions
Determine the missing amounts.
3. Newell Company completed the following transactions in October:

Credit Sales Sales Returns Date of

Date Amount Terms Date Amount Collectio
n
Oct 3 $ 2/10, n/30 Oct. 8
. 600
Oct 11 1,700 3/10, n/30 Oct. 14 $ 400 Oct. 16
.
Oct 17 5,000 1/10, n/30 Oct. 20 1,000 Oct. 29
.
Oct 21 1,400 2/10, n/60 Oct. 23 200 Oct. 27
.
Oct 23 2,300 2/10, n/30 Oct. 27 400 Oct. 28
.

Instructions
(a) Indicate the cash received for each collection. Show your calculations.
(b) Prepare the journal entry for the
(1) Oct. 17 sale. The merchandise sold had a cost of $3,500.
(2) Oct. 23 sales return. The merchandise returned had a cost of $140.
(3) Oct. 28 collection.
Newell uses a perpetual inventory system.

4. An inexperienced accountant for Lamont Company made the following errors

in recording merchandising transactions.
1. A $220 refund to a customer for faulty merchandise was debited to Sales
Revenue
$220 and credited to Cash $220.
2. A $130 credit purchase of supplies was debited to Inventory $130 and
credited to Cash $130.
3. A $140 sales return was debited to Sales Revenue.
4. A cash payment of $30 for freight on merchandise purchases was debited
to Freight- Out $300 and credited to Cash $300.
Instructions
Prepare separate correcting entries for each error, assuming that the incorrect
entry is not reversed. (Omit explanations.)

5. Norris Company uses the perpetual inventory system and had the following
purchases and sales during March.
Purchases Sales
Units Unit Cost Units Selling Price/Unit
3/1 Beginning inventory 100 $40
3/3 Purchase 60 $50
3/4 Sales 70 $80
3/10 Purchase 200 $55
3/16 Sales 80 $90
3/19 Purchase 40 $60
3/25 Sales 120 $90

Instructions
Using the inventory and sales data above, calculate the value assigned to cost
of goods sold in March and to the ending inventory at March 31 using (a) FIFO
and (b) LIFO