The worksheet helps accountants to ________. A) make the trial balance B) prepare the financial statements C) prepare the unadjusted trial balance D) maintain books of accounts without a journal ANSWER B
Date: September 2nd, 2020
Gross profit is calculated as the difference between net sales revenue and ________. A) purchases B) cost of goods sold C) cost of merchandise inventory D) selling and administrative expenses ANSWER B
Date: September 2nd, 2020
A business makes a cash payment to a supplier on account for office supplies that were purchased earlier. Which of the following accounts is credited? A) Cash B) Accounts Payable C) Office Supplies D) Utilities Expense ANSWER A
Date: September 2nd, 2020
A business collects cash from a customer for services that were preformed one month earlier. Which of the following accounts is credited? A) Cash B) Accounts Receivable C) Service Revenue D) Accounts Payable ANSWER B
Date: September 2nd, 2020
Which of the following line items will appear on the income statement of a merchandiser but not of a service company? A) Salaries Expense B) Depreciation Expense C) Cost of Goods Sold D) Supplies Inventory ANSWER C
Date: September 2nd, 2020
Use the Adjusted Trial Balance for Anderson Service Company to prepare the classified balance sheet at September 30, 2016. Use the report form. You must compute the ending balance of Retained Earnings Anderson Service Company Adjusted Trial Balance September 30, 2016 Balance Account Title Debit Credit Accounts Payable $9,000 Accounts Receivable $2,800 Accumulated Depreciation, Equipment […]
Date: September 2nd, 2020
Gross profit is the extra amount the company receives from the customer for merchandise sold over what the company paid to the vendor. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
A business borrows cash by signing a note payable. Which of the following accounts is credited? A) Notes Payable B) Accounts Payable C) Notes Receivable D) Cash ANSWER A
Date: September 2nd, 2020
For each account listed, identify the category in which it would appear on a classified balance sheet Account Location on a Classified Balance Sheet a Retained Earnings b Accumulated Depreciation – Equipment c Notes Payable (due in two years) d Unearned Revenue e Salaries Payable f Accounts Receivable g Trademark h Prepaid Rent (prepaid for […]
Date: September 2nd, 2020
The balances of select accounts of Janet, Inc as of December 31, 2016 are given below: Notes Payable—short-term $1,200 Salaries Payable 6,000 Notes Payable—long-term 22,000 Accounts Payable 3,200 Unearned Revenue 1,000 Interest Payable 2,200 The Unearned Revenue is the amount of cash received for services to be rendered in January, 2017. The Interest Payable is […]
Date: September 2nd, 2020
