Multiple choice question 112 jawbreaker company paid $940 on account

Multiple choice question 112 jawbreaker company paid $940 on account

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Multiple Choice Question 112Jawbreaker Company paid $940 on account to a creditor. The transaction was erroneously recorded as a debit to Cash of $490 and a credit to Accounts Receivable, $490. The correcting entry is [removed]Accounts Receivable…………………………………………………………………490  Cash………………………………………………………………………………….. 490     [removed]Accounts Payable…………………………………………………………………….940  Cash………………………………………………………………………………….. 940     [removed]Accounts Receivable…………………………………………………………………490  Accounts Payable………………………………………………………………….. 490     [removed]Accounts Receivable…………………………………………………………………490 Accounts Payable…………………………………………………………………….940  Cash………………………………………………………………………………….. 1,430    Multiple Choice Question 111Zen Arcade paid the weekly payroll on January 2 by debiting Salaries and Wages Expense for $47,000. The accountant preparing the payroll entry overlooked the fact that Salaries and Wages Expense of $27,000 had been accrued at year end on December 31. The correcting entry is [removed]Salaries and Wages Payable…………………………………………………………………….27,000  Salaries and Wages Expense………………………………………………………………….. 27,000     [removed]Salaries and Wages Payable…………………………………………………………………….27,000  Cash………………………………………………………………………………………………… 27,000     [removed]Cash………………………………………………………………………………………………….20,000  Salaries and Wages Expense………………………………………………………………….. 20,000     [removed]Cash………………………………………………………………………………………………….27,000  Salaries and Wages Expense………………………………………………………………….. 27,000    Multiple Choice Question 81The income statement for the year 2014 of Fugazi Co. contains the following information: Revenues $70,000Expenses:   Salaries and Wages Expense$45,000  Rent Expense12,000  Advertising Expense10,000  Supplies Expense6,000  Utilities Expense2,500  Insurance Expense2,000   Total expenses 77,500Net income (loss) ($7,500)       The entry to close the expense accounts includes a [removed]debit to Income Summary for $7,500. [removed]debit to Income Summary for $77,500. [removed]credit to Income Summary for $7,500. [removed]debit to Wages Expense for $2,500.Multiple Choice Question 122The following information is for Bright Eyes Auto Supplies: Bright Eyes Auto SuppliesBalance SheetDecember 31, 2014 Cash $ 40,000 Accounts Payable$ 130,000Prepaid Insurance 80,000 Salaries and Wages Payable50,000Accounts Receivable 100,000 Mortgage Payable150,000Inventory 140,000  Total Liabilities330,000Land Held for Investment 180,000      Land 250,000      Building$200,000        Less Accumulated   Owner’s Capital740,000  Depreciation(60,000)140,000      Trademark    140,000   Total Liabilities and Total Assets $1,070,000    Owner’sEquity$1,070,000             The total dollar amount of assets to be classified as investments is    Multiple Choice Question 121The following information is for Bright Eyes Auto Supplies: Bright Eyes Auto SuppliesBalance SheetDecember 31, 2014 Cash $ 40,000 Accounts Payable$ 130,000Prepaid Insurance 80,000 Salaries and Wages Payable50,000Accounts Receivable 100,000 Mortgage Payable150,000Inventory 140,000  Total Liabilities330,000Land Held for Investment 180,000      Land 250,000      Building$200,000        Less Accumulated   Owner’s Capital740,000  Depreciation(60,000)140,000      Trademark    140,000   Total Liabilities and Total Assets $1,070,000    Owner’sEquity$1,070,000             The total dollar amount of assets to be classified as property, plant, and equipment is    Multiple Choice Question 94Which account listed below would be double ruled in the ledger as part of the closing process? [removed]Accumulated Depreciation—Equipment  [removed]Owner’s Drawings Multiple Choice Question 108If errors occur in the recording process, they [removed]should be corrected as soon as they are discovered. [removed]should be corrected as adjustments at the end of the period. [removed]cannot be corrected until the next accounting period. [removed]should be corrected when preparing closing entries.Multiple Choice Question 148Which statement about long-term investments is not true? [removed]They are not currently used in the operation of the business. [removed]They will be held for more than one year. [removed]They include investments in stock of other companies and land held for future use. [removed]They can never include cash accounts.Multiple Choice Question 59Closing entries are [removed]journalized in the general journal. [removed]an optional step in the accounting cycle. [removed]made to close permanent or real accounts. [removed]posted to the ledger accounts from the worksheet.Multiple Choice Question 102Which of the following steps in the accounting cycle may be performed most frequently? [removed]Prepare a trial balance. [removed]Prepare a post-closing trial balance. [removed]Journalize closing entries. [removed]Post closing entries.   

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