Strayer acc557 midterm exam latest 2015

Jul 2nd, 2016
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Question Question 1 3 out of 3 points Radio Moscow Industries purchased supplies for $1,000. They paid $400 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,000, a credit to a liability account for $600. Which of the following would be the correct way to complete the recording of the transaction? a. Credit an asset account for $400. b. Credit another liability account for $400. c. Credit the retained earnings account for $400. d. Debit the retained earnings account for $400. Question 2 3 out of 3 points The first step in posting involves a. entering in the appropriate ledger account the date, journal page, and debit amount shown in the journal. b. writing in the journal the account number to which the debit amount was posted. c. writing in the journal the account number to which the credit amount was posted. d. entering in the appropriate ledger account the date, journal

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Strayer acc557 midterm exam latest 2015QuestionQuestion 13 out of 3 pointsRadio Moscow Industries purchased supplies for $1,000. They paid $400 in cash and agreed topay the balance in 30 days. The journal entry to record this transaction would include a debit toan asset account for $1,000, a credit to a liability account for $600. Which of the followingwould be the correct way to complete the recording of the transaction?a. Credit an asset account for $400.b. Credit another liability account for $400.c. Credit the retained earnings account for $400.d. Debit the retained earnings account for $400.Question 23 out of 3 pointsThe first step in posting involvesa. entering in the appropriate ledger account the date, journal page, and debit amountshown in the journal.b. writing in the journal the account number to which the debit amount was posted.c. writing in the journal the account number to which the credit amount was posted.d. entering in the appropriate ledger account the date, journal page, and credit amountshown in the journal.Question 33 out of 3 pointsCreditsa. decrease both assets and liabilities.b. decrease assets and increase liabilities.c. increase both assets and liabilities.d. increase assets and decrease liabilities.Question 43 out of 3 pointsThe first step in the recording process is toa. analyze each transaction.b. enter the transaction in a journal.c. prepare a trial balance.d. transfer journal information to ledger accounts.Q

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