Four questions from Cal Coast University BAM110 Introduction to Accounting exam 4 Question 22) Greetings Online disposed of a van that cost $22000 with accumulated depreciation of $15000. The journal entry would be to: A. Debit accumulated depreciation $15000, debit depreciation expense $7000, credit can $22000. B. debit loss disposal of plant asset $7000, debit accumulated depreciation $15000, credit van $22000. C. Debit accumulated depreciation $15000, credit van $15000 D. None of the above. Question 6) a purchase discount was recorded as a credit to the purchases account- the remainder was correctly recorded. This error will cause: A. Net income will be understated. B. net income will be overstated. C. Total assets will be overstated. D. None of these are correct. Question 8) A purchase discount that's was earned and never recorded. This error will cause: A. Total assets will be overstated. B. net income will be understated. C. Net income will be overstated. D. None of the above. Question 17) if the ending inventory is overstated, A. Gross profit is overstated. B. cost of goods sold is overstated. C. Gross profit upis understated. D. None of these are correct. Thankyou....can you explain how this works with my credits also?
Paper#1491 | Written in 18-Jul-2015Price : $25