module 3.docx - Homework 1 Question 1 0 out of 0.5 points A grouping of all the T-accounts with their balances is called the Selected Answer trial

module 3.docx - Homework 1 Question 1 0 out of 0.5 points A...

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Homework 1 Question 1 0 out of 0.5 points A grouping of all the T-accounts with their balances is called the ______. Selected Answer: trial balance Answers: ledger journal trial balance accounting equation Response Feedback: See Module 3, LO 2. The journal is where transactions are recorded chronologically. The transactions are then posted to the ledger (a grouping of all T- accounts). The ledger summarizes the transactions affecting each account and provides the account balance. Question 2 0.5 out of 0.5 points A company paid $500 for supplies that it purchased last month. The decrease in liabilities would be recorded with a ______ to Supplies Payable. Selected Answer: debi t Answers: debi t credi t Response Feedback: See Module 3, LO 1. Earlier, the company got supplies, debit Supplies (+A), and gave an IOU, credit Supplies Payable (+L). When the company pays what it owes, it gets its IOU back, debit Supplies Payable (-L), and gives cash, credit Cash (-A). Debit Credit Supplies Payable 500 Cash 500 Question 3 0.25 out of 0.5 points On May 1, Squid Roe, Inc., collected $800 in advance from a customer for services to be performed over two months starting in May. Record the entry. DO NOT INCLUDE $ SIGNS IN YOUR ANSWER. Account Title
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[a] [c] Specified Answer for: a cash Specified Answer for: c Accounts Receivable Correct Answers for: a Evaluation Method Exact Match Correct Answers for: c Evaluation Method Exact Match Contains Response Feedback: See Module 3 LO1 and LO 4.3. The company gets cash, debit Cash (+A), and gives a promise to provide future services, credit Deferred Revenue (+L). Revenue cannot be credited until the company performs the service, which will occur during May and June. Debit Credit Cash 800 Deferred Revenue 800 On May 31 an adjusting entry is recorded to adjust for the amounts earned during the month. Deferred Revenue (-L) will be decreased with a debit and Revenue (+SE) will be increased with a credit for $400. The same adjusting entry will be recorded at the end of June bringing the balance in Deferred Revenue to $0. Question 4 0.33333 out of 0.5 points If a company credited Revenues, the debit may have been to ______. (Select all that apply.) Selected Answers: Cash Accounts Receivable Answers: Cash Prepaids Accounts Payable Accounts Receivable
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Deferred Revenue Response Feedback: See Module 3 LO 1 and 2. When a company gives a good/service to a customer it credits Revenues (+SE), it may debit: 1) Cash (+A), 2) Accounts Receivable (+A) if the company gets a promise to receive cash later, or 3) Deferred Revenue (-L) if the company had collected the cash in advance and has now earned it. (Earlier, when the cash was collected in advance, it debited Cash (+A) and credited Deferred Revenue (+L). Question 5 0.33333 out of 0.5 points If a company debited an expense, the credit may have been to ______. (Select all that apply.) Selected Answers: Cash an asset such as Prepaid Insurance, Supplies, Inventory, or Accumulated Depreciation Answers: Cash a shareholders' equity account such as Dividends a payable account such as Supplies Payable, Utilities Payable, Interest Payable a shareholders' equity account such as Revenues or Common Stock
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  • Spring '17
  • Generally Accepted Accounting Principles, Goods Sold, Double-entry bookkeeping system, Prepaid Insurance

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