janet needs to assign a very important advertising account to one of her writers

Janet needs to assign a very important advertising account to one of her writers. First she reviewed each writers work load, then she studied the sales data of the products for the last three campaigns of each writer, then she reviewed each writer's annual review to familiarize herself with their goals. Finally, she gave the account to Paula, a very creative, efficient writer who has had high sales results with her last three clients' products. What is Janet's management style is based on?

A. Organizational behavior studies
B. Substantive evidence approach
C. Preconceived notions
D. Systematic study

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What term is used for those emotions that an organization requires workers to show

What term is used for those emotions that an organization requires workers to show and considers appropriate for a given job?
    A.        Felt emotions
    B.        Required emotions
    C.        Conditional emotions
    D.        Displayed emotions

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The degree to which a person identifies with his or her job

The degree to which a person identifies with his or her job, actively participates in it, and considers his or her performance as being important to self-worth is _____.
A. job satisfaction
B. job involvement
C. job stability
D. organizational commitment
E. social embeddedness

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Any incompatibility between two or more attitudes or between behavior and attitudes results in

4) Any incompatibility between two or more attitudes or between behavior and attitudes results in _____.
A. organizational dissonance
B. cognitive dissonance
C. attitudinal clarification
D. values clarification
E. affective reactance

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Erin works on a software help desk. After being yelled at by a customer

Erin works on a software help desk. After being yelled at by a customer about the state of her company’s software, she becomes angry, and has to take a short break to calm down. What makes her anger an emotion, rather than a mood?
A. It is a simple, unambiguous feeling.
B. It interferes with her capacity to work effectively.
C. It has a contextual stimulus.
D. It can be controlled given some time.

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Julia works as a receptionist at a real-estate company

2) Julia works as a receptionist at a real-estate company. Her boss just came in the door and yelled at her, telling her that the front office was a mess and that she needed to get up and clean it immediately. After her boss left the room, Julia grabbed three magazines and violently slammed them into the trash can. Which of the following best describes Julia's action?
A. An affect
B. A thought
C. A mood
D. An emotion



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In her work in the publishing industry vera seeks out new authors whom she considers promising

1) In her work in the publishing industry, Vera seeks out new authors who she considers promising. In the past two years she has found a number of new writers whose work she thought was exceptional, and immersed herself in the task of helping them shape their manuscripts for submission to her managers for publishing. Although she was extremely proud of the results, none of the authors she worked with were chosen for publication. Vera believes that the decision not to publish these authors was based on personal rivalries within management, rather than the quality of her writers’ work. She is extremely frustrated, dreads coming into work each morning, and is seriously thinking of resigning.
How can Vera’s job attitudes best be described?

A. job satisfaction and low job involvement
B. low job satisfaction and high job involvement
C. high job satisfaction and low job involvement
D. high job satisfaction and high job involvement
E. low organizational commitment

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MGT 311 / MGT311 Final Exam

1) In her work in the publishing industry, Vera seeks out new authors who she considers promising. In the past two years she has found a number of new writers whose work she thought was exceptional, and immersed herself in the task of helping them shape their manuscripts for submission to her managers for publishing. Although she was extremely proud of the results, none of the authors she worked with were chosen for publication. Vera believes that the decision not to publish these authors was based on personal rivalries within management, rather than the quality of her writers’ work. She is extremely frustrated, dreads coming into work each morning, and is seriously thinking of resigning.
How can Vera’s job attitudes best be described?
A. job satisfaction and low job involvement
B. low job satisfaction and high job involvement
C. high job satisfaction and low job involvement
D. high job satisfaction and high job involvement
E. low organizational commitment

2) Julia works as a receptionist at a real-estate company. Her boss just came in the door and yelled at her, telling her that the front office was a mess and that she needed to get up and clean it immediately. After her boss left the room, Julia grabbed three magazines and violently slammed them into the trash can. Which of the following best describes Julia's action?
A. An affect
B. A thought
C. A mood
D. An emotion

3) Erin works on a software help desk. After being yelled at by a customer about the state of her company’s software, she becomes angry, and has to take a short break to calm down. What makes her anger an emotion, rather than a mood?
A. It is a simple, unambiguous feeling.
B. It interferes with her capacity to work effectively.
C. It has a contextual stimulus.
D. It can be controlled given some time.

