# Acc 291 t Extraordinary Success/newtonhelp.com

18 Dec 2019
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### Acc 291 t Extraordinary Success/newtonhelp.com

• 1. ACC 291 All Assignments (New Syllabus) (December,, 2019) For more course tutorials visit www.newtonhelp.com ACC 291T Week 1 Practice: Connect® Knowledge Check ACC 291T Week 1 Apply: Connect® Exercise ACC 291T Week 2 Practice: Connect® Knowledge Check ACC 291T Week 2 Apply: Connect® Exercise ACC 291T Week 3 Practice: Connect® Knowledge Check ACC 291T Week 3 Apply: Connect® Exercise ACC 291T Week 4 Practice: Connect® Knowledge Check ACC 291T Week 4 Apply: Connect® Exercise ACC 291T Week 5 Practice: Connect® Knowledge Check ACC 291T Week 5 Apply: Connect® Exercise ACC 291 Week 1 Practice Connect Practice Assignment
• 2. ACC 291 Week 1 Apply Connect Assignment (Score 10/10) (With Excel File) ACC 291 Week 2 Practice Connect Practice Assignment (Score 10/10) ACC 291 Week 2 Apply Connect Assignment (Score 10/10) (with Excel File) ACC 291 Week 3 Practice Connect Practice Assignment ACC 291 Week 3 Apply Connect Assignment (Score 10/10) (With Excel File) ACC 291 Week 4 Practice Connect Assignment ACC 291 Week 4 Apply Connect Assignment (With Excel file) ACC 291 Week 5 Connect Practice Connect Assignment (Score 100%) ACC 291 Week 5 Apply Connect Assignment (with Excel File) -------------------------------------------------------------------------------------------------------------------- ACC 291T Apply Assignment Week 2 Connect Assignment (December, 2019) (with Excel File) For more course tutorials visit www.newtonhelp.com
• 3. During March a firm purchased \$22,790 of merchandise and paid freight charges of \$1,860. If the net delivered cost of purchases for the March is \$22,040, what is the total purchase returns for March? Multiple Choice DATE TRANSACTIONS 2019 April 1 Purchased merchandise on credit from O’Rourke Fabricators, Invoice 885, \$3,550, terms 1/10, n/30; freight of \$75 prepaid by O’Rourke Fabricators and added to the invoice (total invoice amount, \$3,625). 9 Paid amount due to O’Rourke Fabricators for the purchase of April 1, less the 2 percent discount, Check 457. 15 Purchased merchandise on credit from Kroll Company, Invoice 145, \$1,800, terms 1/10, n/30; freight of \$130 prepaid by Kroll and added to the invoice. 17 Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for \$105. 24 Paid the amount due to Kroll Company for the purchase of April 15, less the return on April 17, taking the 1 percent discount, Check 470. Record these transactions in a general journal.
• 4. Tune Tones Instrument Tuning Company owes Mandy Lynn's Music Studio \$5,016 as of November 1. During November, Tune Tones purchased merchandise from Mandy Lynn totaling \$8,655 and made payments on account to Mandy Lynn in the amount of \$7,410. The amount Tune Tones owes Mandy Lynn on November 30 is: Multiple Choice \$6,261. \$3,771. \$11,049. \$7,410. During the year, a firm purchased \$257,500 of merchandise and paid freight charges of \$41,850. If the total purchases returns and allowances were \$16,440 and purchase discounts were \$8,900 for the year, what is the net delivered cost of purchases? Multiple Choice \$299,350 \$274,010 \$324,690 \$190,310 ===============================================
• 5. ACC 291T Apply Assignment Week 3 Connect Assignment (December,, 2019) (with Excel File) For more course tutorials visit www.newtonhelp.com This Tutorial contains excel file which can be used in case the value changes 1. A firm’s bank reconciliation statement shows a book balance of \$15.940,an NSF check of \$460,and a service charge of \$26.Its adjusted book balance is 2. On January 2,The Public Legal issued check 2108 for \$260 to establish a petty cash fund.Indicate how this transaction would be recorded in a general journal 3. After returning from a three-day business trip,the accountant for southeast sales,JohannaEstrada,checked bank activity in the company’s checking account online.The activity for the last three days follows.
