Betsy’s Wholesale received $544 payment on account from Sue Sews. What is the correct posting of the Mar 5 journalized transaction, shown in Figure 3.03 H to the accounts receivable subsidiary ledger?
Credit Accounts Receivable/Sue Sews, $544, which will decrease the subsidiary ledger account Debit Balance, $544
Credit Accounts Receivable, $544, which will increase the subsidiary ledger account Debit Balance, $544
Credit Accounts Receivable/Betsy's Wholesale, $544
Debit Accounts Receivable/Sue Sews, $544
Office Equipment has a balance of $9,000. The equipment has a useful life of 3 years and a salvage value of $3,000. At the end of the year, how is the adjusting entry for depreciation recorded, on a multi-column trial balance worksheet?
In the adjustments columns, debit Office Equipment, $2,000; credit Depreciation Expense - Office Equipment, $2,000
In the adjustments columns, debit Depreciation Expense - Office Equipment, $2,000; credit Office Equipment, $2,000
In the adjustments columns, debit Accumulated Depreciation - Office Equipment, $2,000; credit Depreciation Expense - Office Equipment, $2,000
In the adjustments columns, Debit Depreciation Expense - Office Equipment, $2,000; Credit Accumulated Depreciation - Office Equipment, $2,000.
At the end of the year, Super Shipping has calculated its Federal Income Tax amount for the year to be $10,000. Super Shipping has already made Federal Income Tax payments in the amount of $4,000. How is the adjusting entry for Federal Income Tax Expense recorded on a multi-column trial balance worksheet?
In the adjustments columns, debit Federal Income Tax Expense, $4,000; credit Federal Income Tax Payable, $4,000
In the adjustments columns, debit Federal Income Tax Expense, $6,000; credit Federal Income Tax Payable, $6,000
In the adjustments columns, debit Federal Income Tax Expense, $10,000; credit Federal Income Tax Payable, $10,000
In the adjustments columns, debit Federal Income Tax Expense, $14,000; credit Federal Income Tax Payable, $14,000
Supplies - Office has a balance of $3,500. At the end of the month, a physical count of the Supplies - Office items shows $1,500 is on hand. How is the adjusting entry to Supplies - office recorded on a multi-column trial balance worksheet?
In the adjustments columns, debit Supplies-Office, $2,000; credit Supplies Expense - Office, $2,000
In the adjustments columns, debit Supplies Expense - Office, $2,000; credit Supplies-Office, $2,000
In the adjustments columns, debit Supplies-Office, $1,500; credit Supplies Expense - Office, $1,500
In the adjustments columns, debit Supplies Expense - Office, $1,500; credit Supplies-Office, $1,500
Which would be the correct posting of the General Journal Entry shown in Figure 3.03 M to the General Ledger?
Debit Supplies-Store $220; credit Accounts Payable-Control, $220 and ledger Accounts Payable/Shoe Shack, $220
Debit Supplies-Store $220; credit Accounts Payable/Gourmet Foods, $220
Debit Accounts Payable-Control, $220 and Supplies-Store $220; credit Accounts Payable/Shoe Shack, $220
Debit Accounts Payable/Shoe Shack, $220; credit Supplies-Store $220
Willie’s Wheels sold $100 merchandise on account to Speed Demon. What is the correct posting of the Feb 4th journalized transaction shown in Figure 3.03 I to the accounts receivable subsidiary ledger?
Debit Accounts Receivable/Speed Demon, $108, which will increase the subsidiary ledger account Debit Balance by $108
Credit Accounts Receivable/Speed Demon, $108; which will decrease the subsidiary ledger account Debit Balance by $108
Debit Accounts Receivable/Willie's Wheels, $108
Credit Accounts Receivable/Willie's Wheels, $108
The merchandise inventory account has a balance of $2,400. At the end of the month, a physical count of the inventory items shows $2,700 is on hand. How is the adjusting entry to inventory recorded on a multi-column trial balance worksheet?
Debit Merchandise Inventory, $300; credit Income Summary, $300
Debit Income Summary, $300; credit Merchandise Inventory, $300
Debit Merchandise Inventory, $2,700; credit Income Summary, $2,700
Debit Income Summary, $2,700; credit Merchandise Inventory, $2,700
At the end of the accounting period, the prepaid insurance account needs to be adjusted by $721 to reflect insurance that has been used during the period. How is the adjustment recorded on the multi-column trial balance worksheet?
