need help

1. Assume that the chart of accounts forDoe Co. includes the following accounts:Cash, Accounts Receivable, Equipment, Accounts Payable, John Doe, Capital, John Doe, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.
2. On Feb. 1, the companyreceived cash $50,000 from John Doe as additional investment in the business.Using the chart of accounts above, indicate the account that should be recorded in the Description column of theJournal item (1) as the debit accountfor the $50,000 amount.
5. Cash
6. Fees Earned
7. Accounts Receivable
8. John Doe, Capital

QUESTION 2

1. Assume that the chart of accounts forDoe Co. includes the following accounts:Cash, Accounts Receivable, Equipment, Accounts Payable, John Doe, Capital, John Doe, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.
2. On Feb. 1, the companyreceived cash $50,000 from John Doe as additional investment in the business.Using the chart of accounts above, indicate the account that should be recorded in the Description column of theJournal item (2) as thecredit accountfor the $50,000 amount.
5. Cash
6. Fees Earned
7. Accounts Receivable
8. John Doe, Capital

QUESTION 3

1. Assume that the chart of accounts for Roth Co. includes the following accounts:Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.
2. On July 1, the company paid creditors on account $9,000.Using the chart of accounts above, indicate the account that should be recorded in the Description column of theJournal item (1) as thedebit accountfor the $9,000 amount.
5. Accounts Receivable
6. Cash
7. Sam Roth, Capital
8. Accounts Payable

QUESTION 4

1. Assume that the chart of accounts for Roth Co. includes the following accounts:Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.
2. On July 1, the company paid creditors on account $9,000.Using the chart of accounts above, indicate the account that should be recorded in the Description column of theJournal item (2) as thecredit accountfor the $9,000 amount.
5. Accounts Receivable
6. Cash
7. Sam Roth, Capital
8. Accounts Payable

QUESTION 5

1. Assume that the chart of accounts for Roth Co. includes the following accounts:Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.
2. On July 5, the companyreceived cash for job completed$10,000.Using the chart of accounts above, indicate the account that should be recorded in the Description column of theJournal item (1) as thedebit accountfor the $10,000 amount.
5. Accounts Receivable
6. Cash
7. Fees Earned
8. Sam Roth, Capital

QUESTION 6

1. Assume that the chart of accounts for Roth Co. includes the following accounts:Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.
2. On July 5, the companyreceived cash for job completed$10,000.Using the chart of accounts above, indicate the account that should be recorded in the Description column of theJournal item (2) as thecredit accountfor the $10,000 amount.
5. Accounts Receivable
6. Cash
7. Fees Earned
8. Sam Roth, Capital

QUESTION 7

1. Assume that the chart of accounts for Roth Co. includes the following accounts:Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.
2. On July 5, the company purchased equipment on account $10,000.Using the chart of accounts above, indicate the account that should be recorded in the Description column of theJournal item (1) as the debit accountfor the $10,000 amount.
5. Accounts Receivable
6. Accounts Payable
7. Equipment
8. Cash

QUESTION 8

1. Assume that the chart of accounts for Roth Co. includes the following accounts:Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.
2. On July 5, the company purchased equipment on account $10,000.Using the chart of accounts above, indicate the account that should be recorded in the Description column of theJournal item (2) as thecredit accountfor the $10,000 amount.
5. Accounts Receivable
6. Accounts Payable
7. Equipment
8. Cash

0.375 points

QUESTION 9

1. Assume that the chart of accounts for Roth Co. includes the following accounts:Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.
2. On July 1 the company recorded jobs completed and billed to the customers for the day $9,000.Using the chart of accounts above, indicate the account that should be recorded in the Description column of theJournal item (1) as thedebit accountfor the $9,000 amount.
7. Accounts Receivable
8. Cash
9. Sam Roth, Capital
10. Fees Earned

0.375 points

QUESTION 10

1. Assume that the chart of accounts for Roth Co. includes the following accounts:Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.
2. On July 1 the company recorded jobs completed and billed to the customers for the day $9,000.Using the chart of accounts above, indicate the account that should be recorded in the Description column of theJournal item (2) as thecredit accountfor the $9,000 amount.
5. Accounts Receivable
6. Cash
7. Sam Roth, Capital
8. Fees Earned

0.375 points

QUESTION 11

1. Assume that the chart of accounts for Roth Co. includes the following accounts:Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.
2. On July 5, the companyreceived cash from customers on account $10,000.Using the chart of accounts above, indicate the account that should be recorded in the Description column of theJournal item (1) as thedebit accountfor the $10,000 amount.
7. Accounts Receivable
8. Cash
9. Fees Earned
10. Sam Roth, Capital

0.375 points

QUESTION 12

1. Assume that the chart of accounts for Roth Co. includes the following accounts:Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.
2. On July 5, the companyreceived cash from customers on account $10,000.Using the chart of accounts above, indicate the account that should be recorded in the Description column of theJournal item (2) as thecredit accountfor the $10,000 amount.
5. Accounts Receivable
6. Cash
7. Fees Earned
8. Sam Roth, Capital

