QN=197 Which accounts belong to Permanent Accounts?

c. Asset, liability, owner capital

b. Revenue, expense, income summary

QN=198 Which accounts need to do closing entries?

a. Close Revenue accounts to Income Summary

b. Close Expense accounts to Income Summary

c. Close Income Summary account to Owner's Capital

.d. Close Withdrawals account to Owner's Capital

QN=101 Provide descriptions for this transaction:Debit cash $ 5,000 and Credit Account Receivable $5,000

b. Received cash for an account receivable

QN=102 Provide descriptions for this transaction:Credit supplies $ 2,000 and Debit expense $ 2,000

e. Used supplies in business worth of $ 2,000

b. Selling supplies on credit worth of $2,000

c. Buying supplies for cash worth of $ 2,000

d. Buying supplies on credit worth of $ 2,000

QN=103 Provide descriptions for this transaction:Credit cash and debit owner equity

d. Withdrawal of cash from business by owner for personal use or paid expense of business

c. Withdrawal of cash from business by owner for personal use

QN=104 Which account is noncurrent or long-term asset

b. Equipment, building, vehicle

a. Equipment, supplies, vehicle

c. Equipment, prepaid expense, vehicle

d. Equipment, account receivable, vehicle

QN=105 Wisconsin Rentals purchased office supplies on credit. The general journal entry made by Wisconsin Rentals will include a:

b. Debit to Accounts Receivable

e. Credit to Wisconsin Rentals, Capital.

QN=107 Under the accrual basis of accounting, revenues are reported in the accounting period when the

b. Service or goods have been delivered

d. Trading negotiation has been done

QN=108 Provide descriptions for this transaction:Debit inventory $8,000 and credit Account payable $,8000

b. Buying inventory on credit $8,000

a. Buying inventory by cash $8,000

c. Arrange inventory contract on credit $8,000

d. Arrange inventory contract by cash $8,000

QN=109 Provide descriptions for this transaction:Debit inventory $8,000 and credit cash $,8000

a. Buying inventory by cash $8,000

b. Buying inventory on credit $8,000

c. Arrange inventory contract on credit $8,000

d. Arrange inventory contract by cash $8,000

QN=110 Provide descriptions for this transaction:Debit insurance expense $8,000 and credit Insurance - prepaid expense $,8000

b. Adjusting prepaid expense at the end of period $8,000

a. Paid insurance fee by cash $8,000

c. Arrange insurance contract on credit $8,000

d. Arrange inventory contract by cash $8,000

QN=111 Provide descriptions for this transaction:Debit Cash $8,000 and credit Unearned revenue $,8000

a. Received payment in advance from customers by cash $8,000

b. Paid in advance for supplies by cash $8,000

c. Adjusting expense at the end of period $8,000

d. Adjusting unearned revenue at the end of period $8,000

QN=112 The company buys a new car for personal use of the owner is recorded with below entry:

b. Credit cash and debit withdrawal

a. Debit cash and credit withdrawal

c. Credit account payable and debit withdrawal

d. Credit cash and debit expense

QN=113 Borrow $ 1,000 loan to pay for new equipment of the company is recorded with:

a. Debit equipment and credit loan

b. Credit equipment and debit loan

QN=114 The company buys a new building for operation is recorded with below entry:

b. Credit cash and debit equipment

a. Debit cash and credit withdrawal

c. Credit account payable and debit withdrawal

d. Credit cash and debit expense

QN=116 If Smith, the owner of a restaurant, uses cash of the business to pay for renting his house, the business should record this use of cash with an entry to:

d. Debit Withdrawals and credit Cash

a. Debit Expense and credit Cash.

.b. Credit Expense and Debit Cash.

c. Debit Cash and credit Withdrawals

e. Debit Equipment - Car and credit Cash.

QN=117 If Hussan, the owner of Hardware company, uses cash of the business to purchase a motorcycle for his travelling, the business should record this use of cash with an entry to:

e. Debit Withdrawals and credit Cash.

a. Debit Expense and credit Cash

b. Credit Expense and Debit Cash.

c. Debit Cash and credit Withdrawals

d. Debit Motorcycle and credit Cash.

