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
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
On June 1, Edison, Inc. borrowed $24,000 on a one-year Note Payable with an interest rate of 10% per year. It will repay the principal and interest at the end of the one-year period. The company makes accrual adjustments at the end of each month The company should record interest expense of $2,400 on June […]
Date: September 2nd, 2020
Whitney Chemicals Company received cash of $40,000 and issued common stock. Which of the following accounts will be credited? A) Accounts Receivable B) Cash C) Common Stock D) Accounts Payable ANSWER C
Date: September 2nd, 2020
A business purchases equipment for $8,000 cash. Which of the following accounts is credited? A) Cash B) Accounts Payable C) Common Stock D) Equipment ANSWER A
Date: September 2nd, 2020
