Accounting help 1/4
Sanur.
a-n.docx
Drop downs have the options. Click on the .
Sample shown for two questions. Questions separated by “—“.
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New credit sales for the year were $1,910,000.
Seclect the correct General Ledger accounts for each T-Account to record this event:
Term 1 Term 2 ____________________________ . ___________________________ dr | cr dr | cr 1,910,000 | | 1,910,000 | |
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New cash sales for the year were $333,000.
Seclect the correct General Ledger accounts for each T-Account to record this event:
Term 1 Term 2 _____________________ . _____________________ dr | cr dr | cr 333,000 | | 333,000 | |
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COMPANY A acquired office supplies on credit for $32,000.
Seclect the correct General Ledger accounts for each T-Account to record this event:
Term 1 Term 2 _____________________ . ________________________ dr | cr dr | cr 32,000 | | 32,000 | |
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Cash collections from credit sales were $1,720,000.
Seclect the correct General Ledger accounts for each T-Account to record this event:
Term 1 Term 2 ______________________ . _____________________ dr | cr dr | cr 1,720,000 | | 1,720,000 | |
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Cash payments for items purchased on credit during the year were $344,000.
Seclect the correct General Ledger accounts for each T-Account to record this event:
Term 1 Term 2 _____________________ . _____________________ dr | cr dr | cr 344,000 | | 344,000 | |
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COMPANY A paid $363,000 for administrative expenses during the year.
Recording this event's transaction involves a debit to Term 1 and a credit to Term 2.
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COMPANY A acquired $212,000 of inventory on credit.
Recording this event's transaction involves a debit to Term 1 and a credit to Term 2.
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At the end of the year, COMPANY A owed the bank $19,000 in interest.
Recording this event's transaction involves a debit to Term 1 and a credit to Term 2.
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COMPANY A collected $327,000 of cash advances from customers.
Recording this event's transaction involves a debit to Term 1 and a credit to Term 2.
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COMPANY A offers a "satisfaction guarantee" to its clients for all security services. If clients are unhappy with the services they purchased, they are eligible for free additional security services (i.e., this is a form of "after sales warranty" service).
The company estimates that future expenditures of approximately $67,000 will be required to perform these "after sales warranty" activities to keep clients satisfied for services originally rendered to clients in 2013.
Recording this event's transaction involves a debit to Term 1 and a credit to Term 2.
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COMPANY A spent $125,000 during 2013 on research and development activities related to new services the company could offer customers. It is expected that some of these products would be marketable within one or two years, but nobody is sure which products will be successful.
Which of the following choices contains the correct combination of debit(s) and credit(s) to record this transaction?
Answer
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A. |
Dr. Accounts Payable $125,000 Cr. R&D Expense $125,000 |
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B. |
Dr. R&D Expense $125,000 Cr. Cash $125,000 |
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C. |
Dr. R&D Expense $125,000 Cr. Accounts Payable $125,000 |
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D. |
Dr. Cash $125,000 Cr. R&D Expense $125,000 |
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On the last day of business in 2013, COMPANY A declared an $80,000 dividend, which will be paid sometime in the next year.
Which of the following choices contains the correct combination of debit(s) and credit(s) to record this transaction?
Answer
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A. |
Dr. Dividends $80,000 Cr. Dividends Payable $80,000 |
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B. |
Dr. Retained Earnings $80,000 Cr. Cash $80,000 |
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C. |
Dr. Dividends Payable $80,000 Cr. Cash $80,000 |
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D. |
Dr. Dividends $80,000 Cr. Cash $80,000 |
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At the end of the year, COMPANY A owed its employees a total of $66,000 in wages.
Which of the following choices contains the correct combination of debit(s) and credit(s) to record this transaction?
Answer
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A. |
Dr. Salaries Expense $66,000 Cr. Salaries Payable $66,000 |
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B. |
Dr. Salaries Payable $66,000 Cr. Cash $66,000 |
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C. |
Dr. Salaries Expense $66,000 Cr. Cash $66,000 |
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D. |
Dr. Salaries Payable $66,000 Cr. Salaries Expense $66,000 |
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COMPANY A paid down the long-term loan by $140,000.
Which of the following choices contains the correct combination of debit(s) and credit(s) to record this transaction?
Answer
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A. |
Dr. Accounts Payable $140,000 Cr. Cash $140,000 |
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B. |
Dr. LongTerm Loan $140,000 Cr. Cash $140,000 |
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C. |
Dr. LongTerm Loan $140,000 Cr. Retained Earnings $140,000 |
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D. |
Dr. Cash $140,000 Cr. LongTerm Loan $140,000 |
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