Accrued revenue is revenue that ________. A) has been collected and earned B) the business has collected in cash, but not yet earned C) the business has earned, but not yet collected in cash D) will be collected and earned in the future ANSWER C
Date: September 2nd, 2020
Mason Painting Services has a weekly payroll of $24,000. December 31 falls on Wednesday and Mason will pay its employees the following Monday (January 5 ) for the previous full week Assume that Mason has a five-day workweek and has an unadjusted balance in Salaries Expense of $770,000. What amount should be debited to Salaries […]
Date: September 2nd, 2020
Property, plant, and equipment are categorized as ________. A) current assets B) plant assets C) long-term investments D) short-term investments ANSWER B
Date: September 2nd, 2020
Which of the following would be considered a long-term asset? A) Accounts Payable B) Land C) Cash D) Common Stock ANSWER B
Date: September 2nd, 2020
The balances of select accounts of Sandra, Inc as of December 31, 2016 are given below: Debit Credit Building $140,000 Cash 8,000 Office Supplies 1,100 Furniture 5,000 Prepaid Insurance 450 Accumulated Depreciation—Furniture $3,000 Land 32,000 Accumulated Depreciation—Building 4,700 Accounts Receivable 2,300 The insurance has been prepaid until June 30, 2017. Determine the amount of total […]
Date: September 2nd, 2020
Beetles, Inc. recorded the following journal entry on March 2, 2016. Cash 4,500 Unearned Revenue 4,500 From the journal entry above, identify the transaction on March 2, 2016. A) Beetles purchased goods worth $4,500 and signed a one-year note for the same. B) Beetles sold goods for $4,500 cash. C) Beetles received $4,500 for services […]
Date: September 2nd, 2020
Adjusting entries either credit a revenue account or debit an expense account. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Under which of the following categories would bonds held as an investment for less than a year appear? A) Long-term assets B) Current assets C) Long-term liabilities D) Current liabilities ANSWER B
Date: September 2nd, 2020
Under which of the following categories would Accounts Receivable appear? A) Current assets B) Current liabilities C) Long-term assets D) Long-term liabilities ANSWER A
Date: September 2nd, 2020
Laramie, Inc. signed a contract with a service provider for security services at a rate of $260 per month for the period of January through June. Laramie, Inc. will pay the service provider the entire amount at the end of June The company makes adjusting entries each month. During the month of June, it should […]
Date: September 2nd, 2020
