Reference no: EM132835582
Problem 1: Adjusting entries are needed because an entity
a. uses the cash basis of accounting rather than the accrual basis.
b. has expenses.
c. has earned revenue during the period by selling products from its central operations.
d. uses the accrual basis of accounting.
Problem 2: Dunbar Corporation was incorporated on July 1, 2018. Dunbar Corporation issued shares to each of the six owners who paid a total of $3,000 cash. On the basis of transaction analysis, the following entry should be recorded in the accounts (dr = debit and cr = credit)
a. cash (cr), $3,000; shareholders' equity (dr), $3,000.
b. cash (dr), $3,000; share capital (cr), $3,000.
c. cash (cr), $3,000; share capital (dr), $3,000.
d. cash (dr), $3,000; revenue (cr), $3,000.
Problem 3: Bond corporation had a current ratio of 1.2, and the current assets and current liabilities were $150,000 and $125,000, respectively. This working capital position means that
a. current assets at book value are 1.2 times current liabilities at book value.
b. the company has a negative working capital.
c. the market value of the current assets exceeds the market value of the current liabilities by a factor of 1.2.
d. none of the above.
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