Exam Question #: 1
Calculating the Purchase Cost of Long Term Fixed Assets
Exam Question #: 2
Calculating Gain or Loss on the Disposal of a Fixed Asset
Exam Question #: 6
Conceptual – When Goodwill Becomes an Asset
Exam Questions #: 7
Sales Taxes Payable Liability – Unearned Revenue Liability
[ ] Pages 378 to 381 in Spiceland
[ ] Spiceland Homework Chapter 8: Review Questions: 11, 12 – Exercise: 8-10
Problems: 8-5A, 8-6A
[ ] Solid Footing Pages 98 to 100
When a sale is made prior to rendering the service, unearned revenue liability
account is effected
o Debit cash, credit unearned revenue
o Debit unearned revenue and credit sales revenue when service is
performed
Taxes that are collected must be recorded in the sales tax payable liability acct.
o Debit cash, credit sales revenue AND sales tax payable
o Debit sales tax payable, credit cash when the tax is submitted to the gov.
o Can be recorded in one transaction
Liability accounts have normal credit balances
Spring Acc 221 – Exam #3 – Review Guide and Check List Page 2
Exam Questions #: 8
Calculating the Selling Price of a Bond and the Required Journal Entry to Record
the Issuance of the Bond
Exam Questions #: 9
Recording the Maturity of a Bond
[ ] Par Entries Tab, Disc Entries Tab, Prem Entries Tab – in the: Bonds - Selling
Price, Amort, Entries.xls handout
[ ] Bond Homework Problems #: 6. A. 3. – 7. A. 3. – 8. A. 3.
Debit bonds payable, credit cash for the original face value
Exam Question #: 10
Determining Outstanding Shares of Common Stock
Exam Questions #: 12
Required Journal Entry to Record the Issuance of Par Value Common Stock
Spring Acc 221 – Exam #3 – Review Guide and Check List Page 3
Exam Question #: 13
Calculating Goodwill
[ ] Goodwill.xls handout
[ ] Page 327 to 328 in Spiceland
[ ] Spiceland Homework Chapter 7: Exercise: 7-6 – Problem: 7-3A
Cash paid now + total liabilities assumed – total assets (at fair value) = goodwill
Exam Questions #: 17
Calculating the Selling Price of a Bond
Exam Questions #: 18
Journal Entries and Bond Amortization Schedule for Discount Bonds or Premium
Bonds
[ ] Disc Amort Tab – in the: Bonds - Selling Price, Amort, Entries.xls handout
[ ] Disc Entries Tab – in the: Bonds - Selling Price, Amort, Entries.xls handout
[ ] Bond Homework Problem #3
[ ] Bond Homework Problem #6
[ ] Prem Amort Tab – in the: Bonds - Selling Price, Amort, Entries.xls handout
[ ] Prem Entries Tab – in the: Bonds - Selling Price, Amort, Entries.xls handout
[ ] Bond Homework Problem #4
[ ] Bond Homework Problem #7