ACC 201 Exam 2024- Questions with 100%
Correct Verified Answers
A company shows a balance in Salaries and Wages Payable of $50,000 at the end of the
month. The next payroll amounting to $75,000 is to be paid in the following month.
What will be the journal entry to record the payment of salaries? - Answer Debit Salaries
and Wages Payable 50,000, Debit Salaries and Wages Expense 25,000; Credit Cash
75,000
Given the following adjusted trial balance:
Cash $831
Accounts receivable 1,049
Inventory 1,562
Prepaid rent 43
Equipment 150
Accumulated depreciation-equipment $26
Accounts payable 41
Unearned service revenue 61
Common stock 103
Retained earnings 3,305
Service revenue 184
Interest revenue 28
Salaries and wages expense 80
Travel expense 33
Total
$3,748 $3,748
,After closing entries have been posted, the balance in retained earnings will be: -
Answer $3,404
The following information is from the Income Statement of Clean as a Whistle Cleaning
Service:
Revenues
Service Revenues $6,500
Expenses Salaries and wages expense $2,450
Advertising expense 500
Rent expense 300
Supplies expense 200
Insurance expense 100
Total expenses 3,550
Net income $2,950
The entry to close the Income Summary account includes a: - Answer debit to Income
Summary for $2,950
If services are rendered on account, then - Answer stockholders' equity will increase
A paid dividend does what to stockholder's equity and assets - Answer decreases assets
and stockholders' equity
Jamal Company began the year with $126,000 in its Common Stock account and a debit
balance in Retained Earnings of $54,000 (and after the quiz, think about how that could
actually happen). During the year, the company earned net income of $27,000 and
declared and paid $9,000 of dividends. In addition, the company sold additional
common stock amounting to $33,000. Based on this information, what should the
, transaction analysis show for the ending total of all stockholders' equity accounts? -
Answer $123,000
Barnes Company showed the following balances (all are normal balances) at the end of
its first year:
Cash $14,000
Prepaid insurance 700
Accounts receivable 3,500
Accounts payable 2,800
Notes payable 4,200
Common stock 5,400
Dividends 700
Revenues 29,000
Expenses 17,500
What amount did Barnes Company show as total credits? - Answer $41,400
A merchandiser will earn an operating income (or income from operations) of exactly $0
when - Answer gross profit equals operating expenses
The primary difference between a periodic and perpetual inventory system is that a
periodic system - Answer determines the inventory on hand only at the end of the
accounting period
A company using a perpetual inventory system that returns goods previously purchased
on credit would make which entry to reflect the return? - Answer debit Accounts
Payable and credit Inventory
Correct Verified Answers
A company shows a balance in Salaries and Wages Payable of $50,000 at the end of the
month. The next payroll amounting to $75,000 is to be paid in the following month.
What will be the journal entry to record the payment of salaries? - Answer Debit Salaries
and Wages Payable 50,000, Debit Salaries and Wages Expense 25,000; Credit Cash
75,000
Given the following adjusted trial balance:
Cash $831
Accounts receivable 1,049
Inventory 1,562
Prepaid rent 43
Equipment 150
Accumulated depreciation-equipment $26
Accounts payable 41
Unearned service revenue 61
Common stock 103
Retained earnings 3,305
Service revenue 184
Interest revenue 28
Salaries and wages expense 80
Travel expense 33
Total
$3,748 $3,748
,After closing entries have been posted, the balance in retained earnings will be: -
Answer $3,404
The following information is from the Income Statement of Clean as a Whistle Cleaning
Service:
Revenues
Service Revenues $6,500
Expenses Salaries and wages expense $2,450
Advertising expense 500
Rent expense 300
Supplies expense 200
Insurance expense 100
Total expenses 3,550
Net income $2,950
The entry to close the Income Summary account includes a: - Answer debit to Income
Summary for $2,950
If services are rendered on account, then - Answer stockholders' equity will increase
A paid dividend does what to stockholder's equity and assets - Answer decreases assets
and stockholders' equity
Jamal Company began the year with $126,000 in its Common Stock account and a debit
balance in Retained Earnings of $54,000 (and after the quiz, think about how that could
actually happen). During the year, the company earned net income of $27,000 and
declared and paid $9,000 of dividends. In addition, the company sold additional
common stock amounting to $33,000. Based on this information, what should the
, transaction analysis show for the ending total of all stockholders' equity accounts? -
Answer $123,000
Barnes Company showed the following balances (all are normal balances) at the end of
its first year:
Cash $14,000
Prepaid insurance 700
Accounts receivable 3,500
Accounts payable 2,800
Notes payable 4,200
Common stock 5,400
Dividends 700
Revenues 29,000
Expenses 17,500
What amount did Barnes Company show as total credits? - Answer $41,400
A merchandiser will earn an operating income (or income from operations) of exactly $0
when - Answer gross profit equals operating expenses
The primary difference between a periodic and perpetual inventory system is that a
periodic system - Answer determines the inventory on hand only at the end of the
accounting period
A company using a perpetual inventory system that returns goods previously purchased
on credit would make which entry to reflect the return? - Answer debit Accounts
Payable and credit Inventory
