100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
HBX Core Harvard Business School Study Guide Test. CA$18.08   Add to cart
Quickly navigate to
Preview
  2.  
  3. Harvard University
  4.  
  5. HBS.

Exam (elaborations)

HBX Core Harvard Business School Study Guide Test.
 8 views  0 purchase
  • Course
  • HBS.
  • Institution
  • Harvard University

HBX Core Harvard Business School Study Guide Test. (liability) ACCOUNTS PAYABLE increases with a - CORRECT ANSWER Credit (asset) CASH decreases with a - CORRECT ANSWER Credit (asset) NOTES RECEIVABLE increases with a - CORRECT ANSWER Debit (owners equity) COMMON STOCK decreases with a -...

[Show more]

Preview 2 out of 6  pages

Document information

  • September 11, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • hbs
  • hbx core harvard business school study guide test

Written for

  • Harvard University
  • HBS.
All documents for this subject (14)

Seller

avatar-seller
ROSEGRADES

Reviews received

Content preview

HBX Core Harvard Business School
Study Guide Test.
(liability) ACCOUNTS PAYABLE increases with a - CORRECT ANSWER Credit



(asset) CASH decreases with a - CORRECT ANSWER Credit



(asset) NOTES RECEIVABLE increases with a - CORRECT ANSWER Debit



(owners equity) COMMON STOCK decreases with a - CORRECT ANSWER Debit



(asset) PROPERTY, PLANT & EQUIPMENT decreases with a - CORRECT ANSWER Credit



(liability) LONG TERM DEBT increases with a - CORRECT ANSWER Credit



(owners equity) RETAINED EARNINGS increases with a - CORRECT ANSWER Credit



(liability) WAGES PAYABLE increases with a - CORRECT ANSWER Credit



On June 1, 2013 Cardullo's purchased a case of Vermeiren Cookie Spread as inventory from its supplier
for $200 and paid in cash. - CORRECT ANSWER Debit Inventory for $200

Credit Cash for $200



Suppose your company receives a large order from your best customer. Should this be treated as
revenue and recorded on your company's books? - CORRECT ANSWER No, Because revenue is not
considered earned until a product or service is delivered.



RETAINED EARNINGS increases with a - CORRECT ANSWER Credit

, PROPERTY, PLANT & EQUIPMENT decreases with a - CORRECT ANSWER Credit



NOTES RECEIVABLE increases with a - CORRECT ANSWER Credit



How would you record this transaction on a T-account - CORRECT ANSWER



Which of the following is TRUE regarding journal entries: - CORRECT ANSWER The total amount debited
must equal the total amount credited



Wise Guys Consulting issues an invoice for $9,000 to one of their clients for services provided. The terms
of the invoice call for payment 30 days after the invoice date. What would be the impact at the date the
services are completed and invoiced? - CORRECT ANSWER The correct answer is to debit Accounts
Receivable (an asset) for $9,000 as the company now has the right to receive cash, and credit Revenue
(part of owners' equity) for $9,000 to recognize the revenue associated with the sale.



Like A Wrecking Ball is a demolition company. At the end of a project, they presented their client with an
invoice for $18,000 and immediately received a check for the full amount. What is the journal entry to
record this receipt? - CORRECT ANSWER The correct answer is to debit Cash for $18,000 as the company
now has the cash (remember--checks are considered cash!) and credit Revenue for $18,000 to recognize
the revenue associated with the services provided.



Keep You in the Know (KYK) magazine received $120,000 cash in annual subscriptions in December
2013. KYK is a monthly publication and all of these subscriptions commence in January 2014. What entry
should KYK make on December 31, 2013 to record the payments received for these subscriptions? -
CORRECT ANSWER The correct answer is to debit Cash for $120,000 as the company now has the cash,
and credit Deferred Revenue for $120,000 as the company now has the obligation to provide services in
the future.



Friends International is an NGO that fosters greater cultural awareness and understanding by arranging
for people of different backgrounds to spend time in other countries and cultures. On January 1, 2014
they purchase $80,000 of open airline tickets in advance that can be used for a variety of destinations
because they need the flexibility and savings provided by such tickets. What entry should Friends
International make to record this purchase? - CORRECT ANSWER The correct answer is to debit Prepaid
Expense for $80,000 as the company now has the right to receive benefits from the prepaid tickets and
credit Cash for $80,000 as the company no longer has the cash.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ROSEGRADES. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$18.08. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75323 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$18.08
  • (0)
  Add to cart