Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000

QUESTION

Question 10. 10.
Which of the following is the appropriate journal entry if a company purchases
equipment costing $100,000 by paying cash of $10,000? (Points : 1)
Debit to Cash, Debit to Equipment, Credit to
Accounts Payable
No entry should be made
Debit to
Equipment, Credit to Notes Payable, Credit to Cash
Debit to Cash, Debit to Notes Payable, Credit to
Equipment
Debit to Equipment, Debit to Notes Payable,
Credit to Cash

Question 11. 11. What are the total assets for
Shiver Ice House?

Common Stock $120,000 Accounts Payable $25,000
Cash $116,640 Accounts Receivable $22,450
Supplies $ 1,500 Office Equipment $23,300
Prepaid Rent $ 3,200 Unearned Revenue $ 4,152
Revenue $ 20,000 Utilities Expense $ 422
Retained Earnings $ 30,000 Shaving Equipment $31,640
(Points : 1)
198730

Question 12. 12. What is net income for Shiver
Ice House?

Common Stock $120,000 Accounts Payable $25,000
Cash $116,640 Accounts Receivable $22,450
Supplies $ 1,500 Office Equipment $23,300
Prepaid Rent $ 3,200 Unearned Revenue $ 4,152
Revenue $ 20,000 Utilities Expense $ 422
Retained Earnings $ 30,000 Shaving Equipment
$31,640
(Points : 1)
$19,578
$20,528
$23,728
$49,578
$24,578

Question 13. 13. What is total for the debits on
the Trial Balance for Shiver Ice House?

Common Stock $120,000 Accounts Payable $25,000
Cash $116,640 Accounts Receivable $22,450
Supplies $ 1,500 Office Equipment $23,300
Prepaid Rent $ 3,200 Unearned Revenue $ 4,152
Revenue $ 20,000 Utilities Expense $ 422
Retained Earnings $ 30,000 Shaving Equipment $31,640
(Points : 1)
$291,340
$106,964
$199,152
$193,390
$203.152

Question 14. 14. Find net income using the
following transactions.
1. Bill Co. paid $2,000 for one month rent
2. Bill Co. paid $1,200 for two weeks wages
3. Bill Co. performed $5,200 in consulting
services on account
4. Bill Co billed a customer $1,500 for services
performed
5. Bill Co. received $5,200 in payment for item
3
6. Bill Co performed services and immediately
collected $2,000
7. Bill Co. paid $500 for advertising in the
local paper
(Points : 1)
$10,200
$ 5,000
$ 8,700
$13,900
$ 7,000

Question 15. 15. During the month of February,
Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600.
The February 28 cash balance was $1,800. What was the January 31 beginning cash
balance? (Points : 1)
$700
$1,100
$2,900
$0
$4,300

Question 16. 16. Identifying business activities
requires selecting transactions and events relevant to an organization. Which
of the following events would be recorded in the accounting records of Acme Car
Wash? (Points : 1)
Acme
washes 500 cars
J.B. Smith, a customer, buys lunch at the
restaurant next door to Acme while waiting for her car to be washed
Clean Company, a supplier, sells 50 pounds of
soap to ABC Company
Sudsey Company, a supplier, goes out of business
Acme hires Andrea as a receptionist

Question 22. 22. The accounting guideline
prescribing that financial statement information be supported by independent,
unbiased evidence other than someone’s belief or opinion is the: (Points : 1)
Business entity principle
Monetary unit principle
Going-concern principle
Cost principle
Measurement principle
none of the above

Question 25. 25. Our company has three times as
many assets as it does liabilities. If total liabilities are $55,000, what is
the amount of owners’ equity? (Points : 1)
$55,000
$110,000
$165,000
$220,000
Cannot be determined from the given information

ANSWER:

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