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charter oak acc101 week 3 test part 1

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Question;?;1. Adjusting;entries are prepared;Answer;?;Question 2;0 out of 1.63 points;2. Depreciation;is;Answer;?;Question 3;1.63 out of 1.63 points;3. Which;of the following situations does not require an adjusting entry at the end of;January?;Answer;?;Question 4;1.63 out of 1.63 points;4. No;adjusting entry should consist of;Answer;?;Question 5;1.63 out of 1.63 points;5. ASK;Systems prepares monthly financial statements. ASK would record a prepaid;expense in each of the following situations except;Answer;?;Question 6;1.63 out of 1.63 points;6. In;which of the following situations would Axel Company record unearned revenue;in May?;Answer;?;Question 7;1.63 out of 1.63 points;7. As;of January 31, Hudson Company owes $600 to U-Rent-It for equipment used;during January.If no adjustment is made for this item at January;31, how will Hudson's financial statements be affected?;Answer;?;Question 8;1.63 out of 1.63 points;8. Recently;The Friendly Lake Inn contracted and paid for a relatively expensive;advertisement in Good Living magazine.Despite;the fact that the ad will appear in Good Living three months after the end;of Friendly Lake's current fiscal year, the Inn's accountant;recorded the advertising expense when the payment was made.If;no adjusting entry is made, how will this year's financial statements of;Friendly Lake Inn be affected?;Answer;?;Question 9;1.63 out of 1.63 points;9. Nieves;Electronics purchased cash registers on April 1 for $7,200. If this asset has;an estimated useful life of six years, what is the book value of;the cash registers on May 31?;Answer;?;Question 10;1.634 out of 1.634 points;10. Property;Management Corporation, which maintains its accounts on the basis of a fiscal;year ending June 30, began the management of an office building on June 15;for an agreed annual fee of $9,600. The first payment is due on July 15. The;adjusting entry required at June 30 is;Answer;?;Question 11;1.634 out of 1.634 points;11. TLC;Co. began providing day care for the children of employees of a large;corporation on January 15 for an agreed monthly fee of $8,000. The first;payment is to be received on February 15. The adjusting entry required by TLC;Co. on January 31 includes;Answer;?;Question 12;0 out of 1.634 points;Use;the following to answer questions 12 - 16;Melva;Company adjusts its accounts at the end of each month. The;following information has been assembled in order to prepare the required;adjusting entries at December 31;(1);A one-year bank loan of $240,000 at an annual interest rate of 10% had been;obtained on December;1.;(2);The company's to pay all employees up-to-date on each Friday. Since;December 31 fell on Tuesday;there was a liability to employees at December 31 for one day's pay;amounting to;$3,800.;(3);On December 1 rent on the office building had been paid for four months. Monthly;rent is $2,000.;(5);Fees of $5,000 were earned during the month for clients who had paid in;advance.;12. What;amount of interest expense has accrued on the bank loan?;Answer;?;Question 13;1.634 out of 1.634 points;13. The;accrued interest should be;Answer;?;Question 14;1.634 out of 1.634 points;14. After;the appropriate adjusting entry is recorded, the balance in the liability;account Unearned Fees will;Answer;?;Question 15;1.634 out of 1.634 points;15. The;entry to record rent expense will include;Answer;?;Question 16;1.634 out of 1.634 points;16. Failure;to make the appropriate adjustment to the Salary Expense account will result;in;Answer;?;Question 17;1.634 out of 1.634 points;Use;the following to answer questions 17-21;Baxter;Inc. adjusts its books each month but closes its books at the end of the;year. The trial balance at March 31 before adjustments;is as follows;Debit Credit;Cash $;8,400;Accounts Receivable 7,400;Supplies 1,000;Prepaid Insurance 2,400;Equipment 20,000;Accumulated Depreciation: Equipment;$;8,000;Unearned Service Revenue 5,000;Capital Stock 4,000;Retained Earnings 18,000;Dividends 1,200;Service Revenue Earned 12,700;Salaries Expense 6,000;Utilities Expense 300;Rent Expense 1,000;$;47,700 $47,700;17. According;to service contracts, $3,000 of the Unearned Service Revenue has been earned;in March. The amount of Service Revenue Earned to be reported in the March;income statement is;Answer;?;Question 18;1.634 out of 1.634 points;18. On;March 1, Baxter paid in advance for six months' insurance. The necessary;adjusting entry at March 31 includes which of the following?;Answer;?;Question 19;1.634 out of 1.634 points;19. At;March 31, the amount of supplies on hand is $600. What amount is reported in;the March income statement for supplies expense?;Answer;?;Question 20;1.63 out of 1.63 points;20. The;equipment had an estimated useful life of ten years. Compute the book value;of the equipment at March 31, after the proper March adjustment is recorded.;Answer;?;Question 21;1.634 out of 1.634 points;21. Employees;are owed $800 for services since the last payday in March, to be paid the;first week in April. The amount to be reported in the March income;statement for salaries expense is;Answer

 

Paper#42579 | Written in 18-Jul-2015

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