Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone please answer these for me? QUESTION 17 3.25 points Save Answer Use the following information to answer the next two questions: On January

Can someone please answer these for me?

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

QUESTION 17 3.25 points Save Answer Use the following information to answer the next two questions: On January 1, 2008, Lei Company paid $8,000 in cash for rent on a car for 12 months in 2008. A real account was debited on January 1, 2008 when the cash was paid. The January 1, 2008 journal entry would include a debit to which type of account? Asset Liability Owners' Equity Revenue Expense 3.25 points Save Answer QUESTION 18 On January 1, 2008, Lei Company paid $8,000 in cash for rent on a car for 12 months in 2008. A real account was debited on January 1, 2008 when the cash was paid. The January 1, 2008 journal entry would include a credit to which type of account? Asset Liability Owners' Equity Revenue Expense Save All Answers Save and Submit Click Save and Submit to save and submit. Click Save All Answers to save all answers. Question Completion Status: QUESTION 19 3.25 points Save Answer Use the following information to answer the next two questions: On December 1, 2008, India Corporation made an entry to record the sale of 20,000 new shares of common stock at $10 per share. The journal entry on December 1, 2008 would include a debit to which type of account? Asset Liability Owners' Equity Revenue Expense Hide Course Menu ESTION 20 3.25 points Save Answer Use the following information to answer the next two questions: On December 1, 2008, India Corporation made an entry to record the sale of 20,000 new shares of common stock at $10 per share. The journal entry on December 1, 2008 would include a credit to which type of account? Asset Liability Owners' Equity Revenue Expense Save All Answers Save and Submit Click Save and Submit to save and submit. Click Save All Answers to save all answers. QUESTION 23 3.25 points Save Answer Use the following information to answer the next two questions: On December 31, 2008, May Company made an adjusting entry to record $1,800 of accrued interest on a note receivable. The journal entry would include a debit to which type of account? Asset Liability Owners' Equity Revenue Expense 3.25 points Save Answer QUESTION 24 Use the following information to answer the question: On December 31, 2008, May Company made an adjusting entry to record $1,800 of accrued interest on a note receivable. The journal entry would include a credit to which type of account? Asset Liability Owners' Equity Revenue Expense Save All Answers Save and Submit Click Save and Submit to save and submit. Click Save All Answers to save all answers, compul sldlus: QUESTION 25 3.25 points Save Answer Closing entries may involve posting a debit to the Accumulated Depreciation account. Common Stock account. Cash account Depreciation Expense account. None of the above. QUESTION 26 3.25 points Save Answer All the following accounts normally have credit balances except: Fees Revenue Dividends Accumulated Depreciation Unearned Revenue None of the above. QUESTION 27 3.25 points Save Answer The accountant for the Pam Company made an adjusting entry to record depreciation for the current year twice by Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit QUESTION 27 3.25 points Save Answer The accountant for the Pam Company made an adjusting entry to record depreciation for the current year twice by mistake The effect of this error would be: An overstatement of net income and an understatement of assets. An overstatement of assets offset by an understatement of owner's equity. An understatement of assets, net income, and owner's equity. An overstatement of assets and of net income, and an understatement of owner's equity. None of the above. QUESTION 28 3.25 points Save Answer The Pitt Theater offered books of theater tickets to its patrons at $30 per book. Each book contained a certain number of tickets to future performances. During the current period 1,000 books were sold for $30,000, and this amount was credited to Ticket Revenue. At the end of the period it was determined that $12,000 worth of book tickets had been used by customers attending performances. The appropriate adjusting entry at the end of the period would be: Debit Ticket Revenue $18,000 and credit Unearned Ticket Revenue $18,000. Debit Ticket Revenue $12,000 and credit Unearned Ticket Revenue $12,000. Debit Unearned Ticket Revenue $18,000 and credit Ticket Revenue $18,000. Debit Unearned Ticket Revenue $12,000 and credit Ticket Revenue $12,000. None of the above. Save All Answers Save and Submit Click Save and Submit to save and submit. Click Save All Answers to save all answers. QUESTION 29 3.25 points Save Answer Use the following data for the next 3 questions: Bree Company reports these account balances at January 1, 2008: Accounts Payable $ 70,000 Land $ 62,000 Equipment $ 88,000 Cash $ 55,000 Accounts Receivable $ 80,000 Accumulated Depreciation $50,000 Buildings $110,000 Common Stock $180,000 Retained Earnings $ 75,000 Unearned Revenue $ 20,000 On January 3, 2008, Bree (1) collected $20,000 of its accounts receivable, (2) paid $10,000 of its accounts payable, and (3) sold $30,000 of additional shares of common stock. In a trial balance prepared at January 1, 2008, the total of the debit column is: $415,000 $395,000 $375,000 $345,000 None of the above. Save All Answers Save and Submit all answers Click Save and Submit to save and submit. Click Save All Answers to save all answers. QUESTION 30 3.25 points Save Answer Use the previous questions Bree Company data to answer the question: In a trial balance prepared at January 3, 2008 (after the three transactions above were recorded) the total of the debit column is: $435,000 $395,000 $365,000 $415,000 None of the above. QUESTION 31 3.25 points Save Answer Use the previous Bree Company data to answer the question: On January 3, 2008, the balance sheet (after the three transactions above were recorded) would balance at: $390,000 $315,000 $385,000 $365,000 None of the above. Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit

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

Step: 3

blur-text-image

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

Front Office Operations And Auditing Workbook

Authors: Patrick J. Moreo, Gail Sammons, Jeff Beck

2nd Edition

0130324930, 978-0130324931

More Books

Students also viewed these Accounting questions