EXAM1_question_answers

EXAM1_question_answers - Homework Manager - View My Grades...

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View My Grades HOMEWORK MANAGER > STUDENTS > VIEW MY GRADES > ALL QUESTIONS Question 1: Score 0/3 Ben Dryden, president of Jet Glass, Inc, noticed a $8,000 debit to Accounts Payable in the company's general ledger. This debit could correspond to: Your Answer: Choice Selected A payment of $8,000 to a supplier to settle a balance due. A purchase of equipment costing $8,000 on credit. A $8,000 sale to a customer. Selected The failure to pay this month's $8,000 utility bill on time. Question 2: Score 0/3 Ehrlich, Inc. adjusts its books each month but closes its books at the end of the year. The trial balance at March 31 before adjustments is as follows: According to service contracts, $4,810 of the Unearned Service Revenue has been earned in March. The amount of Service Revenue Earned to be reported in the March income statement is: Your Answer: Choice Selected $11,700. $16,510. Selected $20,410. $21,320. Homework Manager - View My Grades - Financial Accounting ACCT 11. .. http://mh7.brownstone.net/modules/viewRecord.Login 1 of 11 7/23/2009 3:46 PM
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Feedback: 16,510 + 4,810 = 21,320 Question 3: Score 0/3 During the month of May, 2007, the Henderson Company had the following transactions: * Revenues of $60,000 were earned and received in cash. * Bank loans of $9,000 were paid off. * Equipment of $20,000 was purchased. * Expenses of $36,800 were paid. * Stockholders purchased additional shares for $22,000 cash. A statement of cash flows for May, 2007, would report net cash flows from operating activities of: Your Answer: Choice Selected $60,000. $23,200. $16,200. Selected $20,000. Feedback: $60,000-36,800 = $23,200 Question 4: Score 0/3 At December 31, 2006, the accounting records of Apollo Manufacturing , Inc. contain the following items: Refer to the above data. If Retained Earnings at December 31, 2006, is $100,000, Equipment is carried in Apollo Manufacturing, Inc. accounting records at: Your Answer: Choice Selected $58,000. $345,000. $42,000. Selected $43,500. Feedback: A/P(12,000) + N/P(135,000)+Capital Stock(188,000) + R.E.(100,000) =435,000 Cash(7,000) + A/R(30,000) +Land(90,000) + Building(250,000) + Equipment(?) = 435,000 Equipment = $58,000 Question 5: Score 3/3 Adjusting entries are prepared Your Answer: Homework Manager - View My Grades - Financial Accounting ACCT 11. .. http://mh7.brownstone.net/modules/viewRecord.Login 2 of 11 7/23/2009 3:46 PM
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Choice Selected Anytime an accountant sees fit to prepare the entries. Before financial statements and after a trial balance has been prepared. After posting but before a trial balance is prepared. After a trial balance has been prepared and after financial statements are prepared Question 6: Score 3/3 If your trial balance has a higher debit balance than credit balance, it signifies: Your Answer: Choice Selected An error has been made. Assets are more than liabilities.
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EXAM1_question_answers - Homework Manager - View My Grades...

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