10. On October 1, 2013, Jay Walker Company purchased a one-year insurance policy
for $660. The correct adjusting entry on December 31, 2013, is
debit Advertising Expense $660; credit Prepaid Advertising $660
debit Advertising Expense $495; credit Prepaid
For which of the following is there no limit to the amount of wages subject to the
state unemployment tax
federal unemployment tax
Social Security tax
To record the deposit of FUTA tax, the accountant would
debit Social Security Taxes Pa
30. The amount of the trade discount taken by the customer is recorded as
trade discounts are not recorded.
29. Hour Place Clock Shop sold a grandfather clock for $2,250 subject to a 9% sales
tax. The entry in the sales j
20. Which of the following accounts would not be involved in any of the closing entries?
Fred Sanford, Drawing
Income from Services
19. After the worksheet has been completed, the next step in the accounting cycle is t
40. Which of the following statements is correct?
Purchases should be made only after proper authorization has been given in
The person who ordered the goods should also authorize payment.
Computations on an invoice are assumed to be correct if c
Only the employer is responsible for paying
federal income taxes.
social security and Medicare taxes.
social security, Medicare, and FUTA taxes.Only the employer is responsible for
Mr. Zee worked 48 hours during the week ended January 1
Chapter 11/Question 7
Ralph Waldo Emerson, one of America's best-known 19th-century figures is credited with
the following quote: "As we grow old.the beauty steals inward." This suggests that as
people age, they grow less attractive. Most evolutionary bio
Complete each sentence or statement.
A(n) _ is a written promise to pay a specified
amount of money at a specified time.
If the amount of cash available for deposit is _ than
the amount listed on the audit tape taken from the cash regis
Chapter 9 / Question 3
(a) The first physical trait of Homo ergaster is their limb proportion that
departured from earlier hominin bodies. Their modern limb proportion is evidence as to
why the Homo ergaster were much more humanlike that earlier himinins.
An information system that identifies, measures, records
communicates relevant, reliable, and comparable
about an organization's economic activities.
A check of an organization's accounting systems and
When the debts of a sole proprietorship or partnership are
greater than its resources, the owner(s) is financially
Involves considering the impact and being accountable for
the effects that actions mi
That is also from the first chapter, as well as a force that would strongly influenced
human resources practices would be that this is on quality and teamwork, more emphasis
on technology or mergers and acquisitions-those are all types of events that infl
Decreases an asset and decreases equity. Business incurs an expense paid in cash
Increases an asset and increases a liability. Business purchases equipment on credit
Decreases a liability and increases a liability.
extend the due date o
Required repayment to the federal government arising from
arbitrage rules that prohibit the government from investing
proceeds at interest rates higher than that applicable to the