4) Any incompatibility between two or more attitudes or between6) behavior and attitudes results in _____.
A. organizational dissonance
B. cognitive dissonance
C. attitudinal clarification
D. values clarification
E. affective reactance

5) The degree to which a person identifies with his or her job, actively participates in it, and considers his or her performance as being important to self-worth is _____.
A. job satisfaction
B. job involvement
C. job stability
D. organizational commitment
E. social embeddedness

6) What term is used for those emotions that an organization requires workers to show and considers appropriate for a given job?
    A.        Felt emotions
    B.        Required emotions
    C.        Conditional emotions
    D.        Displayed emotions
7) Janet needs to assign a very important advertising account to one of her writers. First she reviewed each writers work load, then she studied the sales data of the products for the last three campaigns of each writer, then she reviewed each writer's annual review to familiarize herself with their goals. Finally, she gave the account to Paula, a very creative, efficient writer who has had high sales results with her last three clients' products. What is Janet's management style is based on?

A. Organizational behavior studies
B. Substantive evidence approach
C. Preconceived notions
D. Systematic study

8) Basing managerial methods on the best available scientific evidence is called what?
    A.        Systematic study
    B.        Organizational behavior
    C.        Evidence-based management
    D.        Conceptual management

9) The manager at a construction site observes that he is spending a great deal of time interviewing prospective employees. This is due to the large amount of absenteeism and turnover among his skilled workers. On questioning exiting employees he discovers that many of them quit because they feel the workplace is too dangerous. In particular, several foremen have stated that the need to get the job done quickly is more important than a few rules, and have gone as far as to mock the courage of workers who question this attitude.
What is the best way for the manager to control the deviant behavior of the foremen?
A. ordering the foremen to conform with the required safety standards
B. finding out why the foremen place a greater importance on finishing the job than in safety
C. firing the foremen and promoting new foremen from the current pool of workers
D. taking over the work of the foremen himself
E. instituting training classes for the foremen on the importance of safety

10) Phil loves sales. He has been a stellar sales person since he was 12. Recently he was awarded a full paid trip for two to Puerto Rico for breaking a company sales record. Phil is so motivated to work, he has set a new goal to break his old record in the coming year. Taking into account self-determination theory, why did the company recognition and award, an extrinsic reward, motivate Phil?

A. The reward was seen as a coercive method of increasing sales and motivated Phil to prove himself intrinsically.
B. The reward was imposed to work toward a standard that Phil could not believe in, and his intrinsic motivation suffered.
C. The reward increased Phil’s sense of competence by providing feedback that improved his intrinsic motivation.
D. The reward increased Phil's sense of competence by providing feedback that diminished his intrinsic motivation.


11) Tony loves programming. He was on the ground level of the computer revolution. This year his boss has set personal goals for each of the programmers, one of which includes a presentation from each programmer about a project. Tony is very annoyed because he has a tremendous amount of work to do and he will have to spend the weekend, his personal time, preparing the presentation. Taking into account self-determination theory, why did his manager’s goals and the presentation reduce Tony's motivation?

A. The internally imposed goal feels coercive, causing Tony's intrinsic motivation to suffer.
B. The self-imposed goal increases his sense of competence, causing the intrinsic motivation to suffer.
C. The externally imposed goal is an external reward, causing Tony's intrinsic motivation to increase.
D. The externally imposed goal feels coercive, causing Tony's intrinsic motivation to suffer.