• 6. After matching these transactions to the company’s cash account in the general ledger,Johanna noted the following unrecorded transactions:  The ATM withdrawal on 9/22/201 was for personal use by the owner,Robert Savage.  The ACH credit on 9/22/2019 was an electronic funds payment received on account from Edwards UK, a credit customer located in Great Britain.  The bill payment made 9/23/2019was to waste control Trash Services(utilities).  The loan payment on 9/24/2019 was an automatic debit by central motors for the company’s monthly payment on a loan for its automobiles.The loan does not bear interest. Prepare the journal entries in a general journal to record the four transactions above.(Round your answers to 2 decimal places.) 4. On January 2,Jasmine’s Beauty Supplies Inc,issued Check 3100 for \$300 to establish a petty cash fund.On January 31, Check 3159 was issued to replenish the petty cash fund.An analysis of payments from the fund showed these totals: Supplies, \$44; Delivery Expense,\$85; and Miscellaneous Expense, \$20. Indicate how these transactions would be recorded in a general journal. 5. Read each of the following transactions. A. The cash sales per a register tape were \$579.The cash count is \$552. B. The cash sales per a register tape were \$8,700.The cash count is \$8,280.
• 7. Prepare the general journal entries to record the above transactions. 6. Teng Corporation received a bank statement showing a balance of \$14,250 as of October 31,2019.The firm’s records showed a book balance of \$13,893 on October 31. The difference between the two balances was caused by the following items. 1.A debit memorandum for an NSF check from Richard Wolf for \$415. 2. Three outstanding checks:Check 7017 for \$115, Check 7098 for \$46,and Check 7107 for \$1,470. 3. A bank service charge of \$11. 4.A deposit in transit of \$848. Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconcillationstatement.Prepare the necessary journal entries for the year 2019. Florence company received a bank statement showing a balance of \$12,400 on November 30,2019.During the bank reconcillationprocess.Florence’s accountant noted the following bank errors: A check for \$147 issued by Florentine, Inc., was mistakenly charged to Florence company’s account. A. Check 2782 was written for \$100 but was paid by the bank as \$1,100. B. Check 2920 for \$81 was paid by the bank twice. C. A deposit for \$570 on November 22 was credited by the bank for \$750.
• 8. 8. Northwest Gift Shop, a retail business, started business on April 29,2019.It keeps a \$300 change fund in its cash register. The cash receipts for the period from April 29 to April 30,2019, are shown below. Record the cash receipts on April 29 and April 30, 2019, in a general journal. 9. On March 31,2019, Home Decorating Pavilion received a bank statement showing a balance of \$9,690. The balance in the firm’s checkbook and cash account on the same date was \$10,134.The difference between the two balances is caused by the items listed below, a. A \$2,815 deposit made on March 30 does not appear on the bank statement. b. Check 358 for \$455 issued on March 29 and check 359 for \$1,590 issued on March 30 have not yet been paid by the bank. c. A credit memorandum shows that the bank has collected a \$1,200 note receivable and interest of \$210 for the firm. d. A service charge of \$19 appears on the bank statement. e. A debit memorandum shows an NSF check for \$495.(The check was issued by Dane jaris, a credit customer.) f. The firm’s records Indicate that check 341 of March 1 was issued for \$800 to pay the month’s rent.However, the cancelled check and the listing on the bank statement show that the actual amount of the check was \$750. g. The bank made an error by deducting a check for \$530 issued by another business from the balance of Home Decorating Pavilion’s account. Required:
• 9. 1.Prepare a bank reconciliation statement for the firm as of March 31,2019. 2.Recordentires for any items on the bank reconciliation statement that must be journalized. 10. Read the following transactions. Lourdes LLC.keeps a \$100 change fund in its cash register.At the end of the day, Cash sales per the register tape were \$2,650.The cash count was \$3,000. Calculate the amount over or Short. =============================================== ACC 291T Apply Assignment Week 5 Connect Assignment (December,, 2019) (with Excel File) For more course tutorials visit www.newtonhelp.com This Tutorial contains excel file which can be used in case the value changes