0.375 points

QUESTION 13

1. Assume that the chart of accounts for Roth Co. includes the following accounts:Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.
2. On July 5, Sam Roth, the owner withdraws $10,000 for personal use.Using the chart of accounts above, indicate the account that should be recorded in the Description column of theJournal item (1) as thedebit accountfor the $10,000 amount.
5. Sam Roth, Capital
6. Cash
7. Fees Earned
8. Sam Roth, Drawing

0.375 points

QUESTION 14

1. Assume that the chart of accounts for Roth Co. includes the following accounts:Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.
2. On July 5, Sam Roth, the owner withdraws $10,000 for personal use.Using the chart of accounts above, indicate the account that should be recorded in the Description column of theJournal item (2) as thecredit accountfor the $10,000 amount.
5. Sam Roth, Capital
6. Cash
7. Fees Earned
8. Sam Roth, Drawing

0.375 points

QUESTION 15

1. The balance in the supplies account before adjustment on December 31, 2007 is $3,000. The amount of supplies on hand is $500. What account should be debited in the journal (1) and for what amount to record the adjusting entry for supplies based on this information?
4. Supplies Expense $2, 500
5. Supplies Expense $1,500
6. Supplies $500
7. Supplies$2,500

0.375 points

QUESTION 16

1. The balance in the supplies account before adjustment on December 31, 2007 is $3,000. The amount of supplies on hand is $500. What account should becredited in the journal (2) and for what amount to record the adjusting entry for supplies based on this information?
4. Supplies Expense $500
5. Supplies Expense $1,500
6. Supplies $2,500
7. Supplies $500

0.375 points

QUESTION 17

1. The balance in the salaries expenseaccount before adjustment on December 31, 2007 is $52,000. The amount of accrued salaries for December 30 and 31 are $500. What account should bedebited in the journal (1) and for what amount to record the adjusting entry foraccrued salariesbased on this information?
4. Salaries Expense $500
5. Salaries Expense $52,000
6. Salaries Payable$52,000
7. Salaries Payable$500

0.375 points

QUESTION 18

1. The balance in the salaries expenseaccount before adjustment on December 31, 2007 is $52,000. The amount of accrued salaries for December 30 and 31 are $500. What account should becredited in the journal (2) and for what amount to record the adjusting entry foraccrued salariesbased on this information?
4. Salaries Expense $52,000
5. Salaries Expense $500
6. Salaries Payable$500
7. Salaries Payable$52,000

0.375 points

QUESTION 19

1. The balance in theequipment accountbefore adjustment on December 31, 2007 is $60,000 and the balance of accumulated depreciation on December 31, 2007 is $24,000. The adjustment amount for depreciation for the year is $12,000. What account should bedebited in the journal (1) and for what amount to record the adjusting entry to record this depreciation based on this information?
4. DepreciationExpense $12,000
5. Depreciation Expense $36,000
6. Accumulated Depreciation $12,000
7. Equipment $12,000

0.375 points

QUESTION 20

1. The balance in theequipment accountbefore adjustment on December 31, 2007 is $60,000 and the balance of accumulated depreciation on December 31, 2007 is $24,000. The adjustment amount for depreciation for the year is $12,000. What account should becredited in the journal (2) and for what amount to record the adjusting entry to record this depreciation based on this information?
4. DepreciationExpense $12,000
5. Depreciation Expense $36,000
6. Accumulated Depreciation $12,000
7. Equipment $12,000

0.375 points

QUESTION 21

1. Which of the following is true concerning the first step in the closing entries?
2. The drawing account is debited for its balance.
3. Each revenue account is credited for its balance.
4. Each expense account is debited for its balance.
5. Each revenue account is debited for its balance.

0.375 points

QUESTION 22

1. Which of the following is true concerning the first step in the closing entries?
2. Each expense account is debited for its balance.
3. The capital account is credited for the amount of net income.
4. The capital account is credited for the total expenses.
5. The drawing account is debited for its balance.

0.375 points

QUESTION 23

1. In the closing entries the capital account is closed and will have a "0".
2. This statement is true.
3. This statement is false.

0.375 points

QUESTION 24

1. In the closing entries, the drawing account is closed into the capital account and will have a "0" balance..
2. This statement is true.
3. This statement is false.

0.375 points

QUESTION 25

1. In the first step of the closing entries, each expense account is debited for its balance.
2. This statement is true.
3. This statement is false.