12) Glendon has a degree in business and worked for 2 years at an international firm in Spain. When the firm suffered cutbacks and Glendon returned home, he took a job at a nonprofit agency mentoring at-risk Spanish-speaking children. Glendon earns a third of what he earned in the business world, but has decided that his new goal is to acquire a larger case load and continue to use his Spanish to help people. Which theory explains why Glendon is happy with a much smaller external reward for his work?
A. Self-imposition of goals
B. nAch
C. Self-concordance
D. Extrinsic motivation

13) Today Marci's boss entered her cubicle and told her that her work has been fantastic, and that because of her last project the client is going to give the company all of their business. Marci's boss continued to talk about what a great job she's doing. When her boss left, Marci felt very confident and satisfied with herself and her job. Marci's boss uses communication in which of the following functions?
A. Motivation
B. Control
C. Emotional expression
D. Information

14) What can managers do to make sure that important information is not withheld from them through silence?

A. Listen to and support diverse opinions.
B. Deal with information overload.
C. Interpret what they see and call it reality.
D. Tell employees what they want to hear.

15) When Neal Patterson, CEO of Lerner Corporation, sent his seething e-mail to 400 managers, he erred by selecting the wrong_____.
A. channel for his message
B. message
C. distribution
D. emotional charge
E. none of the above

16) Araceli is a team member in a large corporation. She never speaks in the team meetings because she has seen members talk behind each others' backs outside of the meetings. Members are constantly monitoring the other member's work, looking for a mistake to point out in a meeting. According to the information provided, which contextual factor is most likely hindering the success of Araceli's team?
A. Adequate resources
B. Climate of trust
C. Team structure
D. Performance evaluations

17) Ayesha is leading a group to develop a prototype for a new product. She has chosen three people to work with her. Ben and Tom are good friends and socialize on the weekend. They are both very creative. Julian is older than Ben and Tom, but they have worked together before and been quite productive. Julian is organized. Ayesha has never worked with any of the men, but knows the product well. She brings the highest level of expertise. Which of the following statements best describes Ayesha's group?
A. High norms, low cohesiveness, high productivity
B. Low norms, low cohesiveness, low productivity
C. High norms, high cohesiveness, high productivity
D. Low norms, high cohesiveness, low productivity

18) Irma does not like a few of the standard operating procedures adapted for the new project. However, she discussed the items with the team and told them that she realized she was in the minority and that she would adapt the new procedures to maintain smooth operations within the team. What is this type of intention called?
A. Sacrificing
B. Accommodating
C. Collaborating
D. Compromising

19) Angelina feels that her cubicle neighbor talks too loudly on the phone, but in other ways she is a great neighbor. Angelina gets annoyed every time her neighbor's phone rings, but she has decided it is simply not worth the trouble to talk to her neighbor. What is Angelina's conflict intention called?
A. Avoiding
B. Accommodating
C. Compromising.
D. Collaborating

20) For process conflict to be productive, it must be _____.
A. kept high
B. kept low
C. kept at low-to-moderate levels
D. kept at moderate levels
E. subject to managerial control

21) The right inherent in a managerial position to give orders and expect orders to be obeyed is termed_____.
A. chain of command
B. authority
C. power
D. unity of command
E. leadership

22) _____ are consistent with recent efforts by companies to reduce costs, cut overhead, speed up decision making, increase flexibility, get closer to customers, and empower employees.
a. Wider spans of control
b. Narrower spans of control
c. Flatter organizations
d. Formalization

23) What is the process through which employees are adapted to an organization's culture?
A. personalization
B. mentoring
C. socialization
D. institutionalization
E. intimidation

24) If there is a basic conflict between the individual’s expectations and the reality of working in an organization, the employee is most likely to be disillusioned and quit during which stage of socialization?
A. prearrival
B. ritual
C. encounter
D. metamorphosis
E. reflection

25) When your superior offers you a raise if you will perform additional work beyond the requirements of your job, he/she is exercising _____ power.
A. legitimate
B. coercive
C. reward
D. personal
E. reflective