In the Adjustments columns, debit insurance expense, $721; credit prepaid insurance, $721
In the Adjustments columns, debit prepaid insurance, $721; credit insurance expense, $721
In the Income Statement columns, debit prepaid insurance, $721; credit insurance expense, $721
In the Trial Balance columns, debit prepaid insurance, $721; credit insurance expense, $721
Store Equipment has a balance of $30,000. The equipment has a useful life of 8 years and a salvage value of $6,000. At the end of the year, how is the adjusting entry for depreciation recorded on a multi-column trial balance worksheet?
In the adjustments columns, debit Store Equipment, $3,000; credit Depreciation Expense - Store Equipment, $3,000
In the adjustments columns, debit Depreciation Expense - Store Equipment, $3,000; credit Store Equipment, $3,000
In the adjustments columns, debit Accumulated Depreciation - Store Equipment, $3,000; credit Depreciation Expense - Store Equipment, $3,000
In the adjustments columns, debit Depreciation Expense - Store Equipment, $3,000; credit Accumulated Depreciation - Store Equipment, $3,000
The merchandise inventory account has a balance of $1,500. At the end of the month, a physical count of the inventory items shows $2,200 is on hand. How is the adjusting entry to inventory recorded on a multi-column trial balance worksheet?
Debit Merchandise Inventory, $700; credit Income Summary, $700
Debit Income Summary, $700; credit Merchandise Inventory, $700
Debit Merchandise Inventory, $3,700; credit Income Summary, $3,700
Debit Income Summary, $3,700; credit Merchandise Inventory, $3,700
Smiling Sam's Warehouse made the journal entry shown in Figure 3.03 P in its Cash Payments Journal. What is the correct posting of this entry to the general ledger?
Debit Cash, $978; credit Accounts Payable, $978
Debit Purchases, $978; credit Accounts Payable $978
Debit Purchases, $978; credit Cash, $978
Debit Cash, $978; credit Purchases, $978
What is the correct posting of the journalized transaction shown in Figure 3.03 E to the accounts payable subsidiary ledger?
Debit Accounts Payable/ Hi Frequency, $455, Credit Purchases $455
Debit Purchases, $455 and Credit Accounts Payable/ Hi Frequency, $455
Credit Purchases, $455
Credit Accounts Payable/ Hi Frequency, $455
The merchandise inventory account has a balance of $1,000. At the end of the month, a physical count of the inventory items shows $1,700 is on hand. How is the adjusting entry to inventory recorded on a multi-column trial balance worksheet?
Debit Merchandise Inventory, $1,700; credit Income Summary, $1,700
Debit Income Summary, $1,700; credit Merchandise Inventory, $1,700
Which is the correct posting of the Cash Payments Journal Entry shown in Figure 3.03 A to the accounts payable subsidiary ledger?
Debit Accounts Payable/Bill's Marina, $595
Credit Accounts Payable/Bill's Marina, $595
Credit Cash $595
Debit Accounts Payable/John Slow, Inc., $595
Simon's CDs is closing their books at the end of the year. They have a net loss of $30,000. What is the correct entry to close the Income Summary account?
Debit Income Summary, $30,000; credit Retained Earnings, $30,000
Debit Retained Earnings, $30,000; credit Dividends, $30,000
Debit Retained Earnings, $30,000; credit Income Summary, $30,000
Debit to Dividends, $30,000; credit Income Summary, $30,000
What is the correct posting of the journalized transaction shown in Figure 3.03 F to the accounts payable subsidiary ledger?
a. Debit Accounts Payable/ Surf Tales, $675
b. Debit Purchases, $675
c. Credit Purchases, $675
d. Credit Accounts Payable/ Surf Tales, $675
Dharma is closing the books at the end of the accounting period. How should she close the debit amounts in the Income Statement?
Debit the debit balance Income Statement accounts; credit to Income Summary
Debit to Retained Earnings; credit the debit balance Income Statement accounts
Credit the debit balance Income Statement accounts; debit to Income Summary
Credit the debit balance Income Statement accounts; credit Retained Earnings
Accessories Plus is closing its books at the end of the year. It is ready to close the dividends account. What is the correct journal entry?
