48 beachside coffee shop in an effort to stream line

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Survey of Accounting
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Chapter 2 / Exercise 6
Survey of Accounting
Warren
Expert Verified
48. Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. If the company is to record the cash sale of food for $35 which is the correct entry? a. Cash Cr. $35, Food Revenue Dr. $35, b. Cash Dr. $35, Food Revenue Dr. $35 c. Cash Dr. $35, Food Revenue Cr. $35 d. Cash Cr. $37, Food Revenue Cr. $35
____ 49. Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. What will be recorded on the post ref column of this transaction? Cash Receipts Journal Date Account Credited Post Ref Cash Dr Bev Revenue Cr Food Revenue Cr Retail Revenue Cr 3/17/10 Cash Sale $137 $137 General Ledger Acct: Customer Acct Cash 10 CCC 345 Acct Receivable 12 FFF 367 Retail Supplies 15 Beverage Revenue 41 Food Revenue 42 Retail Revenue 43
____ 50. Equipment with an estimated market value of $55,000 is offered for sale at $75,000. The equipment is acquired for $20,000 in cash and a note payable of $40,000 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is
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Chapter 2 / Exercise 6
Survey of Accounting
Warren
Expert Verified
Fundamentals of Accounting - Midterm Exams (Problems) Answer Section MULTIPLE CHOICE PTS: 1 DIF: Moderate OBJ: 01-02
NAT: AACSB Analytic | AICPA BB-Industry | ACBSP-APC-02-GAAP 2. ANS: B PTS: 1 DIF: Moderate OBJ: 01-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-02-GAAP 3. ANS: B PTS: 1 DIF: Easy OBJ: 01-03 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-06-Recording Transactions 4. ANS: B PTS: 1 DIF: Moderate OBJ: 01-03 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-06-Recording Transactions 5. ANS: D PTS: 1 DIF: Moderate OBJ: 01-04 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-06-Recording Transactions 6. ANS: B PTS: 1 DIF: Difficult OBJ: 01-04 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-06-Recording Transactions 7. ANS: A PTS: 1 DIF: Difficult OBJ: 01-04 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-06-Recording Transactions 8. ANS: D PTS: 1 DIF: Moderate OBJ: 02-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-06-Recording Transactions 9. ANS: A PTS: 1 DIF: Moderate OBJ: 02-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-06-Recording Transactions 10. ANS: B PTS: 1 DIF: Moderate OBJ: 02-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-06-Recording Transactions 11. ANS: A PTS: 1 DIF: Moderate OBJ: 02-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-06-Recording Transactions 12. ANS: C PTS: 1 DIF: Moderate OBJ: 02-03 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-05-Accounting Cycle 13. ANS: C PTS: 1 DIF: Moderate OBJ: 02-03 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-05-Accounting Cycle 14. ANS: A PTS: 1 DIF: Difficult OBJ: 02-03 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-05-Accounting Cycle 15. ANS: A PTS: 1 DIF: Difficult OBJ: 02-03 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-05-Accounting Cycle 16. ANS: A PTS: 1 DIF: Difficult OBJ: 02-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-02-GAAP 17. ANS: A PTS: 1 DIF: Difficult OBJ: 02-04 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-05-Accounting Cycle 18. ANS: C PTS: 1 DIF: Difficult OBJ: 02-04 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-05-Accounting Cycle 19. ANS: A PTS: 1 DIF: Difficult OBJ: 03-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries 20. ANS: D PTS: 1 DIF: Difficult OBJ: 03-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries 21. ANS: D PTS: 1 DIF: Difficult OBJ: 03-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries 22. ANS: C PTS: 1 DIF: Difficult OBJ: 03-02
NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries 23. ANS: D PTS: 1 DIF: Moderate OBJ: 03-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries 24. ANS: C PTS: 1 DIF: Difficult OBJ: 03-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries 25. ANS: A PTS: 1 DIF: Moderate OBJ: 03-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries 26. ANS: C PTS: 1 DIF: Moderate OBJ: 03-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries 27. ANS: C PTS: 1 DIF: Easy OBJ: 03-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries 28. ANS: B PTS: 1 DIF: Moderate OBJ: 03-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries 29. ANS: D PTS: 1 DIF: Moderate OBJ: 03-03 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-04-Cash vs. Accrual 30. ANS: D PTS: 1 DIF: Moderate OBJ: 04-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements 31. ANS: B PTS: 1 DIF: Difficult OBJ: 04-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements 32. ANS: C PTS: 1 DIF: Moderate OBJ: 04-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements 33. ANS: B PTS: 1 DIF: Moderate OBJ: 04-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements 34. ANS: B PTS: 1 DIF: Moderate OBJ: 04-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements 35. ANS: B PTS: 1 DIF: Difficult OBJ: 04-03 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-05-Accounting Cycle 36. ANS: C PTS: 1 DIF: Moderate OBJ: 04-03 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-05-Accounting Cycle 37. ANS: C PTS: 1 DIF: Difficult OBJ: 04-03 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries 38. ANS: A PTS: 1 DIF: Moderate OBJ: 04-03 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-08-Closing Entries 39. ANS: C PTS: 1 DIF: Moderate OBJ: 04-03 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-08-Closing Entries 40. ANS: D PTS: 1 DIF: Moderate OBJ: 04-03 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-08-Closing Entries 41. ANS: C PTS: 1 DIF: Moderate OBJ: 04-03 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-08-Closing Entries 42. ANS: A PTS: 1 DIF: Moderate OBJ: 04-03 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-08-Closing Entries 43. ANS: B PTS: 1 DIF: Moderate OBJ: 04-03 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-05-Accounting Cycle 44. ANS: D PTS: 1 DIF: Moderate OBJ: 04-APP NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-05-Accounting Cycle 45. ANS: A PTS: 1 DIF: Moderate OBJ: 04-APP NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-05-Accounting Cycle 46. ANS: C PTS: 1 DIF: Moderate OBJ: 05-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-18-Special Journals
47. ANS: A PTS: 1 DIF: Difficult OBJ: 05-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-18-Special Journals 48. ANS: C PTS: 1 DIF: Easy OBJ: 05-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-18-Special Journals 49. ANS: D PTS: 1 DIF: Easy OBJ: 05-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-18-Special Journals 50. ANS: B PTS: 1 DIF: Difficult OBJ: 01-02 NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-02-GAAP

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