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Accounting Expert Answers & Study Resources : Page 157

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12.1   Learning Objective 12-1 1) The income statement is prepared from the: A) Post-Closing Trial Balance. B) worksheet. C) general journal. D) statement of owner's equity. 2) To determine how much merchandise was returned from a company's customers, the company should review the: A) Purchases Returns and Allowances Account. B) Purchases Discount Account. C) Sales Returns and Allowances Account. D).

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  • 12.1   Learning Objective 12-1 1) The income statement prepared from the: A)
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41) Column 1 Column 2 Column 3 Column 4 Sales Returns and Allowances 42) Column 1 Column 2 Column 3 Column 4 Sales Discounts 43) Column 1 Column 2 Column 3 Column 4 Depreciation Expense 44) Prepare the closing entries from the following information on the PC Pros Company worksheet income statement columns. Income Statement DebitCredit Sales20 Sales Ret. and Allow.1 Income Summary56 Purchases14 Pur. Ret. and Allow.2 Insurance Expense3 Office Salaries Expense1 45) Prepare.

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  • 41) Column 1 Column 2 Column 3
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21) Prepare the necessary general journal entry for June 25. ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ 22) Prepare the necessary general journal entry for June 28. ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ 23) Prepare the necessary general journal entry for June 30. ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for.

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  • 21) Prepare the necessary general journal entry for June 25. ______________________________________________________________ ______________________________________________________________
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61) Discuss the purpose of a classified balance sheet. Include a description of the major balance sheet classifications including: current assets, plant and equipment, current liabilities, and long-term liabilities. 62) Determine the ending Capital amount of a business having: Beginning Capital amount of $30,000 Withdrawals of $ 1,500 Net sales of $150,000 Net purchases of.

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  • 61) Discuss the purpose of a classified balance sheet. Include
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12.3   Learning Objective 12-3 1) The post-closing trial balance contains: A) assets and liabilities. B) all accounts with balances. C) only permanent accounts. D) All of these answers are correct. 2) The post-closing trial balance is prepared from: A) the income statement columns on the worksheet. B) the balance sheet columns on the worksheet. C) the trial balance columns.

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  • 12.3   Learning Objective 12-3 1) The post-closing trial balance contains: A) assets
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11) Indicate whether the following accounts are used in the periodic inventory method, perpetual inventory method, or both by placing an X on the respective line(s). Periodic       Perpetual a) Purchases_________________ b) Purchase Discount_________________ c) Sales_________________ d) Sales Discounts_________________ e) Cost of Goods Sold_________________ f) Merchandise Inventory_________________ g) Accounts Receivable_________________ h) Accounts Payable_________________ 12) Compare and contrast the controlling account Accounts Payable.

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  • 11) Indicate whether the following accounts used in the periodic
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21) Use the following information to complete the partial worksheet for Rebecca's Company. Record the appropriate adjusting entries using the data below and extend the balances over to the adjusted trial balance columns. Merchandise inventory—ending$20 Store supplies on hand4 Depreciation on store equipment1 Accrued salaries2 22) Use the following information to complete the partial worksheet.

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  • 21) Use the following information to complete the partial worksheet
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31) The adjustment for accrued salaries would be to: A) debit Salaries Expense; credit Cash. B) debit Salaries Payable; credit Salaries Expense. C) debit Salaries Expense; credit Salaries Payable. D) debit Salaries Payable; credit Cash. 32) The adjustment for unearned rent is recorded when: A) cash is received. B) rent is earned. C) revenue is received. D) closing entries.

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  • 31) The adjustment for accrued salaries would be to: A) debit
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21) A company uses the allowance method and has determined a customer's bill for $2,000 must be written off. The journal entry to record the write off is: A) Allowance for Doubtful Accounts $2,000 Bad Debt Expense $2,000 B) Allowance for Doubtful Accounts $2,000 Accounts Receivable $2,000 C) Accounts Receivable $2,000 Allowance for Doubtful Accounts $2,000 D) Bad Debt Expense $2,000 Allowance for Doubtful Accounts $2,000 22).

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  • 21) A company uses the allowance method and has determined
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31) Column 1 Column 2 Column 3 Column 4 Merchandise Inventory 32) Column 1 Column 2 Column 3 Column 4 Prepaid Insurance 33) Column 1 Column 2 Column 3 Column 4 Equipment 34) Column 1 Column 2 Column 3 Column 4 Accumulated Depr. Equip. 35) Column 1 Column 2 Column 3 Column 4 Wages Payable 36) Column 1 Column 2 Column 3 Column 4 Wages Expense 37) Column 1 Column 2 Column 3 Column 4 Purchases 38) Column 1 Column 2 Column 3 Column 4 Purchases Discounts 39) Column 1 Column.

