Unformatted text preview: 9) Receiving a check from a customer on account would include a:
A debit to Cash and a credit to Accounts Receivable.
B) debit to Accounts Receivable and a credit to Cash.
C) debit to Accounts Payable and a credit to Cash.
D) debit to Cash and a credit to Accounts Payable. 10) on September 1 of the current year, Prepaid Rent was debited for $3,000. This amount represents payment for
one year of rent, paid in advance. The adjusting entry on December 31 will involve a:
A) debit to Rent Expense for $2,000. q/ B) debit to Rent Payable for $2,000.
@‘lebit to Rent Expense for $1,000. 3 o no X IL D) debit to Rent Payable for $1,000. 11) On December 31, 2003, salaries owed to employees total $2,350 and will be paid onIarmary 4, 2004. The
adjusting entry prepared on December 31 ,_ 2003, includes a:
A) debit to Salary Payable for $2,350. B) credit to Salary Expense for $2,350. C) credit to Cash for $2,350. ( D) debit to Salary Expense for $2,350. 12) The closing entry for utilities expense would include:
A) a debit to Utilities Expense and a credit to net income.
debit to Retained Earnings and a credit to Utilities Expense
C) a debit to Utilities Expense and a credit to Retained Eanﬁngs. D) a debit to net income and a credit to UthiIies Expense. 13) Inwbich of the following ﬁnancial statement formats would assetsbe listed on the left, and liabilities and stockholders' equity listed on the right?
A) report format .Icoount format C) multi—step format D) single—step format 14) ‘Ihe purchase of equipment for cash would appear in which section of a statement of cash ﬂows?
A) operating activities section B) ﬁnancing activities section
@invest'mg activities section
D) either'the operating activities section or the investing activities section
15) The adjusting entry for unearned revenue always involves a: LAM at, M N110 WW [i XX
A) debit to an asset account and a credit to a revenue account. ﬂﬁynﬂﬂ'ﬁ’ B) debit to a revenue account and a credit to a liabﬂity account. debit to an asset account and a credit to a liability account.
debit to a liability account and a_ credit to a retrenue account. 16) The Logos Company has 50,000 shares of preferred stock outstanding, with annual dividends paid at the rate of
$1.50 per share. Logos also has 100 000 shares of common stock outstanding. If the Logos Company declares a A) $1.50. @115. C) $250. 1)) $1.17.
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- Winter '08