ACCOUNTING OAES EXAM - Week 1: Introduction to Financial...

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Week 1: Introduction to Financial Accounting and Transactional Analysis - OAES Exam He Script for displaying headers. Script to run spell checker. 1. Problem 1 (a). The journal entry for letter "a" would include a: (Points: 1) A) Debit to Cash for $165,000 B) Credit to Common Stock for $156,000 C) Debit to Drafting Equipment for $45,000 D) Both B and C E) Credit to Cash for $111,000 2. Problem 1 (b). The journal entry for letter "b" would include a: (Points: 1) Debit Notes Payable for $48,600 Debit Land for $48,600 Credit Cash for $48,600 Debit Land for $54,000 Credit Notes Payable for $54,000 3. Problem 1 (d). The journal entry for letter "d" would include a: (Points: 1) Debit Insurance Expense for $6,000 Credit Prepaid Insurance for $6,000 Debit Cash for $6,000 Credit Insurance Expense for $6,000 None of the above 4. Problem 1 (f). The journal entry for letter "f" would include a: (Points: 1) Credit Notes Payable for $22,500 Debit Drafting Equipment for $22,500 Debit Drafting Equipment Expense for $22,500
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This note was uploaded on 04/21/2011 for the course BUSINESS 1001-1 taught by Professor Bernhardt during the Spring '09 term at Walden University.

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ACCOUNTING OAES EXAM - Week 1: Introduction to Financial...

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