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MGT 103 Midterm 1 Practice Problems Questions and Answers (100% Pass)
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MGT 103 Midterm 1 Practice Problems Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+MGT 103 Midterm 1 Practice
Problems Questions and Answers
(100% Pass)
Paid $100 for one year's rent. The journal entry would include:
a. A credit to accounts payable
b. A credit to cash
c. A credit to rent revenue
d. No journal entry is needed
✓ b. A credit to cash
Purchased $500 of supplies on account. The journal entry would include:
a. A debit to inventory expense
b. A debit to accounts receivable
c. A debit to supplies
d. No journal entry is needed
✓ c. A debit to supplies
True or False: An overstatement of ending inventory would cause net income
to be overstated.
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ True
Accrued interest on a note receivable at the end of the period equals $120.
Omission of this entry would cause which of the following:
a. Net income is understated and retained earnings is understated
b. Net income is overstated and retained earnings is overstated
c. Net income is understated and retained earnings is overstated
d. No effect on the income statement
✓ a. Net income is understated and retained earnings is understated
Employees are owed $3,000 of wages at the end of the year. Omission of the
adjusting entry would include:
a. Net income is overstated and assets are overstated
b. Net income is overstated and liabilities are understated
c. Net income overstated and liabilities are overstated
d. None of the above
✓ b. Net income is overstated and liabilities are understated
A general journal:
a. contains one record for each account
Master01 | October, 2024/2025 | Latest update
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