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ACG Exam 1 Practice Problems Questions with accurate answers, 100% Accurate, rated A
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ACG Exam 1 Practice Problems Questions with accurate answers, 100% Accurate, rated A 1/1/12 - Total assets = $150,000. 12/31/12 - Total assets = $200,000; 1/1/12 - Total Stockholders' Equity = $100,000. 12/31/12 - Total Stockholders' Equity = $125,000. Amount of change and direction for lia...

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  • February 4, 2023
  • 2
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • acg exam 1 practice problems questions with accurate answers
  • 100 accurate
  • rated a 1112 total assets 150
  • 000 123112 total assets 200
  • 000 1112 total stockholders equity 1

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ACG Exam 1 Practice Problems
Questions with accurate answers, 100%
Accurate, rated A

1/1/12 - Total assets = $150,000. 12/31/12 - Total assets = $200,000;

1/1/12 - Total Stockholders' Equity = $100,000. 12/31/12 - Total Stockholders' Equity =

$125,000. Amount of change and direction for liabilities at 12/31/12? - ✔✔-Increase of $25,000



When a company performs a service on account for a customer, which of the following would

occur? - ✔✔-Stockholders' equity would increase (based on the increase to revenue)

(Use a (fictitious) nominal dollar amount to set the problem up using T accounts to solve)



Paying rent in advance for one full year would include a... - ✔✔-Debit to prepaid rent and a credit to
cash

(Use a (fictitious) nominal dollar amount to set the problem up using T accounts to solve)



If the credit amount of an entry to record the sale of common stock for cash was not posted: - ✔✔-
Stockholders' Equity would be understated ( if the credit was not recorded.)

(Use a (fictitious) nominal dollar amount to set the problem up using T accounts to solve )



What will be the result if no adjusting entry is made at the end of the accounting period to

record the actual use of supplies? - ✔✔-Assets would be overstated since the 'Supplies' account would
not have been reduced for

the supplies used during the period.



(Use a (fictitious) nominal dollar amount to set the problem up using T accounts to solve )



On 12/1/12, ABC Company receives $1,200 in advance for an annual contract to provide pest

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