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A1 RT2 Corrections
| Question | Answer |
|---|---|
| 9. Jamie is an accountant. She knows that she is expected to produce accurate financial reports from her audit. She knows when she submits her report to her superiors her friend will suffer consequences for misappropriation of funds. | Objectivity |
| Jamie submits an accurate report and follows which key principle for ethics in accounting? | Objectivity |
| 10.A local accounting firm wrote in a recommendation for Mary that she possesses a great deal of integrity and has excellent basic skills in literacy and computation. This is classified as which skill? | Foundation Skills |
| 11.Mary has applied for a position as an accounting clerk for a local company. She listed as her qualifications that she is a problem-solver and needs little direction to complete assigned tasks. This is classified as which skill? | 21st Century Skills |
| 17. Bill James discovered that a transaction for Utilities Expense was journalized and posted in error as a debit to Repair Expense, $250. What is the entry to correct the error? | Debit Utilities Expense,$250 Credit Repair Expense $250 |
| 22. Mike is posting journal entries to the General Ledger. He has just calculated the new account balance in the credit column for Sales. What is the NEXT step in the posting procedure? | Record the account number that the entry was posted to in the journal in the post reference column. |
| 32. On the last day of April, Jack prepared the adjusting entries for his company. He has written "Adjusting Entries" in the Account Title column and recorded April 30 in the date column. What will Jack do NEXT? | Write the title of the account debited in the Account Title Column |
| 59. . Office Equipment has a balance of $9,000. The equipment has a useful life of 3 years and a salvage value of $3,000. At the end of the year, how is the adjusting entry for depreciation recorded on a multi-column trial balance worksheet? | In the adjustments columns, Debit Depreciation Expense - Office Equipment, $2,000; Credit Accumulated Depreciation - Office Equipment, $2,000. |
| 62.Which would be the correct posting of the General Journal Entry shown in Figure 3.03 M to the General Ledger? | Debit Supplies-Store $220; credit Accounts Payable-Control, $220 and Accounts Payable/Gourmet Foods, $220 |
| 68. . Using the year ended worksheet for Alaina's Accounting in Figure 3.03 T, what is the Acc. Depr. - Store Equip. balance on the Post-Closing Trial Balance? | The Acc. Depr. - Store Equip balance is $1,500 |
| 79.WKRP Broadcasting paid state unemployment taxes of $95.00. What is the entry to journalize the payment of the unemployment taxes? | Debit State Unemployment Tax Payable $95.00; credit Cash $95.00 |
| 86. Beach Bums Surf Shop signed a 90-day, 5%, interest-bearing note for $3,000.00 with First National Bank. What is the journal entry for the issuance of the note payable? | Debit Cash $3,000.00; credit Notes Payable $3,000.00 |
| 87. Using the information given in Scenario 5.01 C, what is the total amount of interest to be paid on this note? | $600.00 |
| 90. Carson's Candy Shoppe signed a 60-day, 10% note to Jello Beans for an extension of time on its account payable in the amount of $2,000.00. What is the correct entry for Carson's Candy Shoppe to record the note payable for an extension of time? | Debit Accounts Payable/Jello Beans $2,000.00; credit Notes Payable $2,000.00 |
| 91. Steve's Auto Shop uses the direct write-off method when handling uncollectible accounts receivable. John Taylor owes $375.00 on account. Steve's Auto Shop determined this account to be uncollectible. | Debit Uncollectible Accounts Expense, $375.00; Credit Accounts Receivable/John Taylor, $375.00 |
| 96. Steve's Auto Parts purchased a display case on January 1, 2009 for $3,400.00. The estimated salvage (disposal) value is $200.00 and the estimated useful life is 10 years. What is the accumulated straight-line depreciation at the end of 2011? | $960.00 |
| 97.Mountain Business Services purchased a computer on July 1, 2010 for $2,500.00. The estimated salvage (disposal) value is $100.00 and the estimated useful life is 5 years. What is the depreciation expense for 2010? | $240.00 |
| 98.Creative Art Supplies purchased a delivery van on March 1, 2009 for $12,500.00. The estimated salvage (disposal) value is $500.00 and the estimated useful life is 10 years. What is the accumulated depreciation at the end of 2011? | $3400.00 |
| 99. NC Office Supply purchased a heating system on September 1, 2010 for $18,500.00. The estimated salvage (disposal) value is $500.00 and the estimated useful life is 10 years. What is the depreciation expense for 2010? | $600.00 |
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bailey.baucom69
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