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MOSC 12. Mr X sells grocery items. He purchases computer in cash to maintain his accounts....
Which of the following accounts is an owner's equity account? Cash Accounts Payable Prepaid Insurance Ross...
Which of the following accounts is an owner's equity account? Cash Accounts Payable Prepaid Insurance Ross Morris, Capital 2. The gross increases in owner's equity attributable to business activities are called a. assets b. liabilities c. revenues d. expenses 3. The debit side of an account a. depends on whether the account is an asset, liability, or owner's equity b. can be either side of the account depending on how the accountant set up the system c. is the right...
Cambrian at Hanson 5. In SAGE 50 all transactions can be posted in the a. Payables...
Cambrian at Hanson 5. In SAGE 50 all transactions can be posted in the a. Payables Journal b. Payments Journal c. General Journal d. Receivables Journal 6. Which module shows a summary of company affairs a. Payables Module b. Company c. Dashboard d. Default Page 7. In order to cancel an entry posted in SAGE we need to a. Repost the entry b. Reverse and repost c. Reverse the entry DOOD DO d. Adjust the entry 8. HST/GST collected on...
100 Cash at bank 110 Accounts receivable 120 Inventory 130 Prepaid insurance 171 Shop equipment (cost)...
100
Cash at bank
110
Accounts receivable
120
Inventory
130
Prepaid insurance
171
Shop equipment (cost)
172
Accumulated depreciation - shop equipment
200
Accounts payable
210
PAYG withholding payable
220
Superannuation payable
230
Bank loan
300
Capital
310
Drawings
320
Profit or loss summary
400
Sales revenue
410
Sales returns and allowances
420
Discount received
500
Cost of sales
600
Advertising expense
610
Depreciation expense
620
Discount allowed
630
Electricity expense
640
Insurance expense
650
Interest expense
660
Postage and...
5 (12 points) Barney's Computer Store has the following account balances on December 31, 2012 Allowance...
5 (12 points) Barney's Computer Store has the following account balances on December 31, 2012 Allowance for doubtful accounts (prior to adjustment)- Accounts receivable Net credit sales ONLY 1,600 Debit 180.000 The credit manager at Barney's prepared an aging schedule of accounts receivable and estimates that 58.500 450,000 will prove to be uncollectible. Instructions (a) Prepare the adjusting entry to record the estimated uncollectible accounts expense on December 31, 2012 General Journal Account Title Date Debit Credit (b) On March...
Assets Cash $7,000 Accounts Receivable 6,000 Supplies ...
Assets Cash $7,000 Accounts Receivable 6,000 Supplies 2,000 Equipment 10,000 Total Assets $25,000 Liabilities & Equity Accounts Payable $3,000 Common Stock 20,000 Retained Earnings 2,000 Total Liabilities & Equity $25,000 Instructions: Open the balances in the general ledger (T-accounts). Post the journal entries from the general journal to the general...
he debit recorded in the w Petty Cash b. Accounts Receivable all to Cash the d...
he debit recorded in the w Petty Cash b. Accounts Receivable all to Cash the d Various Accounts for which they cash was died 27. Sarbanes-Oxley applies to a. publicly held companies b. not-for-profit organizations c. privately held businesses d. All of these choices 28. The objectives of internal control are to control the internal organization of the Accounting Department personnel equipment b. provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports we accurate, and...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show...
2. In the receipts journal, once we select the customer we are not required to enter...
2. In the receipts journal, once we select the customer we are not required to enter - a. the payment amount b. the original amount c. the date of payment d. we need to enter all the above details 3. The purchases journal may be used for the following - a. credit or pay later purchase transactions b. purchase transactions paid by cash c. purchase transactions paid by cheque d. all of the above 4. To correct a general journal...
Problem 2: Impromptu Corp. purchased inventory from a foreign supplier on December 1, 2015 for 50.00...
