Hello all. Please refer to the attached file. Thank you

1. Jackson Company recorded the following cash transactions for the year: Paid $135,000 for salaries. Paid $60,000 to purchase office equipment. Paid $15,000 for utilities. Paid $6,000 in dividends. Collected $245,000 from customers. What was Jackson's net cash provided by operating activities? A) B) C) D) $110,000 $89,000 $35,000 $95,000 2. Which of the following describes the classification and normal balance of the Unearned Rent Revenue account? A) B) C) D) Revenues, credit Asset, debit Liability, credit Expense, debit 3. Posting- A) B) C) D) involves transferring all debits and credits on a journal page to the trial balance. accumulates the effects of journalized transactions in the individual accounts. should be performed in account number order. is accomplished by examining ledger accounts and seeing which ones need updating. 4. The following is selected information from L Corporation for the fiscal year ending October 31, 2014. Cash received from customers $300,000 Revenue earned 390,000 Cash paid for expenses 170,000 Cash paid for computers on November 1, 2013 that will be used for 3 years 48,000 Expenses incurred including any depreciation 216,000 Proceeds from a bank loan, part of which was used to pay for the computers 100,000 Based on the accrual basis of accounting, what is L Corporation's net income for the year ending October 31, 2014? A) B) C) D) $158,000 $220,000 $204,000 $174,000 5. La More Company had the following transactions during 2013. Sales of $4,500 on account Collected $2,000 for services to be performed in 2014 Paid $1,325 cash in salaries Purchased airline tickets for $250 in December for a trip to take place in 2014 What is La More's 2013 net income using cash basis accounting? A) B) C) D) $5175 $675 $4925 $425 6. Which one of the following is not a justification for adjusting entries? A) B) C) D) Adjusting entries are necessary to ensure that the expense recognition principle is followed. Adjusting entries are necessary to bring the general ledger accounts in line with the budget. Adjusting entries are necessary to enable financial statements to be in conformity with GAAP. Adjusting entries are necessary to ensure that the revenue recognition principle is followed. 7. The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indi-cated only $1,000 on hand. The adjusting entry that should be made by the company on June 30 is: A) B) C) D) debit Laundry Expense, $1,000; credit Laundry Supplies, $1,000. debit Laundry, $5,500; credit Laundry Supplies Expense, $5,500. debit Laundry, $1,000; credit Laundry Supplies Expense, $1,000. debit Laundry Expense, $5,500; credit Laundry Supplies, $5,500. 8. Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP in-clude all of the following except... A) B) C) D) Both IFRS and U.S. GAAP divide the economic life of companies into artificial time periods. The form and content of financial statements are very similar under IFRS and U.S. GAAP. Both IFRS and U.S. GAAP allow revaluation of items such as land and buildings to fair value. Cash-basis accounting is not in accordance with either IFRS or U.S. GAAP. 9. Conway Company purchased merchandise inventory with an invoice price of $9,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Conway Company pays within the discount period? A) B) C) D) $8280 $8100 $8820 $9000 10. Stan's Market recorded the following events involving a recent purchase of inventory: Received goods for $90,000, terms 2/10, n/30. Returned $1,800 of the shipment for credit. Paid $450 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory A) B) C) D) increased by $86,877. increased by $88,650. increased by $86,436. increased by $86,886