QN=120 The proper journal entry to record Ransom Company's billing of clients for $500 of services rendered is:

c. Dr. Accounts Receivable 500Cr. Service Revenue 500

a. Dr. Cash 500Cr. Accounts Receivable 500

b. Dr. Accounts Receivable 500Cr. capital Stock 500

d. Dr. Cash 500Cr. Service Revenue 500

QN=121 The trial balance:

d. Provides a listing of the balance of each ledger account.

a. Is a formal financial statement.

b. Is used to prove that there are no errors in the journal or ledger.

c. Provides a listing of every account in the chart of accounts.

QN=122 Invested $10,000 cash, and $15,000 of computer equipment. Prepare journal entries to record the above transactions

b. Debit Cash $ 10,000Debit Equipment $ 15,000Credit Capital $25,000

a. Debit Cash $ 25,000Credit Capital $25,000

c. Credit Cash $ 10,000Credit Equipment $ 15,000Debit Capital $25,000

d. Credit Cash $ 25,000Debit Capital $25,000

e. Debit Cash $ 10,000Credit Capital $10,000

QN=123 Provide descriptions for this transaction:Debit unearned revenue $8,000 and credit revenue $,8000

d. Adjusting unearned revenue at the end of period $8,000

a. Received payment in advance from customers $8,000

b. Paid in advance for supplies by cash $8,000

c. Adjusting expense at the end of period $8,000

QN=124 On June 1, paid $200 cash for office supplies. Prepare journal entries to record the above transactions on June 1.

e. Debit office supplies $200Credit Cash $ 200

a. Debit Cash $ 200Credit office supplies $200

b. Debit office supplies expense $200Credit Cash $ 200

c. Debit Cash $ 200Credit office supplies expense $200

d. Debit equipment $200Credit Cash $ 200

QN=125 Textron Stores purchased a van that cost $35,000. The firm made a payment of $5,000 cash and the balance on credit. Show the general journal entry to record this transaction.

d. Debit Van $35,000Credit Cash $5,000Credit Account payable $30,000

a. Debit Cash $5,000Debit Account payable $30,000Credit Van $35,000

b. Debit Cash $5,000Credit Account payable $30,000Credit van $ 35,000

c. Debit Van $ 5,000Credit Cash $5,000

e. Debit Van $30,000Credit Account payable $30,000

QN=126 Selling products for cash $300 and $700 on credit. Show the general journal entry to record sale revenue of this transaction.

a. Debit Cash $ 300Debit Account Receivable $700Credit Revenue $1,000

b. Debit Cash $300Debit Account Payable $700Credit Revenue $1,000

c. Debit Account Receivable $700Credit Unearned Revenue $700

d. Debit Unearned Revenue $700Credit Account Receivable $700

e. Debit Cash $ 700Credit Revenue $700

QN=127 The account used to record the investment of owner into the business is:

c. The owner's contributed capital account.

b. The owner's withdrawals account

QN=128 If Jones, the owner of Hardware company, uses cash of the business to purchase a family car, the business should record this use of cash with an entry to:

d. Debit Withdrawals and credit Cash

a. Debit Expense and credit Cash.

.b. Credit Expense and Debit Cash

c. Debit Cash and credit Withdrawals.

QN=132 On June 30, 2009, Apricot Co. paid $7,500 cash for a service that will be performed during two-year period. On June 30, 2009 Apricot should record:

b. A debit to a prepaid expense for $7,500 and credit cash $ 7,500

a. A credit to an expense for $7,500 and debit cash $ 7,500

c. A debit to a prepaid expense for $7,500 and credit account payable $ 7,500

d. A credit to a prepaid expense for $7,500 and debit cash $ 7,500

e. A debit to expense for $7,500 and credit cash $ 7,500

QN=134 Which of the following errors would result in the trial balance still balancing?

b. Posted $500 to each account instead of $5000

a. The journal entry was posted by debiting salaries expense and debiting cash

c. The salaries expense was posted as $500, but the cash was posted as $5000

d. All of these errors can result in the balance of the trial balance

QN=135 On January 1 a company purchased a five-year insurance policy for $1,800 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is:

d. Debit Insurance Expense, $360; credit Prepaid Insurance, $360.

a. Debit Prepaid Insurance, $1,800; credit Cash, $1,800

b. Debit Prepaid Insurance, $1,440; credit Insurance Expense, $1,440

c. Debit Prepaid Insurance, $360; credit Insurance Expense, $360.

e. Debit Insurance Expense, $360; credit Prepaid Insurance, $1,440.

