What is the effect of each of the following transactions on the accounting equation?
Kyle Paid $1500 for 3 months rent in advance
Assets: no change
Liabilities: no change
Owner's Equity: no change
What is the effect of each of the following transactions on the accounting equation? Olivia bought $1800 of inventory on account
Assets: increase
Liabilities: increase
Owner's Equity: no change
What is the effect of each of the following transactions on the accounting equation?
Trevor bought office supplies costing $50
Assets: no change
Liabilities: no change
Owner's Equity: no change
What is the effect of each of the following transactions on the accounting equation?
Claire received a $300 pre-payment from a customer for goods to be shipped next month
Assets: increase
Liabilities: increase
Owner's equity: no change
What is the effect of each of the following transactions on the accounting equation?
Kirsten paid a cash dividend of $1000
Assets: decrease
Liabilities: no change
Owner's Equity: decrease
What journal entry would a company make when it pays for inventory previously purchased on account?
Dr. Acounts Payable
Cr. Cash
What journal entry would a company make when it incures $300 of wages to be paid the following month?
Dr. Wages Expense 300
Cr. Wages Payable 300
Determine which description is most appropriate for the journal entry:
Dr. Equipment $3000
Cr. Cash $3000
Bought $3000 of equipment ofr cash
Determine which description is most appropriate for the journal entry
Dr. Notes Payable $3400
Cr Cash $3400
Paid off a $3400 loan
A trial balance is a list of all accounts in a company's acounting system that shows whether the total debit balances of all acounts equal the total credit balances of all acounts.
True
Which of the following statements is False:
a) Accounts receivable typically has a debit balance
b) dividends typically have a debit balance
c) Common stock typically has a credit balance
d) Unearned revenue typically has s deit balance
Unearned revenue typically has a debit balance
What generic adjusting entrie is used for:
Prepaid Expense
Dr. Expense
Cr. Asset
What generic adjusting entrie is used for:
Unearned Revenue
Dr. Unearned Revenue
Cr. Revenue
What generic adjusting entrie is used for :
Accrued Revenue
Dr. Receivable
Cr. Revenue
What generic adjusting entrie is used for:
Accrued Expense
Dr. Expense
Cr. Payable
Which of the following could not be an adjusting entry?
a) Dr. Interest Expense
Cr. Interest Payable
b)Dr. Accounts Receivalbe
Cr. Sales Revenue
c) Dr. Insurance Expense
Cr. Prepaid Insurance
d) Dr. Inventory
Cr. Cash
Dr. Inventory
Cr. Cash
Brad pays $1800 for a computer on May . He expects to use the comuter for 3 years. What adjusting entry will Brad make on June 30 regarding this copmuter purchase?
Dr. Depreciation Ewpense 50
Cr. Accumulated Deprieiation 50
what type of journal entry is typically made last in any given accounting period?
Closing Entries
Mike sells magazines. His customers pay him $12 at the beginning of the year for 12 issues (one each month). He has 2,000 subscribers. What adjusting entry would he make on March 31 to record the delivery of the first three issues to his subsribers?
Dr. Unearned Revenue 6,000
Cr. Subscription Revenue 6,000
Closing entries involve which of the following?
a) Debits to all revenue accounts
b) Credits to the dividend account
c) Debits to all expense accounts
d) A and B only
e) all the above
A and B only
After closing entries are made, retained earnings should have a zero balance.
True or False
False
Which of the following is not an important intrenal control that we discussed in class? A) Laying off employees
B) Separation of Duties
C) Locks
D) Bank Reconciliations
A) Laying off employees
(this multiple choice question has been scrambled)
What is the proper way to treat an NSF check when preparing a bank reconciliation?
Adjust the company's cash balance
Which of the following acronyms is used to describe the current set of accounting rules in the United states?
GAAP
Separation of duties includes what about individuals who have physical responsibliity for assets?
Should not also have accerss to accounting records
Under the provisions of the Sarbanes-Oxley Act, corporate executives:
Must personally certify the company's financial statements.