Quiz+Chapter+3+ACIS+3115+Fall+2010+-+Student

Quiz+Chapter+3+ACIS+3115+Fall+2010+-+Student - Quiz Chapter...

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Unformatted text preview: Quiz Chapter 3 Fall 2010 ACIS 3115 Name_____________________________ 1. Coleslaw Co. pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Coleslaw accrues salaries expense only at its December 31 year end. Data relating to salaries earned in December 2010 are as follows: Last payroll was paid on 12/26/10, for the 2-week period ended 12/26/10. Overtime pay earned in the 2-week period ended 12/26/10 was $10,000. Remaining work days in 2010 were December 29, 30, 31, on which days there was no overtime. The recurring biweekly salaries total $180,000. Assuming a five-day work week, Coleslaw should record a liability at December 31, 2010 for accrued salaries(salaries payable) of a. $54,000. b. $64,000. c. $108,000. d. $118,000. e. None of the above. 2. Garcia Corporation received cash of $18,000 on August 1, 2010 for one year's rent in advance and recorded the transaction with a credit to Unearned Rent Revenue. The December 31, 2010 adjusting entry is a. debit Rent Revenue and credit Unearned Rent, $7,500. b. debit Rent Revenue and credit Unearned Rent, $10,500. c. debit Unearned Rent and credit Rent Revenue, $7,500. d. debit Cash and credit Unearned Rent, $10,500. e. None of the above 3. Garcia Corporation received cash of $18,000 on August 1, 2010 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 2010 adjusting entry is a. debit Rent Revenue and credit Unearned Rent, $7,500....
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This note was uploaded on 09/11/2010 for the course ACIS 3115 taught by Professor Cmeasterwood during the Fall '08 term at Virginia Tech.

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Quiz+Chapter+3+ACIS+3115+Fall+2010+-+Student - Quiz Chapter...

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