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. stockholdersâ€™ 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 revenueâ€“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