2019-04-17T12:06:25+00:00 sample questions

Explain what the five types of adjusting entries are. Prepare all of the adjusting entries for Flash Cleaning Services as at 31 July 2018.

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1.    Prepare the journal entries for the twelve transactions listed above that occurred during July 2018. (6 marks)

2.    Prepare T-accounts and post all of the above journal entries to the T-accounts. Total all of the T-accounts to determine their balances at the end of the month. (3 marks)

3.    Based on the balances in the T-accounts above, prepare the ‘Unadjusted Trial Balance’ in an Excel spreadsheet. (2 marks)

4.    Explain what the five types of adjusting entries are. Prepare all of the adjusting entries for Flash Cleaning Services as at 31 July 2018. (6 marks)

5.    Using your ‘Unadjusted Trial Balance’ and adjusting entries prepared above, prepare the ten column worksheet in Excel for the month ended 31 July 2018 (refer to page 167 – 171 of the prescribed text for an example of this worksheet). In the spreadsheet, you are required to have a ‘data’ section separated from the ‘worksheet’ section. Use formulas to generate all of the figures in the ‘worksheet’ from the ‘data’ section.  Use the IF function for the ‘Profit’ or ‘Loss’ and also to check that the debit and credit columns balance. (5 marks)

6.    Using the ten column worksheet prepared above as your ‘data’, prepare the income statement, balance sheet, and statement of changes in equity in Excel. Use formulas to generate all of the figures in the financial statement reports.  (6 marks)

7.    Calculate and evaluate the business’s current ratio and debt ratio.  If Flash Cleaning Services repays the bank loan, how would these ratios change?  Do you recommend that the bank loan is repaid? Why or why not.  (


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