Accounting homework help

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Multiple Choice Question 112 Jawbreaker Company paid $940 on account to a creditor. The transaction was erroneously recorded as a debit to Cash of $490 and a credit to Accounts Receivable, $490. The correcting entry is Accounts Receivable........................................................................... 490 Cash............................................................................................... 490 Accounts Payable............................................................................... 940 Cash............................................................................................... 940 Accounts Receivable........................................................................... 490 Accounts Payable............................................................................. 490 Accounts Receivable........................................................................... 490 Accounts Payable............................................................................... 940 Cash............................................................................................... 1,430 Multiple Choice Question 111 Zen Arcade paid the weekly payroll on January 2 by debiting Salaries and Wages Expense for $47,000. The accountant preparing the payroll entry overlooked the fact that Salaries and Wages Expense of $27,000 had been accrued at year end on December 31. The correcting entry is Salaries and Wages Payable............................................................................... 27,000 Salaries and Wages Expense............................................................................. Salaries and Wages Payable............................................................................... 27,000 27,00 0 Cash........................................................................................................ ....... 27,00 0 Cash......................................................................................................... 20,00 ....... 0 Salaries and Wages Expense............................................................................. 20,00 0 Cash......................................................................................................... 27,00 ....... 0 Salaries and Wages Expense............................................................................. Multiple Choice Question 81 The income statement for the year 2014 of Fugazi Co. contains the following information: 27,00 0 Revenues $70,000 Expenses: Salaries and Wages Expense $45,000 Rent Expense 12,000 Advertising Expense 10,000 Supplies Expense 6,000 Utilities Expense 2,500 Insurance Expense 2,000 Total expenses 77,500 Net income (loss) ($7,500) The entry to close the expense accounts includes a debit to Income Summary for $7,500. debit to Income Summary for $77,500. credit to Income Summary for $7,500. debit to Wages Expense for $2,500. Multiple Choice Question 122 The following information is for Bright Eyes Auto Supplies: Bright Eyes Auto Supplies Balance Sheet December 31, 2014 Cash $ 40,000 Prepaid Insurance 80,000 Accounts Payable Salaries and Wages Payable $ 130,000 50,000 Accounts Receivable 100,000 Mortgage Payable 150,000 Inventory 140,000 Total Liabilities 330,000 Land Held for Investment 180,000 Land 250,000 Building $200,000 Less Accumulated Depreciation Trademark Total Assets Owner’s Capital (60,000) 740,000 140,000 140,000 $1,070,000 Total Liabilities and Owner’sEquity The total dollar amount of assets to be classified as investments is $1,070,000 $180,000. $250,000. $0. $140,000. Multiple Choice Question 121 The following information is for Bright Eyes Auto Supplies: Bright Eyes Auto Supplies Balance Sheet December 31, 2014 Cash $ 40,000 Prepaid Insurance 80,000 Accounts Payable Salaries and Wages Payable $ 130,000 50,000 Accounts Receivable 100,000 Mortgage Payable 150,000 Inventory 140,000 Total Liabilities 330,000 Land Held for Investment 180,000 Land 250,000 Building $200,000 Less Accumulated Depreciation Owner’s Capital (60,000) Trademark Total Assets 740,000 140,000 140,000 $1,070,000 Total Liabilities and Owner’sEquity $1,070,000 The total dollar amount of assets to be classified as property, plant, and equipment is $630,000. $450,000. $390,000. $570,000. Multiple Choice Question 94 Which account listed below would be double ruled in the ledger as part of the closing process? Accumulated Depreciation—Equipment Cash Owner's Drawings Owner's Capital Multiple Choice Question 108 If errors occur in the recording process, they should be corrected as soon as they are discovered. should be corrected as adjustments at the end of the period. cannot be corrected until the next accounting period. should be corrected when preparing closing entries. Multiple Choice Question 148 Which statement about long-term investments is not true? They are not currently used in the operation of the business. They will be held for more than one year. They include investments in stock of other companies and land held for future use. They can never include cash accounts. Multiple Choice Question 59 Closing entries are journalized in the general journal. an optional step in the accounting cycle. made to close permanent or real accounts. posted to the ledger accounts from the worksheet. Multiple Choice Question 102 Which of the following steps in the accounting cycle may be performed most frequently? Prepare a trial balance. Prepare a post-closing trial balance. Journalize closing entries. Post closing entries.
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Multiple Choice Question 112
Jawbreaker Company paid $940 on account to a creditor. The transaction was erroneously recorded as
a debit to Cash of $490 and a credit to Accounts Receivable, $490. The correcting entry is

Accounts Receivable........................................................................... 490
Cash...............................................................................................

490

Accounts Payable............................................................................... 940
Cash...............................................................................................

940

Accounts Receivable........................................................................... 490
Accounts Payable.............................................................................

490

Accounts Receivable........................................................................... 490
Accounts Payable............................................................................... 940
Cash..........................................................


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I was having a hard time with this subject, and this was a great help.

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