Problem 2: Impromptu Corp. purchased inventory from a foreign supplier on December 1, 2015 for 50.00 FCUs. Payment was made to the foreign supplier on January 31, 2016. The following exchange rates apply: Date 12/01/2015 12/15/2015 12/31/2015 01/31/2016 U.S. Dollar per FCU 0.50 0.52 0.48 0.52 4. What journal entry should be recorded by Impromptu on the date of purchase? a. Debit A/R: $25.000 b. Debit Inventory: $25,000 c. Debit Inventory: $50,000 d. Credit A/P: $50,000 5. What journal entry...
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid...
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid $5,700 cash in advance for an insurance policy. d. Paid $980 on accounts payable. e. Recorded the adjusting entry to recognize 53.100 of insurance expense. f. Received $5.700 cash for services to be performed at a later date. g. Purchased land for $1.710 cash. h. Purchased supplies for $1.000 cash. Required Record each of the above transactions in general journal form and then show...
Cambrian at Hanson 5. In SAGE 50 all transactions can be posted in the a. Payables Journal b. Payments Journal c. General Journal d. Receivables Journal 6. Which module shows a summary of company affairs a. Payables Module b. Company c. Dashboard d. Default Page 7. In order to cancel an entry posted in SAGE we need to a. Repost the entry b. Reverse and repost c. Reverse the entry DOOD DO d. Adjust the entry 8. HST/GST collected on...
100
Cash at bank
110
Accounts receivable
120
Inventory
130
Prepaid insurance
171
Shop equipment (cost)
172
Accumulated depreciation - shop equipment
200
Accounts payable
210
PAYG withholding payable
220
Superannuation payable
230
Bank loan
300
Capital
310
Drawings
320
Profit or loss summary
400
Sales revenue
410
Sales returns and allowances
420
Discount received
500
Cost of sales
600
Advertising expense
610
Depreciation expense
620
Discount allowed
630
Electricity expense
640
Insurance expense
650
Interest expense
660
Postage and...
5 (12 points) Barney's Computer Store has the following account balances on December 31, 2012 Allowance for doubtful accounts (prior to adjustment)- Accounts receivable Net credit sales ONLY 1,600 Debit 180.000 The credit manager at Barney's prepared an aging schedule of accounts receivable and estimates that 58.500 450,000 will prove to be uncollectible. Instructions (a) Prepare the adjusting entry to record the estimated uncollectible accounts expense on December 31, 2012 General Journal Account Title Date Debit Credit (b) On March...
he debit recorded in the w Petty Cash b. Accounts Receivable all to Cash the d Various Accounts for which they cash was died 27. Sarbanes-Oxley applies to a. publicly held companies b. not-for-profit organizations c. privately held businesses d. All of these choices 28. The objectives of internal control are to control the internal organization of the Accounting Department personnel equipment b. provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports we accurate, and...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show...
2. In the receipts journal, once we select the customer we are not required to enter - a. the payment amount b. the original amount c. the date of payment d. we need to enter all the above details 3. The purchases journal may be used for the following - a. credit or pay later purchase transactions b. purchase transactions paid by cash c. purchase transactions paid by cheque d. all of the above 4. To correct a general journal...
Problem 2: Impromptu Corp. purchased inventory from a foreign supplier on December 1, 2015 for 50.00 FCUs. Payment was made to the foreign supplier on January 31, 2016. The following exchange rates apply: Date 12/01/2015 12/15/2015 12/31/2015 01/31/2016 U.S. Dollar per FCU 0.50 0.52 0.48 0.52 4. What journal entry should be recorded by Impromptu on the date of purchase? a. Debit A/R: $25.000 b. Debit Inventory: $25,000 c. Debit Inventory: $50,000 d. Credit A/P: $50,000 5. What journal entry...
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid $5,700 cash in advance for an insurance policy. d. Paid $980 on accounts payable. e. Recorded the adjusting entry to recognize 53.100 of insurance expense. f. Received $5.700 cash for services to be performed at a later date. g. Purchased land for $1.710 cash. h. Purchased supplies for $1.000 cash. Required Record each of the above transactions in general journal form and then show...
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