Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. Journal entry to record payment of wages in amount of $52,000 to workers could comprise a:

a. Debit to wages expense.
b. Credit to accounts payable.
c. Debit to cash.
d. Credit to wages expense.

2. Entry to record collection of cash from customers would comprise a:

a. Debit to accounts receivable.
b. Debit to sales revenue.
c. Credit to cash.
d. Debit to cash.

3. When a company earns revenue from sales to customers, effects on accounting equation may be:

a. Assets are increased, equities are decreased.
b. Assets are decreased, equities are decreased.
c. Assets are decreased, equities are increased.
d. Assets are increased, equities are increased.

4. Wagner Inc. had strarting cash balance of $14,000 on January 1, 05. In January, company recorded debits of $23,000 and credits of $25,000 to cash account. Ending cash balance on January 31 would be a:

a. Debit balance of $16,000.
b. Credit balance of $16,000.
c. Debit balance of $12,000.
d. Credit balance of $12,000.

5. On March 1, 05, Cruston Company had strarting balance in accounts payable account of $30,000. In March, the company recorded debits of $52,000 and credits of $47,000 to accounts payable. Ending accounts payable balance on March 31 would be a:

a. Debit balance of $35,000.
b. Credit balance of $35,000.
c. Debit balance of $25,000.
d. Credit balance of $25,000.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919795

Have any Question? 


Related Questions in Accounting Basics

What was the most eye opening information you learned about

What was the most "eye opening" information you learned about droughts? Why did you find it so interesting? Using the supply-and-demand model, explain what would happen to the supply curve during a drought. Also explain ...

Assignment lasa ipo presentation amp myaccountinglab

Assignment: LASA: IPO Presentation & MyAccountingLab Post-Tests This assignment will consist of two parts. Part I: IPO Presentation: You work for a medium sized privately held electronics firm which is considering transi ...

Problem -using the following proforma information regarding

Problem - Using the following proforma information regarding GE, Inc. based on analysts' forecast in early 2016:   2016E 2017E Next 3 years EPS 1.29 1.56 Growth at 7.59% DPS 0.92 1.11 Growth at 10% The book value of GE's ...

Accounting discussion questionbulluse the internet to

Accounting Discussion Question • Use the Internet to research an annual report of a retail company. • Then, imagine you are an investor or creditor; suggest the ratios that you believe would provide an investor or credit ...

Individual research papercompany case study assignmentthis

Individual Research Paper Company Case Study Assignment This assignment has a number of learning objectives, sources, and opportunities: 1. You will explore financial performance and investor information available fromva ...

Discussion 1 and 2discussion 1select one of the following

Discussion 1 and 2 Discussion 1 Select one of the following tools: the nine steps in Ackerman and Anderson's roadmap for change, Cummings and Worley's five dimensions of leading and managing change, or the three componen ...

Assignmentapplication implementation of the balanced

Assignment Application: Implementation of the Balanced Scorecard APA Format Implementation of the Balanced Scorecard The term "balanced scorecard" became part of the professional accounting vernacular in the early 1990s. ...

Preston auto paint company had the temporary free use of an

Preston Auto Paint Company had the temporary free use of an old building and completed the following transactions in September 2010: Sept. 1 The company was organized and received USD 100,000 cash from the issuance of ca ...

Accounting assignmentflorida sunshine real estate

Accounting Assignment Florida Sunshine Real Estate Properties, Inc. is a real estate firm located in southwest Florida. The company, which advertises itself as "expert in the real estate market", monitors condominium sal ...

Accounting and societyrequirementsbackgroundin their annual

Accounting and Society Requirements: Background: In their annual report, companies are required to include a remuneration report that documents the remuneration packages of the chief executive officer, other key executiv ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen