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Study Resources (Accounting)

41) A business purchases equipment by paying $8,000 in cash and issuing a note payable of $12,000. Which of the following journal entries would be recorded? A) Equipment 20,000      Notes payable 12,000      Cash 8,000 B) Cash 8,000 Notes payable 12,000      Equipment 20,000 C) Cash 8,000 Notes payable 4,000      Equipment 12,000 D) Equipment 8,000 Notes payable 4,000      Cash 12,000 42) The following transactions have been journalized and posted to the proper accounts. 1.  Mark Call invested.
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31) Please refer to the worksheet below.  Enter the following adjusting entry into the worksheet: At year-end, the company owes $180 of salaries to its staff that it has not paid yet.   32) Please refer to the worksheet below.  Enter the following adjusting entry into the worksheet: At year-end, the company has.
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31) An adjusting entry that debits Accounts receivable is an example of a(n): A) prepaid expense. B) accrued revenue. C) accrued expense. D) unearned revenue. 32) At the end of the current year, the accountant for Navistar Graphics, Inc. forgot to make an adjusting entry to accrue wages payable to the company's employees for the.
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Learning Objective 3-5 1) The accountant for Jones Auto Repair Corporation failed to make an adjusting entry to record $5,000 of unpaid salaries for the last 2 weeks of the year. Which of the following is TRUE? A) Net income is overstated. B) Total assets are understated. C) Total liabilities are overstated. D) Total.
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Learning Objective 3-2 1) The revenue principle is the basis for recording revenues?both when to record revenue and the amount of revenue to record. 2) An example of an interim accounting period is one year. 3) Which of the following is NOT considered an interim accounting period? A) Monthly B) Quarterly C) Annually D) Semi-annually 4) Which.
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Learning Objective 2-3 1) An account that normally has a debit balance may occasionally have a credit balance. 2) Which of the following groups of accounts BOTH normally have a debit balance? A) Assets and Expenses B) Revenues and Expenses C) Liabilities and Stockholders' equity D) Assets and Liabilities 3) Which of the following groups of.
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10) Below is the adjusted trial balance for Parsons Repair Service.  Please prepare the balance sheet at December 31, 2012. Parsons Repair Service Adjusted Trial Balance December 31, 2012 Accounts Debit Credit Cash $1,600 Accounts receivable 2,400 Prepaid rent 800 Supplies 200 Building 14,000 Accumulated depreciation $2,000 Accounts payable 4,200 Salary payable 1,000 Unearned revenue 800 Common stock 1,000 Retained earnings 5,000 Dividends 1,000 Service revenue 50,000 Salary expense 21,000 Rent expense 14,000 Depreciation expense 8,500 Supplies expense 500 Total $64,000 $64,000 Learning Objective 3-7 1) Pattie's Event Planning Service records prepaid expenses as.
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61) A business is started by receiving $5,000 cash from an investor and issuing stock.  Please provide the journal entry (debits first, credits second.) 62) A business purchases land for $100,000 cash.  Please provide the journal entry (debits first, credits second.) 63) A business purchases supplies for $200 on account.  Please provide.
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7) Prepare a balance sheet from the adjusted trial balance below. Deavours Photography Company Adjusted Trial Balance December 31, 2012 Accounts Debit Credit Cash $2,000 Prepaid insurance 2,000 Office supplies 600 Office equipment 16,000 Accumulated depreciation $3,000 Accounts payable 5,000 Salaries payable 900 Unearned service revenue 2,500 Common stock 5,000 Retained earnings 2,450 Dividends paid 5,600 Service revenue 15,350 Salaries expense 4,600 Depreciation expense 1,000 Supplies expense 400 Insurance expense 2,000 Totals $34,200 $34,200 8) Below is the adjusted trial balance for Parsons Repair Service.  Please prepare the income statement for the.
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31) Which of the following accounts will be closed by debiting the Income summary? A) Dividends  B) Service revenue  C) Accounts receivable  D) Salary expense  32) Revenues total $10,200.  Expenses total $7,300.  Dividends paid total $2,600. What is the balance in the Income summary account prior to closing net income.
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    Learning Objective 3-1 1) Accrual accounting records transactions ONLY when cash is received or paid. 2) The owner of Recipes.org purchases $2,000 of supplies on account. Under the accrual basis of accounting, no entry is made until the $2,000 is paid. 3) In cash-basis accounting, revenue is recognized when cash is received.
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31) The first place that transactions are recorded in the accounting system is the ledger. 32) The normal sequence of information flow in an accounting system is: A) ledger, journal, source document. B) journal, source document, ledger. C) source document, journal, ledger. D) source document, ledger, journal. 33) Which of the following is NOT an example.
