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3rd attempt ch 3 - PointsAwarded PointsMissed Percentage...

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Points Awarded 70.00 Points Missed 30.00 Percentage 70.0%
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1.  A journal entry to record a receipt of rent revenue in advance will include a  A) debit to  rent revenue.   B) credit to  rent revenue.   C) credit to  cash.   D) credit to  unearned rent Points Earned:  5.0/5.0  Correct Answer(s): D 2.  Which of the following properly describes a deferral?  Points Earned:  0.0/5.0  Correct Answer(s): B 3.  Brown Company's account balances at December 31, 2010 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  A) $12,500.  B) $13,200.  C) $11,800.  Feedback:  $12,500 – $700 = $11,800. D) $700.  Feedback:  $12,500 – $700 = $11,800. Points Earned:  5.0/5.0  Correct Answer(s): C
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4.  Which of the following is not a principal purpose of an unadjusted trial balance?  Points Earned:  5.0/5.0  Correct Answer(s): D 5.  Pappy Corporation received cash of $13,500 on September 1, 2010 for one year’s rent in advance and recorded  the transaction with a credit to Unearned Rent. The December 31, 2010 adjusting entry is  6. 
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