i need answers for the following multiple choice questions.
1. Accounts Payable/Keith Law Group, Accounts Payable/Justin Basketball Company, and Accounts Payable/Monster Repair Shop are all classified as: A. assets. B. revenue. C. liabilities. D. owner's equity. 2. Reading Corporation purchased books on account from Eye Spy Company, $1,000, Purchase Invoice No. 11. The correct entry to record the transaction is: A. debit Cash, $1,000; credit Eye Spy Company, $1,000. B. C. debit Eye Spy Company, $1,000; credit Cash, $500. debit Purchases-Books, $1,000; credit Accounts Payable/Eye Spy Company, $1,000. D. debit Accounts Payable/Eye Spy Company, $1,000; credit Purchases-Books, $1,000. 3. Reading Corporation returned damaged books to Eye Spy Company, $500, from Purchase Invoice No. 11, Debit Memo No. 24. The journal entry to record the transaction is: A. debit Accounts Payable, $500; credit Cash, $500. B. debit Cash, $500; credit Accounts Payable, $500. C. debit Accounts Payable/Eye Spy Company, $500; credit Purchases Returns and Allowances-Books, $500. D. debit Purchases Returns and Allowances-Books, $500; credit Accounts Payable/Eye Spy Company, $500. 4. Smith Corporation paid cash for audio department supplies, $800, Check No. 56. The journal entry to record the transaction is: A. debit Cash, $800; credit Supplies-Audio, $800. B. debit Cash, $800; credit Purchases, $800. C. debit Purchases, $800; credit Cash, $800. D. debit Supplies-Audio, $800; credit Cash, $800.5. Jan's Corporation paid cash for Utilities Expense, $600, Check No. 36. The journal entry for the transaction is: A. debit Accounts Payable, $600; credit Cash, $600. B. debit Cash, $600; credit Utilities Expense, $600. C. debit Expenses, $600; credit Accounts Payable, $600 D. debit Utilities Expense, $600; credit Cash, $600. 6. Stock Photo Incorporated sold camera equipment on account to Teresa Photography, $500 plus sales tax, $75, for a total of $575, Sales Invoice No. 13. The correct entry to record this transaction is: A. debit Sales, $500; credit Cash, $500. B. debit Cash, $500; credit Sales, $500. C. debit Account Receivable/Teresa Photography, $575; credit Sales-Camera Equipment, $500, Sales Tax Payable, $75. D. debit Sales-Camera Equipment, $500, Sales Tax Payable, $75; credit Account Receivable/Teresa Photography, $575. 7. Cooler Corporation issued a credit to the Ice Shop for damaged water bottles, $100, plus sales tax, $7, total $107, from Sales Invoice No. 4, Credit Memo No. 33. The journal entry to record the transaction is: A. debit Cash, $107; credit Sales, $107. B. debit Sales, $100; credit Cash, $100. C. debit Sales Returns and Allowances-Water Bottles, $100, Sales Tax Payable, $7; credit Accounts Receivable/Ice Shop, $107. D. debit Accounts Receivable/Ice Shop, $107; credit Sales Returns and Allowances-Water Bottles, $100, Sales Tax Payable, $7. 8. Donald Corporation received cash on account from Goofy Sport Shop, $343, covering Sales Invoice No. 4 for sports equipment, $350 ($325 plus sales tax $25), less a 2% discount, $7, Receipt No. 38. The journal entry to record the transaction is: A. debit Sales, $350; credit Cash, $350. B. debit Sales, $343; credit Cash, $343. C debit Cash $343, Sales Discount-Sports Equipment, $7; credit Accounts Receivable/Goofy Sport Shop, $350. D. debit Accounts Receivable/Goofy Sport Shop, $350; credit Cash, $343, Sales Discount-Sports Equipment, $7.9. Office Supply Store recorded cash and credit card sales of notebooks, $100, pencils, $50, and sales tax, $15, for a total of $165, Tape 19. The journal entry to record the transaction is : A. debit Sales-Notebooks, $100, Sales-Pencils, $50, Sales Tax Payable, $15; credit Cash, $165. B. debit Cash, $165; credit Sales-Notebooks, $100, Sales-Pencils, $50, Sales Tax Payable, $15. C. debit Cash, $150; credit Sales, $150. D. debit Sales, $150; credit Cash, $150. 10. Refer to the table of information below. Adjustment Information, December 31 Uncollectible Accounts Expense-estimated as 1.0% of total sales on account Total Sales on Account for Year $485,620 Merchandise Inventory-Jewelry (ending balance) $310,700 Merchandise Inventory-Clothing (ending balance) $240,700 Supplies Used-Administrative $4,200 Supplies Used-Jewelry $8,100 Supplies Used-Clothing $5,700 Value of Prepaid Insurance $4,200 Depreciation Expense-Office Equipment $2,100 Depreciation Expense-Store Equipment, Jewelry $7,700 Depreciation Expense-Store Equipment, Clothing $3,900 Federal Income Tax Expense for Year $12,280 The January 1 beginning inventory was $8,000. What is the correct adjusting entry to journalize the supplies adjustments for the Clothing Department? A. debit Supplies-Clothing, $5,700; credit Supplies Expense-Clothing, $5,700 B. debit Supplies Expense-Clothing, $5,700; credit Supplies-Clothing, $5,700 C. debit