Practice test Ch 11

Practice test Ch 11 - Practice Test Chapter 11 Test Acctg...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Practice Test Chapter 11 Test Acctg 202 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. The journal entry a company uses to record the issuance of a note for the purpose of converting an existing account payable would be: A debit Accounts Payable; credit Cash B debit Cash; credit Accounts Payable C debit Accounts Payable; credit Notes Payable D debit Cash; credit Notes Payable 2. Current liabilities are: A due and payable within one year B due and receivable within one year C due, but not receivable for more than one year D due, but not payable for more than one year 3. Prior to the last weekly payroll period of the calendar year, the cumulative earnings of employees A and B are $99,350 and $91,000 respectively. Their earnings for the last completed payroll period of the year are $850 each. The amount of earnings subject to social security tax at 6% is $100,000. All earnings are subject to Medicare tax of 1.5%. Assuming that the payroll will
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Practice test Ch 11 - Practice Test Chapter 11 Test Acctg...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online