accounting wrong answer describe
The assignment will be for you to go over each of your missed questions and:
1. Describe why you picked the wrong answer.
2. Describe the correct answer and defend why it was correct. For instance, the transaction would have increased accounts payable because it increased something the company owed. The accounts payable account is credited because liabilities are increased with a credit entry. For calculation problems enter the calculation leading up to the solution. For more essay type problems refer back to the sources as to why it is correct.
3. You will need to be detailed about your responses to receive full credit. The submissions for the Exam 1 Part 2 reached expectations overall but some of you need to be more specific and expand on your responses.
4. Late assignments will not be accepted.
Question 3
0 out of 5 points
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On January 15th of the current year, Gardian Gardens sold $4,000 worth of trees to a customer with the credit terms 2/10 net 30. Gardian uses the perpetual method to record transactions. The customer made the correct payment on January 23rd. The inventory that was sold cost the company $2,500 How would Gardian record the sale on January 15th using the net method? . |
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· Question 15
0 out of 3 points
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When a company uses a __________ inventory method, they compute and record Cost of Goods Sold only once at the end of the period. |
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· Question 16
0 out of 5 points
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The information below relates to Mister Ed's inventory purchases and sales for September. Mr. Ed's utilizes a FIFO cost flow assumption.
Assume Mr. Ed utilizes a periodic inventory system. What is Mister Ed's ending inventory for September (in dollars)? Do not use decimals or dollar signs. |
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· Question 17
0 out of 5 points
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The information below relates to Cougar Corp's inventory purchases and sales for May. Cougar Corp utilizes a FIFO cost flow assumption.
Assume Cougar Corp utilizes a perpetual inventory system. What is Cougar Corp's Cost of Goods Sold (COGS) for May (in dollars)? Do not use decimals or dollar signs.
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Question 20
0 out of 3 points
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Why are classifications important to balance sheet users? |
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这20题是个多选题，a和b是我选的，（我记得我当时abcd全选了）是错了。就是all那个是对的。
Question 22
0 out of 3 points
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Long-term liabilities include:
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· Question 25
0 out of 5 points
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Queen's company used the allowance method of accounting for uncollectible accounts. On June 6th, the company wrote off a $4,000 uncollectible account of one of its customers. On July 10th Queen's company received a check for the full $4,000 from the customer. The entry to record the recovery of the account on July 10th would be: |
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· Question 26
0 out of 5 points
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On January 1, 2019 Georgio lent $56,002 to Strings Attached Inc., accepting Strings' 2-year, $69,000, zero-interest-bearing note. The implied interest rate is 11%. (Round answers to 0 decimal places, e.g. 5,275. What is the carrying value of the note after interest revenue is recorded for 2019 (round to the nearest dollar)?
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· Question 27
0 out of 5 points
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Equestrian Roads sold $120,000 of goods and accepted the customer's $120,000 10%, 1-year note in exchange. Assuming 10% approximates the market rate of return, how much interest would be recorded for the year ending December 31 if the sale was made on July 31? Do not use decimals or $ in your answer. |
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