ACCT 2401 Exam 4 Quiz 9 & 10 Study Guide | Accounting Review & Practice
Questions
S&C Roofing had sales on account of $32,500 which were subject to state sales tax of 8%. The
entry to record the sales would be to: - ✔✔Debit Accounts Receivable, $35,100; credit Sales
revenue, $32,500; credit Sales tax payable, $2,600.
A company signs a note payable for $4,000 at 9% for 65 days. How much interest will the
company owe using a 360-day year? (Round your final answer to the nearest cent.) -
✔✔$65.00
When a company settles a warranty claim by replacing the defective goods, the journal entry
will include a debit to _______ and a credit to _______. - ✔✔Estimated Warranty Payable,
Inventory
On January 1, Greene Autos signed a $270,000, 8%, 30-year mortgage that requires semiannual
payments of $11,934 on June 30 and December 31 of each year. The journal entry to record the
second semiannual payment would be: (Round your final answer to the nearest dollar.) -
✔✔Debit Interest Expense, $10,755; debit Mortgage Payable, $1,179; credit Cash, $11,934
Which of the following would be considered a known liability? - ✔✔Accounts payable
You just purchased a new cell phone, which comes with a manufacturer's warranty of one year.
The company that manufactures the cell phone would record the warranty as a(n): -
✔✔Estimated liability
S&C Roofing had sales on account of $30,500 which were subject to state sales tax of 9%. The
entry to record the sales would be to: - ✔✔Debit Accounts Receivable, $33,245; credit Sales
revenue, $30,500; credit Sales tax payable, $2,745.
Questions
S&C Roofing had sales on account of $32,500 which were subject to state sales tax of 8%. The
entry to record the sales would be to: - ✔✔Debit Accounts Receivable, $35,100; credit Sales
revenue, $32,500; credit Sales tax payable, $2,600.
A company signs a note payable for $4,000 at 9% for 65 days. How much interest will the
company owe using a 360-day year? (Round your final answer to the nearest cent.) -
✔✔$65.00
When a company settles a warranty claim by replacing the defective goods, the journal entry
will include a debit to _______ and a credit to _______. - ✔✔Estimated Warranty Payable,
Inventory
On January 1, Greene Autos signed a $270,000, 8%, 30-year mortgage that requires semiannual
payments of $11,934 on June 30 and December 31 of each year. The journal entry to record the
second semiannual payment would be: (Round your final answer to the nearest dollar.) -
✔✔Debit Interest Expense, $10,755; debit Mortgage Payable, $1,179; credit Cash, $11,934
Which of the following would be considered a known liability? - ✔✔Accounts payable
You just purchased a new cell phone, which comes with a manufacturer's warranty of one year.
The company that manufactures the cell phone would record the warranty as a(n): -
✔✔Estimated liability
S&C Roofing had sales on account of $30,500 which were subject to state sales tax of 9%. The
entry to record the sales would be to: - ✔✔Debit Accounts Receivable, $33,245; credit Sales
revenue, $30,500; credit Sales tax payable, $2,745.
