Quiz Chapter 2

Quiz Chapter 2 - Unearned Fees $1,600 Common Stock $ 80,400...

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ACCT 2101 Spring 2008 Quiz Chapter 2 Multiple Choice (20points each) Identify the choice that best completes the statement or answers the question. 1. VYZ Enterprises receives $15,000 from TRS Company to provide drafting services for TRS in the upcoming year. The receipt of the $15,000 would be recorded by VYZ Enterprises by a A. Credit to Drafting Revenue B. Credit to Accounts Payable C. Credit to Unearned Revenue D. Debit to Accounts Payable E. Debit to Unearned Revenue 2. A Debit in the Accounts Payable account of Quinox Inc could be a result of which of the following transactions? A. A sale made by Quinox of $4,500 of used equipment on account. B. A receipt of $ 2,500 from a customer, in settlement of services provided to the customer previously, on ac- count. C. A purchase of equipment costing $8,000 on account. D. A payment of $6,000 made to a vendor in partial settlement of the amount owed for supplies which were purchased on account. 3. The Trial Balance of Blitz Company as of December 31, 2007 reported the following accounts with their normal balances:
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Unformatted text preview: Unearned Fees $1,600 Common Stock $ 80,400 Interest Expense 2,800 Building 57,900 Accounts Receivable 20,400 Prepaid Insurance 3,800 Office Supplies 2,700 Dividends 1,500 Cash 21,800 Fees Revenue 25,000 Retained earnings 2,600 Accounts payable 1,300 The totals of Blitz Companys Trial Balance for the year 2007 are? A. $134,400 B. $110,900 C. $111,500 D. $106,600 4. During the month of April, Gilden Companys credit sales to customers were $102,700 and the balance in the Accounts Receivable account on March 31, the end of the previous month was $56,800. If amounts owed by customers on April 30, were $61,600, what were the collec-tions from customers during April? A. $107,500 B. $97,900 C. $267,000 D. $$221,100 5. Which pair of accounts has the same set of rules for debit and credit entries? A. Common stock and Unearned Revenue B. Salaries Expense and Retained Earnings C. Prepaid Rent and Notes Payable D. Wages Payable and Dividends...
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