Question
could you help me with the following questions please?? Thank you Which journal entry reflects the following transaction?: BOC receives $2,000 cash from a customer,
could you help me with the following questions please?? Thank you
Which journal entry reflects the following transaction?:
BOC receives $2,000 cash from a customer, of which $1,000 was for goods delivered now and $1,000 was a deposit on custom goods that will be delivered next month.
A. Dr.Cash2,000
Cr.Revenue1,000
Cr.Advances from Customers1,000
B. Dr.Cash2,000
Cr.Advances from Customers2,000
C. Dr.Cash2,000
Cr. Inventory2,000
D. Dr.Revenue2,000
Cr.Cash2,000
E. Dr.Cash2,000
Cr.Revenue2,000
Which journal entry(s) reflects the following transaction?:
BOC received $10,000 of cash from a customer who took delivery of goods that originally cost BOC $8,000 to acquire.
A. Dr. Cash10,000
Cr.Revenue10,000
Dr.Cost of Goods Sold8,000
Cr.Inventory8,000
B. Dr.Cash10,000
Cr.Revenue10,000
C. Dr. Cash10,000
Cr.Revenue10,000
Dr.Accounts Payable8,000
Cr.Inventory8,000
D. Dr.Cash10,000
Cr.Inventory10,000
E. Dr.Cash10,000
Cr.Inventory8,000
Cr.Revenue2,000
Which journal entry reflects the adjusting entry needed on December 31?:
It is December 31, the end of the fiscal year. During December, employees earned $800,000 in salaries, but paychecks do not get issued until January 2.
Dr.Salary Expense800,000
Cr.Cash800,000
Dr.Salaries Payable800,000
Cr.Cash800,000
Dr.Salary Expense800,000
Cr.Salaries Payable800,000
No entry is needed.
Dr.Cash800,000
Cr.Salaries Payable800,000
Which journal entry reflects the adjusting entry needed on December 31?:
Last year, BOC purchased software for $10,000. The expected life of the software is 2 years and it has no expected salvage value. Now, it is December 31, the end of the fiscal year. No other entries were recorded for this software during the year.
Dr.Software Amortization Expense5,000
Cr.Software5,000
No entry needed.
Dr.Software Amortization Expense5,000
Cr.Cash5,000
Dr. Software Amortization Expense 5,000
Cr. PP&E 5,000
Dr.Software Amortization Expense5,000
Cr.Software Revenue5,000
Which journal entry reflects the adjusting entry needed on December 31?:
In November, BOC received a $5,000 cash deposit from a customer for custom-build goods that will be delivered in January (BOC recorded an entry for this $5,000 in November). Now, it is December 31, the end of the fiscal year.
Dr.Unearned Revenue5,000
Cr.Inventory5,000
Dr.Cash5,000
Cr.Revenue5,000
Dr.Unearned Revenue5,000
Cr.Revenue5,000
No entry needed.
Dr.Advances from Customers5,000
Cr.Revenue5,000
Which of the following are temporary accounts? (check all that apply)
Income Tax Expense
Retained Earnings
Sales Revenue
Cost of Goods Sold
Dividends Payable
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Management Accounting
Authors: Late RC Sekhar, AV Rajagopalan
1st Edition
195683609, 978-0195683608
