acct 51 exams - View Results Exam 1 Name: Daniel Chang...

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View Results Exam 1 Name: Daniel Chang Attempt: 1 / 1 Out of: 75 Started: February 14, 2009 12:54pm Finished: February 14, 2009 2:16pm Time spent: 1 hr, 21 min., 45 sec. Student finished 18 min. 15 sec. ahead of the 100 min. time limit. Question 1 (3 points) An accounting record into which the essential facts and figures in connection with all transactions are initially recorded is called the Student response: Percent Value Correct Response Student Response Answer Choices 0.0% a. ledger. 0.0% b. account. 0.0% c. trial balance. 100.0% d. none of these. Score: 0 / 3 (journal) Question 2 (3 points) Gibson Company paid $3,600 on June 1, 2007 for a two-year insurance policy and recorded the entire amount as Insurance Expense. The December 31, 2007 adjusting entry is Student response: Percent Value Correct Response Student Response Answer Choices 0.0% a. debit Insurance Expense and credit Prepaid Insurance, $1,050. 0.0% b . debit Insurance Expense and credit Prepaid Insurance, $2,550. 0.0% c. debit Prepaid Insurance and credit Insurance Expense, $1,050 100.0% d . debit Prepaid Insurance and credit Insurance Expense, $2,550. General feedback: 17/24 x $3,600 = $2,550. Score: 0 / 3 Question 3 (3 points) Tate Company purchased equipment on November 1, 2007 and gave a 3-month, 9% note with a face value of $20,000. The December 31, 2007 adjusting entry is
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Student response: Percent Value Correct Response Student Response Answer Choices 0.0% a. debit Interest Expense and credit Interest Payable, $1,800. 0.0% b . debit Interest Expense and credit Interest Payable, $450. 0.0% c. debit Interest Expense and credit Cash, $300. 100.0% d . debit Interest Expense and credit Interest Payable, $300. General feedback: 2/12 x 9% x $20,00 0 = $300. Score: 3 / 3 Question 4 (3 points) Brown Company's account balances at December 31, 2007 for Accounts Receivable and the related Allowance for Doubtful Accounts are $460,000 debit and $700 credit, respectively. From an aging of accounts receivable, it is estimated that $12,500 of the December 31 receivables will be uncollectible. The necessary adjusting entry would include a credit to the allowance account for Student response: Percent Value Correct Response Student Response Answer Choices 0.0% a. $12,500. 0.0% b. $13,200. 100.0% c. $11,800. 0.0% d. $700. General feedback: 2/12 x 9% x $20,00 0 = $300. Score: 0 / 3 Question 5 (3 points) Garcia Corporation received cash of $18,000 on August 1, 2007 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 2007 adjusting entry is
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Student response: Percent Value Correct Response Student Response Answer Choices 0.0% a. debit Rent Revenue and credit Unearned Rent, $7,500. 100.0%
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acct 51 exams - View Results Exam 1 Name: Daniel Chang...

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