ACC 301 Chapter 2 Quiz
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ACC 301 Chapter 2 Quiz

Course Number: ACC 301, Spring 2009

College/University: St. Leo

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ACC 301 Chapter 2 Quiz Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. A common business transaction that would not affect the amount of owners' equity is a. signing a note payable to purchase equipment. b. payment of property taxes. c. billing of customers for services rendered. d. payment of dividends. 2. On June 30, a company paid $3,600 for...

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301 ACC Chapter 2 Quiz Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. A common business transaction that would not affect the amount of owners' equity is a. signing a note payable to purchase equipment. b. payment of property taxes. c. billing of customers for services rendered. d. payment of dividends. 2. On June 30, a company paid $3,600 for insurance premiums for the current year and debited the amount to Prepaid Insurance. At December 31, the bookkeeper forgot to record the amount expired. The omission has the following effect on the financial statements prepared December 31: a. overstates owners' equity. b. overstates assets. c. understates net income. d. both (a) and (b). 3. A routine collection on a customer's account was recorded and posted as a debit to Cash and a credit to Sales Revenue. The journal entry to correct this error would be a. a debit to Sales Revenue and a credit to Accounts Receivable. b. a debit to Sales Revenue and a credit to Unearned Revenue. c. a debit to Cash and a credit to Accounts Receivable. d. a debit to Accounts Receivable and a credit to Sales Revenue. 4. On March 1, 2003, Forest Co. borrowed cash and signed a 36-month, interest-bearing note on which both the principal and interest are payable on February 28, 2006. At December 31, 2004, the liability for accrued interest should be a. 10 months' interest. b. 22 months' interest. c. 34 months' interest. d. 36 months' interest. 5. Iowa Cattle Company uses a periodic inventory system. Iowa purchased cattle from Big D Ranch at a cost of $27,000 on credit. The entry to record the receipt of the cattle would be 27,000 a. Purchases ........................... b. Inventory ........................... Accounts Payable .................. Purchases ........................... c. Cash .............................. d. Inventory ........................... Cash .............................. Accounts Payable .................. 27,000 27,000 27,000 27,000 27,000 27,000 27,000 ____ ____ ____ ____ ____ 6. Iowa Cattle Company uses a perpetual inventory system. Iowa purchased cattle from Big D Ranch at a cost of $19,500, payable at time of delivery. The entry to record the delivery would be 19,500 a. Purchases ........................... Accounts Payable .................. Inventory ........................... b. Accounts Payable .................. c. Purchases ........................... Cash .............................. d. Inventory ........................... Cash .............................. 19,500 19,500 19,500 19,500 19,500 19,500 19,500 ____ ____ ____ ____ ____ 7. Beginning and ending Accounts Receivable balances were $28,000 and $24,000, respectively. If collections from clients during the period were $80,000, then total services rendered on account were apparently a. $76,000. b. $84,000. c. $104,000. d. $108,000. 8. For a given year, beginning and ending total liabilities were $8,400 and $10,000, respectively. At year-end, owners' equity was $26,000 and total assets were $2,000 larger than at the beginning of the year. If new capital stock issued exceeded dividends by $2,400, net income (loss) for the year was apparently a. ($2,800). b. ($2,000). c. $400. d. $2,800. 9. The Supplies on Hand account balance at the beginning of the period was $6,600. Supplies totaling $12,825 were purchased during the period and debited Supplies to on Hand. A physical count shows $3,825 of Supplies on Hand at the end of the period. The proper journal entry at the end of the period a. debits Supplies on Hand and credits Supplies Expense for $9,000. b. debits Supplies Expense and credits Supplies on Hand for $12,825. c. debits Supplies on Hand and credits Supplies Expense for $15,600. d. debits Supplies Expense and credits Supplies on Hand for $15,600. 10. Sky Corporation's salaries expense for 2004 was $136,000. Accrued salaries payable on December 31, 2004, was $17,800 and $8,400 on December 31, 2003. The cash paid for salaries during 2004 was a. $126,600. b. $127,600. c. $145,400. d. $153,800. 11. Winston Company sells magazine subscriptions for one- to three-year subscription periods. Cash receipts from subscribers are credited to Magazine Subscriptions Collected in Advance, and this account had a balance of $9,600,000 at December 31, 2004, before year-end adjustment. Outstanding subscriptions at December 31, 2004, expire as follows: During 2005 .................. During 2006 .................. During 2007 .................. $2,600,000 3,200,000 1,800,000 In its December 31, 2004, balance sheet, what amount should Winston report as the balance for magazine subscriptions collected in advance? a. $2,000,000 b. $3,800,000 c. $7,600,000 d. $9,600,000 ____ 12. Bannister Inc.'s fiscal year ended on November 30, 2004. The balance in the prepaid insurance account as of November 30, 2004, was $35,200 (before adjustment) and consisted of the following policies: Policy Number 279248 694421 800616 Date of Purchase 7/1/2004 12/1/2002 4/1/2003 Date of Expiration 6/30/2005 11/30/2004 3/31/2005 Balance in Account $14,400 9,600 11,200 $35,200 The adjusting entry required on November 30, 2004, would be 24,000 a. Insurance Expense ................... b. Insurance Expense ................... Prepaid Insurance c. Prepaid d. Insurance Prepaid Insurance ................. Expense ................... Insurance ................. Expense ................... Insurance ................. Prepaid Insurance ................. 9,600 11,200 16,400 24,000 9,600 11,200 16,400 ____ 13. The following balances have been excerpted from Edwards' balance sheets: Prepaid Insurance ............ Interest Receivable .......... Salaries Payable ............. December 31, 2004 $ 6,000 3,700 61,500 December 31, 2003 $ 7,500 14,500 53,000 Edwards Company paid or collected during 2004 the following items: Insurance premiums paid ...... Interest collected ........... Salaries paid ................ $ 41,500 123,500 481,000 The interest revenue on the income statement for 2004 was a. $90,500. b. $112,700. c. $117,500. d. $156,500. ____ 14. Teller Inc. reported an allowance for doubtful accounts of $30,000 (credit) at December 31, 2004, before performing an aging of accounts receivable. As a result of the aging, Teller Inc. determined that an estimated $52,000 of the December 31, 2004, accounts receivable would prove uncollectible. The adjusting entry required at December 31, 2004, would be 22,000 a. Doubtful Accounts Expense ........... b. c. d. Allowance for Doubtful Accounts ... Allowance for Doubtful Accounts ..... Accounts Receivable ............... Doubtful Accounts Expense ........... Allowance for Doubtful Accounts ... Allowance for Doubtful Accounts ..... Doubtful Accounts Expense ......... 22,000 52,000 52,000 22,000 22,000 52,000 52,000

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