26) Political behaviors usually _____.
A. lie outside of an individual’s specified job requirements
B. are counterproductive to individual goals
C. are seen only in large organizations
D. are frowned upon by organizational leaders
E. are expect as part of each job requirement

27) Regardless of the composition of a group, managers can leverage diversity to achieve superior performance by which of the following approaches?
A. Emphasize the higher-level similarities among members.
B. Ensure that everyone knows the importance of diversity in groups.
C. Explain the legal and ethical implications involved of not having a diverse group.
D. Focus on the benefits of having a diverse group.

28) Effective workforce programs that encourage diversity have three distinct components. First, they inform managers about the legal framework for equal employment opportunities and encourage fair treatment. Second, they teach managers how a diverse workforce will be better able to serve a diverse market of customers and clients. Third, they
A. ensure top-level management represents the diversity of its workforce and client base
B. ensure that certain groups have not been underutilized
C. generally involve one-shot training sessions that don’t take up an undue amount of time
D. foster personal development practices that bring out the skills and abilities of all workers
29) If individuals resisting change are included in making change decisions in an attempt to gain their support, this approach is called _____.
A. cooptation
B. exploitation
C. manipulation
D. coercion
E. education

30) Which tactic to overcome resistance to change is a relatively easy way to gain the support of adversaries, but may backfire if the targets become aware of the tactic?
A. negotiation
B. conciliation
C. manipulation
D. coercion
E. cooperation

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Calculate the number of payrolls in a calendar year using the following frequencies

1) Calculate the number of payrolls in a calendar year using the following frequencies:
a. Weekly
b. Bi-weekly
c. Semi-monthly
d. Monthly
2) A full-time employee (working 40 hours per week) has an annual salary of $33,280.00. What is his/her Bi-weekly rate and hourly rate?
3) Describe a situation in which you used problem solving skills to identify and resolve an issue. Be specific.
4) How would you respond to an employee email, below, inquiring about his/her direct deposit?
Hi Payroll – I have submitted the direct deposit form to you last week but I did not get my direct deposit today. Please let me know what happened. Thank you.
5) An hourly employee who has a rate of $12 receives a salary adjustment to $35,000/yr effective on the 3rd working day of a biweekly period. A biweekly period has 10 working days. What is the prorated salary for the period assuming he/she works 8 hrs per day? What is the increase in percentage?

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Alli Co. is a merchandising business. The account balances for Alli Co. as of November 30, 2012

Alli Co. is a merchandising business.  The account balances for Alli Co. as of November 30, 2012 (unless otherwise indicated), are as follows:

              110              Cash                                                                                                  $  73,920

              112              Accounts Receivable                                                            37,875

              113              Allowance for Doubtful Accounts                                                3,500

              115              Merchandise Inventory                                                          133,900

              116              Prepaid Insurance                                                                            3,750

              117              Store Supplies                                                                            2,850

              123              Store Equipment                                                                        100,800

              124              Accumulated Depreciation-Store Equipment                  20,160

              210              Accounts Payable                                                                          21,450

              211              Salaries Payable                                                                                   0

              218              Interest Payable                                                                                      0

              220              Note Payable (Due 2017)                                                            10,000

              310              P. Williams, Capital (January 1, 2012)                                89,510

              311              P. Williams, Drawing                                                            40,000

              312              Income Summary                                                                                      0

              410              Sales                                                                                                    853,040

              411              Sales Returns and Allowances                                              20,600

              412              Sales Discounts                                                                          13,200

              510              Cost of Merchandise Sold                                                          414,575

              520              Sales Salaries Expense                                                            74,400

              521              Advertising Expense                                                            18,000

              522              Depreciation Expense                                                                        0

              523              Store Supplies Expense                                                                     0

              529              Miscellaneous Selling Expense                                                2,800

              530              Office Salaries Expense                                                            40,500

              531              Rent Expense                                                                          18,600

              532              Insurance Expense                                                                                   0

              533              Bad Debt Expense                                                                                   0

              539              Miscellaneous Administrative Expense                                  1,650

              550               Interest Expense                                                                               240

Alli Co. uses the perpetual inventory system and the last-in, first-out costing method.  Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the Last-in, first-out costing method, please ignore this step in the process.  They also use the Allowance Method for bad debt.

