Acc 201 Sample Test 1form 1 page 5

Acc 201 Sample Test 1form 1 page 5 - 17 Which of the...

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Accounts Receivable 15,000 Prepaid Insurance 3,000 Bonds Payable 50,000 Retained Earnings 8,000 Cash 5,000 Sales 60,000 Contributed Capital 100,000 Wages Expense 20,000 Equipment 40,000 Wages Payable 4,000 Interest Expense 1,000 Interest Payable 400 What is the TOTAL amount of the Assets in this list? a. $83,000 b. 80,000 c. 180,000 d. 91,000 e. 143,000 16. Which of the following sets of accounts for Wooseok’s Emporium is closed at the end of an accounting period? a. Interest Expense, Interest Payable, Interest Receivable b. Unearned Revenue, Sales Revenue, Interest Revenue c. Interest Expense, Rent Revenue, Dividends d. Retained Earnings, Sales Revenue, Unearned Revenue Temporary accounts: Rev. Exp. Div. Need to close all accounts Permanent accounts: Ass. Liab. SE.
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Unformatted text preview: 17. Which of the following entries describes the payment to a lender of interest and principal on a loan? a. Debit an asset, debit an expense, and credit a liability b. Debit an expense and credit a liability c. Debit an asset and credit a liability d. Debit a liability and credit an asset e. Debit an expense, debit a liability, and credit an asset 18. Before making month-end adjustments, net income for Dina’s Shop was $118,000 for March. Adjusting entries are necessary for the following items:--Depreciation for the month of March: $2,100-- Supplies used in March, originally recorded in Supplies Inventory: $200 -- Services performed for clients but not yet recorded or collected: $3,300...
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This note was uploaded on 03/19/2008 for the course ACCT 201 taught by Professor Anothony during the Fall '07 term at Michigan State University.

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