Lecture Class: Tutorial Class: A / B / C (Circle the appropriate options) Student Name: Student Number: Important points to follow 1. Total test duration (90 minutes): Test time (75 minutes) and submission time (15 minutes) 19:30 - 21:00 (Class A01 - A09), 29 October 2021 (Friday) 19:45 - 21:15 (Class A10 - A18), 29 October 2021 (Friday) 2. Submit your answers online via the submission link under the individual Lecture Class Moodle at or before the submission deadline. No late submission is accepted. 3. You MUST include this cover page when you submit the take-home test. No need to submit the question paper. 4. You can use the answer sheet template provided or your own A4-size single-lined paper. Answers must be hand-written in blue/black colour pen or ipen. DO NOT type your answers. In case of not following this rule, 20% of your total marks will be deducted. 5. Save your answer in ONE file with PDF format. Use the file name BHMH2101_TEST_Student ID (e.g. BHMH2101_TEST_21123456A). Make sure you have submitted the correct and entire PDF file. 6. Only the last submission you made within the designated timeslot will be counted. Subject Lecturers Lecture Class Pigeon Hole No. Location of Pigeon Hole Barbara Ngai A01, A02 WK-027 13/F, North Tower Sherry Leung A03, A04 13/F, North Tower Benjamin Wong A05, B06 WK-0123 13/F, North Tower Daphne Wong A07, A08, A16 WK-212 10/F, North Tower James Chow A09, A10 WK-234 10/F, North Tower Anthenian Chiu A11, A12, A17 WK-253 10/F, North Tower Jaclyn Yu A13, A18 Jeannie Tong A14 Kattie Kwok A15 Declaration of Original Work By submitting this assignment to the subject lecturer through Moodle, you hereby declare that the work in this assignment is completely your own work. No part of this assignment is taken from other people’s work without giving them credit. You understand that an infringement of this declaration leaves you subject to disciplinary actions such as mark deduction, disqualification or even expulsion by the College. Marks This study source was downloaded by 100000839306532 from CourseHero.com on 06-24-2022 18:21:13 GMT -05:00 https://www.coursehero.com/file/121030746/FA-2021-2022-Mid-Term-Test-Version-Apdf/ BHMH2101 2021/22 S1 Take-home Test Version A Page 2 Total Marks: 100 marks Question 1 Part I (76 marks) Renshen Company (“Renshen”) is an on-line platform that matches tutors with students for private tutoring services. The Company charges both students and tutors 5% on the monthly tuition fees as Service Revenue and receives payment next month. Besides, the Company uses its website to earn Advertising Revenue. The company adjusts its accounts monthly and prepares closing entries annually on 31 December. Below is the unadjusted trial balance dated 31 December 2021: Dr $ Cr $ Cash 280,556 - Accounts Receivable 142,300 - Supplies 4,960 - Prepaid Insurance 10,000 - 6%, 2- year Note Receivable (due on 31 December 2022) 20,000 Land 680,000 - Equipment 576,000 - Accumulated Depreciation: Equipment - 174,000 4%, 1-year Note Payable (due on 31 December, 2021) - 120,000 Accounts Payable - 60,316 Income Taxes Payable - 50,000 Interest Payable 1,200 Share Capital Issued (@$2 per share) - 800,000 Retained Earnings - 128,900 Service Revenue - 1,170,000 Advertising Revenue - 110,000 Supplies Expense 39,000 - Depreciation Expense: Equipment 24,000 - Salaries Expense 261,000 - Selling Expense 16,000 - Interest Expense 3,600 - Insurance Expense 50,000 - Rent Expense 457,000 - Income Taxes Expense 50,000 - TOTAL 2,614,416 2,614,416 Information on adjusting entries: (1) Supplies on hand on 31 December 2021 were $1,960. (2) Accrued, unrecorded and unpaid salaries for December amounted to $29,000