Supplies Expense-Clothing, $8,000; credit Supplies-Clothing, $8,000 D. debit Supplies-Clothing, $8,000; credit Supplies Expense-Clothing, $8,00011. Review the table of information provided. Adjustment Information, December 31 Uncollectible Accounts Expense-estimated as 1.0% of total sales on account Total Sales on Account for Year $485,620 Merchandise Inventory-Jewelry (ending balance) $310,700 Merchandise Inventory-Clothing (ending balance) $240,700 Supplies Used-Administrative $4,200 Supplies Used-Jewelry $8,100 Supplies Used-Clothing $5,700 Value of Prepaid Insurance $4,200 Depreciation Expense-Office Equipment $2,100 Depreciation Expense-Store Equipment, Jewelry $7,700 Depreciation Expense-Store Equipment, Clothing $3,900 Federal Income Tax Expense for Year $12,280 The January 1 beginning balance of Prepaid Insurance account was $8,000. Based on this information, what is the correct adjusting entry to journalize the prepaid insurance adjustment? A. debit Prepaid Insurance, $8,000; credit Insurance Expense, $8,000 B. debit Insurance Expense, $8,000; credit Prepaid Insurance, $8,000 C. debit Insurance Expense, $3,800; credit Prepaid Insurance, $3,800 D. debit Prepaid Insurance, $3,800; credit Insurance Expense, $3,800 12. Refer to the table of information below.Adjustment Information, December 31 Uncollectible Accounts Expense-estimated as 1.0% of total sales on account Total Sales on Account for Year $485,620 Merchandise Inventory-Jewelry (ending balance) $310,700 Merchandise Inventory-Clothing (ending balance) $240,700 Supplies Used-Administrative $4,200 Supplies Used-Jewelry $8,100 Supplies Used-Clothing $5,700 Value of Prepaid Insurance $4,200 Depreciation Expense-Office Equipment $2,100 Depreciation Expense-Store Equipment, Jewelry $7,700 Depreciation Expense-Store Equipment, Clothing $3,900 Federal Income Tax Expense for Year $12,280 The January 1 beginning inventory was $225,000. What is the correct adjusting entry to journalize Merchandise Inventory-Jewelry? A. debit Income Summary-Jewelry, $225,000; credit Merchandise Inventory-Jewelry, $225,000 B. debit Merchandise Inventory-Jewelry, $225,000; credit Income Summary-Jewelry, $225,000 C. debit Merchandise Inventory-Jewelry, $85,700; credit Income Summary-Jewelry, $85,700 D. debit Income Summary-Jewelry, $85,700; credit Merchandise Inventory-Jewelry, $85,700 13. Refer to the table of information below. Adjustment Information, December 31 Uncollectible Accounts Expense-estimated as 1.0% of total sales on account Total Sales on Account for Year $310,840 Merchandise Inventory-Jewelry (ending balance) $200,100 Merchandise Inventory-Clothing (ending balance) $190,000 Supplies Used-Administrative $3,500 Supplies Used-Jewelry $7,000 Supplies Used-Clothing $4,500 Value of Prepaid Insurance $4,000 Depreciation Expense-Office Equipment $1,500 Depreciation Expense-Store Equipment, Jewelry $7,000 Depreciation Expense-Store Equipment, Clothing $3,000 Federal Income Tax Expense for Year $10,740Based on this information, what is the correct adjusting entry to journalize Depreciation Expense for store equipment in the Jewelry Department? A. debit Inventory-Store Equipment, Jewelry, $7,000; credit Accumulated Depreciation-Store Equipment, Jewelry, $7,000 B. debit Accumulated Depreciation-Store Equipment, Jewelry, $7,000; credit Inventory-Store Equipment, Jewelry, $7,000 C. debit Depreciation Expense-Store Equipment, Jewelry, $7,000; credit Accumulated Depreciation-Store Equipment, Jewelry, $7,000 D. debit Accumulated Depreciation-Store Equipment, Jewelry, $7,000; credit Depreciation Expense-Store Equipment, Jewelry, $7,000 14. Refer to the table of information below. Adjustment Information, December 31 Uncollectible Accounts Expense-estimated as 1.0% of total sales on account Total Sales on Account for Year $485,620 Merchandise Inventory-Jewelry (ending balance) $310,700 Merchandise Inventory-Clothing (ending balance) $240,700 Supplies Used-Administrative $4,200 Supplies Used-Jewelry $8,100 Supplies Used-Clothing $5,700 Value of Prepaid Insurance $4,200 Depreciation Expense-Office Equipment $2,100 Depreciation Expense-Store Equipment, Jewelry $7,700 Depreciation Expense-Store Equipment, Clothing $3,900 Federal Income Tax Expense for Year $12,280 Based on this information, the correct adjusting entry to journalize the Uncollectible Accounts Expense is: A. debit Allowance for Uncollectible Accounts, $4,856.20; credit Uncollectible Accounts Expense, $4,856.20. B debit Uncollectible Accounts Expense, $485,620; credit Allowance for Uncollectible Accounts, $485,620 C. debit Allowance for Uncollectible Accounts, $485,620; credit Uncollectible Accounts Expense, $485,620. D. debit Uncollectible Accounts Expense, $4,856.20; credit Allowance for Uncollectible Accounts, $4,856.20. 15. Refer to the table below
