Which of the following is not a recordable transaction?<\/p>
Multiple Choice<\/p>
a) Issued shares of stock to investors in exchange for cash contributions of $4,000.<\/p>
b) Ordered inventory from suppliers for $3,000.<\/p>
c) Borrowed money from the bank by signing a promissory note for $2,000.<\/p>
d) Sold equipment to another company for $3,000 and accepted a note from the company promising payment in 6 months.<\/p>
<\/p>
A credit would make which of the following accounts decrease? <\/p>
Multiple Choice<\/p>
a) Retained Earnings.<\/p>
b) Deferred Revenue.<\/p>
c) Allowance for Uncollectible Accounts.<\/p>
d) Accounts Receivable.<\/p>
<\/p>
Adjusting entries: <\/p>
Multiple Choice<\/p>
a) Adjust the balance of revenue and expense accounts to zero.<\/p>
b) Can include the cash account.<\/p>
c) Usually are recorded at the beginning of the accounting period.<\/p>
d) Always change at least one income statement account balance and one balance sheet account balance.<\/p>
<\/p>
Which of the following situation will not<\/strong> likely result in an end of the period adjustment? <\/p> Multiple Choice<\/p> a) Asset purchased in advance of the use of this asset in operations.<\/p> b) A bill is received for expenses for the current month and is due next month.<\/p> c) Cash is received in advance of a delivery of a good or service.<\/p> d) Expenses are incurred and paid for in the current month.<\/p>",
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"question_posted": "2024-09-14 00:05:38",
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