Accounting 211 exam 1 questions well answered graded A+

Accounting 211 exam 1 questions well answered graded A+What is the proper closing entry for dividends? - correct answer *Debit retained earnings, credit dividends* Ken just started a business and made the following 3 inventory purchases in November: -Nov 1- 150 units @ $780 -Nov 8- 200 units @ $1170 -Nov 22- 200 units @ $1260 A physical count of merchandise inventory on Nov 30 reveals that there are 150 units on hand. Using the average cost method, the amount allocated to ending inventory for November is: - correct answer 150+200+200=550 (150x$780)+(200x$1170)+(200x$1260)= 603,000 Closing entries: - correct answer *Cause the revenue and expense accounts to have zero balances* Jayson's company began the year by issuing $50,000 of common stock for cash. The company recorded revenues of $300,000, expenses of $210,000, and paid dividends of $30,000. What was Jayson's net income for the year? - correct answer net income= revenue- expenses: 300,000- 210,000= *90,000* Sales revenues are usually considered earned when: - correct answer *Goods have been transferred from the seller to the buyer* Which of the following accounts would not likely need to be adjusted for the year? -Unearned revenue -prepaid advertising -cash -supplies inventory - correct answer *cash*