Free Printable A2 - 1.00 Review Game

Worksheets

A2 - 1.00 Review Game

Total questions: 25

Worksheet time: 13mins

Name

Class

Date

Ben's Barbershop's balance sheet contains no inventory account. This company would be classified as a:

merchandising business.

manufacturing business.

construction business.

service business.

Booming Corporation purchased CDs on account from Hear All Supply Company, $500, Purchase Invoice No. 5. The correct entry to record the transaction is:

debit Cash, $500; credit Hear All Supply Company, $500.

debit Hear All Supply Company, $500; credit Cash, $500.

debit Purchases-CDs, $500; credit Accounts Payable/Hear All Supply Company, $500.

debit Accounts Payable/Hear All Supply Company, $500; credit Purchases-CDs, $500.

Betty Lou's Variety Store recorded cash and credit card sales of shoes, $500, pocketbooks, $300, and sales tax, $50, for a total of $850, Tape 33. The journal entry to record the transaction is:

debit Sales-Shoes, $500, Sales-Pocketbooks, $300, Sales Tax Payable, $50; credit Cash, $850.

debit Cash, $850; credit Sales-Shoes, $500, Sales-Pocketbooks, $300, Sales Tax Payable, $50.

debit Cash, $800; credit Sales, $800.

debit Sales, $800; credit Cash, $800.

Candy Corporation issued a credit to Sweet Shop for damaged candy, $50, plus sales tax, $6, total $56, from Sales Invoice No. 5, Credit Memo No. 46. The journal entry to record the transaction is:

debit Cash, $56; credit Sales, $56.

debit Sales, $50; credit Cash, $50.

debit Sales Returns and Allowances-Candy, $50, Sales Tax Payable, $6; credit Accounts Receivable/Sweet Shop, $56.

debit Accounts Receivable/Sweet Shop, $56; credit Sales Returns and Allowances-Candy, $50, Sales Tax Payable, $6.

Daisy Corporation received cash on account from Hamilton's Music Store, $1,164, covering Sales Invoice No. 88 for CDs, $1,200 ($1,000 plus sales tax $200), less a 3% discount, $36, Receipt No. 81. The journal entry to record the transaction is:

debit Sales, $1,200; credit Cash, $1,200.

debit Sales, $1,164; credit Cash, $1,164.

debit Cash $1,164, Sales Discount-CDs, $36; credit Accounts Receivable/Hamilton's Music Store, $1,200.

debit Accounts Receivable/Hamilton's Music Store, $1,200; credit Cash, $1,164, Sales Discount-CDs, $36.

Blastin' Sound Music shop has $2,000 in Salaries-Audio, $2,500 in Salaries-Video, $325 in Social Security withholding, $85 in Medicare withholding, $400 in federal income tax withholding, $300 in state income tax withholding, and $240 in life insurance premiums withholding. The correct entry for recording this company payroll is:

debit Salary Expense-Audio, $2,000, Salary Expense-Video, $2,500; credit Social Security Tax Payable, $325, Medicare Tax Payable, $85, Federal Income Tax Payable, $400, State Income Tax Payable, $300, Life Insurance Premiums Payable, $240, Cash $3,150.

debit Social Security Tax Payable, $325, Medicare Tax Payable, $85, Federal Income Tax Payable, $400, State Income Tax Payable, $300, Life Insurance Premiums Payable, $240; credit Salary Expense-Audio, $2,000, Salary Expense-Video, $2,500, Cash, $3,150.

debit Salary Expense-Audio, $2,000, Salary Expense-Video, $2,500, Cash, $3,150; credit Social Security Tax Payable, $325, Medicare Tax Payable, $85, Federal Income Tax Payable, $400, State Income Tax Payable, $300, Life Insurance Premiums Payable, $240.

debit Salary Expense-Audio, $2,000, Salary Expense-Video, $2,500, Social Security Tax Payable, $325, Medicare Tax Payable, $85, Federal Income Tax Payable, $400, State Income Tax Payable, $300, Life Insurance Premiums Payable, $240; credit Cash, $3,150.

Carson’s Candy Shoppe has $2,000 in gross pay, $124 in Social Security withholding, $29 in Medicare withholding, $500 in federal income tax withholding, and $100 in state income tax withholding. The federal unemployment tax rate is 0.8%. What is the employer's federal unemployment tax for the pay period?

