DEVRY-FI504-FINAL-GUIDE - FI504(Accounting and Finance...

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Unformatted text preview: FI504 (Accounting and Finance) Final Exam Guidance Debit Credit Cash $800.00 Accounts Receivable 400.00 Supplies 600.00 Prepaid Rent 1,200.00 Equipment 10,000.00 Accounts Payable $3,000.00 Owner, Capital 9,000.00 Owner, Drawing 1,000.00 Sales 3,000.00 Salary Expense 700.00 Misc. Expense 300.00 $15,000.00 $15,000.00 Cash $7,000 Prepaid insurance 700 Accounts receivable 3,500 Accounts payable 2,800 Notes payable 4,200 Common stock 1,400 Dividends 700 Revenues 21,000 Expenses 17,500 Reese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,600 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be (Chapter 4, pages 161) (Points: 5) Debit Office Supplies Expense, $1,600; Credit Office Supplies, $1,600. Debit Office Supplies, $2,400; Credit Office Supplies Expense, $2,400. Debit Office Supplies Expense, $2,400; Credit Office Supplies, $2,400. Debit Office Supplies, $1,600; Credit Office Supplies Expense, $1,600. Reese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,600 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be Office supplies expense (or Misc. expense) 2,400 Office supplies 2,400 A credit sale of $800 is made on April 25, terms 2/10, net/30, on which a return of $50 is granted on April 28. What amount is received as payment in full on May 4? A) $735 B) $784 C) $800 D) $750 A credit sale of $800 is made on April 25, terms 2/10, net/30, on which a return of $50 is granted on April 28. What amount is received as payment in full on May 4? (Chapter 5, pages 224-225) (Points: 5) $735 $784 $800 $750 An aging of a company's accounts receivable indicates that $3,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a a. debit to Bad Debt Expense for $4,200. b. debit to Bad Debts Expense for $3,000. c. debit to Bad Debts Expense for $1,800. d. credit to Allowance for Doubtful Accounts for $4,000. An aging of a company's accounts receivable indicates that $3,000 is estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a (Chapter 8, pages 374-375) (Points: 5) debit to Bad Debts Expense for $3,000. debit to Allowance for Doubtful Accounts for $1,800....
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DEVRY-FI504-FINAL-GUIDE - FI504(Accounting and Finance...

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