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2) the increase or decrease in the owner's equity is reported on the;A statement of owner's equity;B income statement;C balance sheet;D all of those;13) which of the following would result if the business provided services to a customer collecting?;A cash would increase and revenue would decrease;B since the cash was collected there is no need to record this;C cash would increase and capital would increase;D cash would increase and revenue would increase;17) Accounts payable had a normal starting balance of $600. There were debit posting of $350 and credit posting of $200 during the month. The ending balance is;A $950 credit;B $450 debit;C $450 credit;D $750 debit;19) Given the following list of accounts with normal balances what are the trial balance totals of the debits and credit.;cash $500;accounts receivable 100;capital 300;withdrawals 100;service fees 700;rent expense 300;a $800 debit $800 credit;b $1,200 debit $1,200 credit;c $900 debit $900 credit;d $1,000 debit $1,000 credit;A credit to an asset account was posted to an owner's equity account this error would cause;a assets were overstated;b owner's equity was overstated;c liabilities were overstated;d both a and c are correct;25) The journal described as the simplest form is a (an);a accounting journal;b general journal;c special journal;d interim journal;28) Antonio's catered a reception. The total price was $1,200. The customer paid $200 cash and charged the remainder. The journal entry to record this transaction is;a cash 200 accounts receivable 200;b cash 200 accounts receivable 1,000 catering service fees 1,200;c cash 1,000 accounts receivable 200 catering service fees 1,200;d accounts receivable 1,200 cash 200 catering service fees 1,000;36) If you had purchased $500 of supplies during the month and at the end of the month you had $300 on hand the adjustment for supplies would be.;a $100;b $300;c $200;d $500;46) The adjusting entries are journalized;a whenever time permits;b before preparing financial reports;c before the next accounting period starts;d at the beginning of the accounting period;48) An important purpose of closing entries is to;a set nominal accounts balances to zero to begin the next period;b adjust the accounts in the ledger;c help in preparing financial statement;d set real accounts balances to zero to begin the next period;49) Which of the following accounts will not be closed to income summary at the end of the fiscal year?;a word processing fees;b smith withdrawals;c salaries expense;d supplies expense;51) Which of the following accounts ordinarily appears in the post-closing trial balance;a accumulated depreciation;b supplies expense;c fees revenue;d salaries expense;61) A $100 petty cash fund has cash of $14 and valid receipts for $82. The entry to replenish the fund would include a;a credit to cash for $82;b debit to cash short/over for $4;c debit to cash for $82;d debit to petty cash for $86;63) The entry to replenish the petty cash fund debited supplies instead of postage expense this would cause;a expenses to be overstated;b revenues to be understated;c expenses to be understated;d revenues to be overstated;67) The amount of fica-oasdi and fica-medicare taxes an employer must pay is;a equal to the amount withheld from the employee;b not dependent on the amount withheld from the employee;c greater than the amount withheld from the employee;d less than the amount withheld from the employee;68) The payroll register includes sections for recording;a assets liabilities equity revenues and expenses;b gross pay deductions and net pay;c accrued expenses unearned revenues and net pay;d trade accounts receivable and short-term note receivables;71) When calculating the payroll the clerk forgot about the tax ceilings;a suta could be overstated;b fica-oasdi could be overstated;c futa could be overstated;d all of these could be correct;72) The accounting department forgot to estimate the worker's compensation this will cause;a the net income to be understated;b the liabilities to be overstated;c the assets to be overstated;d the net income to be overstated;81) Jane's Bakery sold 50 pies at $8.00 each to a charge customer terms 2/10 n/30 which entry is required to record this transaction?;a debit accounts receivable for $400 credit bakery sales for $400;b debit accounts receivable for $392 credit bakery sales for $392;c debit cash for $392 credit bakery sales for $392;d debit accounts receivable for $392 debit sales discount for $8 and credit bakery sales for $400;82) Compass outfitters sold goods for $300 to a charge customer the customer returned for credit $120 worth of goods which entry is required to record the return transaction?;a debit sales returns and allowances $ 120 credit accounts receivable for $180;b debit accounts receivable $ 180 credit sales returns and allowances for $120;c debit sales $180 credit sales returns and allowances $120;d debit sales returns and allowances for $120 credit sales for $180;93) Deluth Corporation has normal gross profit of 40% the current year's beginning inventory was $2,000 purchases were $ 5,000 and retail sales were $ 6,000 the estimated ending inventory under the gross margin method is;a $3,600;b $3,400;c $3,450;d $4,500;94) Supplies bought on account were returned for credit and recorded with a debit to accounts payable and a credit to merchandise inventory this error would cause;a the period's net income to be understated;b the period end cost of goods sold to be understated;c the period end cost of goods sold to be overstated;d none of these are correct

 

Paper#79766 | Written in 18-Jul-2015

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