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Unformatted text preview: b. Accounts Receivable c. Note Receivable d. Loan outstanding 7. Current assets are listed in a required order, called a. Maturity b. Liquidity c. Alphabetically d. Chronologically 8. The company paid its annual insurance premium of $1,200. The proper journal entry would be a. Prepaid Insurance 1200 Accounts Payable 1200 b. Insurance Expense 1200 Accounts Payable 1200 c. Cash 1200 Prepaid Insurance 1200 d. Prepaid Insurance 1200 Cash 1200 9. The company paid the remaining balance of its note payable. The proper journal entry would be a. Loan Expense Cash b. Note Payable Cash c. Cash Note Payable d. Note Payable Accounts Payable 10. A company’s weekly payroll is $5,000 and payday is each Friday. If December 30, 2006 was a Monday, what is the Decmeber 31, 2006 Wages Payable balance? a. $5,000 b. $3,000 c. $2,000 d. $0 ANSWERS: 1. D 2. C 3. C 4. D 5. D 6. C 7. B 8. D 9. B 10. C...
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