The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily).

Alli Co. sells four types of television entertainment units.

The sale prices of each are:

TV A:  $3,500

TV B:  $5,250

TV C:  $6,125

PS D: $9,000

During December, the last month of the accounting year, the following transactions were completed:

Dec.              1.   Issued check number 2632 for the December rent, $2,200.

3.       Purchased four TV C units on account from Prince Co., terms 2/10, n/30, FOB shipping point, $14,800.

4.       Issued check number 2633 to pay the transportation changes on purchase of December 3, $400.  (NOTE:  Do not include shipping and purchase discounts to the Inventory Control sheet for this project.)

6.       Sold four TV A and four TV B on account to Albert Co., invoice 891, terms 2/10, n/30, FOB shipping point.

10.     Sold two project systems for cash.

11.     Purchased store supplies on account from Matt Co., terms n/30, $620.

13.     Issued check to Prince Co. number 2634 for full amount due (November’s balance plus December 3rd transaction), less discount allowed.

14.     Issued credit memo for one TV A unit returned on sale of December 6. 

15.     Issued check number 2635 for advertising expense for last half of December, $1,500.

16.     Received cash from Albert Co. for full amount due (less return of December 14 and discount).

19.  Issued check number 2636 to buy two TV C units, $7,600.

19.  Issued check number 2637 for $6,100 to Joseph Co. on account.

20.      Sold three TV C units on account to Cameron Co., invoice number

       892, terms 1/10, n/30, FOB shipping point. 

20.     For the convenience of the customer, issued check number 2638 for shipping charges on sale of December 20, $600.

21.     Received $12,250 cash from McKenzie Co. on account, no discount.

21.     Purchased three projector systems on account from Elisha Co., terms 1/10, n/30, FOB destination, $15,600.

25.  Received notification that Marie Co. has been granted bankruptcy with no

amount of recovery.  We are to write-off her amount due.  (Note: See page

402 for entry required.)

24.     Issued a debit memo for return of $5,200 because of a damaged projection system purchased on December 21, receiving credit from the seller.

26.   Issued check number 2639 for refund of cash on sales made for cash, $1,000.   (Customer was going to return goods until an allowance was arranged.)

27. Issued check number 2640 for sales salaries of $1,750 and office

       salaries of $950.

28.   Purchased store equipment on account from Matt Co., terms n/30, FOB

      destination, $800.

29.   Issued check number 2641 for store supplies, $550.

30.   Sold four TV C units on account to Randall Co., invoice number 893,

terms 2/10, n/30, FOB shipping point.

30.   Received cash from sale of December 20, less discount, plus transportation

       paid on December 20.  (Round calculations to the nearest dollar.)

30.   Issued check number 2642 for purchase of December 21, less return

of December 24 and discount.

30.   Issued a debit memo for $200 of the purchase returned from

       December 28.

Instructions:

1.       Enter the balances of each of the accounts in the appropriate balance column of a four-column account (General Ledger).  Write Balance in the item section, and place a check mark (√) in the Post Reference column.

2.       Journalize the transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal as illustrated in chapter 7.  Also post to the Accounts Receivable and Accounts Payable Subsidiary ledgers and when needed the Inventory Control Sheet.

3.       Total each column on the special journals and prove the journal.

4.       Post the totals of the account named columns and individually post the “other” columns as well to the General Ledger.

5.       Prepare the Schedule of Accounts Receivable and the Schedule of Accounts Payable (their total amount must equal the amount in their controlling general ledger account).

