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University of Maryland University College Final Examination Acct220: Principles of Accounting I For this exam, omit all general journal entry explanations. Question 1: Suggested time 20 minutes: 15% points: The account balances appearing on the trial balance (below) were taken from the general ledger of Flip’s Copy Shop at June 30, 2012. Additional information for the month of June which has not yet been recorded in the accounts is as follows: (a) A physical count of supplies indicates $300 on hand at June 30. (b) The amount of insurance that expired in the month of June was $200. (c) Depreciation on equipment for June was $400. (d) Rent owed on the copy shop for the month of June was $600 but will not be paid until July. Flip’s Copy Shop Trial Balance For the Month Ended June 30, 2012??Account Titles?Debit?Credit??Cash?$1,000???Supplies?1,100???Prepaid Insurance?2,200???Equipment?24,000???Accum. Depreciation— Equipment??$4,500??Accounts Payable??2,400??Notes Payable??4,000??Flip’s Capital??15,300??Flip’s Drawings?2,400???Service Revenue??4,900??Utilities Expense? 400? ??Totals?$31,100?$31,100??Instructions: Prepare in journal form, without explanations, the end of month adjusting entries & closing entries for Flip’s Copy Shop for the month of June. Acct220a Page 1 of 9 Question 2: Suggested time 15 minutes: 15% points: The following items were taken from the post adjusted trial balance of Flip Company. (All balances are normal.) Mortgage payable $ 1,443 Accumulated depreciation 3,655 Prepaid expenses 880 Accounts payable 1,444 Equipment 11,000 Notes payable after 2015 1,200 Long-term investments 1,100 Flip’s capital 13,480 Short-term investments 3,690 Accounts receivable 1,696 Notes payable in 2014 1,000 Inventories 1,756 Cash 2,100 Instructions: Prepare a classified balance sheet in good form as of December 31, 2013. Question 3: Suggested time 15 minutes: 15% points: The following information is available for Flip…