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Question 1 Revenues are recorded when Question 1 options: The check has cleared and the money is in the bank Goods or services are delivered to the customer A contract is signed A check is received from the customer Question 2 Which of the following is NOT a liability Question 2 options: Unearned Revenue Accounts payable Question 3 Management failing to reveal a default on a loan agreement will have violated what principle? Question 3 options: Matching principle Full disclosure principle Ethics principle Cost principle Question 4 Expenses are recorded in the same period that related revenue is recorded accourding to: Question 4 options: Matching principle Accounting equation Revenue recognition principle Cost principle Question 5 The percentageofcompletion method recognizes revenue Question 5 options: 10% per month When the contract work has begun Each year during a multiyear contract Based on an estimate of the portion of the work completed Question 6 An asset cost $14,400 and is expected to last 8 years at which time it will be sold for a scrap value of $2,400. Using straight line depreciation, the monthly depreciation journal entry would be: Question 6 options: Debit accumulated depreciation and credit depreciation expense for $150. Debit depreciation expense and credit accumulated depreciation for $150. Debit depreciation expense and credit accumulated depreciation for $125. Debit accumulated depreciation and credit depreciation expense for $125. When money is collected from a customer previously billed we: Question 7 options: Credit cash and debit accounts receivable. Debit cash and credit accounts receivable. Credit accounts payable and debit cash. Credit cash and debit accounts payable. Question 8 Which event will have the effect of increasing retained earnings? Question 8 options: Revenue is recognized A customer pays us for a bill we sent last month An expense is paid A dividend is declared Question 9 The income summary account is used to: Question 9 options: Calculate net income Set aside earned money avaialbe to owners Record a history of income items Zero out expense and revenue accounts at year end Question 10 The dividends payable account belongs on which statement? Question 10 options: Statement of cash flows Statement of retained earnings Balance sheet Income statement Question 11 Create the journal entry for the following (no dates or description required): Sam paid $20,000 for stock in a newly formed corporation. Question 12 Create the journal entry for the following (no dates or description required): Purchased photocopier for $5,000 on account Question 13 Create the journal entry for the following (no dates or description required): Bought office supplies for immediate consumption for $200 cash Question 14 Create the journal entry for the following (no dates or description required): Billed customer $3,500 for services performed Question 15 Create the journal entry for the following (no dates or description required): Customer paid $2,000 on account Question 16 Prepaid insurance account has $2,400 balance for twelve month premium. Month one has ended. Question 17 Create the journal entry for the following (no dates or description required): Office supplies on hand account hasa balance of $1,955 and an inventory shows that there are $715 worth of supplies remaining at month end. Question 18 New truck purchased for $20,000 has a five year life and a $2,000 salvage value. Record the first month depreciation using the straight line method. Question 19 Sales tax of $100 was collected from customer to be remitted to state at later date. Question 20 At month end $2,300 of wages are due to employees but not yet paid. There are two homework problems this week. The first is below and the second one is on the second tab at the bottom left of the screen Below you will see an unadjusted trial balance run at year end follwed by information needed to make adjusting entries. Baltimore Glass Company Trial Balance December 31, 2014 Acct. No. Account Title 101 Cash 110 Accounts Receivable 120 Merchandise Inventory, 1/1/2014 125 Supplies on Hand 130 Prepaid Insurance 131 Prepaid Rent 150 Equipment 160 Accumulated Depreciation 202 Accounts Payable 210 Wages Payable 301 Capital Stock 302 Retained Earnings, 1/1/2014 401 Sales 405 Sales Returns and Allowances 410 Interest Revenue 500 Purchases 502 Purchases Returns and Allowances 505 Transporatation In 510 Inventory Change 520 Advertising Expense 530 Sales Salaries Expense 532 Supplies Expense 540 Office Salaries Expense 550 Utilities Expense 555 Insurance Expense 560 Professional Fees Expense 570 Depreciation Expense 580 Interest Expense Debit 88,450 195,613 256,250 3,252 3,500 7,500 175,285 Credit 24,260 72,555 220,000 211,144 998,250 5,145 1,500 556,800 1,200 4,580 1,000 88,600 124,500 8,594 3,000 6,840 1,528,909 1,528,909 Adjusting items: 1. The remaining prepaid insurance at year end is $3,000 2. A physical inventory shows supplies on hand of $2,000 at year end 3. The prepaid rent of $7,500 covers January 2015 rent 4. Depreciation on equipment is $12,000 for the year 5. At year end sales salaries of $3,000 were earned but unpaid 6. At year end office salaries of $4,000 were earned but unpaid 7. A physical inventory of merchandise on hand totals $220,850. Do the following requirements below. Create proper headings for each statement. 1. Record adjusting journal entries from information above. It is possible that an item may not require an entry 2. Prepare an adjusted trial balance including the adjusting entries made 3. Prepare a classified income statement. Supplies is a sales expense. 4. Prepare a statement of retained earnings 5. Prepare a classified balance sheet 6. Prepare closing journal entries Account # Account Title debit credit Compute the ending inventory using the perpetual inventory method for both LIFO and FIFO below: units 1-Jan Beginning inventory 14-Jan Bought 5-Feb Sold 22-Feb Bought 7-Mar Sold 15-Mar Sold 5-Apr Bought 10-Apr Sold 12-Apr Sold 22-Apr Sold 4-May Sold 10-May Bought 25-May Sold price 3,500 1,500 1,000 2,000 1,500 2,000 1,000 800 800 500 600 2,000 500 $3.00 $3.15 $3.20 $3.25 $3.30 FIFO (scroll down for LIFO entry area) Purchased Date units cost 1-Jan Sold total units cost total units 3500 Balance cost $3.00 total $10,500.00 LIFO Date units 1-Jan Purchased cost total units cost Sold total units Balance cost total 3500 $3.00 $10,500.00