ACC290 Final Exam Complete Solution Guide New Get an
ACC290 Final Exam Complete Solution Guide (New) Get an
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$300,000 Revenue earned390,000 Cash paid for expenses170,000 Cash paid for computers on November 1, 2013 that will be used for 3 years48,000 Expenses incurred including any depreciation216,000 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...
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