Multiple choice question 112 jawbreaker company paid $940 on account

Multiple Choice Question 112

Jawbreaker Company paid $940 on account to a creditor. The transaction was erroneously recorded as a debit to Cash of $490 and a credit to Accounts Receivable, $490. The correcting entry is

 

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[removed]

Accounts Receivable…………………………………………………………………

490

 
 

Cash…………………………………………………………………………………..

 

490

       

 

[removed]

Accounts Payable…………………………………………………………………….

940

 
 

Cash…………………………………………………………………………………..

 

940

       

 

[removed]

Accounts Receivable…………………………………………………………………

490

 
 

Accounts Payable…………………………………………………………………..

 

490

       

 

[removed]

Accounts Receivable…………………………………………………………………

490

 

Accounts Payable…………………………………………………………………….

940

 
 

Cash…………………………………………………………………………………..

 

1,430

       

Multiple Choice Question 111

Zen Arcade paid the weekly payroll on January 2 by debiting Salaries and Wages Expense for $47,000. The accountant preparing the payroll entry overlooked the fact that Salaries and Wages Expense of $27,000 had been accrued at year end on December 31. The correcting entry is

 

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[removed]

Salaries and Wages Payable…………………………………………………………………….

27,000

 
 

Salaries and Wages Expense…………………………………………………………………..

 

27,000

       

 

[removed]

Salaries and Wages Payable…………………………………………………………………….

27,000

 
 

Cash…………………………………………………………………………………………………

 

27,000

       

 

[removed]

Cash………………………………………………………………………………………………….

20,000

 
 

Salaries and Wages Expense…………………………………………………………………..

 

20,000

       

 

[removed]

Cash………………………………………………………………………………………………….

27,000

 
 

Salaries and Wages Expense…………………………………………………………………..

 

27,000

       

Multiple Choice Question 81

The income statement for the year 2014 of Fugazi Co. contains the following information:

 

Revenues

 

$70,000

Expenses:

   
 

Salaries and Wages Expense

$45,000

 
 

Rent Expense

12,000

 
 

Advertising Expense

10,000

 
 

Supplies Expense

6,000

 
 

Utilities Expense

2,500

 
 

Insurance Expense

2,000

 
   

Total expenses

 

77,500

Net income (loss)

 

($7,500)

         

 

 

The entry to close the expense accounts includes a

 

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[removed]

debit to Income Summary for $7,500.

 

[removed]

debit to Income Summary for $77,500.

 

[removed]

credit to Income Summary for $7,500.

 

[removed]

debit to Wages Expense for $2,500.

Multiple Choice Question 122

The following information is for Bright Eyes Auto Supplies:

 

Bright Eyes Auto Supplies

Balance Sheet

December 31, 2014

 

Cash

 

$ 40,000

 

Accounts Payable

$ 130,000

Prepaid Insurance

 

80,000

 

Salaries and Wages Payable

50,000

Accounts Receivable

 

100,000

 

Mortgage Payable

150,000

Inventory

 

140,000

   

Total Liabilities

330,000

Land Held for Investment

 

180,000

           

Land

 

250,000

           

Building

$200,000

             
 

Less Accumulated

     

Owner’s Capital

740,000

   

Depreciation

(60,000)

140,000

           

Trademark

 

   140,000

     

Total Liabilities and

 

Total Assets

 

$1,070,000

       

Owner’sEquity

$1,070,000

                     

 

 

The total dollar amount of assets to be classified as investments is

 

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Multiple Choice Question 121

The following information is for Bright Eyes Auto Supplies:

 

Bright Eyes Auto Supplies

Balance Sheet

December 31, 2014

 

Cash

 

$ 40,000

 

Accounts Payable

$ 130,000

Prepaid Insurance

 

80,000

 

Salaries and Wages Payable

50,000

Accounts Receivable

 

100,000

 

Mortgage Payable

150,000

Inventory

 

140,000

   

Total Liabilities

330,000

Land Held for Investment

 

180,000

           

Land

 

250,000

           

Building

$200,000

             
 

Less Accumulated

     

Owner’s Capital

740,000

   

Depreciation

(60,000)

140,000

           

Trademark

 

   140,000

     

Total Liabilities and

 

Total Assets

 

$1,070,000

       

Owner’sEquity

$1,070,000

                     

 

 

The total dollar amount of assets to be classified as property, plant, and equipment is

 

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Multiple Choice Question 94

Which account listed below would be double ruled in the ledger as part of the closing process?

 

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[removed]

Accumulated Depreciation—Equipment

 

 

[removed]

Owner’s Drawings

 

Multiple Choice Question 108

If errors occur in the recording process, they

 

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[removed]

should be corrected as soon as they are discovered.

 

[removed]

should be corrected as adjustments at the end of the period.

 

[removed]

cannot be corrected until the next accounting period.

 

[removed]

should be corrected when preparing closing entries.

Multiple Choice Question 148

Which statement about long-term investments is not true?

 

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[removed]

They are not currently used in the operation of the business.

 

[removed]

They will be held for more than one year.

 

[removed]

They include investments in stock of other companies and land held for future use.

 

[removed]

They can never include cash accounts.

Multiple Choice Question 59

Closing entries are

 

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[removed]

journalized in the general journal.

 

[removed]

an optional step in the accounting cycle.

 

[removed]

made to close permanent or real accounts.

 

[removed]

posted to the ledger accounts from the worksheet.

Multiple Choice Question 102

Which of the following steps in the accounting cycle may be performed most frequently?

 

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[removed]

Prepare a trial balance.

 

[removed]

Prepare a post-closing trial balance.

 

[removed]

Journalize closing entries.

 

[removed]

Post closing entries.

 

 

 

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