accounting exam help 495033

UMUC – ACCT 220 EXAM 1 – Part 2 This is Part 2 of Exam 1. Part 1 is a multiple choice exam is located on WileyPlus. Part 1 is a timed exam. You should treat Part 2 (this part) like a Take-home Exam. You can open it, save the document with your filename, work through the problems, add your answers to your saved document and then submit it via the Webtycho Assignments location for Exam 1 Part 2. Part 2 of the Exam is worth 40 points. Each part is based on Chapters 2 and 3. Directions: Please complete the following 4 parts. You can use the answer sheets at the end of this document to complete this Exam. Part 1.Writing journal entries (Chapter 2).2 points per JE – 16 points. Please write a journal entry for the following 8 transactions, for Lillian’s Cooking School. All of the events listed below occurred in October, 2012. On the answer sheet, be sure to number your journal entries. Write the debit entry first and the credit entry second. Lillian purchased $700 in cooking supplies for Cash Lillian’s accountant paid $550 of the balance due in Accounts Payable Lillian sent out bills to three new clients who signed up for cooking class. The customers owe $1,200 for classes they took last week. After getting an unexpected check from her favorite aunt, Lillian invested $5,000 in her business. A new industrial-quality stove (Cooking Equipment) was purchased for the business, for $3,200. Lillian signed a promissory note for the stove. Employees were paid $2,800 for work done during October. Payday was October 14th. Maxwell paid for his wife to attend cooking classes in November. On October 16th, he paid the Cooking School $1,000, for classes that were scheduled to begin on November 7th. Lillian pays for her liability insurance 6 months in advance. On October 20th, she paid $3,000 for October through March of the following year. Part 2. Prepare 6 adjusting journal entries (Chapter 3)2 points per JE – 12 points. Use the below answer sheets to prepare 6 adjusting journal…