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WorksheetsKiểm tra giữa kì
Total questions: 70
Worksheet time: 35mins
Refained Earnings is:
Liability
Asset
Stockholders' Equity
Revenue
Accounts Payable and Accounts Receivable are
Liabilities
Assets
Stockholders' Equity
difierent types of accounting elements
Paid rent for the month, $4,200.
Increase in an asset, increase in a liability.
Increase in an asset, increase in owner's equity.
Decrease in an asset, decrease in a liability.
Decrease in an asset, decrease in owner's equity.
Determined that the cost of supplies on hand was $900; therefore, $1,600 of supplies had been used during the month.
Increase in an asset, decrease in another asset.
Increase in an asset, increase in owner's equity.
Decrease in an asset, decrease in a liability.
Decrease in an asset, decrease in owner's equity.
Paid creditors on account $9,280.
Increase in an asset, decrease in another asset.
Increase in an asset, increase in a liability.
Increase in an asset, increase in owner's equity.
Decrease in an asset, decrease in a liability.
Paid utilities expenses $500
Increase in an asset, decrease in another asset.
Increase in an asset, increase in a liability.
Increase in an asset, increase in owner's equity.
Decrease in an asset, decrease in owner's equity.
Paid 3 months rent $500
Increase in an asset, decrease in another asset.
Increase in an asset, increase in a liability.
Increase in an asset, increase in owner's equity.
Decrease in an asset, decrease in owner's equity.
Paid annual insurance premium $500
Increase in an asset, decrease in another asset.
Increase in an asset, increase in a liability.
Increase in an asset, increase in owner's equity.
Decrease in an asset, decrease in owner's equity.
Pald supplies for cash $500
Increase in an asset, decrease in another asset.
Increase in an asset, increase in a linbility.
Increase in an asset, increase in owner's equity
Decrease in an asset, decrease in owner's equity
A debit may signify a(n):
increase in an asset account.
decrease in an asset account.
increase in a liability account.
increase in the stockholders' equity (common stock) account.
The type of account with a normal credit balance Is:
an asset.
stockholders' equity (dividend).
a revenue.
an expense.
A debit balance in which of the following accounts would Indicate a likely error?
Accounts Receivable
Cash
Fees Eamed
Miscellancous Expense
The recept of cash from customers in payment of their accounts would be recorded by?
a debit to Cash and a credit to Accounts Reccivable.
a debit to Accounts Receivable and a credit to Cash.
a debit to Cash and a credit to Accounts Payable:
a debit to Accounts Payable and a credit to Cash.
The form listing the tiles and balances of the accounts in the ledger on a given date is the:
income statement.
balance sheet.
retained earnings statement.
trial balance.
Accounts Recelvable Is likely to have
debit entries only
credit entries only
both debit and credit entries.
None of the above
Commissions Earned Is likely to have
debit entries only
credit entries only
both debit and credit entries.
None of the above
Notes Payable Is likely to have
debit entries only
credit entries only
both debit and credit entries.
None of the above
Common Stock is likely to have
debit entries poly
credit entries only
both debit and gredit atries
None of the above
rent Revenue Is likely to have
debit cotries enly
credit entries only
both debit and eradit entries.
None of the above
A debit may signify a(n):
increase in an asset account
decrease in an asset account
increase in a liability account
increase in the stockholders'equity(common stock) account.
The type of account with a normal credit balance is:
an asset.
stockholders' equity (dividend).
a revenue.
an expense.
A debit balance in which of the following accounts would indicate a likely error?
Accounts Receivable
Cash
Fees Eared
Miscellaneous Expense
The receipt of cash from customers in payment of their accounts would be recorded by:
a debit to Cash and a credit to Accounts Receivable.
a debit to Accounts Receivable and a credit to Cash.
a debit to Cash and a credit to Accounts Payable.
a debit to Accounts Payable and a credit to Cash.
The form listing the titles and balances of the accounts in the ledger on a given date is the:
income statement.
balance sheet.
retained earnings statement.
trial balance.
Accounts Receivable is likely to have
debit entries only
credit entries only
both debit and credit entries.
None of the above
Commissions Earned is likely to have
debit entries only
credit entries only
both debit and credit entries.
None of the above
Notes Payable is likely to have
debit entries only
credit entries only
both debit and credit entries.
None of the above
Common Stock is likely to have
debit entries only
credit entries only
both debit and credit entries.
None of the above
Rent Revenue is likely to have
debit entries only
credit entries only
both debit and credit entries.
None of the above
If the supplies account, before adjustment on May 31, indicated a balance of $2,250, and supplies on hand at May 31 totaled $950, the adjusting entry would be:
Debit Supplies, $950; Credit Supplies Expense, $950.
Debit Supplies, $1,300; Credit Supplies Expense, $1,300.
Debit Supplies Expense, $950; Credit Supplies, $950.
Debit Supplies Expense, $1,300; Credit Supplies, $1,300.
