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ACC300 Phoenix Accounting Principles Final Exam 4 Help

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ACC 300 Final Exam 1) Which of the following financial statements is divided into major categories of operation, investing, and financial activities? A. The income statement B. The Balance Sheet C. The retained earnings statement D. The statement of cash flows 2) If services are rendered on account, then A. Assets will decrease B. Liabilities will increase C. Stockholders’ equity will increase D. Liabilities will decrease 3) Using accrual accounting, expenses are recorded and reported only: A. When they are incurred whether or not cash is paid B. When they are incurred and paid at the same time C. If they are paid before they are incurred D. If they are paid after they are incurred 4) Stockholders’ equity can be described as claims of A. Creditors on total assets B. Owners on total assets C. Customers on total assets D. Debtors on total assets 5) The Vintage Laundry Company purchases $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is: A. Debit Laundry Supplies Expense, $2,000; credit Laundry Supplies, $2,000 B. Debit Laundry Supplies, $4,500; credit Laundry Supplies Expense, $4,500 C. Debit Laundry Supplies $2,000; credit Laundry Supplies Expense, $2,000 D. Debit Laundry Supplies Expense, $4,500; credit Laundry Supplies, $4,500 6) Use the following data to determine the total dollar amount of ...
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