Question : 135. Which of the following possible for a particular business : 1255803

 

 

135. Which of the following is possible for a particular business transaction?

a. Increase assets; Decrease liabilities

b. Decrease assets; Increase assets

c. Decrease assets; Increase stockholders’ equity

d. Decrease liabilities; Increase expenses

 

 

136. On July 31, ALOE Inc. received $5,000 cash from a customer who previously purchased ALOE’s products on account. What entry should ALOE Inc. record at the time it receives cash?

a. Debit Accounts Receivable, $5,000; credit Cash, $5,000.

b. Debit Cash, $5,000; credit Accounts Receivable, $5,000.

c. Debit Cash, $5,000; credit Accounts Payable, $5,000.

d. Debit Cash, $5,000; credit Service Revenue, $5,000.

 

 

137. The Accounts Payable account has a beginning balance of $12,000 and the company purchased $50,000 of supplies on account during the month. The ending balance was $10,000. How much did the company pay to creditors during the month? 

a. $50,000.

b. $52,000.

c. $60,000.

d. $62,000.

 

 

138. On March 3, Cobra Inc. purchased a desk for $450 on account. On March 22, Cobra purchased another desk for $500 also on account, and then on March 24, Cobra paid $400 on account. At the end of March, what amount should Cobra report for desks (assuming these two desks were the only desks they had)?

a. $50.

b. $450.

c. $500.

d. $950.

 

 

139. Posting transactions to  T-accounts involve:

a. Analyzing source documents to determine the effects of transactions on the company’s accounts.

b. Listing all accounts and their balances at a particular date to ensure that debits equal credits.

c. Preparing a chronological record of all transactions affecting the company.

d. Transferring debit and credit information from the journal to the accounts in the general ledger.

 

 

140. The Accounts Receivable account has a beginning balance of $10,000 and the company provides services of $50,000 on account during the month. The ending balance was $12,000. How much did the company receive from customers during the month? 

a. $50,000.

b. $52,000.

c. $48,000.

d. $62,000.

 

 

141. Posting is the process of:

a. Analyzing the impact of the transaction on the accounting equation.

b. Obtaining information about external transactions from source documents.

c. Transferring the debit and credit information from the journal to individual accounts in the general ledger.

d. Listing all accounts and their balances at a particular date.

 

 

142. A trial balance can best be explained as a list of:

a. The income statement accounts used to calculate net income.

b. Revenue, expense, and dividend accounts used to show the balances of the components of retained earnings.

c. The balance sheet accounts used to show the equality of the accounting equation.

d. All accounts and their balances at a particular date.

 

 

143. A trial balance represents the:

a. Source documents used to determine the effects of transactions on the company’s accounts.

b. List of all accounts and their balances at a particular date to ensure that debits equal credits.

c. Chronological record of all transactions affecting the company.

d. Process of transferring debit and credit information from the journal to the accounts in the general ledger.

 

 

144. Lithuanian Motors has the following balance sheet accounts:

Land$170,000

Equipment    66,000

Salaries Payable                   ?

Notes Payable    88,000

Supplies      14,000

Cash    26,000

Common Stock  100,000

Retained Earnings    40,000

Accounts Payable                ?  

Prepaid Rent    12,000

If the company has total assets of $288,000, what is the balance of the company’s Salaries Payable account?

a. $15,000.

b. $25,000.

c. $12,000.

d. Cannot be determined given the information provided.

 

 

 

145. Finnish Motors has the following balance sheet accounts:

Land$150,000

Equipment    90,000

Salaries Payable              12,000

Notes Payable              99,000

Supplies      10,000

Cash    25,000

Common Stock    40,000

Retained Earnings  100,000

Accounts Payable         ?  

Prepaid Rent?

If the company has total liabilities and stockholders’ equity of $290,000, what is the balance of the company’s Prepaid Rent account?

a. $15,000.

b. $25,000.

c. $12,000.

d. $39,000.

 

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more