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charter oak acc101 week 2 test part 1

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Question;1.;Double-entry accounting is characterized by which of the following?;Answer;? Question;2;1.271 out of 1.271 points;2. If a company purchases equipment on;account;Answer;? Question;3;1.271 out of 1.271 points;3. The journal entry to record a;particular business transaction includes a credit to a liability account. This;transaction is most likely also to include;Answer;? Question;4;1.271 out of 1.271 points;4. The collection of an account receivable;is recorded by a debit to Cash and a credit to Accounts Payable. If this error;is not corrected;Answer;? Question;5;1.271 out of 1.271 points;5. If a company purchases equipment for;cash;Answer;? Question;6;1.271 out of 1.271 points;6. Which of the following errors would be;disclosed by preparation of a trial balance?;Answer;? Question;7;1.271 out of 1.271 points;7. In February of each year, the Dumond;Hotel holds a very popular wine tasting.;Tickets must be ordered and paid for in advance, and are typically sold;out by November of the preceding year.;The realization principle indicates that the revenue from these ticket;sales should be recognized in the period in which the;Answer;? Question;8;1.271 out of 1.271 points;8. The matching principle is best;demonstrated by;Answer;? Question;9;1.271 out of 1.271 points;9. Net income is;Answer;? Question;10;1.271 out of 1.271 points;10. The reason that both expenses and;dividends are recorded by debit entries is that;Answer;? Question;11;1.271 out of 1.271 points;11. As You Like It, Inc., a jazz group;entertained at a black-tie dinner dance on April 26, and collected the fee in;full at the end of the evening. This;transaction;Answer;? Question;12;0 out of 1.271 points;12. At the end of October, Two Harbors;Marina received a bill for fuel used in October. Payment is not due until November 30. This transaction;Answer;? Question;13;1.271 out of 1.271 points;Use the following to answer;questions 13-16;The following transactions occurred during March, the first;month of operations for Stewart Building, Inc.;* Capital stock was issued to Bill Stewart in exchange for;$100,000 cash.;* Purchased $50,000 of equipment by making a $20,000 cash;down payment and signing a note payable for the balance.;* Made a $13,000 cash payment on the note payable from the;purchase of equipment.;* Sold a piece of equipment for cash of $3,000. The;equipment was sold at cost, so there is no gain or loss on the sale.;13. Refer to;the above data. What is the balance in;the Cash account at the end of March?;Answer;? Question;14;1.271 out of 1.271 points;14. Refer to the above data. What are total assets of Stewart Building;Inc. at the end of March?;Answer;? Question;15;0 out of 1.271 points;15. Refer to the above data. What is the balance in the Note Payable;account at the end of March?;Answer;? Question;16;1.271 out of 1.271 points;16. Refer to the above data. What is the total owners' equity at the end;of March?;Answer;? Question;17;1.271 out of 1.271 points;Use the following to answer;questions 17 -20;The following transactions occurred during May, the first;month of operations for Joyce Products, Inc.;* Issued 40,000 shares of capital stock to the owners of the;corporation in exchange for $500,000 cash;* Purchased a piece of land for $300,000, making a $100,000;cash down payment and signing a note;payable for the balance.;* Made a $50,000 cash payment on the note payable from the;purchase of land.;* Purchased equipment on credit from DDL, Inc. for $42,000.;17. Refer to;the above data. What is the balance in;the Cash account at the end of May?;Answer;? Question;18;1.271 out of 1.271 points;18. Refer to the above data. What are total assets of Joyce Products at;the end of May?;Answer;? Question;19;1.271 out of 1.271 points;19. Refer to the above data. What is the total of Joyce Products;liabilities at the end of May?;Answer;? Question;20;1.271 out of 1.271 points;20. Refer to the above data. What is the total owners' equity at the end;of May?;Answer;? Question;21;1.271 out of 1.271 points;21. The purchase of office equipment at a;cost of $4,100 by an immediate payment of $900 and agreement to pay the balance;within 60 days is recorded by;Answer;? Question;22;1.271 out of 1.271 points;Use the following to answer;questions 22 - 23;The bookkeeper for Vanderbilt Mfg. made the following;journal entry on January 30, 2000;Land 135,000;Building 45,000;Cash 30,000;Notes;Payable;150,000;22. Refer to;the above data. This transaction;involves;Answer;? Question;23;1.271 out of 1.271 points;23. Refer to the above data. Before the journal entry above, Vanderbilt;had assets, liabilities, and owners' equity of $450,000, $100,000, and;$350,000, respectively. What are total assets immediately after the above;transaction occurs?;Answer;? Question;24;1.271 out of 1.271 points;24. MicroDevices sold and delivered modems;to Dale Computers for $360,000 to be paid by Dale in three equal installments;over the next three months. The journal entry made by Dale Computers to record;the last of the three installment payments will include;Answer;? Question;25;1.27 out of 1.27 points;Use the following to answer;questions 25-27;Time Saver reports these account balances at December 31;2000;Accounts payable;$ 90,000;Land 180,000;Notes Payable 240,000;Equipment 140,000;Cash 60,000;Accounts Receivable;80,000;Building 220,000;Capital Stock 300,000;Retained earnings 50,000;On January 2, 2001, Time Saver collected $5,000 of its;accounts receivable and paid $40,000 of its accounts payable.;25. Refer to;the above data. In a trial balance prepared;at December 31, 2000, the total of the debit column is;Answer;? Question;26;1.271 out of 1.271 points;26. Refer to the above data. In a trial balance prepared at January 3;2001, the total of the debit column is;Answer;? Question;27;0 out of 1.271 points;27. Refer to the above data. On January 3, 2001, total liabilities are;Answer

 

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