Acc 201 Sample Test 1form 1 page 4

Acc 201 Sample Test 1form 1 page 4 - Stockholder’s Equity...

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d. Accounts receivable e. Dividend payable 12. On December 31, 2007, Ruthele’s Skating Rink sold $60,000 of season passes for skating to take place during the spring of 2008. The effect of this transaction is: a. Total Assets decrease, Total Liabilities decrease, and Total Stockholders’ Equity decreases. b. Total Assets increase, Total Liabilities increase, and Total Stockholders’ Equity unchanged. c. Total Assets unaffected, Total Liabilities increase, and Total Stockholders’ Equity decreases. d. Total Assets increase, Total Liabilities unaffected, and Total Stockholders’ Equity increases. 13. Sabrina’s Catering forgot to make the proper adjusting entry at year-end to record the accrual of interest on one of her investments. Which one of the following best reflects the effect of this omission: a. Total Assets overstated, Total Liabilities overstated, and Total
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Unformatted text preview: Stockholder’s Equity unaffected. b. Total Assets overstated, Total Liabilities unaffected, and Total Stockholder’s Equity overstated. c. Total Assets understated, Total Liabilities unaffected, and Total Stockholder’s Equity understated. d. Total Assets understated, Total Liabilities understated, and Total Stockholder’s Equity unaffected. 14. When Heide posts the journal entries for the month, the postings will be to the: a. General Ledger: list of account titles b. General Journal c. Trial Balance: all account tiles and ending balance. Finical statements d. Respective financial statements 15. The account balances for several of Dina’s Corporation accounts and their balances are listed below in alphabetic order: Accounts Payable $10,000 Merchandise Inventory 20,000...
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