1.

Lake County Pool Service provided you the following information from their bank statement and asked you to determine the adjusted book ending balance:

Item
Service charges	$30.00
Deposits in transit	840.00
Interest income	55.00
Outstanding checks	325.00
NSF check	120.00
Book ending balance	6,100.00

Adjusted book ending balance = $__________

Group of answer choices

$6,005

$6,125

$5,775

$6,005

2.

The following is provided for Jim's Auto Services for the year ended December 31, 20xx:

Acct Payable	$1,500		Fees Earned	$3,600
Acct Receivable	1,800		Insurance Expense	1,300
Prepaid Insurance	2,000		Land	3,000
Cash	3,200		Wages Expense	1,400
Withdrawal	1,200		Owner's Equity	8,800

What is Owner's Equity after the closing entry (ending balance)?

Group of answer choices

$1,500

$8,500

$2,700

$7,600

3.

In which order are the accounts listed in the chart of accounts?

Group of answer choices

assets, liabilities, revenues, expenses, owner's equity

assets, expenses, liabilities, owners equity, revenues

assets, liabilities, owners equity, revenues, expenses

owner's equity, assets, liabilities, revenues, expenses

4.

In the chart of accounts, the balance sheet accounts are normally listed in which order?

Group of answer choices

assets, liabilities, owners equity

assets, owners equity, liabilities

owners equity, assets, liabilities

liabilities, assets, owners equity

5.

When performing the steps in the accounting cycle, the step just before preparing the financial statement is:

Group of answer choices

Make sure the the debits and credits are equal.

Prepare adjustments.

Prepare the post closing trial balance.

Prepare the adjusted trial balance.

6.

Jones Company borrowed $5,000 from Branch Bank. As a result of this transaction:

Group of answer choices

Revenues would increase by $5,000

Assets would decrease by $5,000.

Equity would increase by $5,000

Liabilities would increase by $5,000

7.

The Book Value of an asset is

Group of answer choices

An account with a credit balance in the asset section of the balance sheet.

The original cost of an asset minus the accumulated depreciation

The original cost of an asset

Equivalent to the accumulated depreciation