Spring+2015 +Exam+1+-+Review+Outline+and+Check+List PDF

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Prep for 1st Exam...

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Acc 221 – Exam #1 – Review Guide and Check List This check-list is provided to guide your final review in preparation for Exam #1. It is not a replacement for completing all of the reading and homework assignments. Often the concepts in a question are covered in more Solid Footing pages and more homework problems than just the pages and homework problems listed under the question.

Exam Question #: 1 Recording the Borrowing of Money from the Bank [

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Solid Footing pages 18 to 19

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Homework Problem 2-1

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Accounting Cycle Project – July 1 Borrow $35,000 from 1st Bank

Exam Question #: 2 Recording the Sale of Common Stock [

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Solid Footing page 18

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Homework Problem 2-1

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Accounting Cycle Project – July 1 Sale of Common Stock

Exam Question #: 3 Recording the Purchase of Equipment [

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Solid Footing page 19

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Homework Problem 2-1

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Accounting Cycle Project – July 1 Purchase new mowing equipment

Exam Question #: 4 Recording the Purchase of Supplies on Credit [

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Solid Footing page 69 (supplies expense)

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Solid Footing page 56 (introduction to Accounts Payable account)

Acc 221 – Exam #1 – Review Guide and Check List

Exam Question #: 5 Recording the Payment of Rent [

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Solid Footing page 38 and page 69

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Chapter 6 Homework Project

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Accounting Cycle Project – July 1 July truck rental

Exam Question #: 6 Recording a Sale that is Both for Cash and On Account [

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Solid Footing page 55

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Chapter 6 Homework Project

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Accounting Cycle Project – July 25 Mowing job for golf course

Exam Question #: 7 Recording the Receipt of an Advance Payment [

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Solid Footing pages 95 to 96

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Homework Problems 8-1, 8-2

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Accounting Cycle Project – July 23 Receive advance payment

Exam Question #: 8 Recording the Payment of an Accounts Payable [

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Solid Footing page 57

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Chapter 6 Homework Project

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Accounting Cycle Project – July 27 Payment to mower dealer

Exam Question #: 9 Recording the Collection of an Accounts Receivable [

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Solid Footing page 40

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Chapter 6 Homework Project

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Accounting Cycle Project – July 12, 15, 20 Collect Accounts Receivable transactions

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Acc 221 – Exam #1 – Review Guide and Check List

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Exam Question #: 10 Recording the Payment of Wages [

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Solid Footing page 38 and page 59

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Chapter 6 Homework Project

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Accounting Cycle Project – July 7, 14, 21, 28 Wage payment transactions

Exam Question #: 11 Depreciation and Adjusting the Accumulated Depreciation Account [

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Solid Footing pages 70 to 72

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Homework Problems 7-1, 7-2

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Accounting Cycle Project – Depreciation Adjusting Entries

Exam Question #: 12 Adjusting a Prepaid Asset Account [

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Solid Footing pages 75 to 79

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Homework Problems 7-3, 7-4, 7-5

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Accounting Cycle Project – Supplies Adjusting Entry

Exam Question #: 13 Adjusting a Liability Account [

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Solid Footing pages 80 to 82

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Homework Problems 7-6, 7-7, 7-8

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Accounting Cycle Project – Wages Payable Adjusting Entry

Exam Questions #: 14 and 15 Recording the Receipt of an Advance Payment Calculating the “Should Be” Balance in an Unearned Revenue Liability Account Adjusting the Unearned Revenue Liability Account [

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Solid Footing pages 95 to 96 and pages 98 to 100 and pages 103 to 104

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Homework Problems 8-1, 8-2

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Accounting Cycle Project – July 23 Receive advance payment – and the Unearned Revenue adjusting entry related to the Mowing Service at the University

Acc 221 – Exam #1 – Review Guide and Check List

Questions #: 16 and 17 Closing Entries [

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Solid Footing pages 47 to 48

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Homework Problems 5-1

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Chapter 6 Homework Project (Step 8 in the Accounting Cycle)

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Accounting Cycle Project (Step 8 in the Accounting Cycle)

Exam Question #: 18 Calculation of Net Income [

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Solid Footing pages 35 to 36 and pages 41 to 42 and page 122

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Homework Problem 4-1 (Requirement 5)

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Chapter 6 Homework Project (Step 5 in the Accounting Cycle)

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Accounting Cycle Project (Step 5 in the Accounting Cycle)

Exam Questions #: 19, 20, and 21 Calculation of Balance Sheet Amounts [

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Solid Footing pages 42 to 43 and pages 122 to 123

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Chapter 6 Homework Project (Steps 6 and 7 in the Accounting Cycle)

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Accounting Cycle Project (Steps 6 and 7 in the Accounting Cycle)

Exam Questions #: 22 Financial Statement Errors [

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Solid Footing Chapters 7 and 8

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Lenny’s Lawnservice Excel file

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Acc 221 – Exam #1 – Review Guide and Check List

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Exam Question #: 23 Concepts of Transactions and the Accounting Equation [

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Review Accounting Equation: Solid Footing page 7

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Transactions made in Solid Footing – Impact of the transaction on the accounting equation

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Review how accounts are increased and decreased with debits and credits: Solid Footing pages 11 thru 14, page 36 and pages 47 thru 48

Exam Questions #: 24 What is Shown on the Income Statement [

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Solid Footing page 61 and page 122

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Chapter 6 Homework Project

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Accounting Cycle Project (Step 5 in the Accounting Cycle)

Exam Question #: 25 Calculating the Retained Earnings Amount for the Balance Sheet [

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Solid Footing pages 42 to 43 and page 123

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Chapter 6 Homework Project (Step 6 in the Accounting Cycle)

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Accounting Cycle Project (Step 6 in the Accounting Cycle)

Exam Question #: 26 Concepts of the Balance Sheet and Income Statement [

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Solid Footing page 23 and pages 41 to 42 and pages 122 to 123

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Chapter 6 Homework Project (Steps 5 and 7 in the Accounting Cycle)

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Accounting Cycle Project (Steps 5 and 7 in the Accounting Cycle)

Exam Question #: 27 Tests Understanding of Many Different Basic Concepts

Acc 221 – Exam #1 – Review Guide and Check List

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Exam Question #: 28 Effect of Closing Entries on Retained Earnings [

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Solid Footing pages 47 to 48 and page 123

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Chapter 6 Homework Project (Step 8 in the Accounting Cycle)

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Accounting Cycle Project (Step 8 in the Accounting Cycle)

Exam Question #: 29 and 30 Concepts of Transactions and the Accounting Equation [

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Review Accounting Equation: Solid Footing page 7

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Transactions made in Solid Footing – Impact of the transaction on the accounting equation

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Review how accounts are increased and decreased with debits and credits: Solid Footing pages 11 thru 14, page 36 and pages 47 thru 48

Exam Question #: 31 Concepts of Accrual Accounting System and Recording Rent [

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Review Accrual Accounting System: Solid Footing page 21

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Homework Problem 7-4

Exam Question #: 32 Concepts of Adjusting Entries [

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Review Introduction to Adjusting Entries: Solid Footing page 67 thru 68

Exam Question #: 33 Concepts of Temporary and Permanent Accounts [

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Review Temporary and Permanent Accounts: Solid Footing page 49

Exam Question #: 34 and 35 Concepts of Closing Entries [

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Review Closing Entries: Solid Footing pages 47 thru 49

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Homework Problem 5-2...