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Business Foundations Test 3

Business Foundations Test 3 - 1 Notes receivable due in 350...

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1. Notes receivable due in 350 days appear on the -Balance sheet in the current assets section 2. Adjusting entries are -Needed to bring accounts up to date and match revenues and expenses 3. IN capsim, What is a market segment? -a group of customers who have similar needs 4. The type of account and Normal balance of unearned Rent is -liability, credit 5. What effect will the following adjusting Journal entry have on the accounting records? -debit depreciation expense/ credit accumulated depreciation. Which decreases net book value 6. The retained Earnings statement begins with the beginning balance of Retained Earnings. - Plus Net income (loss) less Dividends 7. Importance to High Tech customers in Capsim. -positioning, Age, price, MTBF 8. The balance in the prepaid rent account before adjustment Dec 31 is 24000, which represents four months rent paid on Dec 1. The adjusting entry required on Dec 31 is? -debit rent expense 6,000, credit prepaid rent 6000. (24000 divided by 4 months= 6000) 9. What causes a change in MTBF?
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-Material cost 10. Based on the preceding worksheet, the Journal entry to close expenses would be?
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  • Spring '11
  • JohnLaunder
  • Retained Earnings Statement, Generally Accepted Accounting Principles, new retained earnings, -0-out Retained Earnings

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