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Learning Objective 4-2 1) The following is the adjusted trial balance from the worksheet for Tuttle Photography, Inc. Tuttle Photography, Inc. Worksheet For the Year Ended December 31, 2013 Accounts Debit Credit Cash $15,000 Accounts receivable 30,000 Prepaid insurance 7,500 Office supplies 3,200 Land 40,000 Building 160,000 Accumulated depreciation $12,000 Equipment 75,000 Accumulated depreciation 8,500 Accounts payable 12,000 Salaries payable 2,000 Unearned service revenue 25,000 Mortgage payable 100,000 Common stock 10,000 Retained earnings 11,290 Dividends 23,000 Service revenue 289,000 Salaries expense 61,000 Depreciation expense 6,150 Supplies expense 14,040 Insurance expense 14,000 Utilities expense 20,900 $469,790 $469,790 Using the information provided in the worksheet.
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11) Which of the following accounts is a stockholders' equity account? A) Accrued liability B) Accounts payable C) Prepaid expense D) Retained earnings 12) Prepaid expenses are recorded as: A) assets. B) liabilities. C) debits and credits. D) retained earnings. 13) In a typical chart of accounts, liabilities appear before assets. 14) In a typical chart of accounts, what information is.
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34) Please refer to the worksheet below.  Adjusting entries have been posted.  Please calculate the adjusted balances for all accounts and enter them in to the columns marked Adjusted trial Balance. 35) Please refer to the worksheet below.  Please complete the worksheet, including the balancing amounts in the last row. 36).
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41) The Accumulated depreciation account is: A) a record of the sum of all the depreciation recorded. B) a contra account to the asset being depreciated. C) an expense account. D) both a record of the sum of all the depreciation recorded and a contra account to the asset being depreciated. 42) On January 1,.
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11) Cash is a temporary account. 12) Accounts receivable is a permanent account. 13) Supplies is a temporary account. 14) Supplies expense is a temporary account. 15) Accounts payable is a temporary account. 16) Salaries payable is a permanent account. 17) Common stock is a temporary account. 18) Accumulated depreciation is a permanent account. 19) Service revenue is.
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21) A business repays the amount borrowed on a note payable. Which account is debited? A) Cash B) Equipment C) Notes payable D) Notes receivable 22) A business repays the amount borrowed on a note payable. Which account is credited? A) Cash B) Equipment C) Notes payable D) Notes receivable 23) A business makes a cash payment for advertising expense..
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11) Contra asset accounts like Accumulated depreciation have normal debit balances. 12) Unearned revenue would be classified as a(n) ________ account. A) liability B) asset C) revenue D) equity 13) Robert Rogers, CPA, performed accounting services for a client in December. A bill was mailed to the client on December 30. Roberts received a check in.
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51) The following transactions have been journalized and posted to the proper accounts. 1.  Mark Call invested $7,000 cash in his new design services corporation in exchange for stock. 2.  The corporation paid the first month's rent with $700 cash. 3.  The corporation purchased equipment by paying $2,000 down and executing a note.
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11) For Accounts receivable, the category of account and its normal balance are: A) Stockholders' equity and a credit balance. B) Assets and a debit balance. C) Liabilities and a credit balance. D) Assets and a credit balance. 12) For Accounts payable, the category of account and its normal balance are: A) Stockholders' equity and a.
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47) Please refer to the following adjusted trial balance, and prepare the closing entry for Revenues. Account Title Debit Credit Cash $1,700 Accounts receivable 8,500 Supplies 100 Equipment 7,500 Accumulated depreciation $2,000 Accounts payable 1,200 Salary payable 800 Unearned revenue 600 Common stock 1,000 Retained earnings 2,400 Dividends 2,300 Service revenue 40,000 Salary expense 24,000 Supplies expense 2,300 Depreciation expense 1,600 $48,000 $48,000 48) Please refer to the following adjusted trial balance, and prepare the closing entry for Expenses. Account Title Debit Credit Cash $1,700 Accounts receivable 8,500 Supplies 100 Equipment 7,500 Accumulated depreciation $2,000 Accounts payable 1,200 Salary payable 800 Unearned revenue 600 Common stock 1,000 Retained.
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21) Please refer to the partially completed worksheet below: How much was the Net income? A) $42,000 B) $13,600 C) $22,020 D) $28,400 22) Please refer to the partially completed worksheet below: How much was the net income? A) $42,000 B) $13,600 C) $22,020 D) $28,400 23) Please refer to the following partially completed worksheet: How much was the Net income.
