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1) Which of the following would result if the business provided services to a customer collecting cash? A) Cash would increase and Revenue would decrease. B) Since the cash was collected there is no need to record this. C) Cash would increase and Capital would increase. D) Cash would increase and Revenue would increase. 2) A formal account that has columns for date, explanation, post reference, debit, and credit is called the: A) T account. B) ledger. C) chart of accounts. D) standard account form. 3) A credit may signify a(n): A) decrease in revenues. B) decrease in assets. C) decrease in capital. D) decrease in liabilities. 4) A listing of all the accounts from the ledger with their ending balances is called a: A) normal balance. B) trial balance. C) footing. D) chart of accounts. 5) Accounts Payable had a normal starting balance of $600. There were debit postings of $350 and credit postings of $200 during the month. The ending balance is: A) $950 credit. B) $450 debit. C) $450 credit. D) $750 debit.
Strikes in the mills that purchase the bulk of the MJ-7 glue have caused Hallas Company's sales to temporarily drop to only 11,000 gallons per month. Hallas Company's management estimates that the strikes will last for two months, after which sale..
for the past year pedi company had fixed costs of 70000 unit variable costs of 32 and a unit selling price of 40. for
Kolb Company prepared its income statements for the current year using three alternative cost accounting systems
In its first month of operations, Quirk Company made three purchases of merchandise in the following sequence: (1) 328 units at $7, (2) 438 units at $8, and (3) 219 units at $9. Assuming there are 394 units on hand, compute the cost of the ending ..
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in calculating wacc for the cost of debt use the current cost of debt with the assumption that there is no need to
Prego Company exchanged 11,880 of its $20 par value common shares with a fair value of $50 per share for 90% of the outstanding common shares of Sprague Company. The transaction is a purchase.
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