1.

Which of these transactions would produce $10,000 of revenue in December? (check all that apply)

BOC signed a contract to deliver $10,000 of goods to a customer in January.

BOC delivered $10,000 of goods in December to a customer that paid a $10,000 cash deposit in November.

BOC collected $10,000 of cash in December from customers who received goods in November.

BOC collected a $10,000 deposit in December for goods it will ship in January.

BOC delivered $10,000 of goods in December to customers that ordered them and have 30 days to pay for them.

2.

Which of these transactions would produce $10,000 of expenses in December? (check all that apply)

BOC signs a contract in December to buy $10,000 of copper.

BOC buys $10,000 of copper in December.

BOC sells batteries costing $10,000 in December for $12,000 cash.

BOC uses copper to make batteries at a total cost of $10,000 in December.

BOC sells batteries costing $8,000 in December for $10,000 cash.

3.

Which journal entry reflects the following transaction?:

BOC receives a $2,000 cash deposit from a customer for custom goods that will be delivered next year.

Dr. Cash2,000

Cr. Revenue2,000

Dr.Advances from Customers2,000

Cr.Cash2,000

Dr.Cash2,000

Cr.Advances from Customers2,000

Dr.Deposits2,000

Cr.Future Revenue2,000

Dr.Cash2,000

Cr.Inventory2,000

4.

Which journal entry(s) reflects the following transaction?:

BOC received $5,000 of cash from a customer who took delivery of goods that originally cost BOC $4,000 to acquire.

Dr.Cash5,000

Cr.Inventory4,000

Cr.Revenue1,000

Dr. Cash5,000

Cr.Revenue5,000

Dr.Accounts Payable4,000

Cr.Inventory4,000

Dr. Cash5,000

Cr.Revenue5,000

Dr.Cost of Goods Sold4,000

Cr.Inventory4,000

Dr.Cash5,000

Cr.Revenue5,000

Dr.Cash5,000

Cr.Inventory5,000

5.

How much annual depreciation expense would be recognized for a truck that originally cost $30,000 and has an estimated useful life of 5 years with a $5,000 salvage value?

$7,000

$5,000

$10,000

$6,000

$3,333

6.

Which journal entry reflects the adjusting entry needed on December 31?:

In November, BOC prepaid $30,000 of rent for December, January, and February (and it was recorded properly). Now, it is December 31, the end of the fiscal year.

Dr.Rent Expense30,000

Cr.Prepaid Rent30,000

Dr.Rent Expense30,000

Cr.Cash30,000

Dr.Rent Expense10,000

Cr.Cash10,000

Dr.Rent Expense10,000

Cr.Prepaid Rent10,000

No entry needed.

7.

Which journal entry reflects the adjusting entry needed on December 31?:

Last year, BOC purchased software for $10,000. The expected life of the software is 2 years and it has no expected salvage value. Now, it is December 31, the end of the fiscal year. No other entries were recorded for this software during the year.

Dr.Software Amortization Expense5,000

Cr.Software Revenue5,000

Dr.Software Amortization Expense5,000

Cr.Cash5,000

Dr.Software Amortization Expense5,000

Cr.Software5,000

No entry needed.

Dr. Software Amortization Expense 5,000

Cr. PP&E 5,000

8.

Which journal entry reflects the adjusting entry needed on December 31?:

In November, BOC received a $5,000 cash deposit from a customer for custom-build goods that will be delivered in January (BOC recorded an entry for this $5,000 in November). Now, it is December 31, the end of the fiscal year.

Dr.Unearned Revenue5,000

Cr.Inventory5,000

Dr.Advances from Customers5,000

Cr.Revenue5,000

Dr.Cash5,000

Cr.Revenue5,000

Dr.Unearned Revenue5,000

Cr.Revenue5,000

No entry needed.

9.

Which item would not appear on a Balance Sheet?

Gross Profit

Prepaid expenses

Retained Earnings

Accounts Receivable

Interest Payable

10.Which of the following are temporary accounts? (check all that apply)

Sales Revenue

Dividends Payable

Income Tax Expense

Cost of Goods Sold

Retained Earnings