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21) Service revenue is a permanent account. 22) Salary expense is a temporary account. 23) Dividends is a permanent account. 24) Retained earnings is a permanent account. 25) Where can closing entries be found?  A) In a company's general journal  B) On a company's statement of retained earnings C) On a company's worksheet  D).
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Learning Objective 2-4 1) An owner invests $20,000 in her new corporation by depositing the cash in the business's checking account. Which account is debited? A) Accounts receivable B) Cash C) Common stock D) Accounts payable 2) An owner invests $20,000 in her new corporation by depositing the cash in the business's checking account. Which.
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11) On a trial balance, which accounts are listed last? A) Expenses B) Revenues C) Liabilities D) Assets 12) The following are the ending month's balances for Toys Galore, before preparing the trial balance. Accounts payable $6,790 Revenues 8,680 Cash 4,500 Expenses 1,050 Furniture 8,370 Accounts receivable 7,710 Common stock ??? Notes payable 5,230 What amount should be shown for Common stock on the trial balance? A) $930 B) $16,190 C) $42,330 D) $21,165 13) The following.
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Learning Objective 3-6 1) The financial statements should be prepared in this order: 1) income statement, 2) balance sheet, and 3) statement of retained earnings. 2) Net income from the income statement is reported in the assets section of the balance sheet. 3) Which of the following reports a company's results of.
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4) Using the following worksheet, please prepare an income statement.  The data are for the Alcazar Service Co., for the year ended December 31, 2012. 5) Using the following worksheet, please prepare a statement of retained earnings. The data are for the Alcazar Service Co., for the year ended December 31,.
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61) What type of account is Prepaid rent and what is its normal balance? A) Expense and debit B) Liability and credit C) Revenue and credit D) Asset and debit 62) What is the term for the difference between the Equipment account and the Accumulated depreciation  account? A) Contra asset B) Market value C) Historical cost D) Book value 63).
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Learning Objective 4-5 1) Assets and liabilities are classified as either current or long-term to show their relative liquidity.  2) Prepaid rent is usually a long-term asset.  3) A debt due to be paid within one year (or operating cycle, if longer) is a current liability.  4) A balance sheet.
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11) A business pays $500 cash for supplies. Which account is debited? A) Cash B) Accounts payable C) Supplies D) Service revenue 12) A business pays $500 cash for supplies. Which account is credited? A) Cash B) Accounts payable C) Supplies D) Service revenue 13) A business buys $500 of supplies on account. Which account is debited? A) Cash B) Accounts payable C).
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41) The following is the adjusted trial balance for Tuttle Photography. Accounts Debit Credit Cash $15,000 Accounts receivable 30,000 Prepaid insurance 7,500 Office supplies 3,200 Land 40,000 Building 160,000 Accumulated depreciation $12,000 Equipment 75,000 Accumulated depreciation 8,500 Accounts payable 12,000 Salaries payable 2,000 Unearned service revenue 25,000 Mortgage payable 100,000 Common stock 10,000 Retained earnings 11,290 Dividends 23,000 Service revenue 289,000 Salaries expense 61,000 Depreciation expense 6,150 Supplies expense 14,040 Insurance expense 14,000 Utilities expense 20,900 $469,790 $469,790 After the closing entries, what will the final balance in Retained earnings be? A) $207,200 B) $184,200 C) $416,380 D) $161,200 42) Please refer to the following.
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Learning Objective 4-4 1) The post-closing trial balance is an optional step. 2) The post-closing trial balance shows the updated Retained earnings balance. 3) The post-closing trial balance shows the net income for the period just ended. 4) Only permanent accounts appear on the post-closing trial balance. 5) Only temporary accounts appear on the.
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Learning Objective 3-3 1) How do the adjusting entries differ from other journal entries? A) Adjusting entries always include debits or credits to at least one income statement account and at least one balance sheet account. B) Adjusting entries are made only at the end of the period. C) Adjusting entries never affect.
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11) Which of the following accounts does cash-basis accounting ignore? A) Payables B) Revenue C) Cash D) Expenses 12) Which of the following entries would be recorded ONLY if a company is using the accrual method of accounting? A) Cash 1,000      Accounts receivable 1,000 B) Salary expense 1,000      Cash 1,000 C) Cash 1,000      Service revenue 1,000 D) Supplies 1,000      Cash 1,000 13) Which of the following entries would be recorded if a.
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21) The entry to record depreciation includes a credit to which account? A) Equipment B) Cash C) Accumulated depreciation D) Depreciation expense 22) Which of the following accounts would NOT be included in the adjusting entries made at the end of an accounting period? A) Accounts receivable B) Accounts payable C) Cash D) Prepaid insurance 23) Which of the following.
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