2) the increase or decrease

2) the increase or decrease

2) the increase or decrease in the owners equity is reported on theA statement of owners equityB income statementC balance sheetD all of those13) which of the following would result if the business provided services to a customer collecting?A cash would increase and revenue would decreaseB since the cash was collected there is no need to record thisC cash would increase and capital would increaseD cash would increase and revenue would increase17) Accounts payable had a normal starting balance of $600. There were debit posting of $350 and credit posting of $200 during the month. The ending balance isA $950 creditB $450 debitC $450 creditD $750 debit19) Given the following list of accounts with normal balances what are the trial balance totals of the debits and credit.cash $500accounts receivable 100capital 300withdrawals 100service fees 700rent expense 300a $800 debit $800 creditb $1,200 debit $1,200 creditc $900 debit $900 creditd $1,000 debit $1,000 creditA credit to an asset account was posted to an owners equity account this error would causea assets were overstatedb owners equity was overstatedc liabilities were overstatedd both a and c are correct25) The journal described as the simplest form is a (an)a accounting journalb general journalc special journald interim journal28) Antonios catered a reception. The total price was $1,200. The customer paid $200 cash and charged the remainder. The journal entry to record this transaction isa cash 200 accounts receivable 200b cash 200 accounts receivable 1,000 catering service fees 1,200c cash 1,000 accounts receivable 200 catering service fees 1,200d accounts receivable 1,200 cash 200 catering service fees 1,00036) If you had purchased $500 of supplies during the month and at the end of the month you had $300 on hand the adjustment for supplies would be.a $100b $300c $200d $50046) The adjusting entries are journalizeda whenever time permitsb before preparing financial reportsc before the next accounting period startsd at the beginning of the accounting period48) An important purpose of closing entries is toa set nominal accounts balances to zero to begin the next periodb adjust the accounts in the ledgerc help in preparing financial statementd set real accounts balances to zero to begin the next period49) Which of the following accounts will not be closed to income summary at the end of the fiscal year?a word processing feesb smith withdrawalsc salaries expensed supplies expense51) Which of the following accounts ordinarily appears in the post-closing trial balancea accumulated depreciationb supplies expensec fees revenued salaries expense61) A $100 petty cash fund has cash of $14 and valid receipts for $82. The entry to replenish the fund would include aa credit to cash for $82b debit to cash short/over for $4c debit to cash for $82d debit to petty cash for $8663) The entry to replenish the petty cash fund debited supplies instead of postage expense this would causea expenses to be overstatedb revenues to be understatedc expenses to be understatedd revenues to be overstated67) The amount of fica-oasdi and fica-medicare taxes an employer must pay isa equal to the amount withheld from the employeeb not dependent on the amount withheld from the employeec greater than the amount withheld from the employeed less than the amount withheld from the employee68) The payroll register includes sections for recordinga assets liabilities equity revenues and expensesb gross pay deductions and net payc accrued expenses unearned revenues and net payd trade accounts receivable and short-term note receivables71) When calculating the payroll the clerk forgot about the tax ceilingsa suta could be overstatedb fica-oasdi could be overstatedc futa could be overstatedd all of these could be correct72) The accounting department forgot to estimate the workers compensation this will causea the net income to be understatedb the liabilities to be overstatedc the assets to be overstatedd the net income to be overstated81) Janes Bakery sold 50 pies at $8.00 each to a charge customer terms 2/10 n/30 which entry is required to record this transaction?a debit accounts receivable for $400 credit bakery sales for $400b debit accounts receivable for $392 credit bakery sales for $392c debit cash for $392 credit bakery sales for $392d debit accounts receivable for $392 debit sales discount for $8 and credit bakery sales for $40082) Compass outfitters sold goods for $300 to a charge customer the customer returned for credit $120 worth of goods which entry is required to record the return transaction?a debit sales returns and allowances $ 120 credit accounts receivable for $180b debit accounts receivable $ 180 credit sales returns and allowances for $120c debit sales $180 credit sales returns and allowances $120d debit sales returns and allowances for $120 credit sales for $18093) Deluth Corporation has normal gross profit of 40% the current years beginning inventory was $2,000 purchases were $ 5,000 and retail sales were $ 6,000 the estimated ending inventory under the gross margin method isa $3,600b $3,400c $3,450d $4,50094) Supplies bought on account were returned for credit and recorded with a debit to accounts payable and a credit to merchandise inventory this error would causea the periods net income to be understatedb the period end cost of goods sold to be understatedc the period end cost of goods sold to be overstatedd none of these are correct


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