• 10. 1) The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31,2019.All accounts have normal balances. Cash \$27,945 Accounts Receivable 46,200 Note Receivable 8,000 Merchandise inventory 34,200 Prepaid Insurance 2,200 Supplies 1,260 Equipment 42,000 Accumulated depreciation,equipment 22,000 Note payable to bank,due 2020 20,000 Accounts payable 28,700 Interest payable 200 Sales 522,500 Sales discounts 1,700 Cost of goods sold 388,025 Accounts Receivable at December 31,2018, was \$56,300.Merchandise at December 31,2018, was \$57,100.Based on the account balances above,Calculate the following: a. The gross profit percentage. b. Working capital. c. The current ratio. d. The inventory turnover. e. The accounts receivable turnover. All sales wer on credit 2) Solomon Company reports the following in its most recent year of operations:
• 11. • Sales ,\$1,040,400(all on account) • Cost of Goods sold ,\$601,400 • Gross Profit,\$439,000 • Accounts receivable,beginning of year,\$92,000 • Accounts receivable,end of year,\$112,000 • Merchandaise inventory,beginning of year,\$57,000 • Merchandaise inventory,end of year.\$67,000 Based on these balances,compute: a. The accounts receivable turnover. b. The inventory turnover. 3) The worksheet of Bridget’s Office Supplies contains the following revenue, cost and expenses account. The merchandise inventory amounted to \$59,675 on January 1, 2019 and \$52,625 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. 401 Sales \$248,200 Cr. 451 Sales Returns and Allowances 4,340 Dr. 491 Miscellaneous Income 390 Cr. 501 Purchases 103,500 Dr. 502 Freight In 1,965 Dr. 503 Purchases Returns and Allowances 3,590 Cr. 504 Purchases Discounts 1,790 Cr. 611 Salaries Expense-Sales 45,200 Dr. 614 Store Supply Expense 2,300 Dr. 617 Depreciation Expense-Store Equipment 1,500 Dr. 631 Rent Expense 13,400 Dr. 634 Utilities Expense 2,990 Cr. 637 Salaries Expense-Office 21,000 Cr. 640 Payroll Taxes Expense 5,900 Dr. 643 Depreciation Expense-Office Equipment 560 Dr.
• 12. 646 Uncollectible Accounts Expense 710 Dr. 691 Interest expense 720 Dr. Prepare a classified income statement for this firm for the year ended December 31,2019. =============================================== ACC 291T Assignment Week 1 Apply: Connect® Exercise For more course tutorials visit www.newtonhelp.com ACC 291T ASSIGNMENT Week 1 Apply: Connect® Exercise Review the Knowledge Check in preparation for this Assignment. Complete the Week 1 Exercise in Connect®. Note: You have only one attempt available to complete this Assignment.
• 13. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date If Lacy’s Department Store charges 8 percent sales tax, the amount of sales tax collected on a \$525 sale would be Multiple Choice \$324.00 Kay Sadia sold merchandise for \$7,200 subject to 8% sales tax. The entry in the general journal to record the sale will include: Multiple Choice • a debit to Sales Tax Payable for \$576.00. • credit to Sales for \$7,200.00. • a credit to Sales for \$7,776.00. • a debit to Accounts Receivable for \$7,200.00.
• 14. =============================================== ACC 291T Assignment Week 1 Practice: Connect® Knowledge Check For more course tutorials visit www.newtonhelp.com ACC 291T ASSIGNMENT Week 1 Practice: Connect® Knowledge Check Complete the Week 1 Knowledge Check in Connect®. Note: You have unlimited attempts available to complete this practice Assignment. The highest scored attempt will be recorded. have earlier due dates, so plan accordingly. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date Hour Place Clock Shop sold a grandfather clock for \$3,750 subject to a 7% sales tax. The entry in the general journal will include a debit to Accounts Receivable for
• 15. Multiple Choice \$3,625.00. \$4,012.50. \$3,750.00. \$3,487.50. The amount used by wholesalers to record sales in the general journal is Multiple Choice the retail price. the list price. the original price. the net price. Merchandise is sold on credit for \$1,600 plus 6 percent sales tax. The journal entry to record the sale will include a debit to Accounts Receivable for The balance due from an individual customer can be found in: Multiple Choice the general journal.
• 16. the Sales account in the general ledger. the accounts receivable subsidiary ledger. the Accounts Receivable account in the general ledger. The entry to record a return by a credit customer of defective merchandise on which no sales tax was charged includes Multiple Choice a debit to Sales and a credit to Accounts Receivable. a debit to Accounts Receivable and a credit to Sales Returns and Allowances. a debit to Sales and a credit to Sales Returns and Allowances. a debit to Sales Returns and Allowances and a credit to Accounts Receivable.
