A business prepays four months’ office rent. Which of the following accounts is debited? A) Rent Expense B) Cash C) Prepaid Rent D) Unearned Rent ANSWER C
Date: September 2nd, 2020
A business receives $40,000 for services that it will perform over the next four months. Which of the following accounts is credited? A) Cash B) Accounts Payable C) Service Revenue D) Unearned Revenue ANSWER D
Date: September 2nd, 2020
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
Adjusting entries may involve any account, including Cash. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Bryson Services, Inc. performed accounting services for a client in December. A bill was mailed to the client on December 30. The company received a check by mail on January 5 Which of the following accounts should appear on the balance sheet as of December 31 as related to the services performed? A) Prepaid Expense […]
Date: September 2nd, 2020
Stewart Candle Company received cash of $40,000 and issued common stock. Which of the following accounts will be debited? A) Accounts Receivable B) Cash C) Common Stock D) Accounts Payable ANSWER B
Date: September 2nd, 2020
Assets with no physical form are called ________. A) current assets B) intangible assets C) long-term investments D) mortgaged investments ANSWER B
Date: September 2nd, 2020
