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ACC250 Grand Canyon Owners Equity Revenues and Expenses Test

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Grand Canyon University


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1 2 3 4 5 6 7 8 9 10 11 12 13 14 At the beginning of the year, the total owner's equity of Alpha Technologies was $90,000. The revenues and expenses were $80,000 and $40,000, respectively. The owner did not make and contributions or withdrawals during the year. The total owner's equity at the end of the year will amount to $120,000. Answer: False Techno Technical Services is working on a six-month job for a client, starting on February 1. It will collect $30,000 from its customer when the job is finished but the revenue is earned evenly over the six months. On March 31, before adjusting entries are made, Techno's Accounts Receivable account had a debit balance of $6,000. After the March 31 monthly adjusting entry has been made, what will be the balance in Accounts Receivable? Answer: Debit balance of $11,000 Mason Painting Services has a weekly payroll of $30,000. December 31 falls on Wednesday and Mason will pay its employees the following Monday (January 5) for the previous full week. Assume that Mason has a five-day workweek and has an unadjusted balance in Salaries Expense of $800,000. What amount should be debited to Salaries Expense on December 31? Answer: $18,000 Same as above The accountant for Sparks Electric failed to make an adjusting entry to record $3,000 of telephone expenses for the last two months of the year. Which of the following statements is true? Answer: Total Liabilities will be understated The supplies expense account is a temporary account. Answ ...
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