{"id":47533,"date":"2022-04-01T04:43:37","date_gmt":"2022-04-01T04:43:37","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/accounting-mcqs-accounting-homework-help-2\/"},"modified":"2022-04-01T04:43:37","modified_gmt":"2022-04-01T04:43:37","slug":"accounting-mcqs-accounting-homework-help-2","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/accounting-mcqs-accounting-homework-help-2\/","title":{"rendered":"Accounting mcq’s !! | Accounting homework help"},"content":{"rendered":"
\n

31.A company raised $50,000 in cash by taking a one-year loan of $10,000 and a 5-year loan of $40,000. Which of the following is the correct journal entry to record this transaction?<\/p>\n

\u00a0<\/p>\n

Debit short-term debt $40,000; debit retained earnings $10,000; credit cash $50,000<\/p>\n

\u00a0<\/p>\n

Debit short-term debt $50,000; credit cash $50,000<\/p>\n

\u00a0<\/p>\n

Debit cash $50,000; credit long-term debt $50,000<\/p>\n

\u00a0<\/p>\n

Debit cash $50,000; credit short-term debt $10,000; credit long-term debt $40,000<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

32.Which one of the following statements describes the rules about posting transactions into T-accounts in the ledger?<\/p>\n

\u00a0<\/p>\n

For assets, debits are entered on the left; for liabilities, credits are entered on the left<\/p>\n

\u00a0<\/p>\n

For assets, credits are entered on the left; for liabilities, debits are entered on the left<\/p>\n

\u00a0<\/p>\n

Debits on the left; credits on the right<\/p>\n

\u00a0<\/p>\n

Credits on the left; debits on the right<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

33.Baxtra, Inc. pays $20,000 in cash as interest to its lenders during 2005. According to U.S. GAAP, in which section of the statement of cash flows would this payment be included?<\/p>\n

\u00a0<\/p>\n

The operating section<\/p>\n

\u00a0<\/p>\n

The financing section<\/p>\n

\u00a0<\/p>\n

The investing section<\/p>\n

\u00a0<\/p>\n

Depends on whether cash flow statement is direct or indirect method.<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

34.Taylor Company had a salaries payable balance of $18,000 on December 31, 2004. During 2005, it paid $50,000 in cash as salaries, and recorded a salary expense of $50,000. Its December 31, 2005 salaries payable balance is:<\/p>\n

\u00a0<\/p>\n

$50,000<\/p>\n

\u00a0<\/p>\n

$18,000<\/p>\n

\u00a0<\/p>\n

$100,000<\/p>\n

\u00a0<\/p>\n

Cannot be determined from the information provided<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

35.On April 30, 2005, Zono Electronics, Inc. made a payment of $3,500 to Imperial Distributors, a supplier. Choose the statement that best describes the recording of this financial transaction by Imperial Distributors.<\/p>\n

\u00a0<\/p>\n

Debit cash $3,500; credit accounts payable $3,500<\/p>\n

\u00a0<\/p>\n

Debit accounts receivable $3,500; credit cash $3,500<\/p>\n

\u00a0<\/p>\n

Debit accounts payable $3,500; credit cash $3,500<\/p>\n

\u00a0<\/p>\n

Debit cash $3,500; credit accounts receivable $3,500<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

36.Sardi Company estimates its 2005 tax expense to be $80,000. It makes a cash payment of $20,000 to the tax authorities on December 31, 2005. How should this transaction be recorded by Sardi?<\/p>\n

\u00a0<\/p>\n

Debit tax expense $80,000; credit cash $60,000; credit taxes payable $20,000<\/p>\n

\u00a0<\/p>\n

Debit tax expense $80,000; credit cash $20,000; credit taxes payable $60,000<\/p>\n

\u00a0 \u00a0<\/p>\n

Debit tax expense $80,000; credit cash $20,000<\/p>\n

\u00a0<\/p>\n

Debit tax expense $80,000; credit cash $20,000; credit accounts payable $60,000<\/p>\n

\u00a0<\/p>\n

37.On June 1, 2005, Planet Music has accounts payable of $45,000. During the month, debits of $3,000 and credits of $11,000 were made to the account. At the end of June 2005, what was the accounts payable balance?<\/p>\n

\u00a0<\/p>\n

A credit balance of $53,000<\/p>\n

\u00a0<\/p>\n

A debit balance of $42,000<\/p>\n

\u00a0<\/p>\n

A credit balance of $56,000<\/p>\n

\u00a0<\/p>\n

A debit balance of $53,000<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

38.Barnaby & Sons receives a large shipment of goods from its supplier. It pays $58,000 at the time of delivery and promises to pay the remaining $42,000 within the next two months. What is appropriate journal entry for this transaction?<\/p>\n

\u00a0<\/p>\n

Debit cash $42,000; debit inventory $16,000; credit accounts payable $58,000;<\/p>\n

\u00a0<\/p>\n

Debit inventory $100,000; credit cash $58,000; credit accounts payable $42,000<\/p>\n

\u00a0<\/p>\n

Debit accounts payable $58,000; credit cash $42,000; credit inventory $16,000<\/p>\n

\u00a0<\/p>\n

Debit accounts payable $58,000; debit cash $42,000; credit inventory $100,000<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

39.Annie’s Fitness sells a set of free weights to a customer for $1,000. The customer pays $600 in cash and puts the rest on her store credit account. Which one of the following statements describes the most appropriate accounting for the transaction?<\/p>\n

\u00a0<\/p>\n

Debit cash $600; debit accounts receivable $400; credit cost of good sold $1000<\/p>\n

\u00a0<\/p>\n

Debit cash $600; debit accounts receivable $400; credit revenues $1,000<\/p>\n

\u00a0<\/p>\n

Debit revenues $1,000; credit cash $600; credit accounts receivable $400<\/p>\n

\u00a0<\/p>\n

Debit cash $600; debit accounts receivable $400; credit inventory $1,000\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

31.A company raised $50,000 in cash by taking a one-year loan of $10,000 and a 5-year loan of $40,000. Which of the following is the correct journal entry to record this transaction? \u00a0 Debit short-term debt $40,000; debit retained earnings $10,000; credit cash $50,000 \u00a0 Debit short-term debt $50,000; credit cash $50,000 \u00a0 Debit cash […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-47533","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/47533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=47533"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/47533\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=47533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=47533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=47533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}