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
Under which of the following categories would Accounts Payable appear? A) Long-term assets B) Current assets C) Long-term liabilities D) Current liabilities ANSWER D
Date: September 2nd, 2020
Kostner Financial Services, Inc. performed accounting services for a client in December. A bill was mailed to the client on December 30. The company received the client’s check by mail on January 5 Which of the following accounts should appear on the income statement for the year ended December 31 as related to the services […]
Date: September 2nd, 2020
A business makes a cash payment of $12,000 to a supplier for supplies purchased two weeks earlier. Which of the following accounts is debited? A) Cash B) Accounts Payable C) Supplies D) Accounts Receivable ANSWER B
Date: September 2nd, 2020
Argyle Designs, Inc. has entered into a contract to design 40 new dresses for a customer. It will collect a total of $40,000 after the design services are complete. Argyle started design work on June 1. As of June 30, it finished 8 of the 40 designs The company will make an adjusting entry at […]
Date: September 2nd, 2020
