Quiz
Practice Test #6
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Perguntas do quiz (24)
1Dharma is closing the books at the end of the accounting period. How should she close the debit amounts in the Income Statement?
- ADebit the debit balance Income Statement accounts; credit to Income Summary
- BDebit to Retained Earnings; credit the debit balance Income Statement accounts
- CCredit the debit balance Income Statement accounts; debit to Income Summary
- DCredit the debit balance Income Statement accounts; credit Retained Earnings
2At 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?
- AIn the adjustments columns, Debit Federal Income Tax Expense, $4,000; Credit Federal Income Tax Payable, $4,000
- BIn the adjustments columns, Debit Federal Income Tax Expense, $7,000; Credit Federal Income Tax Payable, $7,000
- CIn the adjustments columns, Debit Federal Income Tax Expense, $3,000; Credit Federal Income Tax Payable, $3,000
- DIn the adjustments columns, Debit Federal Income Tax Expense, $11,000; Credit Federal Income Tax Payable, $11,000
3$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?
- ADebit Allowance for Uncollectible Accounts, $1,500; credit Uncollectible Accounts Expense, $1,500
- BDebit Uncollectible Accounts Expense, $1,500; credit Allowance for Uncollectible Accounts, $1,500
- CDebit Allowance for Uncollectible Accounts, $1,300; credit Uncollectible Accounts Expense, $1,300
- DDebit Uncollectible Accounts Expense, $1,300; credit Allowance for Uncollectible Accounts, $1,300
4Accessories 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?
- ADebit to Income Summary; credit to Dividends
- BDebit to Retained Earnings; credit to Dividends
- CDebit to Dividends; credit to Retained Earnings
- DDebit to Dividends; credit to Income Summary
5Supplies - 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?
- AIn the adjustments columns, debit Supplies-Office, $2,000; credit Supplies Expense - Office, $2,000
- BIn the adjustments columns, debit Supplies Expense - Office, $2,000; credit Supplies-Office, $2,000
- CIn the adjustments columns, debit Supplies-Office, $1,500; credit Supplies Expense - Office, $1,500
- DIn the adjustments columns, debit Supplies Expense - Office, $1,500; credit Supplies-Office, $1,500
6Office 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?
- AIn the adjustments columns, debit Office Equipment, $2,000; credit Depreciation Expense - Office Equipment, $2,000
- BIn the adjustments columns, debit Depreciation Expense - Office Equipment, $2,000; credit Office Equipment, $2,000
- CIn the adjustments columns, debit Accumulated Depreciation - Office Equipment, $6,000; credit Depreciation Expense - Office Equipment, $6,000
- DIn the adjustments columns, Debit Depreciation Expense - Office Equipment, $2,000; Credit Accumulated Depreciation - Office Equipment, $2,000.
7The 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?
- ADebit Merchandise Inventory, $700; credit Income Summary, $700
- BDebit Income Summary, $700; credit Merchandise Inventory, $700
- CDebit Merchandise Inventory, $1,700; credit Income Summary, $1,700
- DDebit Income Summary, $1,700; credit Merchandise Inventory, $1,700
8Tiny 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?
- ADebit Cash, $210; Credit Accounts Payable, $210
- BDebit Purchases, $210; Credit Accounts Payable $210
- CDebit Purchases, $210; credit Cash, $210
- DDebit Cash, $210; credit Purchases, $210
9At the end of the year, Super Shipping calculated its Federal Income Tax amount for the year to be $10,000. Super Shipping 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?
- AIn the adjustments columns, debit Federal Income Tax Expense, $4,000; credit Federal Income Tax Payable, $4,000
- BIn the adjustments columns, debit Federal Income Tax Expense, $6,000; credit Federal Income Tax Payable, $6,000
- CIn the adjustments columns, debit Federal Income Tax Expense, $10,000; credit Federal Income Tax Payable, $10,000
- DIn the adjustments columns, debit Federal Income Tax Expense, $14,000; credit Federal Income Tax Payable, $14,000
10Sarah 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?
- ADebit Jones Company $560 and credit Jackson Company $560
- BDebit Accounts Receivable/Jones Company $560 and credit Accounts Receivable/Jackson Company $560
- CDebit Jackson Company $560 and credit Jones Company $560
- DDebit Accounts Payable/Jackson Company $560 and credit Accounts Payable/Jones Company $560
11The 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?
- ADebit Merchandise Inventory, $700; credit Income Summary, $700
- BDebit Income Summary, $700; credit Merchandise Inventory, $700
- CDebit Merchandise Inventory, $3,700; credit Income Summary, $3,700
- DDebit Income Summary, $3,700; credit Merchandise Inventory, $3,700
12At 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?
