3. (CH 3) Bee-In-The-Bonnet firm purchased office suppliescosting $6,000 and also debited Office gives for the full amount. Atthe end of the audit period, a physical counting of officesupplies revealed $2,400 still on hand. The proper adjustingjournal entry to it is in made at the end of the duration wouldbe
a. Debit Office offers Expense, $2,400; CreditOffice Supplies, $2,400.
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b. Debit Office Supplies, $3,600; credit OfficeSupplies Expense, $3,600.
c. Debit Office gives Expense, $3,600; CreditOffice Supplies, $3,600.
d. Debit Office Supplies, $2,400; credit transaction OfficeSupplies Expense, $2,400.
4. (CH 4) close up door entries room made
a. In stimulate to end the company as anoperating entity.
b. So the all assets, liabilities, and owner"scapital accounts will have zero balances as soon as the next accountingperiod starts.
c. In bespeak to move net earnings (or loss) andowner"s illustration to the owner"s resources account.
d. So the financial statements deserve to be prepared.
5. (CH 5) Under a perpetual inventory system,acquisition that merchandise for resale is debited come the
a. Merchandise list account.
b. Purchase account.
c. Gives account.
d. Cost of products Sold account.
6. (CH 6) Kershaw Bookstore had 500 units on hand at January 1,costing $18 each. Purchases and also sales during the month the Januarywere together follows:
Date purchase Sales
Jan. 14 375
Kershaw go not maintain perpetual inventory records. Accordingto a physics count, 375 units were on hand at January 31.
The price of the inventory in ~ January 31, under the FIFO methodis:
7. (CH 7) If a transaction cannot be recorded in a specialjournal
a. The firm must refuse to enter into thetransaction.
b. It is recorded in the basic journal.
c. It is recorded straight in the account in thegeneral ledger.
d. It is recorded as an mediate on the worksheet.
8. (CH 8) The cash account reflects a balance the $90,000 beforereconciliation. The financial institution statement walk not incorporate a deposit of$4,600 make on the critical day that the month. The financial institution statement showsa repertoire by the bank of $1,880 and a customer’s inspect for $640was returned since it to be NSF. A customer’s check for $790 wasrecorded on the publications as $970, and a inspect written for $159 wasrecorded as $195. The correct balance in the cash account was
9. (CH 9) Three accountancy issues associated with accountsreceivable space
a. Depreciating, returns, and valuing.
b. Depreciating, valuing, and collecting.
c. Recognizing, valuing, and also disposing.
d. Accrual, bad debts, and also disposing.
10. (CH 10) A agency purchased factory equipment for$250,000. The is approximated that the tools will have a $25,000salvage worth at the end of its approximated 5-year helpful life. Ifthe company uses the double-declining-balance method ofdepreciation, the quantity of annual depreciation recorded for thesecond year after purchase would be
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11. (CH 11) The entry to document the payment the aninterest-bearing keep in mind at maturity after every interest expense hasbeen well-known is
a. Note Payable
b. Note Payable
c. Note Payable
d. Notes Payable
12. (CH 12) partner Acer and Barr have capitalbalances in a cooperation of $40,000 and also $60,000, respectively.They agree to share profits and losses together follows:
Assalaries $10,000 $12,000
As attention on funding at thebeginning the theyear 10% 10%
Remaining revenues orlosses 50% 50%
If income for the year to be $50,000, what will certainly be thedistribution of revenue to Barr?
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