Debit to Income Summary; credit to Dividends
Debit to Retained Earnings; credit to Dividends
Debit to Dividends; credit to Retained Earnings
Debit to Dividends; credit to Income Summary
At the end of the accounting period the prepaid insurance account needs to be adjusted by $680 to reflect insurance that has been used during the period. How is the adjustment recorded on the multi-column trial balance worksheet?
In the Adjustments columns, debit insurance expense, $680; credit prepaid insurance, $680
In the Adjustments columns, debit prepaid insurance, $680; credit insurance expense, $680
In the Income Statement columns, debit prepaid insurance, $680; credit insurance expense, $680
In the Trial Balance columns, debit prepaid insurance, $680; credit insurance expense, $680
At the end of the year, Utz Milk Transport calculated its Federal Income Tax amount for the year to be $7,000. Utz Milk Transport already made Federal Income Tax payments in the amount of $4,000. How is the adjusting entry for Federal Income Tax Expense recorded on a multi-column trial balance worksheet?
In the adjustments columns, Debit Federal Income Tax Expense, $4,000; Credit Federal Income Tax Payable, $4,000
In the adjustments columns, Debit Federal Income Tax Expense, $7,000; Credit Federal Income Tax Payable, $7,000
In the adjustments columns, Debit Federal Income Tax Expense, $3,000; Credit Federal Income Tax Payable, $3,000
In the adjustments columns, Debit Federal Income Tax Expense, $11,000; Credit Federal Income Tax Payable, $11,000
Susan discovered that a sale on account to Michelle Company on February 12 for $800 was incorrectly charged to the account of Michael Company. What is the journal entry to correct this error?
Debit Michael Company $800 and credit Michelle Company $800
Debit Accounts Receivable/Michael Company $800 and credit Accounts Receivable/Michelle Company $800
Debit Michelle Company $800 and credit Michael Company $800
Debit Accounts Payable/Michelle Company $800 and credit Accounts Payable/Michael Company $800
$1,500 of the current year's sales will eventually be uncollectible. The Allowance for Uncollectible Accounts balance is $200. What is the journal entry for recording the adjustment for uncollectible accounts?
Debit Allowance for Uncollectible Accounts, $1,500; credit Uncollectible Accounts Expense, $1,500
Debit Uncollectible Accounts Expense, $1,500; credit Allowance for Uncollectible Accounts, $1,500
Debit Allowance for Uncollectible Accounts, $1,300; credit Uncollectible Accounts Expense, $1,300
Debit Uncollectible Accounts Expense, $1,300; credit Allowance for Uncollectible Accounts, $1,300
Tiny Church Warehouse made the journal entry shown in Figure 3.03 O in their Cash Payments Journal. What is the correct posting of this entry to the general ledger?
Debit Cash, $210; Credit Accounts Payable, $210
Debit Purchases, $210; Credit Accounts Payable $210
Debit Purchases, $210; credit Cash, $210
Debit Cash, $210; credit Purchases, $210
The merchandise inventory account has a balance of $900. At the end of the month, a physical count of the inventory items shows $600 on hand. How is the adjusting entry to inventory recorded on a multi-column trial balance worksheet?
In the adjustments columns, Debit Merchandise Inventory, $300; Credit Income Summary, $300
In the adjustments columns, Debit Income Summary, $300; Credit Merchandise Inventory, $300
In the adjustments columns, Debit Merchandise Inventory, $600; Credit Income Summary, $600
In the adjustments columns, Debit Income Summary, $600; Credit Merchandise Inventory, $600
$1,800 of the current year's sales will eventually be uncollectible. The Allowance for Uncollectible Accounts balance is $150. What is the journal entry for recording the uncollectible accounts adjustment?
Debit Allowance for Uncollectible Accounts, $1,800; credit Uncollectible Accounts Expense - Office, $1,800
Debit Uncollectible Accounts Expense, $1,800; credit Allowance for Uncollectible Accounts, $1,800
Debit Allowance for Uncollectible Accounts, $1,650; credit Uncollectible Accounts Expense, $1,650
Debit Uncollectible Accounts Expense, $1,650; credit Allowance for Uncollectible Accounts, $1,650
Sarah discovered that a sale on account to Jones Company on June 5 for $560 was incorrectly charged to Jackson Company. What is the journal entry to correct this error?
