Which of the following accounts would not be found in closing entries?

		a. Service Revenue
		b. Wages Expense
		c. Accounts Payable
		d. Dividends

Payments made by a company to reduce its debt to the bank would be reflected as a cash flow in the investing activities section of the statement of cash flows.

		a. True
		b. False

Edwards Co. purchased a car wash for $400,000. The appraised value for the land was $50,000, while the building was appraised at $250,000, and the equipment appraised for $200,000. How much of the amount paid for the car wash should be charged to the building account?

		a. $250,000
		b. $150,000
		c. $200,000
		d. $225,000

Use the following information for this question:

June 1 Inventory 100 @ $1.00

6 Purchased 150 @ $1.10

13 Purchased 50 @ $1.20

20 Purchased 100 @ $1.30

25 Purchased 25 @ $1.40

Total Units Sold in June: 300 units

Using the average weighted-average cost method and (if necessary) rounding to the nearest dollar, the cost assigned to the ENDING INVENTORY (not Cost of Goods Sold) would be

		a. $216
		b. $144
		c. $360
		d. $346