• 17. On June 12, Music, Inc. sells \$4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the customer pays on June 20, select the entry to record the receipt of the customer’s payment: Multiple Choice Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000 ________________________________________ • Cash 4,000 Accounts Receivable 4,000 ________________________________________ Cash 4,000 Sales Discounts 40 Accounts Receivable 3,960 ________________________________________ Accounts Receivable 3,960
• 18. Sales Discounts 40 Cash 4,000 ________________________________________ Which of the following describes the Sales Returns and Allowances account? Multiple Choice A contra expense account with a normal debit balance. An expense account with a normal debit balance. A revenue account with a normal credit balance. A contra revenue account with a normal debit balance. The Sales Returns and Allowances account is reported Multiple Choice
• 19. on the income statement as an addition to Sales. on the balance sheet as a deduction from Capital. on the income statement as a deduction from Sales. on the balance sheet as a deduction from Accounts Receivable. Which of the following is a common example of the distribution channel? Multiple Choice Customer sells to Wholesaler who sells to Retailer who sells to Wholesaler Manufacturer sells to Wholesaler who sells to Retailer who sells to Customer Manufacturer sells to Customer who sells to Wholesaler who sells to Retailer Manufacturer sells to Retailer who sells to Wholesaler who sells to Customer Which of the following is not one of the three basic types of businesses? Multiple Choice
• 20. Service Manufacturing International Merchandising =============================================== ACC 291T Assignment Week 2 Apply: Connect® Exercise For more course tutorials visit www.newtonhelp.com ACC 291T ASSIGNMENT Week 2 Apply: Connect® Exercise Review the Knowledge Check in preparation for this Assignment. Complete the Week 2 Exercise in Connect®. Note: You have only one attempt available to complete this Assignment.
• 21. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date Credit terms of 2/10, n/45 mean: Multiple Choice payment in full is due 2 days after date of the invoice. • if the invoice is paid within 10 days of its date, a 2% discount may be taken; otherwise the total amount is due in 35 days. • if the invoice is paid within 10 days of its date, a 2% discount may be taken; otherwise the total amount is due in 45 days. • payment in full is due 45 days after date of the invoice with no discount offered. Assuming a periodic inventory system is used, the entry to record a return of merchandise purchased on credit would: Multiple Choice • debit Purchases Returns and Allowances and credit Accounts Receivable. •
• 22. debit Purchases Returns and Allowances and credit Purchases. • debit Purchases and credit Purchases Returns and Allowances. • debit Accounts Payable and credit Purchases Returns and Allowances. Assuming a periodic inventory system is used, freight charges on merchandise purchases should be debited to: Multiple Choice • the creditor’s account in the subsidiary ledger. • the Freight In account. • the Purchases account. • the Accounts Payable account. Which of the following statements is ?
• 23. Multiple Choice • Purchases Discounts is a contra expense account with a normal credit balance. • Purchases Discounts is a revenue account with a normal credit balance. • Purchases Discounts is an asset account with a normal credit balance. • Purchases Discounts is an expense account with a normal debit balance. Which of the following statements is ? Multiple Choice • The person who ordered the goods should also authorize payment. • Purchase requisitions do not need to be printed on pre-numbered forms. • Calculations on an invoice are assumed to be if computer generated.
• 24. • Purchases should be made only after receiving proper written authorization. On Oct 1, Jerry’s Lighting purchased merchandise with a list price of \$5,000 with credit terms of 1/10, n/30. On Oct 3, Jerry’s returns \$500 of the merchandise. Assuming a periodic inventory system is used and Jerry’s pays the remaining amount owed on the purchase within the discount period, Jerry’s journal entry to record the payment, would include: Multiple Choice • a debit to Accounts Receivable for \$4,500. • a debit to Purchase Discounts for \$45. •
• 25. inventory system, the journal entry on April 13, to record the payment of the amount owed, would be: DEBIT CREDIT A) Accounts Payable 1,000 Cash 1,000 B) Accounts Reveivable 1,000 Sales Discounts 16 Cash 984 C) Accounts Payable 800 Merchandise Inventory 16 Cash 784 D) Accounts Payable 800 Purchase Discounts 16 Cash 784 ________________________________________ Multiple Choice •
• 26. Option D. • Option A. • Option B. • Option C. =============================================== ACC 291T Assignment Week 2 Practice: Connect® Knowledge Check For more course tutorials visit www.newtonhelp.com ACC 291T ASSIGNMENT Week 2 Practice: Connect® Knowledge Check Complete the Week 2 Knowledge Check in Connect®.
