Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer Those question Without explanation as soon as possible 1. Payment of an account payable affects the components of the accounting equation in the following

Answer Those question Without explanation as soon as possible

1. Payment of an account payable affects the components of the accounting equation in the following way. a) Decreases owners equity and decreases liabilities. b) Increases assets and decreases liabilities. c) Decreases assets and increases owners equity. d) Decreases assets and decreases liabilities. 2. An account that will have a zero balance after closing entries have been journalized and posted is: a) Service Revenue. b) Advertising Supplies. c) Prepaid Insurance. d) Accumulated Depreciation 3. Adjustments for unearned revenues: a) decrease liabilities and increase revenues. b) have an assets and revenues account relationship. c) increase assets and increase revenues. d) decrease revenues and decrease assets. 4. The correct order of presentation in a classified balance sheet for the following current assets is: a) accounts receivable, cash, prepaid insurance, inventories. b) cash, Inventories, accounts receivable, prepaid insurance. c) cash, accounts receivable, inventories, prepaid insurance. d) inventories, cash, accounts receivable, prepaid insurance. 5. A company writes a check to replenish a OMR 100 petty cash fund when the fund contains receipts of OMR 94 and OMR 5 in cash. In recording the check, the company should: a) debit Cash Over and Short for OMR 1. b) debit Petty Cash for OMR 94. c) credit Cash for OMR 94. d) credit Petty Cash for OMR 2. 6. Net sales for the month are OMR 700,000, and bad debts are expected to be 1.5% of net sales. The company uses the percentage-of-sales basis. If Allowance for Doubtful Accounts has a credit balance of OMR 15,000 before adjustment, what is the balance after adjustment? a) OMR 15,000. b) OMR 25,500. c) OMR 23,000. d) OMR 31,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: James Jiambalvo

5th edition

1118078764, 978-1118078761

More Books

Students also viewed these Accounting questions

Question

What projects have I completed at home, work, or school?

Answered: 1 week ago