$10

$16

$160

$500

Watauga Office Supply paid federal unemployment taxes of $56. The entry to journalize the payment of the unemployment taxes is:

debit Payroll Tax Expense $56; credit Cash $56.

debit Cash $56; credit Federal Unemployment Tax Payable $56.

debit Federal Unemployment Tax Payable $56; credit Cash $56.

debit Federal Unemployment Tax Payable $56; credit Payroll Tax Expense $56.

Greg has gross earnings of $245.00, Social Security withholding of $15.19, Medicare withholding of $3.55, federal income tax withholding of $50.00, and state income tax withholding of $15.93. What are Greg's total deductions?

$84.67

$34.67

$68.74

$160.33

10.

The accountant for the Eckland Company is preparing a Statement of Gross Profit with Component Percentages. Based on the information provided, what is the Merchandise Available for Sale for the Clothing Division? Review Figure 1.03-A

$35,500

$48,000

$68,000

$88,500

11.

Cole’s Custom Designs offers custom skateboards and skateboard gear for sale. Alice, the accountant for the company, is currently preparing the Departmental Margin statements. Based on the information provided, what is the Departmental Margin for the Skateboards Division? Refer to Figure 1.03-B

$7,290

$8,700

$8,800

$15,500

12.

Cole’s Custom Designs offers custom skateboards and skateboard gear for sale. Alice is the accountant for the company, and she is currently preparing the Departmental Margin statements. Based on this information, what is the Cost of Merchandise Sold the Skateboards Division? Refer to Figure 1.03-B

$7,290

$,8700

$8,800

$15,500

13.

The Daisy Company wants to determine the gross profit for the past quarter. Per the general ledger, sales are equal to $152,000, beginning inventory is equal to $67,330, net purchases are equal to $87,800, and estimated ending inventory has been calculated to be $83,650. Based on this information, what is the gross profit for the Daisy Company?

$63,180

$71,480

$80,520

$88,820

14.

The Eckland Company would like to determine gross profit for the past quarter. Per the general ledger, sales are equal to $853,500, beginning inventory is equal to $350,000, net purchases are equal to $146,000, and estimated ending inventory has been calculated to be $46,500. Based on this information, what is the Eckland Company's gross profit?

$250,500

$404,000

$449,500

$696,000

15.

Jones Department Store has two divisions: the Men's Department and the Women's Department. The accountant is preparing interim reports for the company and is currently working on completing a worksheet. The Men's Department columns show a debit total of $435,809 and a credit total of $387,991. The Women's Department columns show a debit total of $375,200 and a credit total of $410,700. Based on this information, what is the departmental margin for the Men's Department?

$35,500 net income

$47,818 net income

$35,500 net loss

$47,818 net loss

16.

The Peterson's Piano Company would like to determine Cost of Goods Sold for the past quarter. Per the general ledger, sales are equal to $2,312,350, beginning inventory is equal to $952,000, net purchases are equal to $875,200, and estimated ending inventory has been calculated to be $783,650. Based on this information, what is the Peterson's Piano Company's Cost of Goods Sold?

$706,850

$860,450

$863,650

$1,043,550

17.

Refer to Figure 1.04-C . The January 1 beginning inventory was $8,000. What is the correct adjusting entry to journalize the supplies adjustments for the Clothing Department?

Debit Supplies-Clothing, $5,700; credit Supplies Expense-Clothing, $5,700

Debit Supplies Expense-Clothing, $5,700; credit Supplies-Clothing, $5,700

Debit Supplies Expense-Clothing, $8,000; credit Supplies-Clothing, $8,000

Debit Supplies-Clothing, $8,000; credit Supplies Expense-Clothing, $8,000

18.

Refer to Figure 1.04-D . The correct journal entry to record the closing entry for Income Statement accounts with credit balances is:

Debit Income Summary, $130,700; credit Sales, $130,700.

Debit Sales, $130,700; credit Income Summary, $130,700.

Debit Sales-Books, $85,500, Sales-Music, $45,200, Purchases Discount-Books, $8,700, Purchases Returns and Allowances-Books, $1,800, Purchases Discount-Music, $2,100, Purchases Returns and Allowances-Music, $1,300; credit Income Summary-General, $144,600.