• 27. Note: You have unlimited attempts available to complete this practice Assignment. The highest scored attempt will be recorded. These Assignments have earlier due dates, so plan accordingly. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date. Assuming a periodic inventory system is used, freight charges on merchandise purchases should be debited to: Multiple Choice the creditor’s account in the subsidiary ledger. the Freight In account.
• 28. the Purchases account. the Accounts Payable account. Which of the following statements is ? Multiple Choice Purchases Discounts is a contra expense account with a normal credit balance. Purchases Discounts is a revenue account with a normal credit balance. Purchases Discounts is an asset account with a normal credit balance. Purchases Discounts is an expense account with a normal debit balance. Which of the following statements is ?
• 29. Multiple Choice The person who ordered the goods should also authorize payment. Purchase requisitions do not need to be printed on pre-numbered forms. Calculations on an invoice are assumed to be if computer generated. Purchases should be made only after receiving proper written authorization. On Oct 1, Jerry’s Lighting purchased merchandise with a list price of \$5,000 with credit terms of 1/10, n/30. On Oct 3, Jerry’s returns \$500 of the merchandise. Assuming a periodic inventory system is used and Jerry’s pays the remaining amount owed on the purchase within the discount period, Jerry’s journal entry to record the payment, would include: Multiple Choice
• 30. a debit to Accounts Receivable for \$4,500. a debit to Purchase Discounts for \$45. a debit to Accounts Payable for \$4,500. a debit to Merchandise Inventory for \$45. When a payment is due is determined by the invoice date and the: Multiple Choice transportation schedule. accounting cycle. credit terms.
• 31. Cash 1,000 B) Accounts Reveivable 1,000 Sales Discounts 16 Cash 984 C) Accounts Payable 800 Merchandise Inventory 16 Cash 784 D) Accounts Payable 800 Purchase Discounts 16 Cash 784 ________________________________________ Multiple Choice
• 32. Option D. Option A. Option B. Option C. =============================================== ACC 291T Assignment Week 3 Apply: Connect® Exercise For more course tutorials visit www.newtonhelp.com ACC 291T ASSIGNMENT Week 3 Apply: Connect® Exercise Review the Knowledge Check in preparation for this Assignment.
• 33. Complete the Week 3 Exercise in Connect®. Note: You have only one attempt available to complete this Assignment. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date Which of the following statements is not correct? Multiple Choice • In accounting, the term “cash” includes checks, money orders, and funds on deposit in a bank as well as currency and coins. • In a well managed business, most bills are paid by cash. •
• 34. The cash register proof is used to enter the cash sales and sales tax in the journal. • The petty cash account balance is usually listed separately from the Cash account on the Balance Sheet. Most businesses use the petty cash fund to pay for Multiple Choice • internal expenses. • accounts payable. • small expenditures. • merchandise purchases. Which of the following statements is correct? Multiple Choice • An endorsement is a written authorization that transfers ownership of a check. • If a check is negotiable, it means that ownership cannot be transferred.
• 35. • A check is a written order signed by an authorized person, the drawee. • Most businesses make one monthly deposit of cash receipts in order to maintain better control over their cash. The entry to replenish a petty cash fund typically includes Multiple Choice • a debit to Cash and a credit to Petty Cash. • debits to various asset and expense accounts and a credit to Cash. • debits to various expense accounts and a credit to Petty Cash Fund. • a debit to Petty Cash Fund and a credit to Cash. ABC Office Suppliers keeps a \$200 change fund in its cash register. The cash sales per the cash register tape on May 30 were \$700. The cash
• 36. count was \$908. Identify the correct journal entry below to record the sales and cash overage (or shortage) for May 30. DEBIT CREDIT (A) Cash 700 Cash Short or Over 8 Sales 708 (B) Cash 700 Sales 700 (C) Cash 708
• 37. deducted from the book balance. • deducted from the bank statement balance. • added to the book balance. The bank statement did not show a check for \$630 that was written and recorded by the company during the month. The journal entry needed for this reconciling item includes: Multiple Choice • a debit to cash. • a credit to Accounts Payable. • a credit to Cash. • no journal entry is required for the reconciling item. =============================================== ACC 291T Assignment Week 3 Practice: Connect® Knowledge Check
• 38. For more course tutorials visit www.newtonhelp.com ACC 291T ASSIGNMENT Week 3 Practice: Connect® Knowledge Check Complete the Week 3 Knowledge Check in Connect®. Note: You have unlimited attempts available to complete this practice Assignment. The highest scored attempt will be recorded. These Assignments have earlier due dates, so plan accordingly. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.
