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Exam (elaborations)

Financial Accounting Exam #1 Questions With Correct Answers

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  • Course
  • Financial Accounting
  • Institution
  • Financial Accounting

Financial Accounting Exam #1 Questions With Correct Answers Service revenue is accrued ($700) - answerDebit service revenue Credit accounts receivable Office supplied used $300 - answerDebit supplies expense Credit office supplies Depreciation on equipment $1,300 - answerDebit Depreciation eq...

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  • October 16, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Financial Accounting
  • Financial Accounting
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sirjoel
©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM



Financial Accounting Exam #1 Questions
With Correct Answers


Service revenue is accrued ($700) - answer✔Debit service revenue


Credit accounts receivable


Office supplied used $300 - answer✔Debit supplies expense


Credit office supplies


Depreciation on equipment $1,300 - answer✔Debit Depreciation equipment


Credit accumulated equipment


Salaries owed to employees - answer✔Debit salaries expense


credit salaries payable


Received $2750 for tax services performed on April 8 - answer✔Debit cash


Credit Accounts receivable


Paid cash dividends of $7500 - answer✔Debit dividends


Credit cash

, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM


Received $4900 - answer✔Debit cash


Credit service revenue


Paid office rent $900 - answer✔Debit Rent expense


Credit cash


Received $41,000 cash and issued common stock to Stewart - answer✔Debit cash


Credit common stock


Purchased office supplies, $1,200 and furniture $2,300 on account - answer✔Debit office

supplies ($1,200)

Debit furniture ($1,200)

Credit accounts payable ($2,300)


Performed services for a law firm and received $2,100 cash - answer✔Debit cash


Credit service revenue


Paid $27,000 cash to acquire land to be used in operations - answer✔Land cash


Credit cash

Performed services for a hotel and received its promise to pay the $800 within one week -

answer✔Debit accounts receivable

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