What was the amount of payments made during june

Assignment Help Accounting Basics

Reference no: EM132719808

Questions -

Q1. On May 31, Charlotte Company had an Accounts Payable balance of $57,000. During the month of June, total credits to Accounts Payable were $34,000, which resulted from purchases on credit. The June 30 Accounts Payable balance was $7,000. What was the amount of payments made during June?

1) $32,000

2) $34,000

3) $57,000

4) $59,000

5) $84,000

Q2. Under which one of the following situations can a company recognize revenue under Generally Accepted Accounting Principles?

1) A customer signs a contract to purchase goods to be delivered in two weeks.

2) A company completes production of a customer order to be delivered in two weeks.

3) A company ships the goods for which it received a deposit two weeks ago.

4) A company receives a cash deposit from a customer to deliver goods in two weeks.

5) A company purchased raw materials to complete production of a customer order.

Q3. The accrual basis of accounting

1) Is generally accepted for external reporting because it gives more useful information

2) Is not acceptable because it gives incomplete information about cash flows

3) Recognizes revenues when received

4) Recognizes expenses when paid

5) Eliminates the need for adjusting entries

Q4. Which of the following errors would cause the balance sheet columns of a work sheet to be out of balance?

1) Entering an asset amount in the Income Statement Debit column.

2) Entering a liability amount in the Income Statement Credit column.

3) Entering an expense amount in the Balance Sheet Debit column.

4) Entering a revenue amount in the Balance Sheet Debit column.

5) Entering a liability amount in the Balance Sheet Credit column.

Q5. When closing the Withdrawals account

1) The income summary account should be debited

2) The income summary account should be credited

3) The owners' capital account should be credited

4) The owners' capital account should be debited

5) Liability account should be credited

Q6. An account the balance of which is subtracted from the balance of a related account so that more complete information than simply the net amount is provided is a(n)

1) Accrued expense

2) Contra account

3) Accrued revenue

4) Prepaid expense

5) Withdrawal

Q7. An exchange between two parties of economic consideration such as goods, services, money, or rights to collect money is called

1) the accounting equation.

2) bookkeeping.

3) a business transaction.

4) an audit.

5) a gift.

Q8. Accumulated Depreciation, Equipment, Accounts Receivable, and Service Revenue would be sorted to which respective columns in completing a work sheet?

1) Statement of changes in equity or Balance Sheet-Credit; Statement of changes in equity or Balance Sheet-Debit; and Income Statement-Credit.

2) Statement of changes in equity or Balance Sheet-Debit; Statement of changes in equity or Balance Sheet-Credit; and Income Statement-Credit.

3) Income Statement-Debit; Statement of changes in equity or Balance Sheet-Debit; and Income Statement-Credit.

4) Income Statement-Debit; Income Statement-Debit; and Statement of changes in equity or Balance Sheet-Credit.

5) Statement of changes in equity or Balance Sheet-Credit; Income Statement-Debit; and Income Statement-Credit.

Q9. The financial statement that shows the beginning balance of equity, the changes in equity that resulted from new investments by the owner, Profit (or net loss), withdrawals, and the ending balance of equity is the

1) statement of financial position

2) statement of cash flows

3) balance sheet

4) income statement

5) statement of changes in equity

Q10. On May 1, 2020. Bee Advertising Company received $2,500 from Julie Cee for advertising services to be completed by April 30, 2021. Assume the receipt was recorded as unearned revenue and that at December 31, 2020, $1,000 of the fees had been earned. The adjusting entry prepared by Bee on December 31, 2020, should include

1) A debit to Unearned Revenue for $500

2) A credit to Unearned Revenue for $500

3) A credit to Revenue for $1,000

4) A debit to Revenue for $1,000

Reference no: EM132719808

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