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ACC 310 Unit 5 Quiz Answers - FOUNDATIONS OF ACCOUNTING

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ACC 310 FOUNDATIONS OF ACCOUNTING Unit 5 Quiz Answers

An accountant has debited an asset account for $1,300 and credited a liability account for $500. Which of the following would be an incorrect way to complete the recording of the transaction? 

On January 14, Edamame Industries purchased supplies of $700 on account. The entry to record the purchase will include 

On August 13, 2015, Swell Maps Enterprises purchased equipment for $1,300 and supplies of $200 on account. Which of the following journal entries is recorded correctly and in the standard format? 

At October 1, 2015, Padilla Industries had an accounts payable balance of $40,000. During the month, the company made purchases on account of $33,000 and made payments on account of $48,000. At October 31, 2015, the accounts payable balance is 

On October 3, Karl Schickele, a carpenter, received a cash payment for services previously billed to a client. Karl paid his telephone bill, and he also bought equipment on credit. For the three transactions, at least one of the entries will include a 

Deerhoof Company purchases equipment for $2,700 and supplies for $400 from Milkman Co. for $3,100 cash. The entry for this transaction will include a 

An accountant has debited an asset account for $1,200 and credited a liability account for $500. What can be done to complete the recording of the transaction? 

Sharon Foods, Inc. reported the following transactions for September 2016.

  1. The business received $22,000 cash and issued common stock. It was credited to Common Stock.

  2. The business purchased office equipment for $9,000 for which $2,500 cash was paid and the balance was put on a note payable.

  3. Paid insurance expense of $1,500 cash.

  4. Paid the September utility bill for $900 cash.

  5. Paid $1,500 cash for September rent.

  6. The business had sales of $11,000 in September. Of these sales, 60%

    were cash sales, and the balance was credit sales.

  7. The business paid $8,000 cash for office furniture.

What are the total liabilities at the end of September, 2016? 

ABC company is a financial planning service. The account balances at December 31, 2015 are shown below:

Accounts Payable Accounts Receivable Buildings
Cash

Common Stock Equipment Land
Notes Payable Dividend

Notes Receivable Prepaid Insurance Supplies

$ 5,000 19,000 140,000

11,700 143,400 15,400

42,000 95,000 3,000

8,100 6,400 800 

Salary Expenses 1,000 Prepaid Rent 1,200

What amount are shown as the total debits on its trial balance? 

Mt. Zion Inc. pays its employees twice a month, on the 7th and the 21st. On June 21, Mt. Zion Inc. paid employee salaries of $5,000. This transaction would: 

The following transactions for the month of March have been journalized and posted to the proper accounts.

Mar. 1 The business received $9,000 cash and issued common stock to stockholders.

Mar. 2 Paid the first month's rent of $900.

Mar. 3 Purchased equipment by paying $3,000 cash and executing a note payable for $7,000.

Mar. 4 Mar. 5 Mar. 6

Purchased office supplies for $730 cash.
Billed a client for $10,000 of design services completed. Received $7,900 on account for the services previously recorded.

What is the balance in Cash? 

On October 3, Karl Schickele, a carpenter, received a cash payment for services previously billed to a client. Karl paid his telephone bill, and he also bought equipment on credit. For the three transactions, at least one of the entries will include a 

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