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
Magnolia Tree Service has a weekly payroll of $50,000. December 31, 2016 falls on Thursday and Magnolia will pay its employees the following Monday (January 4, 2017 ) for the previous full week Assume that Anthony has a five-day workweek and has an unadjusted balance in Salaries Expense of $845,000. Prepare the December 31, 2016 […]
Date: September 2nd, 2020
Jupiter, Inc. signed a one-year $44,000 note payable at 8% interest on May 1, 2016. If Jupiter, Inc. only adjusts its accounts once a year at year-end, how much interest expense was accrued on December 31, 2016? A) $1,173 B) $3,520 C) $2,347 D) $2,933 ANSWER C .Interest Expense from May to December,
Date: September 2nd, 2020
Patents, copyrights, and trademarks are examples of ________. A) short-term investments B) fixed assets C) long-term investments D) intangible assets ANSWER D
Date: September 2nd, 2020
The first step in the journalizing and posting process is to ________. A) post the journal entry to the ledger B) identify the accounts involved and the account type C) decide whether each account increases or decreases D) record the transaction in the journal ANSWER B
Date: September 2nd, 2020
A business hired a repair service to overhaul its plumbing system. The repair service began work on September 15 and completed it on October 15. The business agreed to pay the service $4,000 when the work was completed As of September 30, the work was 50% complete, and the business made an adjusting entry to […]
Date: September 2nd, 2020
Which of the following is the order of steps to journalize an entry? A) Identify the accounts and the account type ↑ Decide whether each account increases or decreases, then apply the rules of debits and credits ↑ Record the transaction B) Identify the accounts and the account type ↑ Record the transaction ↑ Decide […]
Date: September 2nd, 2020
