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"Hi I have a Couple of questions that I need help...




"Hi I have a Couple of questions that I need help answering because i don't know. Please help me. Thank you 13. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. The February 28 cash was $1,800. What was the January 31 beginning cash balance? A. $700. B. $1,100. C. $2,900. D. $0. E. $4,300 14. The following transactions occurred during July: 1. Received $ 900 cash for services provided to a customer during July. 2. Received $ 2,200 cash investment from Barbara Hanson, The owner of the business. 3. Received $ 750 from a customer in partial payment of his account receivable which arose from sales in June. 4. Provided services to a customer on credit, $ 375. 5. Borrowed $ 6,000 from the bank by signing a promissory note. 6. Received $ 1,250 cash from a customer for services to be rendered next year. What was the amount of revenue for July? A. $900. B. $1,275. C. $2,525. D. $3,275. E. $11,100. 3. At the beginning of January of the current year, Thomas law Center?s ledger reflected a normal balance of $ 52,000 for accounts receivable. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be: A. $54,700. B. $49,700. C. $2,300. D. $54,300. E. $49,300. 4. A company had no office supplies available at the beginning of the year. During the year, the company purchased $ 250 worth office supplies. On December 31, $75 worth of office supplies remained. How much should the company report as office supplies expense for the year? A. $75 B. $125 C. $175 D. $250 E. $325 23. On January 1 a company purchased a five- year insurance policy for $1,800 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is: A. Debit Prepaid Insurance, $1,800; credit Cash, $1,800. B. Debit Prepaid Insurance, $1,440; credit Insurance Expense, $ 1,400. C. Debit Prepaid Insurance, $360; credit Insurance Expense, $360. D. Debit Insurance Expense, $360; credit Prepaid Insurance, $360. E. Debit Insurance Expense, $360; credit prepaid Insurance, $1,440. 28. J. Awn, the proprietor of Awn Services, withdrew $8,700 from the business during the current year. The entry to close the withdrawals account at the end of the year, is: A. J. Awn, Withdrawals????????? 8,700 Cash???????????????? 8,700 B. J. Awn, Capital???????????.. 8,700 J. Awn, Withdrawals??????? 8,700 C. J. Awn, Withdrawals????????.. 8,700 J. Awn, Capital???????????. 8,700 D. J. Awn, Capital????????????. 8,700 Salary Expense?????????.. 8,700 E. Income Summary??????????. 8,700 J. Awn, Capital?????????.. 8,700 29. The following information is available for the Travis Travel Agency. After the closing entries what will be the balance in the Jay Travis, Capital account? Total revenues?????????. $125,000 Total expenses????????? 60,000 Jay Travis, Capital???????? 80,000 Jay Travis, Withdrawals????.. 15,000 A. $65,000. B. $80,000. C. $130,000. D. $145,000. E. $280,000. 30. At the beginning of 2009, Beta Company?s balance sheet reported Total Assets of $195,000 and Total Liabilities of $75,000. During 2009, the company reported total revenues of $226,000 and expenses of $175,000. Also, owner withdrawals during 2009 totaled $48,000. Assuming no other changes to owner?s capital, the balance in the owner?s capital account at the end of 2009 would be: A. $174,000. B. $78,000. C. cannot be determined from the information provided. D. $120,000. E. $123,000. 31. A company has sales of $375,000 and its gross profit was $157,500. It cost of goods sold equals: A. $(217,000). B. $375,000. C. $157, 500. D. $217,500. E. $532,500. 33. A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. The company later returned $275 worth of merchandise and paid the invoice within the 2% cash discount period. The total amount paid for this merchandise is: A. $3,725.00. B. $3,925.00. C. $3,995.00 D. $4,000.50. E. $4,075.00. 34. On October 1, Robinson Company sold merchandise in the amount of $5,800 to Rosser, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robinson uses the perpetual inventory system. The journal entry or entries that Robinson will make on October 1 is: A. Sales 5,800 Accounts receivable 5,800 B. Sales 5,800 Accounts receivable 5,800 Cost of goods sold 4,000 Merchandise Inventory 4,000 C. Accounts receivable 5,800 Sales 5,800 D. Accounts receivable 5,800 Sales 5,800 Cost of goods sold 4,000 Merchandise inventory 4,000 E. Accounts receivable 4,000 Sales 4,000 19. A company made no adjusting entry for accrued and unpaid employee wages of $28,000 on December 31. This oversight would: A. Understate net income by $28,000. B. Overstate net income by $28,000. C. Have no effect on net income. D. Overstate assets by $28,000. E. Understate assets by $28,000.


Paper#6308 | Written in 18-Jul-2015

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