The trial balance is also known as the balance sheet. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
An invoice of $600 for merchandise purchased is showing 3/15, n/30 as terms of credit. If the invoice is paid on or before the fifteenth day, the amount to be paid is ________. A) $582 B) $600 C) $618 D) $621 ANSWER A .Purchases $600 Discount -18 Net amount due $582
Date: September 2nd, 2020
The trial balance verifies the equality of debits and credits at a point in time. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
An invoice, with payment terms of 2/10, n/30, was issued on April 28 for $235.00. If the payment was made on May 12, the amount of payment will be ________. (Round your answer to the nearest cent.) A) $235.00 B) $211.50 C) $230.30 D) $233.00 ANSWER A
Date: September 2nd, 2020
During the accounting period, office supplies were purchased on account for $3,200. A physical count, on the last day of the accounting period, shows $1,100 of office supplies on hand. Supplies Expense for the accounting period is $3,600 What was the beginning balance of Office Supplies? A) $4,700 B) $2,100 C) $1,500 D) There is […]
Date: September 2nd, 2020
In a trial balance, total debits must always equal total credits. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
The asset account, Office Supplies, had a beginning balance of $3,800. During the accounting period, office supplies were purchased, on account, for $2,500. Supplies Expense for the accounting period is $4,000 What is the ending balance of Office Supplies? A) $6,300 B) $2,300 C) $4,000 D) $5,300 ANSWER B .Office Supplies: Beginning balance $3,800 Add […]
Date: September 2nd, 2020
The Cash account is a temporary account. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
The terms of an invoice are 3/10, n/25. This means that a ________. A) discount of 10 percent is allowed if the invoice is paid within three days B) discount of 3 percent is allowed if the invoice is paid within 10 days C) discount of 25 percent is allowed if the invoice is paid […]
Date: September 2nd, 2020
A business has the following transactions: ” ¢ The business received $20,000 cash and issued common stock to stockholders. ” ¢ The business purchases $500 of office supplies on account. ” ¢ The business purchases $4,000 of furniture on account †¢ The business renders services to various clients totaling $11,000 on account. †¢ […]
Date: September 2nd, 2020