- AIn the Adjustments columns, debit insurance expense, $680; credit prepaid insurance, $680
- BIn the Adjustments columns, debit prepaid insurance, $680; credit insurance expense, $680
- CIn the Income Statement columns, debit prepaid insurance, $680; credit insurance expense, $680
- DIn the Trial Balance columns, debit prepaid insurance, $680; credit insurance expense, $680
13The merchandise inventory account has a balance of $2,700. At the end of the month, a physical count of the inventory items shows $2,400 on hand. How is the adjusting entry to inventory recorded on a multi-column trial balance worksheet?
- ADebit Merchandise Inventory, $300; Credit Income Summary, $300
- BDebit Income Summary, $300; Credit Merchandise Inventory, $300
- CDebit Merchandise Inventory, $2,700; Credit Income Summary, $2,700
- DDebit Income Summary, $2,700; Credit Merchandise Inventory, $2,700
14Simon'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?
- ADebit Income Summary, $30,000; credit Retained Earnings, $30,000
- BDebit Retained Earnings, $30,000; credit Dividends, $30,000
- CDebit Retained Earnings, $30,000; credit Income Summary, $30,000
- DDebit to Dividends, $30,000; credit Income Summary, $30,000
15At 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?
- AIn the Adjustments columns, debit insurance expense, $721; credit prepaid insurance, $721
- BIn the Adjustments columns, debit prepaid insurance, $721; credit insurance expense, $721
- CIn the Income Statement columns, debit prepaid insurance, $721; credit insurance expense, $721
- DIn the Trial Balance columns, debit prepaid insurance, $721; credit insurance expense, $721
16Using the Year ended worksheet for Frozen Tundra Outdoor Sales in Figure 3.03 R, what are the Net Sales?
- ANet sales are $20,650
- BNet sales are $54,900
- CNet sales are $56,450
- DNet sales are $56,000
17Supplies-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?
- AIn the adjustments columns, debit Supplies-Store, $800; credit Supplies Expense- Store, $800
- BIn the adjustments columns, debit Supplies Expense-Store, $800; credit Supplies-Store, $800
- CIn the adjustments columns, debit Supplies-Store, $1,400; credit Supplies Expense-Store, $1,400
- DIn the adjustments columns, debit Supplies Expense-Store, $1,400; credit Supplies-Store, $1,400
18Using the Year Ended Worksheet for Adams Accounting in Figure 3.03 S, compute the merchandise inventory balance on the Post-Closing Trial Balance.
- AThe merchandise inventory balance is $200.
- BThe merchandise inventory balance is $1200.
- CThe merchandise inventory balance is $1400.
- DThe merchandise inventory balance is $1600.
19Store 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?
- AIn the adjustments columns, debit Store Equipment, $3,000; credit Depreciation Expense - Store Equipment, $3,000
- BIn the adjustments columns, debit Depreciation Expense - Store Equipment, $3,000; credit Store Equipment, $3,000
- CIn the adjustments columns, debit Accumulated Depreciation - Store Equipment, $3,000; credit Depreciation Expense - Store Equipment, $3,000
- DIn the adjustments columns, debit Depreciation Expense - Store Equipment, $3,000; credit Accumulated Depreciation - Store Equipment, $3,000
20Using the year ended worksheet for Frozen Tundra Outdoor Sales in Figure 3.03 R, what is the cost of merchandise sold?
- AThe cost of merchandise sold is $18,050
- BThe cost of merchandise sold is $19,550
- CThe cost of merchandise sold is $44,400
- DThe cost of merchandise sold is $45,900
21Susan 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?
- ADebit Michael Company $800 and credit Michelle Company $800
- BDebit Accounts Receivable/Michael Company $800 and credit Accounts Receivable/Michelle Company $800
- CDebit Michelle Company $800 and credit Michael Company $800
- DDebit Accounts Payable/Michelle Company $800 and credit Accounts Payable/Michael Company $800
22Using 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?
- AThe Acc. Depr. - Store Equip. balance is $50
- BThe Acc. Depr. - Store Equip balance is $600
- CThe Acc. Depr. - Store Equip balance is $1,000
- DThe Acc. Depr. - Store Equip balance is $1,500
23Find the cost of merchandise sold, given the following information:
Purchases, $8,000; Beginning Inventory, $45,000; Ending Inventory, $31,000.- A$22,000
- B$68,000
- C$84,000
- D$ 6,000
24$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?
- ADebit Allowance for Uncollectible Accounts, $1,800; credit Uncollectible Accounts Expense - Office, $1,800
- BDebit Uncollectible Accounts Expense, $1,800; credit Allowance for Uncollectible Accounts, $1,800
- CDebit Uncollectible Accounts Expense, $1,650; credit Allowance for Uncollectible Accounts, $1,650
- DDebit Allowance for Uncollectible Accounts, $1,650; credit Uncollectible Accounts Expense, $1,650
Informações
- Descrição
- Unit test on merchandising business.
- Autor
- Kathleen Keller
- Idioma
- English
- Visualizações
- 612
- Etiquetas
- Avaliação
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