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Acct. 2301 Test III - Dr Chambers ACCT 2301 Fall 2007...

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Dr. Chambers ACCT 2301 Fall 2007 Practice Exam III Chapters 8-10 Name___________________________________ 1)  1
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Current  liabilities are obligations due within:   A) 
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one month or  within the company's normal operating cycle if it is longer than one month   B) 
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one year or  within the company's normal operating cycle if it is longer than one year   C) 
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one year or  within the company's normal operating cycle if it is shorter than one year   D) 
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one month or  within the company's normal operating cycle if it is shorter than one month     2) 
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Monthly  sales were  $400,000. It was estimated that 2% of the units sold would have to be replaced under warranty. On the date of sale the  company should record a debit to:   A) 
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Sales for $8,000  B) 
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Warranty  Expense for $8,000   C) 
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Warranty  Payable for $8,000   D) 
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No entry is  required since the actual liability amount is not known.     3) 
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Jaye's  Company  paid $1,200 cash to replace a part on equipment sold under warranty. To recognize this payment, which of the following  are correct?   A) 
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debit Parts  Expense and credit Cash   B) 
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debit Warranty  Expense and credit Cash   C) 
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debit Warranty  Payable and credit Cash   D) 
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debit  Equipment Expense and Cash     4) 
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On  December  11, the G. Baker Corporation purchases $150,000 of equipment by issuing a 30 - day, 12% note payable. The amount of  accrued interest on December 31 is:   A) 
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$1600  
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B) 
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$1050 
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