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Question 1 Jackson Company recorded the following cash transactions for the year: Paid $135,000 for salaries.Paid $60,000 to purchase office equipment.Paid $15,000 for utilities.Paid $6,000 in dividends.Collected $245,000 from customers. Question 2 Which of the following describes the classification and normal balance of the Unearned Rent Revenue account
Question 3 Posting Question 4 The following is selected information from L Corporation for the fiscal year ending October 31, 2014. Cash received from customers $300,000Revenue earned 390,000Cash paid for expenses 170,000Cash paid for computers on November 1, 2013 that will be used for 3 years 48,000Expenses incurred including any depreciation 216,000 Question 5 La More Company had the following transactions during 2013.• Sales of $4,500 on account• Collected $2,000 for services to be performed in 2014• Paid $1,325 cash in salaries• Purchased airline tickets for $250 in December for a trip to take place in 2014 Question 6 Which one of the following is not a justification for adjusting entries
Question 7 The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indi-cated only $1,000 on hand. The adjusting entry that should be made by the company on June 30 is: Question 8 Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP in-clude all of the following except Question 9 Conway Company purchased merchandise inventory with an invoice price of $9,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Conway Company pays within the discount period
Question 10…

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