Accounting Pt 2 study review ch 4, 6, 7

Spring

100

What is the correct journal entry for the transaction PAID CASH FOR MISCELLANEOUS EXPENSE, $400? A. Debit Cash and credit Miscellaneous Expense B. Debit Cash and debit Miscellaneous Expense C. Debit Miscellaneous Expense and credit Cash D. Debit Supplies and credit Miscellaneous Expense

What is C. Debit Miscellaneous Expense and credit Cash

200

What is the correct journal entry for the transaction, PAID CASH FOR RENT, $1000? A. Debit Cash and credit Rent Expense B. Debit Cash and credit Utilities Expense C. Debit Miscellaneous Expense and credit Cash D. Debit Rent Expense and credit Cash

What is D. Debit Rent Expense and credit Cash

300

A journal's column totals are General Debit, $500; General Credit, $200; Sales Credit, $750; Cash Debit, $1,000; Cash Credit, $600. This means that the: A. Cash debit column is incorrect. B. General credit column is incorrect. C. Journal does not prove. D. Journal proves

What is C. Journal does not prove

400

Scenario 2.02 B Jackson Company has Sales of $7,500. The company has the following expenses: Advertising Expense - $1,300 Insurance Expense - $850 Rent Expense - $900 Supplies Expense - $250 Utilities Expense - $175 48. In Scenario 2.02 B , what is the component percentage for Utilities Expense? A. 2% B. 2.5% C. 2.3% D. 16%

What is C. 2.3%

500

Bill James discovered that a transaction for Utilities Expense was journalized and posted in error as a debit to Repair Expense, $250. What is the entry to correct the error? A. Debit Utilities Expense, $250; credit Cash, $250 B. Debit Utilities Expense, $250; credit Repairs Expense, $250 C. Debit Repair Expense, $250; credit Utilities Expense, $250 D. Debit Cash, $250; debit Utilities Expense, $250

What is B. Debit Utilities Expense, $250; credit Repairs Expense, $250

Vacation

100

Jackson Company has Sales of $7,500. The company has the following expenses: Advertising Expense - $1,300 Insurance Expense - $850 Rent Expense - $900 Supplies Expense - $250 Utilities Expense - $175. Mary is preparing a Balance Sheet. What must she do after she completes the heading information? A. Prepare the Asset section. B. Write the titles of all the liability accounts. C. Prepare the Owner's Equity section. D. Double rule across the left and right columns.

What is A. Prepare the Asset section

200

Mary is preparing a Balance Sheet. What must she do after she completes the Assets section? A. Prepare the Expense section. B. Prepare the Liability section. C. Prepare the Owner's Equity section. D. Double rule across the left and right columns

What is B. Prepare the Liability section

300

What is the correct entry for the transaction, PAID CASH FOR NEWSPAPER ADVERTISEMENT, $200? A. Debit Cash and credit Advertising Expense B. Debit Cash and credit Miscellaneous Expense C. Credit Cash and credit Advertising Expense D. Debit Advertising Expense and credit Cash

What is D. Debit Advertising Expense and credit Cash

400

Mary is preparing a Balance Sheet. When she completes the Owner's Equity Section, what should the end result be? A. The Total Assets are greater than the Total Liabilities. B. The Total Assets are less than the Owner's Equity. C. The Total Assets should equal Total Liabilities plus Owner's Equity. D. The Total Assets plus Total Liabilities equal Owner's Equity

What is C. The Total Assets should equal Total Liabilities plus Owner's Equity

500

Scenario 2.02 B Jackson Company has Sales of $7,500. The company has the following expenses: Advertising Expense - $1,300 Insurance Expense - $850 Rent Expense - $900 Supplies Expense - $250 Utilities Expense - $175 37. In Scenario 2.02 B , what is the component percentage for Rent Expense? NCCTE.9_12.BE.BA10.CA02.02 RBT: A. 12% B. 2.5% C. 2.3% D. 16%

What is A. 12%

Holiday

100

What is the correct journal entry for the transaction, PAID CASH TO JOHN SMITH, OWNER FOR PERSONAL USE, $500?. A. Debit Cash and credit John Smith, Capital B. Debit Cash and credit John Smith, Drawing C. Debit John Smith, Capital, and credit Cash D. Debit John Smith, Drawing and credit Cash

What is D. Debit John Smith, Drawing and credit Cash

200

On a worksheet, the Income Statement credit total is $1,200 and the Income Statement debit total is $800. The company has a: A. Net income of $400. B. Net loss of $400. C. Net income of $2,000. D. Net loss of $2,000

