2361 Practice Exam 1 Chapter 3

2361 Practice Exam 1 Chapter 3 - 2361 Practice exam 1...

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2361 Practice exam 1 chapter 3 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Andre's Tennis Club sells season memberships for $1,200 each. During January of 2010, 50 season memberships were sold. As of March 31, 2010, only $30,000 of season membership fees had been collected from customers. The tennis season runs for 6 months starting April 01, 2010. Which one of the following is an amount reported on the Balance Sheet dated March 31, 2010? a. Unearned tennis membership revenue of $30,000 b. Unearned tennis membership revenue of $60,000 c. Accounts Receivable $60,000 d. Tennis membership revenue of $30,000 ____ 2. Timberland Company received advance payments from customers during 2010 of $240,000. At December 31, 2010, $20,000 of the advance payments still had not been earned. After the adjustments are recorded and posted at December 31, 2010, the balances in the Unearned Service Revenue and Service Revenue accounts will be: Unearned Service Revenue Service Revenue a. $ 20,000 $220,000 b. $220,000 $ 20,000 c. $ 0 $240,000 d. $240,000 $ 0 ____ 3. Court Corporation purchased supplies at a cost of $24,000 during 2010. At January 1, 2010, supplies on hand were $2,000. At December 31, 2010, supplies on hand are $2,100. Calculate supplies expense for 2010. a. $24,000 b. $23,900 c. $24,100 d. $28,100 ____ 4. Pro Incorporated operates five days per week with a daily payroll of $5,000. Employees are paid every Saturday for the workweek just completed (Monday through Friday). The last day of the month is Wednesday, October 31. What is the effect of the correct adjustment at October 31? a.
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2361 Practice Exam 1 Chapter 3 - 2361 Practice exam 1...

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