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Question: Accounting help pleaase?

(Posted by: Kunal on 2012-09-28 18:33:56)

1.All of the following are significant contributions that the journal makes to the recording process except: a)The journal provides a chronological record of transactions. b)The journal keeps complete information about changes in a specific account balance in one place. c)The journal helps prevent or locate errors because debits and credits can be readily compared. d)The journal discloses the complete effect of a transaction in one place. 2.In recording accounting transactions, evidence that a transaction has taken place is obtained from: A)source documents. B)the public relations department. C)the Internal Revenue Service. d)the Securities and Exchange Commission. 3.At January 31, 2012, the balance in Goebel Inc.'s supplies account was $500. During February. Goebel purchased supplies of $600 and used supplies of $800. At the end of February, the balance in the Supplies account should be: a)$700 credit. b)$1, 900 debit. C)$300 debit d)$500 debit. 4. During February 2012, its first month of operations, the owner of Schwenn Enterprises invested cash of $50, 000. Schwenn had cash sales of $8, 000 and paid expenses of $14, 000. Assuming no other transactions impacted the cash account, what is the balance in Cash at February 28? $36, 000 credit $44, 000 debit $6, 000 credit $58, 000 debit 5.If services are rendered for cash, then liabilities will increase. liabilities will decrease. assets will increase. stockholders’ equity will decrease. 6.The primary source used in the preparation of the financial statements is the: trial balance. general trial balance. post- closing trial balance. adjusted trial balance. 7.Bluing Corporation issued a one- year 9 % $200, 000 note on April 30, 2011. Interest expense for the year ended December 31, 2011 was: $12, 000 $13, 500 $18, 000 $10, 500 8.A revenue–asset relationship exists with: accrued expense adjusting entries. unearned revenue adjusting entries. accrued revenue adjusting entries. prepaid expense adjusting entries. 9.DeNova Real Estate signed a four- month note payable in the amount of $6, 000 on September 1. The note requires interest at an annual rate of 6 %. The amount of interest to be accrued at the end of September is: $90. $30. $60. $360. 10.The trial balance for Greenway Corporation appears as follows: Greenway Corporation Trial Balance December 31, 2011 Cash$300 Accounts Receivable500 Prepaid Insurance60 Supplies140 Office Equipment4, 000 Accumulated Depreciation, Office Equipment$800 Accounts Payable300 Common Stock1, 000 Retained Earnings1, 400 Service Revenue3, 000 Salaries Expense1, 000 Rent Expense500 0 $6, 500$6, 500 If, on December 31, 2011, the insurance still unexpired amounted to $15, the adjusting entry would contain a: debit to Prepaid Insurance for $15. debit to Insurance Expense for $45. credit to Prepaid Insurance for $15. debit to Prepaid Insurance for $45. 11. Based on the account balances below, what is the total of the debit and credit columns of the adjusted trial balance? Service revenue$3, 300Equipment$6, 400 Cash1, 525Prepaid insurance1, 225 Unearned revenue5, 320Depreciation expense640 Salary expense1, 050Accum. depreciation1, 280 Common stock390Retained earnings550 $9, 150 $10, 840 $10, 430 $9, 560 12.Given the following adjusted trial balance: DebitCredit Cash$781 Accounts receivable1, 049 Inventory1, 562 Prepaid rent43 Property, plant & equipment150 Accumulated depreciation$26 Accounts payable41 Unearned revenue61 Common stock103 Retained earnings3, 305 Service revenue134 Interest revenue28 Salary expense80 Travel expense33 Total$3, 698$3, 698 Net income for the year is: $248 $49 $135 $162