Question :
81.Brett Tarek, a manager at D&J Landscaping, Inc. needs information : 1237562
81.Brett Tarek, a manager at D&J Landscaping, Inc. needs information regarding the amount of accounts payable currently owed by the company. This information would most easily be found in the:
A.General ledger.
B.General journal.
C.Income statement.
D.Notes to the financial statements.
82.Transactions are recorded in the general journal in:
A.Numerical order.
B.Chronological order.
C.Account number order.
D.Financial statement order.
83.A transaction is first recorded in which of the following accounting records?
A.Trial balance.
B.Ledger.
C.General journal.
D.Balance sheet.
84.Preparing a journal entry in proper form involves all the following except:
A.Listing all accounts debited before any credits.
B.Computing the balances in accounts involved in the transaction.
C.Indicating the date of the transaction.
D.Providing a brief written explanation of the transaction.
85.Posting is the process of:
A.Transferring debit and credit entries from the journal into the appropriate ledger accounts.
B.Determining that the dollar amount of debit entries recorded in the ledger is equal to the dollar amount of credit entries.
C.Entering information into a computerized data base.
D.Preparing journal entries to describe each business transaction.
The bookkeeper for Wood Mfg. made the following journal entry on January 30, 2015:
86.This transaction involves:
A.The sale of land and building for $286,000.
B.Payment of $221,000 on a note payable.
C.The receipt of $65,000 cash.
D.An increase in liabilities of $221,000.
87.Refer to the information above. Before the journal entry above, Wood had assets, liabilities, and owners’ equity of $450,000, $100,000, and $350,000, respectively. What are total assets immediately after the above transaction occurs?
A.$221,000.
B.$671,000.
C.$735,500.
D.$450,000.
$450,000 + $201,500 + $84,500 – $65,000 = $671,000
The following entry appears in Martin Supply’s general journal on March 10, 2015:
88.Refer to the information above. This transaction involves:
A.Martin’s collection of $30,000 on an account receivable.
B.Payment of $21,000 cash by Martin.
C.A $21,000 overall increase in Martin’s assets.
D.Sale of equipment by Martin for $51,000.
89.Refer to the information above. Before the journal entry above, Martin had assets of $900,000; liabilities of $460,000; and owners’ equity of $440,000. Total assets immediately after the above transaction has been recorded amount to:
A.$900,000.
B.$921,000.
C.$956,000.
D.$794,000.
$900,000 + $30,000 + $21,000 – $51,000 = $900,000
The following entry appears in Galloway Paints general journal on April 23, 2015:
90.Refer to the information above. This transaction involves:
A.Galloway’s collection of $20,000 on an account payable.
B.Payment of $6,000 cash by Galloway.
C.A $26,000 overall increase in Galloway’s assets.
D.Sale of inventory by Galloway for $26,000.
