A company delivered $10,000 of goods to a customer that agreed to pay cash within 30 days. The goods had cost $8,000 to manufacture.

Which of the following items would be increased by this sales transaction? (check all that apply)

Accounts Payable

Current Assets

Cash from Operations

Cost of Goods Sold

Revenue

1

point

2.

A company took delivery of $50,000 of new inventory and agreed to pay cash to the supplier within 30 days.

Which of the following items would be increased by this inventory purchase transaction? (check all that apply)

Retained Earnings

Accounts Receivable

Total Assets

Accounts Payable

Cost of Goods Sold

1

point

3.

A company collected $100,000 cash from a customer who both received and was billed for the goods last quarter.

Which of the following items would be increased by this cash collection transaction? (check all that apply)

Accounts Receivable

Current Assets

Cash

Cash from Operations

Revenue

1

point

4.

A company collected $10,000 cash from a customer as a deposit for goods that will be shipped next quarter.

Which of the following items would be increased by this cash collection transaction? (check all that apply)

Total Liabilities

Cash from Operations

Total Assets

Revenue

Accounts Receivable

1

point

5.

A company received $100,000 cash from issuing 10,000 shares of $4 par value stock.

Which of the following items would be increased by this stock issuance transaction? (check all that apply)

Total Stockholders Equity

Dividends

Long-term Liabilities

Additional Paid in Capital

Cash from Financing

1

point

6.

A company received $75,000 cash from a bank loan that must be repaid in three years.

Which of the following items would be increased by this specific transaction? (check all that apply)

Total Liabilities

Interest Expense

Total Assets

Interest Payable

Cash from Financing

1

point

7.

A company declared $500,000 of dividends that will be paid two months from now.

Which of the following items would be increased by this dividend declaration transaction? (check all that apply)

Dividend Expenses

Cash from Financing

Retained Earnings

Net Income

Total Liabilities

1

point

8.

A company paid $50,000 to its insurance company for fire insurance coverage over the next year.

Which of the following items would be increased by this insurance prepayment transaction? (check all that apply)

Current Liabilities

Prepaid Insurance

Insurance Expense

Net Income

Total Assets

1

point

9.

At the end of the quarter, a company did an adjusting entry to record the fact that $1,000 of Prepaid Advertising had been used up during the quarter.

Which of the following items would be increased by this advertising adjusting entry? (check all that apply)

Prepaid Advertising

Cost of Goods Sold

Cash from Operations

Advertising Expense

Total Liabilities

1

point

10.

A company borrowed $500,000 cash from a bank and used it to purchase $500,000 of new manufacturing equipment.

Which of the following items would be increased by the bank loan and equipment purchase transactions? (check all that apply)

Inventory

Cash from Financing

Total Assets

Cash from Investing

Notes Payable

1

point

11.

At the end of the quarter, a company did an adjusting entry to record $5,000 of depreciation on the fleet of automobiles used by the sales force.

Which of the following items would be increased by this depreciation adjusting entry? (check all that apply)

Depreciation Expense

Total Assets

Retained Earnings

Cash from Operations

Cost of Goods Sold

1

point

12.

A company sold a piece of manufacturing equipment for $30,000 cash. The equipment had been listed on the balance sheet at a net book value of $25,000, so the company recorded a gain on sale of equipment of $5,000.

Which of the following items would be increased by this equipment sale transaction? (check all that apply)

Net Income

Total Assets

Cash from Investing

Equipment

Cash from Operations