Question

Question 1 (1 point) In the accounting cycle, the last step is preparing the ________. a...

Question 1 (1 point)

In the accounting cycle, the last step is preparing the ________.

a

closing entries

b

trial balance

d

adjusting entries

Question 2 (1 point)

Which of the following is true of an accrued expense?

a

It is paid and currently matched with earnings.

b

It is not paid and currently matched with earnings.

c

It is neither paid nor currently matched with earnings.

d

It is paid and not currently matched with earnings.

Question 3 (1 point)

A journal entry to record a payment on an account will include a ________.

a

debit to accounts receivable

b

debit to accounts payable

c

credit to accounts payable

d

credit to accounts receivable

Question 4 (1 point)

The accounting equation can be expressed as: ________.

a

Assets = Liabilities - Stockholders’ Equity

b

Assets + Liabilities = Stockholders’ Equity

c

Assets - Liabilities = Stockholders’ Equity

d

Assets + Stockholders' Equity = Liabilities

Question 5 (1 point)

A journal entry to record a sale of inventory on an account will include a ________.

a

debit to inventory

b

debit to accounts receivable

c

credit to cost of goods sold

d

debit to sales

Homework Answers

Answer #1

ANSWER:

1.In the accounting cycle, the last step is preparing the Closing entries .

That is Option- A.

2. The  true of an accrued expense is It is not paid and currently matched with earnings.

That is Option-B.

3.A journal entry to record a payment on an account will include a Debit to accounts payable

That is Option-B.

4.The accounting equation can be expressed as ,

Assets - Liabilities = Stockholders’ Equity.

That is Option-C.

5.A journal entry to record a sale of inventory on an account will include a Debit to inventory.

That is Option-A.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On March 1, it was discovered that the following errors took place in journalizing and posting...
On March 1, it was discovered that the following errors took place in journalizing and posting transactions: a. Rent Expense of $4,750 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Rent Expense. b. The payment of $4,100 from a customer on account was recorded as a debit to Cash and a credit to Accounts Payable. Journalize the entries on March 1 to correct the errors. Use two entries to correct the...
On December 28, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms 2/10, n/30....
On December 28, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,200. On December 31, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, Silverman issued Beasley a credit memo for returned merchandise. The returned merchandise originally cost Silverman $2,350 and was billed (invoiced) for $4,000 with terms 2/10, n/30. A. Journalize the entries by Silverman Enterprises to record the December 28 sale....
1. On November 26, Civic Company purchased $1,200 of supplies on account. The journal entry to...
1. On November 26, Civic Company purchased $1,200 of supplies on account. The journal entry to record this transaction will include _____. a debit to Supplies and a credit to Cash a debit to Supplies and a credit to Accounts Payable a debit to Cash and a credit to Supplies a debit to Accounts Payable and a credit to Supplies 2. On November 21, Civic Company received $550 from customers in payment of their accounts. The journal entry to record...
A journal entry to record a payment on account will include a A. debit to Accounts...
A journal entry to record a payment on account will include a A. debit to Accounts Receivable. B. credit to Accounts Receivable. C. debit to Accounts Payable. D. credit to Accounts Payable. can u explain to me why not the D answer?
Multiple Choice Question 133 The board of directors of Ayayai Corp. declared a cash dividend of...
Multiple Choice Question 133 The board of directors of Ayayai Corp. declared a cash dividend of $2 per share on 34000 shares of common stock on July 15, 2017. The dividend is to be paid on August 15, 2017, to stockholders of record on July 31, 2017. The effects of the journal entry to record the payment of the dividend on August 15, 2017, are to increase stockholders’ equity and increase liabilities. decrease liabilities and decrease assets. decrease stockholders’ equity...
Cash Supplies Land Equipment (1) 8,400 (4) 11,000 (3) 1,100 (5) 60 (4) 34,000 (7) 3,400...
Cash Supplies Land Equipment (1) 8,400 (4) 11,000 (3) 1,100 (5) 60 (4) 34,000 (7) 3,400 (2) 10,500 (6) 220 (5) 60 (7) 3,400 Accounts Payable Note Payable Common Stock (6) 220 (3) 1,100 (2) 10,500 (1) 8,400 (4) 23,000 1. Prepare the journal entries that served as the sources for the seven transactions. Include an explanation for each entry. As BurrowsBurrows moves into the next​ period, how much cash does the business​ have? How much does BurrowsBurrows owe in...
How does a debit to Cash and credit to Accounts Receivable affect the accounting equation? A....
How does a debit to Cash and credit to Accounts Receivable affect the accounting equation? A. An increase in Assets and another increase in Assets B. Increase in Assets and an increase in Stockholders' Equity C. No net change. Assets are both increased and decreased D. An increase to Assets and an increase in Liabilities
Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and...
Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $385,000, $143,000, and $99,000, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $29,600, and work in process at the end of the period totaled $29,800. Required: a. (1) On September 30, journalize the entry to record...
Accounting has its own vocabulary and basic relationships. Match the accounting terms at the left with...
Accounting has its own vocabulary and basic relationships. Match the accounting terms at the left with the corresponding definition or meaning at the right. 1. Posting A. The cost of operating a business; a decrease in stockholders' equity 2. Expense B. Always an asset 3. Debit C. Side of an account where increases are recorded 4. Trial balance D. Lists a company's accounts and account numbers (no account balances in this item) 5. Equity E. Copying data from the journal...
1.) Complete the journal entries for the following transactions: On July 1, 2019, ABC Company purchased...
1.) Complete the journal entries for the following transactions: On July 1, 2019, ABC Company purchased merchandise on account for $10,000, with terms 1/10, n/30. The entry would include a debit to (inventory, accounts payable) a. and a credit to (inventory, accounts payable) b. for $10,000.(inventory, accounts payable)c. On July 8, 2019, ABC Company paid for the above purchase. The entry would include a debit to (inventory, accounts payable)d. for (9900,10000) e. , a credit to (inventory, cash) f. for...