QN=136 Unearned revenue is reported in the financial statements as:

b. A liability on the balance sheet.

a. Revenue on the balance sheet.

c. Unearned revenue on the income statement.

.d. An asset on the balance sheet

e. An operating activity on the statement of cash flows.

QN=138 PPW Co. leased a portion of its store to another company for eight months beginning on October 1, 2009, at a monthly rate of $800. This other company paid the entire $6,400 cash on October 1, which PPW Co. recorded as unearned revenue. The journal entry made by PPW Co. at year- end on December 31, 2009 would include:

e. A debit to Unearned Rent for $4,000.

a. A debit to Rent Earned for $2,400

b. A credit to Unearned Rent for $2,400

d. A credit to Cash for $2,400.

acc101 7

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=189 Which accounts don't need to do closing entries?

a. Revenue

b. Expense

c. Income Summary

d. Withdrawals

e. Current asset

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=190 At the beginning of 2009, a company's balance sheet reported the following balances: Total Assets = $125,000; Total Liabilities = $75,000; and Owner's Capital = $50,000. During 2009, the company reported revenues of $46,000 and expenses of $30,000. In addition, owner's withdrawals for the year totaled $20,000. Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of 2009 would be:

a. $66,000.

b. $86,000.

c. $(4,000)

d. $46,000

e. Cannot be determined from the information provided.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=191 Dina Kader withdrew a total of $35,000 from her business during the current year. The entry needed to close the withdrawals account is:

a. Debit Income Summary and credit Cash for $35,000

b. Debit Dina Kader, Withdrawals and credit Cash for $35,000.

c. Debit Income Summary and credit Dina Kader, Withdrawals for $35,000

d. Debit Dina Kader, Capital and credit Dina Kader, Withdrawals for $35,000

e. Debit Dina Kader, Withdrawals and credit Dina Kader, Capital for $35,000.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=192 Which statement is true?

a. Revenue and expense accounts are permanent accounts and should be closed at the end of the accounting period

b. Revenue and withdrawal accounts are permanent accounts and should be closed at the end of the accounting period.

c. Revenue and expense accounts are temporary accounts and should be closed at the end of the accounting period.

d. Revenue and asset accounts are temporary accounts and should be closed at the end of the accounting period.

e. Liability and asset accounts are temporary accounts and should be closed at the end of the accounting period.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=193 Which is the process that resets revenue, expense and withdrawal account balances to zero at the end of the period

a. Adjusting account

b. Closing process

c. Recording transaction

d. Prepare trial balance

e. Prepare financial statement

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=194 Which accounts belong to Temporary Accounts?

a. Asset, liability, withdrawal, income summary

b. Revenue, asset, withdrawal, income summary

c. Revenue, expense, liability, income summary

d. Revenue, expense, withdrawal, income summary

e. Revenue, expense, withdrawal, asset

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=195 Which statement is true?

a. Income summary and withdrawals accounts are permanent accounts and should be closed at the end of the accounting period

b. Income summary and withdrawals accounts are temporary accounts and should be closed at the end of the accounting period.

c. Income summary and withdrawals accounts are temporary accounts and don't need to be closed at the end of the accounting period

d. Income summary and Liability accounts are temporary accounts and should be closed at the end of the accounting period.

e. Income summary and asset accounts are temporary accounts and should be closed at the end of the accounting period.

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acc101 7

QN=189 Which accounts don't need to do closing entries?

QN=191 Dina Kader withdrew a total of $35,000 from her business during the current year. The entry needed to close the withdrawals account is:

QN=192 Which statement is true?

QN=193 Which is the process that resets revenue, expense and withdrawal account balances to zero at the end of the period

QN=194 Which accounts belong to Temporary Accounts?

QN=195 Which statement is true?

QN=196 Which account of these accounts will be presented in Post-closing trial balance?

QN=197 Which accounts belong to Permanent Accounts?

QN=198 Which accounts need to do closing entries?

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