• 39. The bank statement did not show a check for \$630 that was written and recorded by the company during the month. The journal entry needed for this reconciling item includes: Multiple Choice • a credit to Accounts Payable. • no journal entry is required for the reconciling item. • a debit to cash. • a credit to Cash. Included with its bank statement a firm may receive a credit memorandum, which could indicate Multiple Choice •
• 40. a fee for printing new business checks. • a bank service charge deducted from the firm’s account balance. • an addition to the firm’s account balance because the bank collected the amount due on a promissory note from a customer of the firm. • the bank’s return of a dishonored (NSF) check that was issued by a credit customer of the firm. A firm appropriately wrote a check for \$78 but entered the amount as payment of \$87 in its records. On a bank reconciliation statement this error would be shown as Multiple Choice • a deduction of \$9 from the book balance. • an addition of \$9 to the book balance. • a deduction of \$9 from the bank statement balance. • an addition of \$9 to the bank statement balance.
• 41. Which of the following is not a reason why the book balance of cash may not agree with the balance on the bank statement? Multiple Choice • Outstanding checks • End of the month • Service charges and other deductions • Deposit in transit The bank statement did not show a deposit of \$850 that had been recorded by the firm. The journal entry needed for this reconciling item includes: Multiple Choice • a credit to Accounts Receivable. • a credit to Cash. • no journal entry is required for the reconciling item. •
• 42. a debit to cash. The bank statement showed an NSF check from a customer, which the company listed as a reconciling item on the bank reconciliation statement. The journal entry needed for this reconciling item includes: Multiple Choice • a debit to NSF Expense. • a debit to cash. • a credit to Cash. • a credit to Accounts Receivable. To arrive at an accurate balance on a bank reconciliation statement, a service charge should be •
• 43. • deducted from the book balance. To arrive at an accurate balance on a bank reconciliation statement, outstanding checks should be Multiple Choice • added to the bank statement balance. • deducted from the book balance. • added to the book balance. • deducted from the bank statement balance. The entry to replenish a petty cash fund typically includes Multiple Choice •
• 44. debits to various asset and expense accounts and a credit to Cash. • debits to various expense accounts and a credit to Petty Cash Fund. • a debit to Cash and a credit to Petty Cash. • a debit to Petty Cash Fund and a credit to Cash. =============================================== ACC 291T Assignment Week 4 Apply: Connect® Exercise For more course tutorials visit www.newtonhelp.com ACC 291T ASSIGNMENT Week 4 Apply: Connect® Exercise Review the Knowledge Check in preparation for this Assignment.
• 45. Complete the Week 4 Exercise in Connect®. Note: You have only one attempt available to complete this Assignment. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date. Identify the statement below that is true regarding the Allowance for Doubtful Accounts account. Multiple Choice • The account has a normal credit balance and is reported on the balance sheet. • The account has a normal debit balance and is reported on the balance sheet. • The account has a normal credit balance and is reported on the income statement. • The account has a normal debit balance and is reported on the income statement.
• 46. On June 1, 2019, Mighty Fast Flooring issued a 10-month, 9 percent note for \$5,000. The note was recorded in the Notes Payable-Trade account. The adjusting entry on December 31 to record the interest accrued (owed) on the note is: Multiple Choice • a debit to Interest Expense for \$450.00 and a credit to Interest Payable for \$450.00. • a debit to Interest Income for \$450.00 and a credit to Interest Receivable for \$450.00. • a debit to Interest Expense for \$262.50 and a credit to Interest Payable for \$262.50. Correct • a debit to Interest Expense for \$262.50 and a credit to Notes Payable- Trade for \$262.50.
• 47. On January 1, 2019, a firm purchased machinery for \$19,000. Depreciation expense for the year ending December 31, 2019, given the straight-line method, a 8-year useful life, and a salvage value of \$2,000, is Multiple Choice • \$2,125. • \$2,000. • \$2,375. • \$2,400. Which of the following statements is correct? Multiple Choice • Income that has been earned but not yet received is called accrued income. • Unearned Subscription Income is a liability account. •
• 48. Under the accrual basis of accounting, revenue is recognized and recorded in the period when it is earned regardless of when cash related to the transaction is received. • All of these statements are correct. On November 1, 2019, a firm accepted a 5-month, 10 percent note for \$1,200 from a customer with an overdue balance. The accrued interest recorded for this note for the year ended December 31, 2019, is Multiple Choice • \$120. • \$60.
