ch4 - ch4 Student 1 An expanded version of the accounting...

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ch4 Student: ___________________________________________________________________________ 1. An expanded version of the accounting equation could be: A. A + Rev = L + OE - Exp B. A - L = Paid-in Capital - Rev - Exp C. A = L + Paid-in Capital + Beginning Retained Earnings + Rev - Exp D. A = L + Paid-in Capital - Rev + Exp 2. In the seller's records, the sale of merchandise on account would: 3. In an advertiser's records, a newspaper ad submitted and published this week with the agreement to pay for it next week would: 4. In the buyer's records, the purchase of merchandise on account would: 5. A newspaper ad submitted and published this week, with the agreement to pay for it next week would, in the newspaper's records: A. Increase assets and increase revenues. B. Increase assets and decrease liabilities. C. Increase assets and increase expenses. D. Have no effect on total assets. 6. A debit entry will:
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7. A credit entry will: 8. A credit entry to an account will: 9. A debit entry to an account will: A. Always decrease the account balance. B. Always increase the account balance. C. Increase the balance of a revenue account. D. Increase the balance of an expense account. 10. An engineering consultant provided $500 of services to a client; the client paid $100 when the bill was submitted and will pay the balance within a week. The consultant will record this transaction by: 11. To accrue $5,500 of employee salaries for the last week of February, the employer's journal entry is: 12. Sage, Inc. has 20 employees who each earn $100 per day and are paid every Friday. The end of the accounting period is on a Wednesday. How much wages should the firm accrue at the end of the period?
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13. Which of the following is not one of the 5 questions of transaction analysis? A. What's going on? B. Which accounts are affected? C. Is this an accrual? D. Does the balance sheet balance? E. Does my analysis make sense?
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