ACCT UB1 - Principles of FINANCIAL ACCOUNTING – Summer 2023
Prof. Jim Resnik - NYU STERN - Midterm 2 Exam
Instructions:
Log-in to our Zoom classroom with your camera on and your microphone muted before downloading the exam.
Remain in the Zoom meeting with speakers (no headphones/earbuds) and camera (no virtual background) on until
you have submitted your exam and your sheet of not
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ACCT UB1 - Principles of FINANCIAL ACCOUNTING – Summer 2023
Prof. Jim Resnik - NYU STERN - Midterm 2 Exam
Instructions:
Log-in to our Zoom classroom with your camera on and your microphone muted before downloading the exam.
Remain in the Zoom meeting with speakers (no headphones/earbuds) and camera (no virtual background) on until
you have submitted your exam and your sheet of notes.
Do not move beyond your camera’s range during the exam (you may not walk away from your camera’s range).
Questions during the exam should be typed in the “chat” window. Only use your microphone as a last resort.
You must upload your answers by the end of the exam’s scheduled time period.
You can upload your answers one time only. Do Check that you uploaded a correct/complete file before leaving.
upload a single file, Word or PDF format preferred, with your answers (No Apple-only file formats, no links to
document on the cloud, no compressed files).
No answer files will be accepted after you have left the Zoom meeting.
If you have an issue preventing you from uploading your answers file, as an EMERGENCY only, email your
answers to: [email protected] in a file named: [your full name] ACCT UB1 Midterm X (X = 1, 2 or 3).
A 1 point grade penalty will be applied for each 1 minutes you are late in uploading your answers.
Please turn off your cell phone and put it away while writing your answers (ok to use after to scan answers).
Do not have any unrelated software running on your computer during the exam.
No reference material except a single page (8-1/2” x 11” printed both sides) of notes following the requirements
listed in our syllabus to be used/consulted during the exam.
No electronic devices except a non-text-saving calculator and your computer may be used during the exam.
You may not access the internet (on any device) or any unauthorized reference material during the exam.
Type your answers in the space provided on the Exam file or legibly write them on a separate paper.
If hand-writing, write your answers as legibly and organized as you can. Indicate where the answer to each part
begins and circle your final answer for each part.
Show your work and calculations for each answer for possible partial credit.
After submitting your exam, submit a scan/photo of your sheet of notes (both sides) to the appropriate
assignment’s page in NYU Classes.
if you have any difficulties with this exam, please email me immediately at: [email protected]
With a detailed description of your difficulties. For difficulties submitting, also follow the bold text above.
Q1 (17 points)
1
Chicago Company began operating on June 1, 2023. The company has hired you to reconcile its bank statement and cash
account. At June 30, 2023, the Cash account on the books showed the following:
Cash account
Date Explanation Debits Credits Balance
June 1 Balance $0
June 1-30 Deposits $37,600 37,600
June 1-30 Checks $29,700 7,900
June 30 Balance 7,900
The June bank statement, just received, showed the following:
June 1, balance $0
Deposits received in June 34,600
Interest paid by the bank in June 120
Checks paid in June (27,500)
Bank service charge for June (50)
NSF Charged (Brad Jolie, check returned for
nonsufficient funds) (150)
June 30, balance $7,020
Required:
A. Prepare the bank reconciliation at June 30, 2023.
B. Prepare the adjusting journal entry or entries needed as a result of preparing the bank reconciliation.
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[Type your answer here or write it on a separate page]
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