6.       Prepare the unadjusted trial balance on the worksheet.

7.       Complete the worksheet for the year ended December 31, 2012, using the following adjustment data:

a.    Merchandise inventory on December 31                                          $110,200

b.    Insurance expired during the year                                                              1,250

c.    Store supplies on hand on December 31                                                   975

d.    Depreciation for the current year needs to be calculated.  Alli Co. uses the

Straight-line method, the store equipment has a useful life of 10 years with no salvage value.  (NOTE: the purchase and return will not be included as the dates of the transactions were after the 15th of the month).

e.    Accrued salaries on December 31:

              Sales salaries                                                        $480

              Office salaries                                                          260                                    530

f.   The note payable terms are at 8%, payment is not being made until Jan. 3, 2013.  Interest must be recognized for one month (round answer to the nearest dollar amount).

g.  Net realizable value of Accounts Receivable is determined to be $30,000.

8.  Prepare a multiple-step income statement, a statement of owner’s equity, and a

     classified balance sheet in good form.

9.  Journalize and post the adjusting entries.

10.  Journalize and post the closing entries.  Indicate closed accounts by inserting a line

in both balance columns opposite the closing entry.

11.  Prepare a post-closing trial balance.

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Alli Co. is a merchandising business

Alli Co. is a merchandising business.  The account balances for Alli Co. as of November 30, 2012 (unless otherwise indicated), are as follows:

              110              Cash                                                                                                  $  73,920

              112              Accounts Receivable                                                            37,875

              113              Allowance for Doubtful Accounts                                                3,500

              115              Merchandise Inventory                                                          133,900

              116              Prepaid Insurance                                                                            3,750

              117              Store Supplies                                                                            2,850

              123              Store Equipment                                                                        100,800

              124              Accumulated Depreciation-Store Equipment                  20,160

              210              Accounts Payable                                                                          21,450

              211              Salaries Payable                                                                                   0

              218              Interest Payable                                                                                      0

              220              Note Payable (Due 2017)                                                            10,000

              310              P. Williams, Capital (January 1, 2012)                                89,510

              311              P. Williams, Drawing                                                            40,000

              312              Income Summary                                                                                      0

              410              Sales                                                                                                    853,040

              411              Sales Returns and Allowances                                              20,600

              412              Sales Discounts                                                                          13,200

              510              Cost of Merchandise Sold                                                          414,575

              520              Sales Salaries Expense                                                            74,400

              521              Advertising Expense                                                            18,000

              522              Depreciation Expense                                                                        0

              523              Store Supplies Expense                                                                     0

              529              Miscellaneous Selling Expense                                                2,800

              530              Office Salaries Expense                                                            40,500

              531              Rent Expense                                                                          18,600

              532              Insurance Expense                                                                                   0

              533              Bad Debt Expense                                                                                   0

              539              Miscellaneous Administrative Expense                                  1,650

              550               Interest Expense                                                                               240

Alli Co. uses the perpetual inventory system and the last-in, first-out costing method.  Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the Last-in, first-out costing method, please ignore this step in the process.  They also use the Allowance Method for bad debt.

The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily).

Alli Co. sells four types of television entertainment units.

The sale prices of each are:

TV A:  $3,500

TV B:  $5,250

TV C:  $6,125

PS D: $9,000

During December, the last month of the accounting year, the following transactions were completed:

Dec.              1.   Issued check number 2632 for the December rent, $2,200.

3.       Purchased four TV C units on account from Prince Co., terms 2/10, n/30, FOB shipping point, $14,800.

4.       Issued check number 2633 to pay the transportation changes on purchase of December 3, $400.  (NOTE:  Do not include shipping and purchase discounts to the Inventory Control sheet for this project.)

6.       Sold four TV A and four TV B on account to Albert Co., invoice 891, terms 2/10, n/30, FOB shipping point.

10.     Sold two project systems for cash.

11.     Purchased store supplies on account from Matt Co., terms n/30, $620.

13.     Issued check to Prince Co. number 2634 for full amount due (November’s balance plus December 3rd transaction), less discount allowed.

