Clicker Review Questions

Clicker Review Questions - c A debit of $100 to Accounts...

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1. Using the trial balance in review question 12, what is Miller’s stockholders’ equity on 3/31/07? a. $42,500 b. $54,000 c. $72,500 d. $74,000 2. Land (location of the corporation's office building) $100,000 Land (held for future use) 150,000 Corporate Office Building 600,000 Inventory 200,000 Equipment 450,000 Office Furniture 100,000 Accumulated Depreciation 300,000 What is the total amount of property, plant, and equipment that will appear on the balance sheet? a. $950,000 b. $1,100,000 c. $1,250,000 d. $1,550,000 3. A trial balance would only help in detecting which one of the following errors? a. A transaction that is not journalized b. A journal entry that is posted twice
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Unformatted text preview: c. A debit of $100 to Accounts Receivable is posted as a debit of $100 to Accounts Payable d. A transposition error when transferring the debit side of a journal entry to the ledger 4. On October 1, Frank’s Firewood receives an order from Wilderness Hotel for 10 cords of firewood for $3,000. Frank’s Firewood delivers the firewood on October 7 and bills Wilderness Hotel on October 9. Wilderness Hotel pays Frank’s Firewood on October 21. According to GAAP, when does Frank’s Firewood recognize the revenue of $3,000? a. October 1 b. October 7 c. October 9 d. October 21...
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This note was uploaded on 01/17/2009 for the course ACC 211 taught by Professor Bunch during the Fall '08 term at SUNY Albany.

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