Accounting 2

Just put answers on one page Choose the answer that best describes the proper adjusting entry: 1. Depreciation on Building is estimated to be $5,000 a. debit to accumulated depreciation for $5,000 b. credit to accumulated depreciation for $5,000 c. credit to depreciation expense $5,000 d. credit to buildings for $ 5,000 2. A one year insurance policy was purchased for $2,000. Three months has expired. a. debit to prepaid insurance for $500 b. credit to prepaid insurance for $500 c. credit to insurance expense for $1,500 d. debit to insurance expense for $1,500 3. Accrued interest on note payable amounts to $100 a. credit to interest receivable for $100 b. credit to interest expense for $100 c. debit to interest expense for $100 d. debit to interest payable for $100 4. Company received an advance payment for $3,600. ¼ of this amount was earned to date. a. debit to unearned revenue for $2,700 b. debit to earned revenue for $900 c. credit to earned revenue for $900 d. credit unearned revenue for $2,700 5. The supplies amount showed a beginning balance of $200. During the year $ $800 of new supplies were purchased and $300 is left on hand at the end of the period. a. debit to supplies expense for $300 b. credit to supplies expense for $800 c. debit to supplies expense for $700 d. credit to supplies for $300 II. The following represent items that pertain to the classified balance sheet. Choose the letter that best describes in which classification the account item would best be listed in. 6. Wages payable would be recorded in which balance sheet section. a. current assets b. current liabilties c. noncurrent assets d. noncurrent liabilities 7. Trademarks would classified as. a. noncurrent asset b. current liability c. current asset d. noncurrent asset 8. The purpose of the classified balance sheet is help evaluate: a. solvency b. going concern c. liquidity d.return on investment -2- 9. In calculating the current ratio which item would not be included. a. equipment b. accounts payable c. accounts receivable d. short term investments 10. Bonds payable in two years would be classified as. a. noncurrent assets b. equity c. current liability d. noncurrent liability III. Using the following information to answer items 11 thru 15. Sales 500,000, Sales Returns 10,000, Sales Discounts 10,000, Purchases 130,000 Purchase returns 10,000, Purchase discounts 20,000 Freight In 20,000, Selling expenses 50,000 General expenses 170,000, inventory-beg 27,000 Inventory-end 20,000 11. Net sales for the period are a. $500,000 b. $480,000 c. $490,000 d. $520,000 -3- 12. Net purchases for the period are a. $100,000 b. $120,000 c. $150,000 d. $160,000 13. Cost of goods sold for the period is a. $147,000 b. $107,000 c. $127,000 d. none of the above 14. Gross Margin for the period is a. $353,000 b. $333,000 c. $303,000 d. none of the above 15. Net income for the period is a. $113,000 b. $133,000 c. $126,000 d. none of the above -4- IV. The following balances are stated below: Cash $1,170 Supplies 1,930 Prepaid Insurance 600 Equipment 20,600 Accumulated depreciation 5,400 Accounts Payable 500 Unearned Revenue 700 Capital 13,925 Withdrawal 4,800 Revenue-Fees Earned 21,700 Salary Expense 6,900 Depreciation Expense 2,000 Supplies Expense 800 Insurance Expense 400 Using this information for questions 16-20 answer the following questions as they relate to closing entries 16. Which answer would best represent the closing entry for a revenue type account? a. debit to income summary for $22,400 b. credit to income summary for $21,700 c. credit to revenue for $21,700 d. debit to income summary for $21,700 17. Which answer would represent the closing entry for expense type account? a. debit income summary for $10,100 b. debit income summary for $15,500 c. debit accumulated depreciation $5,400 d. credit depreciation expense $2,000 -5- 18. Which answer would represent the proper closing out of profit or loss for the period? a. debit income summary for $11,600 b. debit capital for $11,600 c. credit income summary for $12,300 d. credit capital $12,300 19. Which answer would represent the proper entry for closing out the withdrawals? a. debit withdrawals for $4,800 b. debit capital for $4,800 c. credit income summary for $4,800 d. none of the above are correct 20. After recording the proper closing entries what is the Capital account balance at the end of the period? a. $20,725 b. $13,925 c. $20,600 d. $15,500

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