ACC 301 Chapter 2 Quiz

ACC 301 Chapter 2 Quiz - ACC 301 Chapter 2 Quiz Multiple...

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ACC 301 Chapter 2 Quiz Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. A common business transaction that would not affect the amount of owners' equity is a. signing a note payable to purchase equipment. b. payment of property taxes. c. billing of customers for services rendered. d. payment of dividends. ____ 2. On June 30, a company paid $3,600 for insurance premiums for the current year and debited the amount to Prepaid Insurance. At December 31, the bookkeeper forgot to record the amount expired. The omission has the following effect on the financial statements prepared December 31: ____ 3. A routine collection on a customer's account was recorded and posted as a debit to Cash and a credit to Sales Revenue. The journal entry to correct this error would be ____
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