If the estimated amount of depreciation on equipment for a period is $2,000, the adjusting entry to record depreciation would be:
Debit Depreciation Expense, $2,000; Credit Equipment, $2,000.
Debit Equipment, $2,000; Credit Depreciation Expense, $2,000.
Debit Depreciation Expense, $2,000; Credit Accumulated Depreciation, $2,000.
Debit Accumulated Depreciation, $2,000; Credit Depreciation Expense, $2,000.
Paid rent for period of July 4 to end of month, $1,750. Journalize the entry:
Dr Rent expense: $1,750, Cr Cash: $1,750
Dr Cash: $1,750, Cr Rent expense: $1,750
Dr Prepaid rent: $1,750, Cr Cash: $1,750
Dr Cash: $1,750, Cr Prepaid rent: $1,750
Purchased a truck for $15,000, paying $1,000 cash and giving a note payable for the remainder. Journalize the entry:
Dr Truck: $15,000, Dr Cash: $1,000, Cr Account payable: $16,000
Dr Truck: $15,000, Cr Cash: $1,000, Cr Notes payable: $14,000
Dr Truck: $15,000, Cr Cash: $1,000, Cr Account payable: $14,000
None of above
Purchased equipment on account, $7,000. Journalize the entry:
Dr Equipment: $7,000, Cr Cash: $7,000
Dr Account payable: $7,000, Cr Cash: $7,000
Dr Equipment: $7,000, Cr Notes payable: $7,000
Dr Equipment: $7,000, Cr Account payable: $7,000
Purchased supplies for cash $1,200. Journalize the entry:
Dr Supplies expense: $1,200, Cr Cash: $1,200
Dr Cash: $1,200, Cr Supplies: $1,200
Dr Supplies: $1,200, Cr Cash: $1,200
Dr Supplies: $1,200, Cr Account payable: $1,200
Paid annual premiums on property and casualty insurance $2,700. Journalize the entry:
Dr Prepaid insurance: $2,700, Cr Cash: $2,700
Dr Insurance expense: $2,700, Cr Cash: $2,700
Dr Account payable: $2,700, Cr Cash: $2,700
Dr Cash: $2,700, Cr Prepaid insurance: $2,700
Fees earned and billed to customers for the month, $37,200. Journalize the entry:
Dr Cash: $37,200, Cr Account receivable: $37,200
Dr Cash: $37,200, Cr Fees earned: $37,200
Dr Account receivable: $37,200, Cr Fees earned: $37,200
Dr Fees earned: $37,200, Cr Cash: $37,200
July 26, received an Invoice for truck expenses, to be paid in Augusi, $800. Journalize the entry
Dr Truck expenses: $800, Cr Cash: $800
Dr Truck expenses: $800, Cr Account payable: $800
Dr Cash: $800, Cr Truck expenses
None of the above
Recelved cash from customers on account, $3,600. Journalize the entry:
Dr Cash: $3,600, Cr Account receivable: $3,600
Dr Cash: $3,600, Cr Account payable: $3,600
Dr Cash: $3,600, Cr Fees carned: $3,600
Dr Account receivable: $3,600, Cr Fees earned: $3,600
Paid wages of employees, $2,400, Journalize the entry:
Dr Wages: $2,400, Cr Cash: $2,400
Dr Wages: $2,400, Cr Wages payable: $2,400
Dr Wages expense: $2,400, Cr Cash: $2,400
Dr Wages expense: $2,400, Cr Wages payable: $2,400
Pald dividend, $2,000. Journalize the entry:
Dr Dividend, $2,000, Cr Dividend payable, $2,000
Dr Dividend, $2,000, Cr Cash. $2,000
Dr Cash: $2,000, Cr Dividend $2,000
None of the above
Fees accrued but unbilled at July 31 are $9,560. Journalize the adjusting entry:
Dr Account receivable: $9.560, Cr Fees earned: $9,560
Dr Cash: $9,560, Cr Fees earned: $9,560
Cr Cash: $9,560, Cr Account receivable: $9,560
Dr Fees earned: $9,560, Cr Account receivable: $9,560
Wages accrued but not paid at July 31 are $1,200. Journalize the adjusting entry:
Dr Wages expense: $1,200, Cr Cash: $1,200
Dr Wages expense: $1,200, Cr Accounf payable: $1,200
Dr Wages expense: $1,200, Cr Wages payable: $1,200
Dr Wages payable: $1,200, Cr Wages expense: S1.200
The unearned rent account balance at July 31 Is $9,375, representing the receipt of an advance payment on July 1 of three months? rent from tenants, Journalize the adjusting entry in July 31:
Dr Unearned rent: $3,125, Cr Rent revenue: $3,125
Dr Rent revenue: $3,125, Cr Uneamed rent: $3,125
Dr Account receivable: $9,375, Cr Rent revenue: $9,375
Dr Account receivable: $9,375, Cr Fees cared: $9,375
Issued common stock in exchange for $30,000. Journalize the entry
Dr Common stock: $30,000, Cr Cash: $30,000
Dr Account receivable: $30,000, Cr Common stock: $30,000
Dr Common stock: $30,000, Cr Account receivable: $30,000
Dr Cash: $30,000, Cr Common stock: $30,000
Paid installment due on note payable, $1,875. Journalize the entry
Dr Account payable: $1,875, Cr Cash: $1.875
Dr Notes payable: $1,875, Cr Cash: $1,875
Dr Cash: $1,875, Cr Notes payable: $1,875
Dr Cash: $1,875, Cr Account payable: $1.875
Recorded fees earned in January on plans delivered, payment to be received in February. $31,400. Journalize the entry
Dr Cash: $31,400, Cr fees earned: $31,400
Dr Account receivable: $31,400, Cr fees cared: $31,400
