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BBA2201 Columbia Southern Unit VI Current Liabilities Assessment

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Accounting
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Columbia Southern University
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Unit VI Assessment Question 1 5 out of 5 points Salaries Payable, Accounts Payable, and Unearned Revenue are examples of __________. Selected Answer: Correct current liabilities Correct Answer: Correct current liabilities Question 2 5 out of 5 points Reversing entries are __________. Selected Answer: Correct the exact opposite of a prior adjusting entry Correct Answer: Correct the exact opposite of a prior adjusting entry Question 3 5 out of 5 points Martinville Company earned revenues of $20,000 and incurred expenses of $4,000. Martinville withdrew $3,500 for personal use. What is the balance in the Income Summary account prior to closing net income or loss to the Martinville, Capital account? Selected Answer: Correct Credit balance of $16,000 Correct Answer: Correct Credit balance of $16,000 Question 4 5 out of 5 points Which of the following accounts will be closed by debiting the Income Summary account? Selected Answer: Correct Salaries expense Correct Answer: Correct Salaries expense Question 5 5 out of 5 points Liquidity is a measure of how __________. Selected Answer: Correct quickly an asset may be converted into cash Correct Answer: Correct quickly an asset may be converted into cash Question 6 5 out of 5 points Your business advisor, a consulting company, uses reversing entries. On March 31, 2018, the bookkeeper journalized and posted the following adjusting entry to accrue Utilities Expense: Utilities Expense Utilities Payable 100 100 Which of the followi ...
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