A business renders services to a customer for $26,000 on account. Which of the following accounts is credited? A) Cash B) Accounts Receivable C) Service Revenue D) Accounts Payable ANSWER C
Date: September 2nd, 2020
An adjusting entry that debits Accounts Receivable is an example of a(n) ________. A) deferred expense B) accrued revenue C) accrued expense D) deferred revenue ANSWER B
Date: September 2nd, 2020
The employees of Sinclair Services, Inc. worked the last two weeks of December. They received their paychecks on January 2. Which of the following accounts should appear on the balance sheet as of December 31? A) Accounts Payable B) Salaries Payable C) Salaries Expense D) Prepaid Expense ANSWER B
Date: September 2nd, 2020
Revenue that has been earned but not yet collected in cash is called a(n) ________. A) accrued revenue B) deferred expense C) deferred revenue D) accrued expense ANSWER A
Date: September 2nd, 2020
A balance sheet that lists the assets above the liabilities and stockholders’ equity sections is a(n) ________ balance sheet. A) report form B) unclassified form C) account form D) audited form ANSWER A
Date: September 2nd, 2020
A business renders services for $26,000 and collects cash from the customer. Which of the following accounts will be debited? A) Cash B) Accounts Receivable C) Service Revenue D) Accounts Payable ANSWER A
Date: September 2nd, 2020
Anthony Delivery Service has a weekly payroll of $32,000. December 31 falls on Tuesday and Anthony will pay its employees the following Monday (January 6 ) for the previous full week Assume that Anthony has a five-day workweek and has an unadjusted balance in Salaries Expense of $925,000. What is the December 31 balance of […]
Date: September 2nd, 2020
The employees of Leicester Services, Inc. worked the last two weeks of December, 2016. They received their paychecks on January 2, 2017. Which of the following accounts should appear on the income statement for the year ended December 31, 2016? A) Salaries Expense B) Prepaid Expense C) Salaries Payable D) Unearned Revenue ANSWER A
Date: September 2nd, 2020
Buildings, land, and equipment are classified as ________. A) current assets B) long-term assets C) current liabilities D) long-term liabilities ANSWER B
Date: September 2nd, 2020
The time span during which cash is paid for goods and services, which are then sold to customers from whom the business collects cash, is called the ________. A) production time B) operating cycle C) accounting cycle D) sales time ANSWER B
Date: September 2nd, 2020
