acct 301 chapter1 connect questions-answers

acct 301 chapter1 connect questions-answers - HIE...

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Unformatted text preview: HIE GUI'I'B‘GI answer i5 SHOWN Ircwn Company purchased $900 of supplies on credit. Illustrate how to record the transaction to accounts by completing the following sentence. .coounts payable would be t:recti,ec,l(debited./credited} on the rightlleft/right) side of the T-aocount. ar ...-..Il-.. ...-..I.l I.- ..I .. I.. :I. .. .!f.l..l.:l.-.l J-_-.lll....ll -_ LI.- I...I'_|. "J ("Ell-IA -lJ- ‘1 LI... 1' -4--. ".1. A probable future sacrifice of eeonomic benefits arising from present obligations of an entity transfer assets or provide sewices as a result of past transactions or ewents is aini he correct answer is shown. E] m ESSEL expense. less. a liability. i-aooounts by completing the following sentence. The Cash account would be debilco(debited/credite on the IelLllett/right) side of the Taccount and the Common Stock account would be .. ....I'I...,.If.-l-.I..:L-J I-....-lll...l\ a... ll... .a:.:L.| flmflfuluI-i‘. lb]- -I ll... 1' 1...... null awmwbh IIIIIIJI II llllLlllil “lull I IIIIIIII IJIIIIHL “lull List the components of a classified balance sheet in the proper order in accordance with Gm . I V Your answer Is correct! 1 CurrentAssets 2 Non-currentassete 3 Current liabilities 4 Non-current liabilities ((((( 5 Stockholders' equity 6 Total liabilities and stockholders' equity < "NIL?" UI “It! IUIIU’NIIIE lift! "fififiBL‘é—r [UIIBUH fill "11:". C“ ’ Your answer is correct! a Equipment Land Accounts payable Contributed capital Cash Notes payable Retained eamlngs III lllklfim III nULalIIELI. lLT-GIIIIIIED "UUIU MU IEWIUEU 'fl'l ' Your answer is correct! debit a credit UIIILIII UI LiIU IUIIUHIIIE all: CAI-GI IIflI LI GIIDGLI'LIUIIDI l‘sJ‘GIGUI. fill l.l Ifll fi' F . Your answer Is almost correct! Missed! v Paying salaries to employees a Purchasing inll'entor):r from suppliers n Finrrnwlno mnnmr from the hank AI'L 1...!(JIIIFJEMIJlI [JUIUIIEIEUU Iiilllu IUI UHSII UI €PLC},UUU dllu {UWIUBU El LIEU". LU W3” UI 13me all credit to Land of $15,000. After this entry has been made,: (Check all that apply.) . I um V Your answer Is almost correct! u the balance sheet is out of balance. a the balance in the Cash account is incorrect Miss CCll Vtota] assets are correct the balance In the Cash account Is correct total assets are Incorrect . -_...I.....J, I._._...._-_ .. 1.--,__- I..__.. .._...-.J ....-.. .. recorded this as a $30,000 debit to the Truck account and a $30,000 credit to Cash. As a result this entry; (Check all that apply.) ..........a_ .-. .. . J--. ..--_. ..._ --...I.... The correct answer is shown. LEI Reed abwuh total assets are too high. V total assets are too low. total liabilities are too high. the balance sheet is out of balance. a total liabilities are too low. i . prooaore ruture sacrmce or economic oenernzs anslng worn present ODllgEITJDns or an entrty t “ans'fer assets or provide services as a resutt of past transactions or events is a(n) ' - I n Your answer Is correct! L'I loss, a liability. asset. BXDBI'ISB. what is the errect on total Ilaourues when a company buys a cunning in exchange tor a zoyearr payable? . I VYour answer Is correct! L'I mam Total liabilities will decrease. There will be no effect. E Total liabilities will increase. llll! l.|l.ll.il.lllll3| IL Lllfll alilil'lfl LIIU Ulllillrlfi Ul llflllflfllrllllllfl lrllllillllllJyLrfllih lilll. Willi IIUI. lilil'iliil'l llin balance. the imrnrl lllrlri nnn wnrrl mr hlanll in rnnrnrnl. lhn llnrn mmnlhn nualllnlhm nhnnrlnrllln nlfallhlul mnrsrnlallnn. Select the financing activities from the list below. (Check all that am VYour answer is correct! Purchasing cookware n Issuing a note payable Purchasing equipment n Issuing stock Which of these events would not be recorded as transactions in an accounting system? (Chet that apply.) . . I .. WYour answer Is partlally correct! L-‘l Reads a Ordering supplies to be delivered and paid for in the future Receiving supplies In exchange for cash Missed! V Hiring an employee Receiving cash In exchange for stock Z Best, Inc. issued $1,000,000 of stock for cash. Z Best recorded the transaction by increasing co and decreasing common stock and additional paid-in capital. As a result of this entry. (Check all th apply-l . I sesame ’ Your answer IS correct! l"“"l V stockholders equity is understated. V contributed capital ls understated. assets are understated. liabilities are understated. a the accounting equation is out Of balance. l MMM Pizza bought $1.500 of cookware on account. What is the effect of recording this transa on the company's total assets? . I Reads ‘1’ Your answer Is correct! L-J Total assets will decrease. a Total assets will increase. There is no effect II‘uluI-I—J— .