1.JOURNAL ENTRIES: What is the journal entry to record the following transaction: Company X paid their secretary one months salary 5,000 cash?

		A. Dr. Salaries Expense 5,000; Cr. Accounts Payable 5,000
		B. Dr. Accounts Payable 5,000; Cr. Salaries Expense 5,000
		C. Dr. Salaries Expense 5,000; Cr. Cash 5,000
		D. Dr. Cash 5,000; Cr. Salaries Expense 5,000
		E. None of the above

2. INVENTORY METHODS: Co. F has the following units of beginning inventory and purchases for the year: beginning inventory 100 units at $40 each, a 2/28 Purchase 200 units at $50 each and a 6/15 purchase of 200 units at $60 each and a 12/15 purchase of 100 units at $80 each. Using the LIFO method, if the ending inventory is 300 units, what is the cost of the ending inventory?

		A. 32,000
		B. 25,000
		C. 20,000
		D. 16,000
		E. None of the above

3. JOURNAL ENTRIES: Company X currently has a balance in Allowance for Bad Debts of $5,000. Company X's aging schedule indicates that the balance in the Allowance for Bad Debts should be $9,000. What is the adjusting journal entry to increase the balance in the Allowance for Bad Debts to $9,000?

		A. Dr. Bad Debts Expense 9,000; Cr. Allowance for Bad Debts 9,000
		B. Dr. Allowance for Bad Debts 9,000; Cr. Bad Debts Expense 9,000
		C. Dr. Bad Debts Expense 4,000; Cr. Allowance for Bad Debts 4,000
		D. Dr. Allowance for Bad Debts 4,000; Cr. Bad Debts Expense 4,000
		E. None of the above

4. SPECIAL JOURNALS: In which journal is a sales return recorded?

		A. Cash Receipts
		B. Cash Payments
		C. Purchases
		D. Sales
		E. None of the above

5. BANK RECONCILIATION: In a bank reconciliation, if the balance per the bank statement is 120,000 and the balance per the books is 80,000 and the bank service charge is 10,000 and the EFT collection is 30,000 and the deposit in transit is 20,000 and the outstanding checks is 40,000, what is the amount of the adjusted book balance?

		A. 160,000
		B. 140,000
		C. 120,000
		D. 100,000
		E. None of the above

6. BANK RECONCILIATION: In a bank reconciliation, if the balance per the bank statement is 150,000 and the deposit in transit is 30,000 and the outstanding checks is 20,000 and the bank service charge is 5,000 and the NSF check is 10,000 , what is the amount of the adjusted bank balance?

		A. 160,000
		B. 145,000
		C. 120,000
		D. 100,000
		E. None of the above

7. INVENTORY METHODS: Co. Y has the following beginning inventory, purchases and ending inventory: Beginning inventory 300 units at $20 each, Purchase 6/1 300 units at $30 each, Purchase 9/1 300 units @ 40 each, and ending inventory 400 units. What is the average cost per unit of the total units available for sale during the year?

		A. $40
		B. $35
		C. $30
		D. $27
		E. None of the above

8. BANK RECONCILIATION: In a bank reconciliation, if the balance per the bank statement is 120,000 and the deposit in transit is 40,000 and the outstanding checks is 20,000, what is the amount of the adjusted bank balance?

		A. 160,000
		B. 140,000
		C. 120,000
		D. 100,000
		E. None of the above

9. INVENTORY METHODS: Co. G has the following units of beginning inventory and purchases for the year: beginning inventory 100 units at $30 each, a 2/28 Purchase 200 units at $40 each and a 6/15 purchase of 200 units at $50 each and a 12/15 purchase of 100 units at $90 each. Using the FIFO method, if the ending inventory is 300 units, what is the cost of the ending inventory?

		A. 36,000
		B. 19,000
		C. 16,000
		D. 11,000
		E. None of the abov

10. INVENTORY METHODS: Co. E has the following units of beginning inventory and purchases for the year: beginning inventory 300 units at $40 each and a 2/28 Purchase 300 units at $50 each. Using the LIFO method, if the ending inventory is 200 units, what is the cost of the ending inventory?

		A. 10,000
		B. 8,000
		C. 6,000
		D. 4,000
		E. None of the above