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  • 31) Column 1 Column 2 Column 3
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26) Sales Column 1 Column 2 Column 3 27) Column 1 Column 2 Column 3 Merchandise Inventory 28) Column 1 Column 2 Column 3 Purchases Discounts 29) Column 1 Column 2 Column 3 Store Rent Expense 30) Column 1 Column 2 Column 3 Purchases Returns and Allowances 31) Column 1 Column 2 Column 3 Owner's Capital .

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  • 26) Sales Column 1 Column 2 Column 3
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11) Which inventory appears in the balance sheet column of the worksheet? A) Ending inventory B) Beginning inventory C) Combination of beginning and ending inventories D) Inventory does not appear on the balance sheet. 12) The adjusted trial balance on the worksheet: A) contains balances from the permanent accounts. B) contains balances from the temporary accounts. C) contains.

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  • 11) Which inventory appears in the balance sheet column of
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32) Prepare the adjusting journal entry of Bad Debts Expense from the following information using the income statement approach. Net Sales for the year$475,000 Balance in the allowance account900 credit Estimated percentage of sales uncollectible2% Estimated uncollectible accounts-aging$2,500 33) Prepare the adjusting journal entry for Bad Debts Expense from the following information using the balance.

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  • 32) Prepare the adjusting journal entry of Bad Debts Expense
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10.7   Appendix 1) If the company uses special journals, all payments should be recorded on a: A) cash receipts journal. B) cash payments journal. C) purchases journal. D) sales journal. 2) Special journals are used to: A) minimize the amount of entries monthly to the general ledger. B) easily summarize like-kind transactions. C) reduce the number of entrie .

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  • 10.7   Appendix 1) If the company uses special journals, all payments
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13.3   Learning Objective 13-3 1) If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible? A) Bad Debts Expense B) Accounts Receivable C) Accounts Payable D) Bad Debts Recovered 2) If the allowance method of accounting for uncollectible receivables is used,.

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  • 13.3   Learning Objective 13-3 1) If the allowance method of accounting
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37) Determine the amount of the adjustment for bad debts given: Bad debts are estimated to be 8% of sales Accounts receivable balance$ 370,000 Allowance for bad debts balance (debit)$900 Net Sales$200,000 $ ________ 38) Determine the amount of the adjustment for bad debts given: Bad debts are estimated to be 4% of sales Accounts receivable balance$ 600,000 Allowance.

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  • 37) Determine the amount of the adjustment for bad debts
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21) Administrative Expenses include: A) Insurance Expense. B) Delivery Expense. C) Advertising Expense. D) None of the above are correct. 22) Other Income is used to: A) record payments from sales customers. B) record any revenue from activities other than sales. C) record all revenue. D) record owner investments. 23) Other Expense is used to record: A) selling expenses. B) administrative expenses. C).

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  • 21) Administrative Expenses include: A) Insurance Expense. B) Delivery Expense. C) Advertising Expense. D)
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11.2   Learning Objective 11-2 1) When completing a worksheet: A) the ending inventory amount appears in the income statement debit column. B) the beginning inventory amount appears in the adjustment credit column. C) the ending inventory amount appears in the unadjusted trial balance debit column of the worksheet. D) the beginning inventory amount appears in.

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  • 11.2   Learning Objective 11-2 1) When completing a worksheet: A) the ending
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26) Column 1 Column 2 Column 3 Prepaid subscription 27) Column 1 Column 2 Column 3 Unearned Rent Revenue 28) Column 1 Column 2 Column 3 Accumulated depreciation equip. 29) Column 1 Column 2 Column 3 Salaries payable 30) Column 1 Column 2 Column 3 Salaries expense .

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  • 26) Column 1 Column 2 Column 3
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11) Freight-in is: A) a Cost of Selling Goods. B) a Cost of Purchasing Goods. C) recorded as an Operating Expense. D) recorded as an asset. 12) The calculation of Net Purchases does not include: A) Purchases Returns and Allowances. B) Purchases Discounts. C) Purchases. D) Freight-in. 13) Which of the following is not an operating expense? A) Payroll Tax Expense B).

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  • 11) Freight-in is: A) a Cost of Selling Goods. B) a Cost
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