-—— In! -.-_.-.-I-.-I nun-dull annull— I- -AIJ Lox, atom and cage, Inc.. Issues $1UU,UUU or SIDGK. It recorded tne transaction by Increasing l. and decreasing Common Stock. As a result of this entry. . I Read bout V Your answer Is correct! u a the acoou ntjng equation will balance. but the transaction was recorded in the wrong accounts a the accounting equation will be out of balance the. amnn‘rinn mum-inn will hnlnnm III-ler v: unu- Ivuvvuuo wry-"w vuv nun vauvum “mu. vnvuwr my in Ii‘d'lv“ n I ulv wkunvu rt. (Check all that apply.) I Your answer is correct! Ordering 5 cases of copy paper to be delivered next month at a cost of $12 per c: n Receiving 3 cases of copy paper that cost $12 per case a Paying $48 for 4 cases of copy paper that were delivered last month Hiring a new accountant who will start work next month at an annual salary of $4 flavlndthn nffirsn annmtnnr'c mnnthlu mlnm nf 9:? non entered in the journal. . I Read ‘ V Your answer Is correct! LJ ‘1 1 Enter name of account(s) debited and theiramount{s) v 2 Enter name of account(s) credited and their amounds} .1 ’4 Enter exolanation Notes payable on a balance sheet is the result of: [Check all that V Your answer is almost correct! a a financing activity. Missed! v borrowings from creditors. an investing acflvlty. issuing stock. stockholders Investing cash In the company. an Operating acflvitv. List the steps in the accounting cycle in chronologcal order. V Your answer is correct! 1 Analyze transactions 2 Record journal entries in the general journal 3 Post amounts to the general ledger 4 Prepare a trial balance 5 Adjust revenues and expenses in the journal and postto the | (((<<( 6 Prepare financial statements Which account is affected by recording the buying of goods on c V‘r‘our answer is correct! Gash Retained eamlngs Contributed capital Credit receivable n Accounts payable "HIE-ll UI LIIH IUIIUWIIIE are HKLBHIdI UHIIfiHUUUHSI' [OBIEUL fill Llliil V Your answer is almost correct! a Borrowing money from the bank Missodl v Paying salaries to employees a Purchasing inventory from suppliers Uslne suoelles purchased last month AllilpflllyI A [BUBIM ~131'U,‘UUU llUlll Issulng J.U,UUU snares Ul \"IIJ. par value- UUIIIIIIUII ELWK LU ll iwners. The effect on the accounting equation is that: (Check all that apply.) I Read .. e correct answer Is shown. U a stockholders' equity increases. retained earnings increase. liabilities decrease. liabilities increase. stockholders‘ equity decreases. assets decrease. a assets increase. lel. LIIBBB Ildulllly dWUUlllfi Ill LIIB UIUBI Ill WHIUII LI'lBy WUUIU appear Ull id Wlllpdllyti UdldllUB till . I V Your answer Is correct! L"! V 1 Note payable [due in 5 months) v 2 Note payable [due in 5 years) v 3 Mortgage payable {due in 25 years} luellLlly Ull WIIIUII EMU UI tilt: been I-élUUUulil. WUUIU ule lUllUWll’lgfllllUunufi W ta’llU'l'ti'll.r Dew-Lit. Eli are correct. mecorreetanswerlsshown. LEJ M increases would be on the right side a increases would be on the left side decreases would be on the Ian: side a decreases would be on the right side the ending balance would be on the right side a the ending balance would be on the left side a the beginning balance would be on the left side the beaming balance would be on the right side IHE BITEUL 0" me accounung ECIUEIIUH DI paying SUPPIIEFS TUI amounts UWE'CI II'IUILICIBS Ell to correct answer Is shown. decrease In stockholders' equity a decrease in liabilities Interment In negate Companyr X Issued 10,000 shares of Its $1 par value stock to its owners for $10,000 cash. recorded the transaction by Increasing assets and Increasing liabilities. Which ofthe followll statements are correct? (Check all thatapply.) _ I Read \I Your answer Is almost correct! L‘l Stockholders' equity will be understated. IJablll‘tles will be undets‘tated. Assetswill be understated. Stockholders equlty will be overstated. Assets will be overstated. Missed! ' q Liabilities will be overstated. ------ —-----.