Problems

I. Lynn Robbins is a real estate agent. It sells a house for Nancy Fleming and bills her $30000 for real estate services performed. Which account is not affected from this transaction?

1 service revenue

2 unearned service revenue

3 retained earnings

4 accounts receivable

II. The temporary account balances ultimately wind up in what account?

1 income summary

2 retained earnings

3 share capital ordinary

4 comprehensive income

III. Yilmaz A S encounters the following situations in October and prepares for the monthly financial statements. Which adjusting entry is not the type of accrued revenues / expenses?

1 Yilmaz incurs utility expense which is not paid in cash or recorded.

2 Yilmaz employees worked 3 days in October but will not be paid until November.

3 A periodic system requires cost of goods sold be determined after each sale.

4 A perpetual system determines cost of goods sold only at the end of the accounting period.