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problem1: Carter Cleaning completed the following transactions:

Purchased $18,000 of Office Supplies for $8,000 cash & the remainder on credit.

Purchased equipment for $7,950 on credit.

As a result of these transactions, Carter’s total assets will:

[A] Increase by $25,950

[B] Increase by $17,950

[C] Increase by $10,050

[D] Increase by $ 7,950

problem2: Ford Photo Supplies balances at the beginning of January were: Cash $25,000; Accounts Receivable $15,000; Inventory $30,000; Accounts Payable $18,000; Notes Payable $17,000; Owner’s Capital $? Ford finished the following transactions during January:

Paid off the note payable of $17,000.

Sold $36,525 of merchandise to customers on account. Cost of goods sold was $21,250.

Paid accounts payable of $3,500.

Collected $25,000 of the amounts due from customers.

As a result of these transactions, asset balances at the end of January will total:

[A] Cash: $ 4,500; Accts Rec.: $26,525; Inventory: $21,250

[B] Cash: $29,500; Accts Rec.: $26,525; Inventory: $ 8,750

[C] Cash: $ 4,500; Accts Rec.: $51,525; Inventory: $ 8,750

[D] Cash: $ 8,000; Accts Rec.: $15,000; Inventory: $30,000

problem3: On May 1, Ace Cleaners had total assets of $438,500. During May, the company completed the following transactions:

Kerry Ace, owner of the firm, donated equipment to Ace Cleaners. The equipment had a value of $3,350 at this time.

Purchased a building for $39,000 and signed a note for the purchase.

Purchased $750 of supplies on credit.

After these transactions are recorded, total assets will have a balance of:

[A] $480,850

[B] $472,850

[C] $481,600

[D] $481,500

problem4: At the beginning of October, Nirvana Carting had total assets of $86,000. During October, Nirvana had the following transactions:

Collected receivables of $17,400 from previous periods.

Generated revenues of $50,000, of which 60% were cash.

Incurred total expenses of $36,000, 40% of which were paid.

After these transactions are recorded, Nirvana’s total assets amount to:

[A] $133,400

[B] $139,000

[C] $ 97,400

[D] $121,600

problem5: A note payable is given to settle an existing account payable. The result of this transaction on the accounting records is:

[A] Total Liabilities are increased

[B] Total Owner’s Equity is increased

[C] No change in assets, liabilities, or owners’ equity

[D] Total Assets are increased

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921730

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