0.375 points

QUESTION 26

1. Which of the following accounts would be considered temporary accounts?
2. Owner's Capital account
3. All Balance Sheet accounts
4. All Income Statement accounts
5. All accounts

0.375 points

QUESTION 27

1. What is the process that begins with analyzing and journalizing transactions and ends with the post-closing trial balance called?
2. Adjusted cycle
3. Working papers
4. Trial balance
5. Accounting cycle

0.375 points

QUESTION 28

1. Which of the following accounts ordinarily appears in the post-closing trial balance?
2. Accumulated depreciation
3. Depreciationexpense
4. Fees earned
5. Owner's drawing account

0.375 points

QUESTION 29

1. When preparing the Multiple-Step Income Statement for a merchandising business, assume that the Gross Profit is $200,000 and that the Total Operating Expenses are $90,000.What is the $110,000 (Gross Profit minus Total Operating Expenses) called?
4. net sales
5. gross sales
6. other revenue
7. income from operations

0.375 points

QUESTION 30

1. Which of the following correctly describes the preparation of the Income Statement?
2. Revenues less Expenses (order is not important)
3. revenues less Expenses (ordered in alphabetical order)
4. Revenues less Expenses (ordered smallest to largest amounts) with Miscellaneous Expense listed last
5. Revenues less Expenses (ordered largest to smallest amount) with Miscellaneous Expense listed last

0.375 points

QUESTION 31

1. When preparing the Multiple-Step Income Statement for a merchandising business, assume that the Adjusted Trial Balance contains the following accounts andbalances:Sales Salaries Expense, $90,000; Depreciation Expense-Store Equipment, $8,500; Miscellaneous Selling Expense $1,500; Office Salaries Expense, $40,000; Depreciation Expense-Office Equipment, $19,000; Miscellaneous Administrative expense, $1,000.What is the Total Selling Expenses amount on the Multiple-Step Income Statement?
4. $60,000
5. $90,000
6. $100,000
7. $160,000

0.375 points

QUESTION 32

1. When preparing the Multiple-Step Income Statement for a merchandising business, assume that the Net Sales was $600,000 and the balance of the Cost of Merchandise Sold on the Work sheet was $400,000.What amount should be recorded as the Gross Profit?
4. $1,000,000
5. $600,000
6. $400,000
7. $200,000

0.375 points

QUESTION 33

1. When preparing a report form of a Balance Sheet for a merchandising business, assume that the following accounts had the following balances on the Adjusted Trial Balance:Cash, $50,000; Accounts Receivable, $60,000; Merchandise Inventory, $100,000; Land, $30,000; Equipment, $140,000; Accumulated Depreciation-Equipment, $40,000.What would be the total amount of Current Assets for this Balance Sheet?
4. $50,000
5. $110,000
6. $210,000
7. $240,000

0.375 points

QUESTION 34

1. When preparing a report form of a Balance Sheet for a merchandising business, assume that the following accounts had the following balances on the Adjusted Trial Balance:Accounts Payable, $25,000; Wages Payable, $2,000; Mortgage Notes Payable (due in 10 years), $123,000 (current portion of the note, $3,000).What would be theTotalCurrent Liabilitiesfor this Balance Sheet?
4. $150,000
5. $30,000
6. $27,000
7. $25,000

0.375 points

QUESTION 35

1. When preparing a report form of a Balance Sheet for a merchandising business, assume that the following accounts had the following balances on the Adjusted Trial Balance:Cash, $150,000; Accounts Receivable, $160,000; Merchandise Inventory, $200,000; Land, $130,000; Equipment, $240,000; Accumulated Depreciation-Equipment, $140,000.What would be theTotal Property Plant and Equipment for this Balance Sheet?
4. $880,000
5. $710,000
6. $570,000
7. $230,000

0.375 points

QUESTION 36

1. Which of the following statement describes when the Balance Sheet should be prepared?
2. before the income statement and the statement of owner's equity
3. before the income statement and after the statement of owner's equity
4. after the income statement and the statement of owner's equity
5. none of these are correct

0.375 points

QUESTION 37

1. Which of the following correctly describes the subsections of the Asset section of the classified Balance Sheet?
2. Current Assets and Other Assets
3. Current Assets and Property, Plant, and Equipment
4. Current Assets and Long-Term Assets
5. None of these are correct

0.375 points

QUESTION 38

1. Which of the following correctly describes the subsections of the Liability section of the classified Balance Sheet?
2. Current Liabilities and Long-Term Liabilities
3. Current Liabilities and Other Liabilities
4. Other Liabilities and Fixed Liabilities
5. Present Liabilities and Future Liabilities

0.375 points

QUESTION 39

1. Which of the following describes the correct procedures for preparation of the Statement of Owner's Equity. The Statement of Owner's Equity starts with beginning capital balance followed by what?
2. plus Net Income less drawing
3. plus net income less total expenses
4. plus revenue less total expenses
5. none of these are correct

0.375 points

QUESTION 40

1. When preparing financial statements, the statement of owner's equity should be prepared before the income statement.
2. This statement is true.
3. This statement is false.

0.375 points