Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

WORK IS NOT NEEDED & I WILL RATE! This Question: 2 pts 50 of 50 (31 complete This Test: 100 pts possible Jacob, Inc. had

WORK IS NOT NEEDED & I WILL RATE! image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
This Question: 2 pts 50 of 50 (31 complete This Test: 100 pts possible Jacob, Inc. had the following balances and transactions during 2019 Beginning Merchandise Inventory 13 units at $95 March 10 Sold 11 unit June 10 Purchased 26 units at 52 October 30 Sold 2 units What is the amount of the company's ending Merchandise Inventory, as declosed in the December 31, 2018 boleh sing the periodic weighted average inventory costing method (Round the unit coute to two decimal places and to costs to the nearest dolor) OA 1942 OC 1651 OD 5114 This Question: 2 pts 49 of 50 (31 complete) Which of the following statements is true of a sole proprietorship? O A. The sole proprietor is personally liable for the liabilities of the business. OB. A sole proprietorship is taxed separately from the owner. OC. A sole proprietorship joins two or more individuals as co-owners. OD. A sole proprietorship has to pay business income taxes. This Question: 2 pts 47 of 50 (31 complete) The following information is needed to reconcile the cash balance for Discount Dry Cleaning, Inc. * A deposit of $5,600 is in transit. * Outstanding checks total $1,100. The book balance is $6,000 at February 28, 2019. * The bookkeeper recorded a $1,500 check as $17,000 in payment of the current month's rent. * The bank balance at February 28, 2019 was $15,440. * A deposit of $200 was credited by the bank for $2,000. *A customer's check for $3,300 was returned for nonsufficient funds. * The bank service charge is $60. What was the adjusted book balance? A. $18,260 B. $18,200 C. $18,140 D. $15,500 This Question: 2 pts 39 of 50 (31 complete) A petty cash fund was established with a $600 balance. It currently has cash of $140 and petty cash tickets as shown below: Travel expense $100 Office supplies expense 310 Equipment rental expense 50 Which of the following would be the journal entry to replenish the Petty Cash account? A. credit Petty Cash $460; debit Cash $460 B. debit various expenses $460; credit Petty Cash $460 C. debit various expenses $460; credit Cash $460 D. debit Cash $140: credit various expenses $140

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Gas And Mileage Log Book

Authors: TopStoxx Publishing

1st Edition

B08DDM8FVC, 979-8668873487

More Books

Students also viewed these Accounting questions