Acct212 week 2 quiz Study guides, Class notes & Summaries

ACCT212 - Week 2 - Quiz (100% CORRECT SOLUTIONS)

ACCT212 - Week 7 – Quiz – With 100% Correct Answers 1. The advantages of a corporation compared to a sole proprietorship or partnership include: 2. Preferred stock is called preferred because it usually has two preferences over common stock. These preferences relate to: 3. When a company issues 35,000 shares of $3 par value common stock for $30 per share, the journal entry for this issuance would include: 4. Environmental Designs issues 5,000 shares of its $1 par value common stock at $18 pe...

After transactions are recorded in the journal, they are posted to the: A list of all account names used to record transactions of a company is referred to as a: Which step in the process of measuring external transactions involves assessing the equality of total debits and total credits?

A company completed the following transactions during the month of October: I. Purchased office supplies on account, $ 5,800. II. Provided services for cash, $ 24,000. III. Provided services on account, $ 33,000. IV. Collected cash from a customer on account, $ 27,000. V. Paid the monthly rent of $ 4,600. What was the company's total revenue for the month? A.$ 24,000 B.$ 84,000 C.$ 57,000 D. $ 33, 000 A company completed the following transactions during the month of October: I. Purchased offi...

ACCT212 Week 2 Quiz Latest /Verified Answer/All correct/Score 100% ACCT212 Week 2 Quiz Latest /Verified Answer/All correct/Score 100% ACCT212 Week 2 Quiz Latest /Verified Answer/All correct/Score 100% ACCT212 Week 2 Quiz Latest /Verified Answer/All correct/Score 100% ACCT212 Week 2 Quiz Latest /Verified Answer/All correct/Score 100%

1. Question: A company completed the following transactions during the month of October: 2. Question: A company had credit sales of $ 34,000 and cash sales of $ 20,000 during the month of May. Also during May, the company paid wages of $ 25,000 and utilities of $ 10,000. It also received payments from customers on account totaling $ 5,200. What was the company's net income for the month? 3. Question: A company received $ 34,000 cash and issued common stock in exchange. How does this transaction ...

A company completed the following transactions during the month of October: Question: A company had credit sales of $ 34,000 and cash sales of $ 20,000 during the month of May. Also during May, the company paid wages of $ 25,000 and utilities of $ 10,000. It also received payments from customers on account totaling $ 5,200. What was the company’s net income for the month? Question: A company received $ 34,000 cash and issued common stock in exchange. How does this transaction affect the accoun...

Question 1 3 / 3 pts (TCO 2) The debt created by a business when it makes a purchase on account is a(n) revenue. prepaid expense. account receivable. account payable. Question 2 3 / 3 pts (TCO 2) A company performed services for a customer for cash. This transaction increased assets and decreased equity. increased liabilities. increased expenses. increased revenues. Question 3 3 / 3 pts (TCO 2) A company performs services for a client on account. When the company receives the cash from the custo...

Question 1 3 / 3 pts (TCO 2) The debt created by a business when it makes a purchase on account is a(n) revenue. prepaid expense. account receivable. account payable. Question 2 3 / 3 pts (TCO 2) A company performed services for a customer for cash. This transaction increased assets and decreased equity. increased liabilities. increased expenses. increased revenues. Question 3 3 / 3 pts (TCO 2) A company performs services for a client on account. When the company receives the cash from the cust...

Question 1 3 / 3 pts (TCO 2) The debt created by a business when it makes a purchase on account is a(n) revenue. prepaid expense. account receivable. account payable. Question 2 3 / 3 pts (TCO 2) A company performed services for a customer for cash. This transaction increased assets and decreased equity. increased liabilities. increased expenses. increased revenues. Question 3 3 / 3 pts (TCO 2) A company performs services for a client on account. When the company receives the cash from the custo...