Debit Income Summary-General, $144,600; credit Sales-Books, $85,500, Sales-Music, $45,200, Purchases Discount-Books, $8,700, Purchases Returns and Allowances-Books, $1,800, Purchases Discount-Music, $2,100, Purchases Returns and Allowances-Music, $1,300.

19.

Refer to Figure 1.04-C . Based on this information, the correct adjusting entry to journalize the Uncollectible Accounts Expense is:

Debit Allowance for Uncollectible Accounts, $4,856.20; credit Uncollectible Accounts Expense, $4,856.20.

Debit Uncollectible Accounts Expense, $485,620; credit Allowance for Uncollectible Accounts, $485,620.

Debit Allowance for Uncollectible Accounts, $485,620; credit Uncollectible Accounts Expense, $485,620.

Debit Uncollectible Accounts Expense, $4,856.20; credit Allowance for Uncollectible Accounts, $4,856.20.

20.

Refer to Figure 1.04-E . Based on this information, what is the correct journal entry to record the closing entry for Income Statement accounts with debit balances?

Debit Income Summary-General, $40,500; credit Income Summary-Books, $5,000, Income Summary-Music, $4,000, Sales Discount-Books, $1,500, Sales Returns and Allowances-Books, $1,000, Sales Discount-Music, $2,000, Sales Returns and Allowances-Music, $1,500, Purchases-Books, $10,000, Purchases-Music, $12,000, Advertising Expense-Books, $2,500, Advertising Expense-Music, $1,000

Debit Income Summary-Books, $5,000, Income Summary-Music, $4,000, Sales Discount-Books, $1,500, Sales Returns and Allowances-Books, $1,000, Sales Discount-Music, $2,000, Sales Returns and Allowances-Music, $1,500, Purchases-Books, $10,000, Purchases-Music, $12,000, Advertising Expense-Books, $2,500, Advertising Expense-Music, $1,000; credit Income Summary-General, $40,500

Debit Sales, $9,000; credit Income Summary, $9,000

Debit Income Summary, $9,000; credit Sales, $9,000

21.

Refer to Figure 1.04-F . The estimated Federal Income Tax Expense recorded for the year was $12,000. What is the correct adjusting entry to journalize the Federal Income Tax Expense adjustment?

Debit Federal Income Tax Expense, $1,800; credit Federal Income Tax Payable, $1,800

Debit Federal Income Tax Payable, $1,800; credit Federal Income Tax Expense, $1,800

Debit Federal Income Tax Expense, $12,000; credit Federal Income Tax Payable, $12,000

Debit Federal Income Tax Payable, $12,000; credit Federal Income Tax Expense, $12,000

22.

Refer to Figure 1.04-F . The January 1 beginning inventory was valued at $225,000. What is the correct adjusting entry to journalize Merchandise Inventory-PCs?

Debit Income Summary-PCs, $225,000; credit Merchandise Inventory-PCs, $225,000

Debit Income Summary-PCs, $85,700; credit Merchandise Inventory-PCs, $85,700

Debit Merchandise Inventory-PCs, $85,700; credit Income Summary-PCs, $85,700

Debit Merchandise Inventory-PCs, $45,700; credit Income Summary-PCs, $45,700

23.

Jabroni's Meat Market recorded dividends of $30,000. The correct journal entry to record the closing entry for the Dividends account is:

Debit Retained Earnings, $30,000; credit Dividends Payable, $30,000.

Debit Dividends Payable, $30,000; credit Retained Earnings, $30,000.

Debit Dividends, $30,000; credit Retained Earnings, $30,000.

Debit Retained Earnings, $30,000; credit Dividends, $30,000.

24.

Jabroni's Meat Market recorded a final net income of $75,000. The correct closing entry to record net income in the Retained Earnings account is:

Debit Retained Earnings, $75,000; credit Income Summary-General, $75,000.

Debit Income Summary-General, $75,000; credit Retained Earnings, $75,000.

Debit Income Summary, $75,000; credit Net Income, $75,000.

Debit Net Income, $75,000; credit Income Summary, $75,000.

25.

Merchandise Inventory is listed on the Income Statement as:

A current asset

A current liability

a component in the calculation of the owner's equity

a component in the calculation of Cost of Goods Sold.

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A2 - 1.00 Review Game

Total questions: 25

Worksheet time: 13mins

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