• 49. • \$3,250 • \$8,125 Depreciation Expense has a debit balance in the Trial Balance section of the worksheet of \$2,200 and a debit of \$200 in the adjustments section of the worksheet, the balance of Depreciation Expense in the Adjusted Trial Balance section of the worksheet is a Multiple Choice • \$2,400 credit. • \$200 debit. • \$2,000 debit. • \$2,400 debit.
• 50. =============================================== ACC 291T Assignment Week 4 Practice: Connect® Knowledge Check For more course tutorials visit www.newtonhelp.com ACC 291T ASSIGNMENT Week 4 Practice: Connect® Knowledge Check Complete the Week 4 Knowledge Check in Connect®. Note: You have unlimited attempts available to complete this practice Assignment. The highest scored attempt will be recorded. These Assignments have earlier due dates, so plan accordingly. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.
• 51. Rose Bush Nursery purchased a delivery truck for \$40,000. The truck is expected to have a useful life of 5 years and a residual value of \$2,800. The company uses the straight-line method of depreciation. If the truck was purchased on June 1, 2019, what is the amount of depreciation expense for the truck for the year ended December 31, 2019? Multiple Choice • \$2,800 • \$3,100 •
• 52. \$7,440 • \$4,340 The ending merchandise inventory is recorded on the worksheet in the Multiple Choice • Income Statement Debit column only. • Income Statement Credit column only. • Income Statement Credit and the Balance Sheet Debit columns. • Balance Sheet Debit column only. After both of the entries for the inventory adjustment have been posted, the debit in the Income Summary account represents: Multiple Choice • Beginning Inventory •
• 53. Net Income • Ending Inventory • Cost of Goods Sold An adjusting entry is usually not required for a revenue item when it is Multiple Choice • earned, recorded and paid for by the customer in one period. • paid for by the customer and recorded in one period but not fully earned until a later period.
• 54. • earned in one period but not paid for by the customer or recorded until a later period. • budgeted, paid for, and partially earned in one period but not fully earned until a later period. On December 1, 2019, a firm accepted a 6-month, 12 percent note for \$10,000 from a customer. The adjusting entry on December 31 to record the interest earned on the note is: Multiple Choice • a debit to Interest Receivable for \$600 and a credit to Interest Income for \$600. • a debit to Interest Income for \$100 and a credit to Interest Receivable for \$100. •
• 55. a debit to Interest Receivable for \$1,200 and a credit to Interest Income for \$1,200. • a debit to Interest Receivable for \$100 and a credit to Interest Income for \$100. Which of the following statements is correct? Multiple Choice • On the worksheet, the amount of the ending merchandise inventory is shown in the Income Statement Credit column in the account Income Summary and the Balance Sheet Debit column in the account Merchandise Inventory. • All of these statements are correct. • On the worksheet, the totals of the Income Statement columns should equal the totals of the Balance Sheet columns. •
• 56. On the worksheet, if debits exceed credits in the Adjusted Trial Balance section, the difference represents a net loss. Allowance for Doubtful Accounts is reported in the Multiple Choice • Assets section of the balance sheet. • Liabilities section of the balance sheet. • Cost of Goods Sold section of the income statement. • Operating Expenses section of the income statement.
• 57. During the year, Spirit Fun had net credit sales of \$800,000. Past experience shows that 1.5 percent of the firm’s net credit sales will be uncollectible. Determine the adjusting entry needed to recognize the estimated expense for these uncollectible accounts. Multiple Choice • debit Allowance for Doubtful Accounts \$12,000 and credit Accounts Receivable \$12,000. • debit Uncollectible Accounts Expense \$12,000 and credit Allowance for Doubtful Accounts \$12,000. •
• 58. debit Uncollectible Accounts Expense \$12,000 and credit Accounts Receivable \$12,000. • debit Uncollectible Accounts Expense \$120,000 and credit Allowance for Doubtful Accounts \$120,000. On January 2, 2019, a firm purchased equipment for \$10,000. Depreciation expense for the year ending December 31, 2019, given the straight-line method, a 5-year useful life, and a salvage value of \$1,200, is Multiple Choice • Hugh Morris Company pays weekly wages of \$15,000 every Friday for a five day week ending on that day. If the last day of the year is on Tuesday, the adjusting entry to record the accrued wages is: Multiple Choice
• 59. • debit Wages Expense \$6,000; credit Drawing \$6,000 • debit Wages Expense \$6,000; credit Wages Payable \$6,000 • debit Wages Expense \$15,000; credit Cash \$15,000 • debit Wages Expense \$9,000; credit Wages Payable \$9,000 =============================================== ACC 291T Assignment Week 5 Apply: Connect® Exercise For more course tutorials visit www.newtonhelp.com ACC 291T ASSIGNMENT Week 5 Apply: Connect® Exercise Review the Knowledge Check in preparation for this Assignment. Complete the Week 5 Exercise in Connect®.