—--——- —-------- r—-:--—- ------ —--- —-------- — - ;-—- ----- r—;—-—-----—----—;—-—----—- —- to record this transaction will include a debit to he correct answer is shown. LEI Read amt Retained Earnings Notes Payable v Accounts Payable Equipment Common Stock T'II III-Ill DLGLEIIIGI II. I-CI 16"”! The correct answer is shown. a A trial balance is the same as a balance sheet Atrial balance can be taken at any point In time. Atrial balance can verify the equality of debits and credit Atrial balance lists all the accounts with their current bal In May, Pasta Disasta, Inc. paid its suppliers $500 that it owed for the pizza pans purchase received in April. Which accounts are affected and by how much? (Check all that apply.) The correct answer Is shown. LEI “a” Accounts Payable ls Increased by $500. Cash is increased by $500. a Accounts Payable is decreased by $500. a Cash is decreased by $500. Accounts Receivable ls decreased by $500. Imam-mks Dnmhuakln I19 Innunmnal In: GEM Acme Enterprises borrowed $20,000 from Last Bank on a 5-year note payable. Identify how tht Notes Payable T-account will be affected by when this transaction is posted. (Select all that am The correct answer Is shown. LEI Re“ " a $20,000 will be added to the credit side $20,000 will be added to the debit side $20,000 will be subtracted from the ending balance which Is on the credit side $20,000 will be subtracted from the ending balance which Is on the debit side Q9“ nnn urlll ha uddnd +n +hn ant“an halanm ulhlnh In An Hun thll- eldn The beginning balance in Ace's Accounts Payable was $3.000. Ace then bought $200 of supplies ft cash and paid $500 of the amount that it owed for suppiies purchased on account last month. The ending balance in Ace's Accounts Payable was a: The correct answer is shown. Lu] “W” 3m” credit of $3,700 credit of $3,000 credit of $2.700 V credit of $2,500 credit of $3,500 The primary objective of financial reporting is to provide useful information to outside use1 —I The correct answer is shown. evaluating the amount of dividends to declare a making decisions pricing decisions transaction anahrsln HGGDUHIITIE Transactions are GIEISSITIEU ES WHICH 0T tne TIDiIO'i he correct answer i5 shown. a lntemal transactions a External transactions Noncurrent transactions Currant transacdons The line item, Contributed capital. on the balance sheet results from a{r he correct answer Is shown. Investing activity. a financing activity. ,7 ,iil-IWJ , ,lLLL. etch each cash trans-scum an the fiaterr'cntdfcasi'i flows witnme plenary-m dreamyme e dessrlntlms using the arrows. Your answer is partler currect. IEII'EWEIE: W answers: hase of v' a negative cash mat H flew - inveaing my dfequl-ument v' a positive cash H flew - investing my mfrdm a v' a pnelth'e cash t H flew - financing my hase lnventnry X a negative cash Ptn'chase Inventory 3 negative cash H flmu - financing H flaw - operating my my dividends X a negative cash Paid dhidmds a negative cash H flew - eneraflrfl H flew - financing my my I collected V“ a positive cash sustaian H flew - operating my 123 @ Suggested Sites V a Web Slice Gallery V ACCOUHIing - Financial Accounting - Libby, Be a E M A RT '3 U D K Financial Statements and Business Decisions Brandy Lambert + been“ mm“ PREVIEW READ HECPIWE E: _"|’| 'ri- l-r_'LI 5 Net income: VYour answer is correct. L-‘l M m on the balance sheet causes cash from operating activities in increase on the statement of cash flows V on the income statement causes retained earnings to increase on the statement ofstockhalders' equity on the balance sheet causes retained earnings to increase on the income statement on the income statement causes contributed capital to increase on the statement of stockholders' equity Lupyrgh 231,1 ML'EFEl-f-lllll LU ICU-JCli Mla ruSL'VL‘d ‘ n n e I—) Q httpfllwwwmhleamsmartlcumlflow/flowswfhtmlhap V G {5 3 Suggested Sites V a Web Slice Gallery V Accounting - Financial Accounting - Libby, 39 B L m be kmm m a E M A RT '3 U D K Financial Statements and Business Decisions "and" a be" " ° “m PREVIEW READ RECMREE ii! 64-1“: El 5 Which business organization's owner has unlimited liabilitfi’ V Your an5wer i5 correct. V Sole proprietorship Unlimited liability corporation Limited liability corporation Corporation ...
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