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Problem 1. Which of the following accounts is credited to record issuance of capital stock?
A. Accounts Payable
B. Capital Stock
C. Accounts Receivable
Problem 2. When inventory is sold on account, Sales Revenue increases and:
A. Profit decreases.
B. Cash decreases.
C. Accounts Receivable increases.
Problem 3. Which of the following accounts should be debited when a company collects on accounts from customers?
A. Cash
B. Revenue
C. Energy
Problem 4. On August 16, Year One, Seventh Heaven Company received cash from a customer for services to be performed in October. What are the accounts affected by this transaction?
A. Cash and Service Revenue
B. Cash and Unearned Revenue
C. Prepaid Expense and Cash
D. Accounts Receivable and Revenue
The appropriate journal entry has been recorded on December 31, 2017. The balance in the prepaid asset account on December 31, 2017, should be
Dividends of $5,700 were paid. No equipment was purchased or retired during the current year. Statement of Cash Flows, Indirect Method Refer to the information.
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Prepare an accrual-basis income statement for the year ended December
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Discuss what you believe to be the appropriate level of involvement of an accountant in evaluating and selecting an AIS vendor and the AIS itself
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