Review ACC101 Chapter 1: - Users of accounting information.

- Accounting principles and assumptions: Historical cost principle, matching principle, business entity assumption, going concern assumption... - Accounting equation: A-L = Net assets = E - Identify Assets, Liabilities and Equity - Transaction analysis - Practised exercises Chapter 2: - T-account, Debit, Credit - Journal entries Chapter 3: Exercises and quiz Adjusting accounts - Depreciation - Salary expense and payable - Supplies - Unearned revenue (What is this? Recorded in which financial statement?) - Prepaid expense (What is this? Recorded in which financial statement?) - Accrued revenue (earned revenue)

Chapter 4: Closing entries - Which accounts needs to be closed? - Exercises Chapter 5: Sales - Journal entries for sales - Net sales = Sales revenues Sales allowance and returns - Gross profit = Sales revenue COGS - Net income = Revenues Expenses Chapter 6: FIFO, LIFO, weighted average, specified identification perpetual inventory method. - Inventories cost - Which method results in largest profit? Smallest profit? (Price is increasing) - Exercises: calculate ending inventories and COGS Chapter 9: Account receivable - Note receivable - write off account receivable - Calculate bad debt expense Chapter 10: Record depreciation expense Disposal of asset Calculate gain or loss and journal entries

Chapter 11: Note payable Exercises 1. Cool Tours had beginning equity of $72,000; net income of $25,000, and withdrawals by owners of $9,000. Calculate the ending equity. Ending equity = beginning equity + net income withdrawals = 72000 + 25000 9000 = 88000 2. At 31 Dec, 2011, the assets and liabilities of Bike Co. are as follows: Cash $4000; Accounts Receivable, $850; Inventories, $5200; equipments $13,000; Accounts Payable, $1530, salaries payable $2000. What is the amount of owner's equity as of July 1 of the current year? Total Assests = Cash + accounts receivable + Inventories + equipments = 4000 + 850 + 5200 + 13000 = 23050 Liabilities = accounts payable + salaries payable = 1530 + 2000 = 3530 E = A L = 23050 3530 = 19520 3. Analyse these transactions a) Invest $ 100,000 in a company: Cash increases, equity increases. b) Building was purchased for $50,000, paid in cash for $15,000; a note was signed for the balance. Building increases, cash decreases, note payable increases. c) Paid the office secretarys salary, $1000. cash decreases, salaries expense increases

d) Paid note for cash, $35,000. cash decreases, not payable decreases e) Provided auditing services for $5000. Revenue increases, cash increases 4. Exercise 6 in Chapter 3 exercises Exercise 4 in Chapter 4 exercises Exercise 1, 10 in Chapter 5&6 exercises Exercise 1 in Chapter 8 exercise Exercise 3 in Chapter 9 Exercises 1 in Chapter 10 Exercise 4 in Chapter 11 Exercise 2,3 in Chapter 14