Faculty of Business School of Accounting Economics and Finance
Student to complete: Family name Other names Student number Table number

ACCY111 Accounting Fundamentals in Society

Final Examination Practice Paper Autumn Session, 2014

Exam duration Items permitted by examiner Aids supplied Directions to students

3 hours UOW approved calculator nil All questions to be answered. Questions are worth different marks.

This exam paper must not be removed from the exam venue

Question 1

(8 marks)

The following account balances are from the ledger of S. Gill, architect, at 31 January 2014. The accounts are not listed in any particular order. The firm’s accounting year began on 1 January. All accounts had normal balances. Prepaid Insurance Insurance Expense Supplies on Hand Advertising Expense S. Gill, Capital 1 January Cash Accounts Payable Rent Expense Supplies Expense Electricity Expense Service Fees Accounts Receivable Salaries Expenses S. Gill, Drawings Required: a) Prepare a trial balance from the given data. $ 320 80 560 230 21 000 9 500 480 720 350 140 9 420 16 500 1 800 700

(8marks)

Question 2

(20 marks)

Firelights Displays is a graphic design firm providing art services to publishers and advertisers. It has the following accounts in its general ledger: Cash Accounts Receivable Supplies on Hand Office Equipment Accounts Payable O. Harper, Capital O. Harper, Drawings Fees Earned Rent Expense Telephone and Electricity Expense Salaries Expense Required Record the following transactions for June in General Journal form. Include narrations June 1 2 3 6 O. Harper invested $18 000 cash to begin the business Paid rent for June $750 Purchased office equipment on account, $6 300 Purchased art materials and other supplies costing $2 100, paid $1 000 down with the remainder due within 30 days. Billed clients for services, $2 800 Collected $1