All of the accounts and the account balances of a company appear on the ________. A) statement of retained earnings B) balance sheet C) adjusted trial balance D) income statement ANSWER C
Date: September 2nd, 2020
The accountant of Omega Consulting, Inc. failed to make an adjusting entry to record $6,000 for unearned service revenues that were earned before the end of the fiscal year. Assume the company initially recorded a liability Which of the following statements is true? A) The total liabilities will be overstated. B) The total liabilities will […]
Date: September 2nd, 2020
Universal, Inc. purchased 500 units of inventory at $25 per unit by payment of cash. Provide the journal entry to record the purchase of inventory. (Assume a perpetual inventory system.) What will be an ideal response ANSWER Merchandise Inventory 12,500 Cash 12,500 Note: Purchases = 500 units × $25 per unit = $12,500
Date: September 2nd, 2020
On November 1, 2016, Everett Janitorial Supply sold merchandise with a cost of $3,200 for $5,000, FOB destination, and payment terms of 2/10, n/30. The company uses a perpetual inventory system. Give journal entries to record the sales revenue. What will be an ideal response ANSWER Accounts Receivable 5,000 Sales Revenue 5,000 Cost of Goods […]
Date: September 2nd, 2020
The following is the adjusted trial balance for Becker Photography Accounts Debit Credit Cash $88,600 Accounts Receivable 29,000 Prepaid Insurance 3,500 Office Supplies 3,200 Building 130,000 Accumulated Depreciation—Building $17,500 Equipment 77,000 Accumulated Depreciation—Equipment 9,000 Land 47,000 Accounts Payable 25,000 Salaries Payable 5,000 Unearned Revenue 27,000 Mortgage Payable 103,000 Common Stock 16,000 Retained Earnings 11,500 Dividends […]
Date: September 2nd, 2020
Refer to the following adjusted trial balance Accounts Debit Credit Cash $15,500 Accounts Receivable 8,400 Office Supplies 900 Equipment 9,400 Accumulated Depreciation— Equipment $3,000 Accounts Payable 1,800 Salaries Payable 700 Unearned Revenue 550 Common Stock 3,900 Dividends 1,000 Service Revenue 52,050 Salaries Expense 23,000 Supplies Expense 2,200 Depreciation Expense— Equipment 1,600 Total $62,000 $62,000 What […]
Date: September 2nd, 2020
A pharmaceutical company testing drugs to determine possible side effects is a part of ________. A) monitoring controls B) information systems C) control procedures D) risk assessment ANSWER D
Date: September 2nd, 2020
Which of the following is true of the internal control component—information system? A) Internal auditors monitor company controls to safeguard assets, and external auditors monitor the controls to ensure that the accounting records are accurate. B) Control procedures are designed to ensure that the business’s goals are achieved. C) Only authorized users have access to […]
Date: September 2nd, 2020
Financial statements are prepared from the balances in a(n) ________. A) general journal B) chart of accounts C) unadjusted trial balance D) adjusted trial balance ANSWER D
Date: September 2nd, 2020
South Meadows, Inc. sold 500 units of inventory at $25 per unit on account. The company uses the perpetual inventory system. The cost of the units sold was $10 per unit. Provide the journal entries to record the sale. What will be an ideal response ANSWER Accounts Receivable 12,500 Sales Revenue 12,500 Cost of Goods […]
Date: September 2nd, 2020
