act quiz - 1. Precious Jewel's annual accounting year ends...

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1.   Precious Jewel's annual accounting year ends on December 31. It is now D have been made except for the following. Prepare the adjusting entry requ December 31. Precious Jewel earned service revenue of $3,000 on a special job that was made on November 1, 2008. The entry had been properly recorded on Nov    A. B. C. D. E. Score: 0/0.5   2.  
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Precious Jewel's annual accounting year ends on December 31. It is now D have been made except for the following. Prepare the adjusting entry requ December 31. On October 1, 2008, Precious Jewel paid a one-year premium for property that date. Cash was credited and Prepaid insurance was debited for this am    A. B. C. D. E. Score: 0/0.5   3.   Kit Kat's annual accounting year ends on December 31. It is now Decembe made except for the following. Prepare the adjusting entry required for Kit K Kit Kat earned service revenue of $3,000 on a special job that was comple
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during January 2009. No entry has been recorded.   A. B. C.  D. E. Score: 0/0.5   4.   Kit Kat's annual accounting year ends on December 31. It is now December 31, 2008, and all of the 2008 entries have been made except for the following. Prepare the adjusting entry required for Kit Kat for the year ended December 31. On April 1, 2008, Kit Kat paid a one-year premium for property insurance of $2,400, for coverage starting on that date. Cash was credited and Prepaid insurance was debited for this amount.
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  Student  Response A. Debit Prepaid Insurance, Credit Cash $600 B. Debit Insurance Expense, Prepaid Insurance $1,800 C. Debit Insurance Expense, Accounts Payable $1,800 D. Debit Insurance Expense, Credit Prepaid Insurance $600  E. Debit Prepaid Insurance, Credit Insurance Expense $600 Score: 0/0.5
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  5.   Kit Kat's annual accounting year ends on December 31. It is now December 31, 2008, and all of the 2008 entries have been made except for the following. Prepare the adjusting entry required for Kit Kat for the year ended December 31. An employee of Kit Kat owes interest of $200 on a note the employee received from Kit Kat. The employee will pay Kit Kat the interest on January 31, 2009
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  Student  Response A. Debit Interest Receivable, Credit Interest Revenue $200  B. Debit Interest Revenue, Credit Interest Receivable $200 C. Debit Interest Expense, Credit Interest Payable $200 D. Debit Interest Expense, Credit Cash $200 E. Debit Cash, Credit notes receivable $200 Score: 0/0.5   6.
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  Kit Kat's annual accounting year ends on December 31. It is now December 31, 2008, and all of the 2008 entries have been made except for the following. Prepare the adjusting entry required for Kit Kat for the year ended December 31. At the end of 2008, the unadjusted balance in the Office supplies account was $1,000. A physical count of supplies on December 31, 2008, indicated supplies costing $800 were used.
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  Student  Response  A. Debit Supplies,
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This note was uploaded on 01/19/2011 for the course ACC 2013 taught by Professor Noe during the Spring '08 term at The University of Texas at San Antonio- San Antonio.

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act quiz - 1. Precious Jewel's annual accounting year ends...

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