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Neo
Neo, Bachelor's Degree
Category: Multiple Problems
Satisfied Customers: 12101
Experience:  BS Accounting
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Question: An adjusted trial balance A. Is prepared

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Question: An adjusted trial balance


A. Is prepared after the financial statements are completed
B. Proves the equality of the total debit balances and total credit balances of ledger accounts after all adjustments have been made
C. Is a required financial statement under generally accepted accounting principles
D. Cannot be used to prepare financial statements

Question: Office Equipment is classified in the balance sheet as


A. A current asset
B. Property, plant, and equipment
C. An intangible asset
D. A long-term investment

Question: Preparing a worksheet involves


A. Two steps
B. Three steps
C. Four steps
D. Five steps

Question: Closing entries are journalized and posted


A. Before the financial statements are prepared
B. After the financial statements are prepared
C. At management's discretion
D. At the end of each interim accounting period



Question: Topeka Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The correcting entry is


A. Debit Cash, $940; credit Accounts Receivable, $940
B. Debit Cash, $450 and Accounts Receivable, $490; credit Service Revenue, $940
C. Debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940
D. Debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490

Question: Henry-K Company purchased a computer system for $3,600 on January 1, 2010. The company expects to use the computer system for 3 years. It has no salvage value. Monthly depreciation expense on the asset is


A. $0
B. $100
C. $1,200
D. $3,600

Question: On January 1, 2009, Grills and Grates Inc. purchased equipment for $30,000. The company is depreciating the equipment at the rate of $400 per month. At January 31, 2010, the balance in Accumulated Depreciation is


A. $400
B. $4,800
C. $5,200
D. $24,800

Question: On January 1, 2009, P.T. Scope Company purchased a computer system for $3,240. The company expects to use the system for 3 years. The asset has no salvage value. The book value of the system at December 31, 2010 is


A. $0
B. $1,080
C. $2,160
D. $3,240

Question: Which of the following would not result in unearned revenue?


A. Rent collected in advance from tenants
B. Services performed on account
C. Sale of season tickets to football games
D. Sale of two-year magazine subscriptions

Question: In order to close the owner's drawing account, the


A. Income summary account should be debited
B. Income summary account should be credited
C. Owner's capital account should be credited
D. Owner's capital account should be debited
Good day!

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Customer: replied 5 years ago.
Will you be on later tonight or tomorrow?

Yes; I will be online later tonight at 9PM EST.

Customer: replied 5 years ago.
I have TKD training and I will be home around that time!

Ok.

Customer: replied 5 years ago.
Are you ready for a few more?

I am. :)

Customer: replied 5 years ago.

Sweet! ;) Here we go!

 

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Thank you so much! :)
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