Quiz 1 Fall 2010

Quiz 1 Fall 2010 - Quiz 1: ACC 311 Fall 2010 5 points each...

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Unformatted text preview: Quiz 1: ACC 311 Fall 2010 5 points each PRINT NAME_____________________ 1. Debit or Credit Which side of the journal entry INCREASES the balance for the following account: Retained Earnings ? 2. Debit or Credit Which side of the journal entry INCREASES the balance for the following account: Sales Revenue ? 3. True or False Assets = Liabilities + Stockholders Equity 4. A B C Which of the following journal entries would properly close an expense account to retained earnings at the end of the period. A. Debit: Retained Earnings Credit: Expense account B. Debit: Expense Account Credit: Retained Earnings C. None of the above. Expenses are closed to contributed capital. 5. 52,000_________ A company purchases a piece of land for $52,000 cash. An appraiser for the buyer A company purchases a piece of land for $52,000 cash....
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This note was uploaded on 05/26/2011 for the course ACC 311 taught by Professor Charrier during the Fall '08 term at University of Texas.

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Quiz 1 Fall 2010 - Quiz 1: ACC 311 Fall 2010 5 points each...

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