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
Notes Payable due within two years are classified as ________. A) current liabilities B) current assets C) long-term liabilities D) long-term assets ANSWER C
Date: September 2nd, 2020
Which of the following is a plant asset? A) Equipment B) Patents C) Trademark D) Accounts Receivable ANSWER A
Date: September 2nd, 2020
A business makes a cash payment of $12,000 to a creditor. Which of the following accounts is credited? A) Cash B) Accounts Payable C) Bank D) Accounts Receivable ANSWER A
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