• 60. Note: You have only one attempt available to complete this Assignment. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date The beginning capital balance shown on a statement of owner’s equity is \$80,000. Net income for the period is \$35,000. The owner withdrew \$18,000 cash from the business and made no additional investments during the period. The owner’s capital balance at the end of the period is Multiple Choice \$133,000. • \$97,000. • \$80,000. • \$63,000.
• 61. The balance of the owner’s drawing account is reported Multiple Choice • in the Other Expenses section of the income statement. • on the statement of owner’s equity. • in the Current Assets section of the balance sheet. • in the Operating Expenses section of the income statement. Which of the following statements is not correct? Multiple Choice • The gross profit percentage is calculated by dividing the gross profit for the year by the net sales for the year. •
• 62. The average inventory is calculated by adding the beginning inventory to the ending inventory and dividing the sum by 2. • A current ratio of 3.5 to 1 means that a firm has \$3.50 in current liabilities for every \$1 of current assets. • Working capital is the difference between total current assets and total current liabilities. On May 1, Brown’s Antiques paid \$18,000 for 12 months of advance rent on its store and immediately debited the asset account Prepaid Rent for the full amount. Select the adjusting entry made on December 31, to record the amount of rent that had expired. Multiple Choice • Prepaid Rent 12,000 Rent Expense 12,000 ________________________________________ • Prepaid Rent 18,000 Rent Expense 18,000
• 63. ________________________________________ • Rent Expense 10,500 Prepaid Rent 10,500 ________________________________________ • Payroll Tax Expense The current ratio is calculated by Multiple Choice • dividing total assets by total liabilities. • subracting current liabilities from current assets. • dividing current assets by current liabilities.
• 64. • adding current assets to current liabilities. =============================================== ACC 291T Assignment Week 5 Practice: Connect® Knowledge Check For more course tutorials visit www.newtonhelp.com ACC 291T ASSIGNMENT Week 5 Practice: Connect® Knowledge Check Complete the Week 5 Knowledge Check in Connect®. Note: You have unlimited attempts available to complete this practice Assignment. The highest scored attempt will be recorded. These Assignments have earlier due dates, so plan accordingly.
• 65. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date. Interest Expense is classified as a(n): Multiple Choice • Other Income • Administrative Expense • Other Expense • Selling Expense Which of the following accounts would be closed at the end of the accounting period? Multiple Choice
• 66. • Prepaid Rent • Accumulated Depreciation • Depreciation Expense • Capital The Income Summary account, for Wise Tools appears below. Based on the data contained in the account, determine which of the statements below is correct. Income Summary 12/31 beg inv. 4,000 12/31 ending inv. 9,000 12/31 expenses 51,000 12/31 revenues 45,000 Multiple Choice
• 67. Wise Tools will report a \$6,000 net loss for the period ending 12/31 • Wise Tools will report a \$1,000 net loss for the period ending 12/31 • multiple-step income statement. For the current fiscal year, Purchases were \$187,000,Purchase Returns and Allowances were \$4,200 and Freight In was \$10,500. If the beginning merchandise inventory was \$98,000 and the ending merchandise inventory was \$103,000, the Cost of Goods Sold is: Multiple Choice • \$193,300 • \$167,300 • \$196,700
• 68. • \$188,300 Which of the following groups of accounts will have zero balances after the closing process is completed? Multiple Choice • Allowance for Doubtful Accounts and Uncollectible Accounts Expense • Depreciation Expense and Accumulated Depreciation—Equipment • Purchases and Purchases Returns and Allowances • Merchandise Inventory and Sales ===============================================