ACC 2 Unit 3.00

ACC 2 Unit 3.00

Assessment

Flashcard

Business

11th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

Student preview

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10 questions

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1.

FLASHCARD QUESTION

Front

On May 20, Dixie Company paid cash to the bond trustee for the annual deposit to the bond sinking fund, $30,000, and recorded interest earned on the bond sinking fund, $2,000. The correct way to record this transaction is:

Back

debit Bond Sinking Fund, $32,000; credit Cash, $30,000, Interest Income, $2,000.

2.

FLASHCARD QUESTION

Front

Lindsey Corporation received cash on account from Darla's Shoe Shop, $49, covering Sales Invoice No. 22, $80 ($65 plus sales tax $15), less Credit Memo No. 34 for $30 ($25 plus sales tax $5), less 2% discount, $1, Receipt No. 5. The journal entry to record the transaction is:

Back

debit Cash, $49, Sales Discount-Shoes, $1; credit Accounts Receivable/Darla's Shoe Shop, $50.

3.

FLASHCARD QUESTION

Front

Sandra Lee Corporation received cash from Bre Hampton for 100 shares of $60 par value preferred stock at $70 per share for a total of $7,000. The journal entry to record this transaction is:

Back

debit Cash, $7,000; credit Capital Stock-Preferred, $6,000, Paid-in Capital in Excess of Par Value-Preferred, $1,000.

4.

FLASHCARD QUESTION

Front

On November 7, Blue Duck Corporation bought back 700 shares of its $11 stated value common stock at $17 per share for a total of $11,900. The correct entry to record this transaction is:

Back

debit Treasury Stock, $11,900; credit Cash, $11,900.

5.

FLASHCARD QUESTION

Front

On March 4, Sadie Morgan subscribed for 4,000 shares of BeanBaggie Corporation's common stock at $10 per share. She agreed to pay $20,000 on June 4 and $20,000 on September 4. The correct journal entry for issuing Stock Certificate No. 10 to Sadie Morgan for 4,000 shares of $10 stated value common stock on September 4 for issuance of stock previously subscribed is:

Back

debit Stock Subscribed-Common, $40,000; credit Capital Stock-Common, $40,000.

6.

FLASHCARD QUESTION

Front

On October 15, Cooper Corporation received cash from Robbie Lefler for 100 shares of Treasury Stock at $13 per share for a total of $1,300. Treasury Stock was originally bought for $18 per share. The correct entry to record this transaction is:

Back

debit Cash, $1,300, Paid-in Capital from Sale of Treasury Stock, $500; credit Treasury Stock, $1,800.

7.

FLASHCARD QUESTION

Front

On December 15, Jones Corporation paid cash to a bond trustee for the annual interest on a bond issue for $1,200. The correct transaction to record paying interest on a bond is:

Back

debit Interest Expense, $1,200; credit Cash, $1,200.

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