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AMEDD CCC Mid-Term exam with correct answers

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Exam (elaborations)

AMEDD CCC Mid-Term exam with correct answers

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6 pages

2024/2025

Institution MCA

Course MCA

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AMEDD CCC Mid-Term exam with correct answers

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MCA TEST exam with correct answers

A check deposited to the bank for payment of an agent's bill (from the
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market center) is a _____ to "Accounts Receivable- Agents" - correct
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answer ✔Credit (CR) |!| |!|

Recording depreciation affects the accounts below. Please select the
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appropriate debit(DR) and credit(CR) - correct answer ✔(DR) Depreciation
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Expense
(CR) Accumulated Depreciation
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Accumulated Interest - correct answer ✔goes up annually until you sell it
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When the proceeds from a loan are received, the entry to "notes payable"
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is a __________. - correct answer ✔Credit (CR)
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A check deposited to the bank for payment of an agent's bill (from the
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market center) is a _____ to "cash- operating account" - correct answer
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|

✔Debit (DR) |!|

Items were returned to the vendor. The vendor them issued a credit
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memo for $55 prior to the invoice being paid. The entry should be
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recorded as __________ - correct answer ✔(DR) Accounts Payable 55
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(CR) Supplies 55 |!| |!|

Which of the following would be a Debit (DR) on the balance sheet? -
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correct answer ✔Prepaid Expense - office lease
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, Which of the following would be a (CR) on the balance sheet? - correct
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answer ✔Common Stock |!| |!|

When you receive the payment from the agent for the $40 copier invoice
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the entry should be recorded as - correct answer ✔DR Cash- operating
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CR Accounts Receivable
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Which of the following are NOT on the Income Statement? - correct
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answer ✔Cash |!| |!|

Notes Payable |!|

Which of the following would be a Debit (DR) on the Income Statement? -
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correct answer ✔Insurance Expense
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Which of the following would be a credit on the Income Statement? -
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correct answer ✔Other income- Rent
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A refund check issued to an agent for the amount he overpaid for his
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office rent is a ______ to "other income- rent" and a _______ to "cash-
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operating" account - correct answer ✔Debit |!| |!| |!| |!| |!|

Credit

Which of the following would be a Debit (DR) on the balance sheet? -
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correct answer ✔Distribution/Dividend
|!| |!|

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Uploaded on: February 12, 2025
Number of pages: 6
Written in: 2024/2025
Type: Exam (elaborations)
Contains: Questions & answers

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