Debit Jones Company $560 and credit Jackson Company $560
Debit Accounts Receivable/Jones Company $560 and credit Accounts Receivable/Jackson Company $560
Debit Jackson Company $560 and credit Jones Company $560
Debit Accounts Payable/Jackson Company $560 and credit Accounts Payable/Jones Company $560
The Bakery sells merchandise for $32.00 on account to 1st Church. What is the correct posting of the Mar 3rd journalized transaction shown in Figure 3.03 J to the accounts receivable subsidiary ledger?
A debit to Accounts Receivable/ 1st Church, $36, which will increase the subsidiary ledger account Debit Balance by $36
Credit Accounts Receivable/1st Church, $36, which will decrease the subsidiary ledger account Debit Balance by $36
Debit Accounts Receivable/The Bakery, $32
Credit Accounts Receivable/The Bakery, $32
What is the correct posting of the journalized transaction shown in Figure 3.03 C to the accounts payable subsidiary ledger?
Credit Accounts Payable ledger of Auto Parts Supply, $565
Credit Cash $565
Debit Accounts Payable/Sammy's Warehouse, $565
Debit Accounts Payable/Auto Parts Supply, $565
Westin Supply sold store supplies on account to Kayla’s Gift Shop for $256 and Kayla’s Gift Shop recorded the transaction as shown above. What would be the correct posting of this General Journal Entry shown in Figure 3.03 L to the General Ledger?
Debit Supplies-Store $256; credit Accounts Payable-Control, $256 and credit Accounts Payable/Westin Supply, $256
Debit Supplies-Store $256; credit Accounts Payable/Westin Supply, $256
Debit Accounts Payable-Control, $256; credit Accounts Payable/ Westin Supply, $256
Debit Accounts Payable/ Westin Supply, $256; credit Supplies-Store $256
Supplies-Store has a balance of $2,200. At the end of the month, a physical count of the Supplies-Store items shows $1,400 is on hand. How is the adjusting entry to Supplies-Store recorded on a multi-column trial balance worksheet?
In the adjustments columns, debit Supplies-Store, $800; credit Supplies Expense- Store, $800
In the adjustments columns, debit Supplies Expense-Store, $800; credit Supplies-Store, $800
In the adjustments columns, debit Supplies-Store, $1,400; credit Supplies Expense-Store, $1,400
In the adjustments columns, debit Supplies Expense-Store, $1,400; credit Supplies-Store, $1,400
Allen discovered that a sale on account to Jones Company on July 15 for $4,800 was incorrectly charged to the account of Jackson Company. What is the journal entry to correct this error?
Debit Jones Company $4,800 and credit Jackson Company $4,800
Debit Accounts Receivable/Jones Company $4,800 and credit Accounts Receivable/Jackson Company $4,800
Debit Jackson Company $4,800 and credit Jones Company $4,800
Debit Accounts Payable/Jackson Company $4,800 and credit Accounts Payable/Jones Company $4,800
Using the year ended worksheet for Alaina's Accounting in Figure 3.03 T, what is the Acc. Depr. - Store Equip. balance on the Post-Closing Trial Balance?
The Acc. Depr. - Store Equip. balance is $500
The Acc. Depr. - Store Equip balance is $600
The Acc. Depr. - Store Equip balance is $1,000
The Acc. Depr. - Store Equip balance is $1,500
Using the year ended worksheet for Alaina's Accounting in Figure 3.03 T, what is the Merchandise Inventory balance on the Post-Closing Trial Balance?
The Merchandise Inventory balance is $1,800
The Merchandise Inventory balance is $1,500
The Merchandise Inventory balance is $1,200
The Merchandise Inventory balance is $300
Using the year ended worksheet for Alaina's Accounting in Figure 3.03 T, what is the Retained Earnings balance on the Post-Closing Trial Balance?
The Retained Earnings balance is $2,500
The Retained Earnings balance is $4,000
The Retained Earnings balance is $6,500
The Retained Earnings balance is $9,000
Using the year ended worksheet for Frozen Tundra Outdoor Sales in Figure 3.03 R, what is the cost of merchandise sold?