What is A. Net income of $400

300

What is the correct journal entry for the transaction, PAID CASH FOR RENT, $700? A. Debit Cash and credit Rent Expense B. Debit Cash and credit Utilities Expense C. Debit Miscellaneous Expense and credit Cash D. Debit Rent Expense and credit Cash

What is D. Debit Rent Expense and credit Cash

400

When preparing an Income Statement, after all account total debits and credits are entered correctly, verified and totaled, what is the next step? A. Add each column to verify that debits equal credits. B. Write each column's total below the single line. C. Double rule across both amount columns. D. Single rule across both amount columns below the last amounts

What is C. Double rule across both amount columns

500

Mike is posting journal entries to the General Ledger. He has just calculated the new account balance in the credit column for Sales. What is the NEXT step in the posting procedure? A. Write the account number B. Record the account number that the entry was posted to in the journal in the post reference column. C. Write the debit amount D. Record the source document in the Document Number Column.

What is B. Record the account number that the entry was posted to in the journal in the post reference column

Time Off

100

The ABC Manufacturing Company's Income Statement worksheet shows total debits of $600 and total credits of $750. ABC Manufacturing Company has a: A. Net loss of $150. B. Net income of $150. C. Net income of $1,350. D. Net loss of $1,350

What is B. Net income of $150

200

If the beginning supplies balance is $1,800, and the ending supplies balance is $300, the correct adjustment on the work sheet is to debit A. Supplies and credit Supplies Expense $500. B. Supplies and credit Supplies Expense $1,000. C. Supplies Expense and credit Supplies $500. D. Supplies Expense and credit Supplies $1,500.

What is D. Supplies Expense and credit Supplies $1,500

300

What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $250? A. Debit Cash and credit Sales B. Debit Cash and debit Sales C. Debit Miscellaneous Expense and credit Sales D. Debit Sales and credit Cash

What is A. Debit Cash and credit Sales

400

When he applied for a bank loan, Robert was asked by the bank to develop a financial statement that would show the financial health of his business as of March 31. What is the FIRST step Robert will do to prepare this statement? A. Write the name of the company. B. Prepare the Assets Section. C. Calculate the total of the liabilities. D. Double rule across the left and right columns

What is A. Write the name of the company

500

Scenario 2.02 B Jackson Company has Sales of $7,500. The company has the following expenses: Advertising Expense - $1,300 Insurance Expense - $850 Rent Expense - $900 Supplies Expense - $250 Utilities Expense - $175 In Scenario 2.02 B , what is the component percentage for Total Expenses? A. 36.6% B. 20.9% C. 46.3% D. 51.3%

What is C. 46.3%

Freedom

100

If the beginning prepaid insurance balance is $3,400, and the ending value of the insurance is $1,200, the correct adjustment on the work sheet is to debit: A. Insurance Expense and credit Prepaid Insurance $1,200. B. Insurance Expense and credit Prepaid Insurance $2,200. C. Prepaid Insurance and credit Insurance Expense $1,200. D. Prepaid Insurance and credit Insurance Expense $2,200

What is B. Insurance Expense and credit Prepaid Insurance $2,200

200

Samuel was asked to prepare a financial statement to determine whether or not the costs of doing business exceeded the revenue during the past year. What is the LAST Samuel will do in preparing this statement? A. Write the name of the company. B. Prepare the Revenue Section. C. Calculate the net income or net loss. D. Calculate the component percentages

What is D. Calculate the component percentages

300

Jackson Company has Sales of $7,500. The company has the following expenses: Advertising Expense - $1,300 Insurance Expense - $850 Rent Expense - $900 Supplies Expense - $250 Utilities Expense - $175 51. In Scenario 2.02 B , what is the component percentage for Net Income? A. 62.5% B. 53.7% C. 100% D. 63.4%

What is B. 53.7%

400

If the beginning prepaid insurance balance is $2,000, and the ending value of the insurance is $800, the correct adjustment on the work sheet is to debit: A. Insurance Expense and credit Prepaid Insurance $1,200. B. Insurance Expense and credit Prepaid Insurance $800. C. Prepaid Insurance and credit Insurance Expense $1,200. D. Prepaid Insurance and credit Insurance Expense $800.

What is A. Insurance Expense and credit Prepaid Insurance $1,200

500

What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $2500? A. Debit Cash and credit Accounts Payable B. Debit Accounts Payable and credit Cash C. Debit Cash and credit Sales D. Debit Sales and credit Sales

What is C. Debit Cash and credit Sales