Exam 4: The Accounting Cycle Continued

Great Plains Modeling Agency purchased $1,700 of office furniture at the beginning of the month. Depreciation Expense at the end of the month is $200. What is the balance of the Office Furniture account at the end of the month?

(Multiple Choice)

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Question 121

On the worksheet, the Income Statement debit column totaled $13,000 and the credit column totaled $15,000. What is the amount of Net Income? $ ________

(Short Answer)

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Question 122

Total wages per week are $4,000. You need to accrue $5,800 of wages. The adjusting entry would include which of the following?

(Multiple Choice)

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Question 123

The adjustment that is made to allocate the cost of a building over its expected life is called:

(Multiple Choice)

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Question 124

Prepaid Rent Expense is a contra-asset with a normal balance of a debit.

(True/False)

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Question 125

Depreciation Expense would be found on which of the following financial statements?

(Multiple Choice)

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Question 126

Showing 121 - 126 of 126

Great Plains Modeling Agency purchased $1,700 of office furniture at the beginning of the month. Depreciation Expense at the end of the month is $200. What is the balance of the Office Furniture account at the end of the month?

On the worksheet, the Income Statement debit column totaled $13,000 and the credit column totaled $15,000. What is the amount of Net Income? $ ________

Total wages per week are $4,000. You need to accrue $5,800 of wages. The adjusting entry would include which of the following?

The adjustment that is made to allocate the cost of a building over its expected life is called:

Prepaid Rent Expense is a contra-asset with a normal balance of a debit.

Depreciation Expense would be found on which of the following financial statements?

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying, Recording, and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

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