The cost of merchandise sold is $18,050
The cost of merchandise sold is $19,550
The cost of merchandise sold is $44,400
The cost of merchandise sold is $45,900
Using the Year ended worksheet for Frozen Tundra Outdoor Sales in Figure 3.03 R, what are the Net Sales?
a. Net sales are $20,650
b. Net sales are $54,900
c. Net sales are $56,450
d. Net sales are $56,000
In Figure 3.03 R, what is the extension of Merchandise Inventory Account after adjustments?
$13,500 in the Income Statement Debit column
$13,500 in the Income Statement Credit column
$13,500 in the Balance Sheet Debit column
$13,500 in the Balance Sheet Credit column
In Figure 3.03 R, what is the extension of Federal Income Tax Payable after adjustments?
$3,050 in the Income Statement Debit column
$3,050 in the Income Statement Credit column
$3,050 in the Balance Sheet Debit column
$3,050 in the Balance Sheet Credit column
Find the cost of merchandise sold, given the following information: Purchases, $8,000; Beginning Inventory, $45,000; Ending Inventory, $31,000.
$ 6,000
$22,000
$68,000
$84,000
$1,000 of the current year’s sales will eventually be uncollectible. The Allowance for Uncollectible Accounts balance is $450. What is the journal entry for recording the adjustment for uncollectible accounts?
Debit Allowance for Uncollectible Accounts, $1,000; Credit Uncollectible Accounts Expense, $1,000
Debit Allowance for Uncollectible Accounts, $550; Credit Uncollectible Accounts Expense, $550
Debit Uncollectible Accounts Expense, $1,000; Credit Allowance for Uncollectible Accounts, $1,000
Debit Uncollectible Accounts Expense, $550; Credit Allowance for Uncollectible Accounts, $550
At the end of the year, Tom's Trucking has calculated its Federal Income Tax amount for the year to be $6,000. Tom's Trucking has already made Federal Income Tax payments in the amount of $4,000. How is the adjusting entry for Federal Income Tax Expense recorded in the adjustments columns on a multi-column trial balance worksheet?
Debit Federal Income Tax Expense, $10,000; Credit Federal Income Tax Payable, $10,000
Debit Federal Income Tax Expense, $2,000; Credit Federal Income Tax Payable, $2,000
Debit Federal Income Tax Expense, $4,000; Credit Federal Income Tax Payable, $4,000
Debit Federal Income Tax Expense, $6,000; Credit Federal Income Tax Payable, $6,000
Store Equipment has a balance of $20,000. The equipment has a useful life of 8 years and a salvage value of $4,000. At the end of the year, how is the adjusting entry for depreciation recorded in the adjustments columns on a multi-column trial balance worksheet?
Debit Store Equipment, $2,000.00; Credit Depreciation Expense-Store Equipment, $2,000
Debit Depreciation Expense-Store Equipment, $2,000; Credit Store Equipment, $2,000
Debit Depreciation Expense-Store Equipment, $2,000; Credit Accumulated Depreciation-Store Equipment, $2,000
Debit Accumulated Depreciation-Store Equipment, $2,000; Credit Depreciation Expense-Store Equipment, $2,000
What is the correct posting of the above Cash Payments Journal Entry to the accounts payable subsidiary ledger for Fried Foods, Inc.?
Credit Accounts Payable/David's Drive In, $580.00
Credit Cash $580.00
Debit Accounts Payable/David's Drive In, $580.00
Debit Accounts Payable/Fried Foods, Inc., $580.00
Using the Year Ended Worksheet for Adams Accounting in Figure 3.03 S, compute the merchandise inventory balance on the Post-Closing Trial Balance.
The merchandise inventory balance is $200.
The merchandise inventory balance is $1200.
The merchandise inventory balance is $1400.
The merchandise inventory balance is $1600.
Using the Year Ended Worksheet for Adams Accounting in Figure 3.03 S, compute the Acc. Depr. – Store Equip. balance on the Post-Closing Trial Balance.
The Acc. Depr. – Store Equip. balance is $300.
The Acc. Depr. – Store Equip balance is $700.
The Acc. Depr. – Store Equip balance is $1000.
The Acc. Depr. – Store Equip balance is $1300.
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