14.     Issued credit memo for one TV A unit returned on sale of December 6. 

15.     Issued check number 2635 for advertising expense for last half of December, $1,500.

16.     Received cash from Albert Co. for full amount due (less return of December 14 and discount).

19.  Issued check number 2636 to buy two TV C units, $7,600.

19.  Issued check number 2637 for $6,100 to Joseph Co. on account.

20.      Sold three TV C units on account to Cameron Co., invoice number

       892, terms 1/10, n/30, FOB shipping point. 

20.     For the convenience of the customer, issued check number 2638 for shipping charges on sale of December 20, $600.

21.     Received $12,250 cash from McKenzie Co. on account, no discount.

21.     Purchased three projector systems on account from Elisha Co., terms 1/10, n/30, FOB destination, $15,600.

25.  Received notification that Marie Co. has been granted bankruptcy with no

amount of recovery.  We are to write-off her amount due.  (Note: See page

402 for entry required.)

24.     Issued a debit memo for return of $5,200 because of a damaged projection system purchased on December 21, receiving credit from the seller.

26.   Issued check number 2639 for refund of cash on sales made for cash, $1,000.   (Customer was going to return goods until an allowance was arranged.)

27. Issued check number 2640 for sales salaries of $1,750 and office

       salaries of $950.

28.   Purchased store equipment on account from Matt Co., terms n/30, FOB

      destination, $800.

29.   Issued check number 2641 for store supplies, $550.

30.   Sold four TV C units on account to Randall Co., invoice number 893,

terms 2/10, n/30, FOB shipping point.

30.   Received cash from sale of December 20, less discount, plus transportation

       paid on December 20.  (Round calculations to the nearest dollar.)

30.   Issued check number 2642 for purchase of December 21, less return

of December 24 and discount.

30.   Issued a debit memo for $200 of the purchase returned from

       December 28.

Instructions:

1.       Enter the balances of each of the accounts in the appropriate balance column of a four-column account (General Ledger).  Write Balance in the item section, and place a check mark (√) in the Post Reference column.

2.       Journalize the transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal as illustrated in chapter 7.  Also post to the Accounts Receivable and Accounts Payable Subsidiary ledgers and when needed the Inventory Control Sheet.

3.       Total each column on the special journals and prove the journal.

4.       Post the totals of the account named columns and individually post the “other” columns as well to the General Ledger.

5.       Prepare the Schedule of Accounts Receivable and the Schedule of Accounts Payable (their total amount must equal the amount in their controlling general ledger account).

6.       Prepare the unadjusted trial balance on the worksheet.

7.       Complete the worksheet for the year ended December 31, 2012, using the following adjustment data:

a.    Merchandise inventory on December 31                                          $110,200

b.    Insurance expired during the year                                                              1,250

c.    Store supplies on hand on December 31                                                   975

d.    Depreciation for the current year needs to be calculated.  Alli Co. uses the

Straight-line method, the store equipment has a useful life of 10 years with no salvage value.  (NOTE: the purchase and return will not be included as the dates of the transactions were after the 15th of the month).

e.    Accrued salaries on December 31:

              Sales salaries                                                        $480

              Office salaries                                                          260                                    530

f.   The note payable terms are at 8%, payment is not being made until Jan. 3, 2013.  Interest must be recognized for one month (round answer to the nearest dollar amount).

g.  Net realizable value of Accounts Receivable is determined to be $30,000.

8.  Prepare a multiple-step income statement, a statement of owner’s equity, and a

     classified balance sheet in good form.

9.  Journalize and post the adjusting entries.

10.  Journalize and post the closing entries.  Indicate closed accounts by inserting a line

in both balance columns opposite the closing entry.

11.  Prepare a post-closing trial balance.

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