INTUIT BOOKKEEPING PROFESSIONAL CERTIFICATE EXAM FINAL PAPER VERIFIED
QUESTIONS ACCURATE SOLUTIONS
• The cleaning business is hired to clean a personal office. They are paid $250 cash
for their services. what accounts are affected by the cleaning job? -✓✓assets and
equity
• after posting the cleaning service (paid $250) to the books, what does the
accounting equation look like now? (accounting equation beforehand was Assets
$6,000 = Liabilities $1,000 + Equity $5,000) -✓✓Assets = $6,250
Liabilities = no change
Equity = $5,250
• after being paid $250 cash for the cleaning service, is the cash account debited or
credited $250? -✓✓debited
• Later, the cleaning business pays $500 of debt with cash. What does the
accounting equation look like now? (accounting equation beforehand was Assets
$6,250 = Liabilities $1,000 + Equity $5,250) -✓✓Assets = $5,750
Liabilities = $500
Equity = $5,250
• The cleaning business cleans an apartment complex and issues an invoice for
$1,000. What does the accounting equation look like now? (accounting equation
beforehand was Assets $5,750 =
Liabilities $500 + Equity $5,250) -✓✓Assets = $6,750
,Liabilities = no change
Equity = $6,250
• The retail store is starting out with $12,500 in cash and inventory and no debt.
Balance the accounting equation. -✓✓Assets = $12,500
Liabilities = $0
Equity = $12,500
• Cash sales are transactions where the customer pays for goods or services. Which
of the following best describes how cash sales are made? -✓✓Immediately with
cash, check, or a credit or debit card
• A business records cash sales through a POS system. What type of record is that
considered? -✓✓Automatic
• How do POS systems impact bookkeeping processes? -✓✓By automatically
recording the date, time, items sold, and payment method. By streamlining the
sales recording process. By reducing the likelihood of errors or omissions
• When does a business typically create an invoice? -✓✓When a business delivers
a product or provides a service to a customer and it is a credit sale
• What is accounts receivable? -✓✓An asset on a business's financial records.
What a business calls the money owed to them
• When does a bookkeeper credit accounts receivable and debit the bank account?
-✓✓When an invoice is paid
, • In terms of accounting equations, if each transaction is recorded correctly, a
business's accounting equation is referred to as... -✓✓Balanced
• Which of the following describes a promissory note? -✓✓Contract for the
repayment of money. Contract between businesses. Agreement to a payment plan
• Jen owns a bakery and has agreed to loan money to her best friend Marley, who
who wants to buy new massage tables for her massage business.Jen loans Marley
$10,000, at a 10% annual interest rate compounded monthly, to be paid back in
two months. They sign a promissory note on February 12th. The loan is considered
a notes receivable by Jen's bakery. On March 15th, Jen receives the first payment
from Marley. Marley pays half the loan amount principal, plus the interest due.
Calculate the interest due -✓✓84.93
(Principal x Interest Rate x Time = Interest. $10,000 x 10% x 31/365 =
84.93150685)
• Jen loans Marley $10,000, at a 10% annual interest rate compounded monthly, to
be paid back in two months. They sign a promissory note on February 12th. She
makes her first payment ($5,084.93 including interest). The following month, on
April 15th, Marley makes the final payment on the loan, including interest. What is
the interest due on the second payment? -✓✓$41.10
(Principal x Interest Rate x Time = Interest. $5,000 x 10% x 31/365 = $41.10)
• The wafer manufacturer sells the microchip maker $300,000 worth of silicon
wafers on March 22nd, to be paid at the end of the month. After 60 days of non-
payment, both companies agree to issue a promissory note stating that the
microchip maker will pay the wafer manufacturer the $300,000 with a 10% annual
interest rate, compounded monthly over the next three months. The microchip
maker makes its first payment of $100,000 plus the required 10% interest on July
22nd. -✓✓$2547.95
QUESTIONS ACCURATE SOLUTIONS
• The cleaning business is hired to clean a personal office. They are paid $250 cash
for their services. what accounts are affected by the cleaning job? -✓✓assets and
equity
• after posting the cleaning service (paid $250) to the books, what does the
accounting equation look like now? (accounting equation beforehand was Assets
$6,000 = Liabilities $1,000 + Equity $5,000) -✓✓Assets = $6,250
Liabilities = no change
Equity = $5,250
• after being paid $250 cash for the cleaning service, is the cash account debited or
credited $250? -✓✓debited
• Later, the cleaning business pays $500 of debt with cash. What does the
accounting equation look like now? (accounting equation beforehand was Assets
$6,250 = Liabilities $1,000 + Equity $5,250) -✓✓Assets = $5,750
Liabilities = $500
Equity = $5,250
• The cleaning business cleans an apartment complex and issues an invoice for
$1,000. What does the accounting equation look like now? (accounting equation
beforehand was Assets $5,750 =
Liabilities $500 + Equity $5,250) -✓✓Assets = $6,750
,Liabilities = no change
Equity = $6,250
• The retail store is starting out with $12,500 in cash and inventory and no debt.
Balance the accounting equation. -✓✓Assets = $12,500
Liabilities = $0
Equity = $12,500
• Cash sales are transactions where the customer pays for goods or services. Which
of the following best describes how cash sales are made? -✓✓Immediately with
cash, check, or a credit or debit card
• A business records cash sales through a POS system. What type of record is that
considered? -✓✓Automatic
• How do POS systems impact bookkeeping processes? -✓✓By automatically
recording the date, time, items sold, and payment method. By streamlining the
sales recording process. By reducing the likelihood of errors or omissions
• When does a business typically create an invoice? -✓✓When a business delivers
a product or provides a service to a customer and it is a credit sale
• What is accounts receivable? -✓✓An asset on a business's financial records.
What a business calls the money owed to them
• When does a bookkeeper credit accounts receivable and debit the bank account?
-✓✓When an invoice is paid
, • In terms of accounting equations, if each transaction is recorded correctly, a
business's accounting equation is referred to as... -✓✓Balanced
• Which of the following describes a promissory note? -✓✓Contract for the
repayment of money. Contract between businesses. Agreement to a payment plan
• Jen owns a bakery and has agreed to loan money to her best friend Marley, who
who wants to buy new massage tables for her massage business.Jen loans Marley
$10,000, at a 10% annual interest rate compounded monthly, to be paid back in
two months. They sign a promissory note on February 12th. The loan is considered
a notes receivable by Jen's bakery. On March 15th, Jen receives the first payment
from Marley. Marley pays half the loan amount principal, plus the interest due.
Calculate the interest due -✓✓84.93
(Principal x Interest Rate x Time = Interest. $10,000 x 10% x 31/365 =
84.93150685)
• Jen loans Marley $10,000, at a 10% annual interest rate compounded monthly, to
be paid back in two months. They sign a promissory note on February 12th. She
makes her first payment ($5,084.93 including interest). The following month, on
April 15th, Marley makes the final payment on the loan, including interest. What is
the interest due on the second payment? -✓✓$41.10
(Principal x Interest Rate x Time = Interest. $5,000 x 10% x 31/365 = $41.10)
• The wafer manufacturer sells the microchip maker $300,000 worth of silicon
wafers on March 22nd, to be paid at the end of the month. After 60 days of non-
payment, both companies agree to issue a promissory note stating that the
microchip maker will pay the wafer manufacturer the $300,000 with a 10% annual
interest rate, compounded monthly over the next three months. The microchip
maker makes its first payment of $100,000 plus the required 10% interest on July
22nd. -✓✓$2547.95