Dr fees earned: $31,400, Cr Account receivable: $31,400
Dr Account payable: $31,400, Cr fees cared, $31,400
Paid telephone bill for the month, $550, Journalize the entry
Dr. Telephone bill: S550, Cr Cash: $550
Dr Cash: 5550, Cr: Utilities Expense: $550
Dr Utilities Expense: $550, Cr Cash: $550
Dr Telephone expense: $550, Cr Cash: $550
Received cash from customers on account, $8,600. Journalize the entry
Dr Cash: $8,600, Cr Account receivable: $8,600
Dr Account payable: $8,600, Cr Cash: $8,600
Dr Account receivable: $8,600, Cr Cash: $8,600
Dr Cash: $8,600. Cr Fees earned: $8,600
The Inventory costing method that is based on the assumption that costs should be charged against revenue in the order in which they were incurred is:
a. FIFO.
b. LIFO.
c. weighted average cost.
d. perpetual inventory.
The following units of a particular item were purchased and sold during the period-Beginning Inventory 40 units at $ 20First purchase 50 units at S21Second purchase 50 units at $22 First sale 110 unitsThird purchase 50 units at S23 Second sale 45 units What is the cost of the 35 units on band at the end of the period as determined under the perpetual inventory system by the LIFO costing method?
a. $715
b. $705
c. $700
d. $805
What is the unit cost of the 35 units on hand at the end of the period as determined under the periodic inventory system by the FIFO costing method?
$20
$21
$22
$23
If Inventory is being valued at cost and the price level is steadily rising, the method of costing that will yield the highest net income is:
LIFO.
FIFO.
average.
periodic.
If the Inventory at the end of the year is understated by $7,500, the error will cause an:
understatement of cost of goods sold for the year by $7,500.
overstatement of gross profit for the year by $7,500.
overstatement of beginning inventory for the following year by $7,500.
understatement of net income for the year by $7,500.
Under FIFO, the cost of the ending inventory is made up of
the most recent
the earliest
the average
the specific
Under LIFO, the cost of the ending inventory is made up of costs.
the most recent
the earliest
the average
the specific
Under the average method, the cost of the ending Inventory is made up of costs:
the most recent
the earliest
the average
Under specific Identification Inventory cost flow method, the cost of the ending inventory is made up of costs.
the most recent
the earliest
the average
the specific
In the rising period, the method which results in the highest gross profit is
FIFO
LIFO
Average
Specific identification inventory cost flow
At the end of the fiscal year, before the accounts are adjusted, Accounts Receivable has a balance of $200,000 and Allowance for Doubtful Accounts has a credit balance of $2,500. If the estimate of uncollectible accounts determined by aging the receivables is $8,500, the amount of bad debt expense is
$2,500
$6,000
$8,500
$11,000
At the end of the fiscal year, Accounts Receivable has a balance of $100,000 and Allowance for Doubtful Accounts has a balance of $7,000. The expected net realizable value of the accounts receivable is
$7,000
$93,000
$100,000
$107,000
What is the maturity value of a 90-day, 12% note for $10,000?
$8,800
$10,000
$10,300
$11,200
What is the due date of a $12,000, 90-day, 8% note receivable dated August 5?
October 31
November 2
November 3
November 4
When a note receivable is dishonored, Accounts Receivable is debited for what amount?
The face value of the note
The maturity value of the note
The maturity value of the note less accrued interest
The maturity value of the note plus accrued interest
Notes Receivable is
an asset account
a liability account
a revenue account
an expense account
Under allowance method, Bad Debt Expense is recorded
whenever the customer's account is determined to be worthless.
only at the end of the accounting period by an adjusting entry
when business receives payment from customer
only at the end of the accounting period by a closing entry
Maturity value of note receivable is
face amount of note
interest rate of note
face amount of note plus interest rate of note
face amount of note plus interest of note
When a note receivable is dishonored at the due date, which account will be debited by the creditor?
cash account
notes receivable
accounts receivable
interest expense
When a business receives a note to settle an account receivable, which account will be credited by the creditor?
cash account
notes receivable
accounts receivable
interest revenue
Rent revenue is likely to have
debit entries only
credit entries only
both debit and credit entries
none of the above
