Quiz Solutions

Which of the following sequences is the normal sequence of f

Which of the following sequences is the normal sequence of flow of accounting data? A) Ledger ↑ Journal ↑ Source document B) Journal ↑ Source document ↑ Ledger C) Source document ↑ Journal ↑ Ledger D) Source document ↑ Ledger ↑ Journal ANSWER C

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Date: September 2nd, 2020

A business renders services to a client and issues a sales i

A business renders services to a client and issues a sales invoice. The amount will be collected from the customer at a later time. Which of the following is true at the time the invoice is issued? A) Equity will decrease. B) Total liabilities will increase. C) Total assets will decrease. D) Net income will […]

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Date: September 2nd, 2020

Magnolia Tree Service has a weekly payroll of $50,000. Decem

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 […]

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Date: September 2nd, 2020

Jupiter, Inc. signed a one-year $44,000 note payable at 8% i

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,

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Date: September 2nd, 2020