ACC 101 Midterm Review || All Answers Are Correct 100%.
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ACC 101
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ACC 101
Closing Entries correct answers Dr. Revenue Cr. Expenses (Dr. RE if net loss, Cr. RE if net income)
Dr. R.E Cr. Dividends
debit correct answers "what you get"
credit correct answers "how you get it/ what was used up"
Adjusting Entries correct answers Revenue or Expense
Dr. unearned r...
ACC 101 Midterm Review || All Answers Are Correct 100%.
Closing Entries correct answers Dr. Revenue Cr. Expenses (Dr. RE if net loss, Cr. RE if net
income)
Dr. R.E Cr. Dividends
debit correct answers "what you get"
credit correct answers "how you get it/ what was used up"
Adjusting Entries correct answers Revenue or Expense
Dr. unearned revenue cr. sales revenue or dr. asset cr. sales revenue
Dr. expense cr. assets, prepaid, supplies or dr. expense cr. liability
Balance Sheet correct answers are permanent account or real account
revenue, expense, dividends correct answers are temporary accounts
credits LCR correct answers Liabilities, common stock, retained earnings, revenue
Which of the following accounts is classified as an ASSET on the balance sheet?
a. rent expense
b. wages payable
c.prepaid insurance
d. retained earnings correct answers c. prepaid insurance
If Kate wants to know the amount that ALDO paid its stockholders during year-end, she should
look on the company's
a. balance sheet
b. income statement
c. statement of stockholders' equity
d. statement of cash flows correct answers c. statement of stockholders' equity
If Kate wants to know the amount of profit that ALDO earned in the most recent fiscal year, she
should look on the company's
a. balance sheet
b. income statement
c. statement of stockholders' equity
, d. statement of cash flows correct answers b. income statement
A company purchased inventory on account. What is the effect of this transaction on the
accounting equation?
a. increase assets and decrease liabilities.
b. increase liabilities and increase stockholders' equity.
c. increase assets and increase liabilities.
d. decrease assets and increase liabilities. correct answers c. increase assets and increase
liabilities
dr. inventory (asset)
cr. accounts payable
A company accrued expenses. What is the effect of this transaction on the accounting equation?
(exam)
a. increase assets and decrease liabilities.
b. increase liabilities and increase stockholders' equity.
c. increase liabilities and decrease stockholders' equity.
d. decrease assets and increase liabilities. correct answers c. increase liabilities and decrease
stockholders' equity
dr. expense cr. account payable
Which of the following statements is TRUE?
a. If a company provides service and bills its client $40,000, the journal entry to record this
transaction will cause Total Assets to increase.
b. If a company collects a cash deposit of $40,000 for services not yet performed, the journal
entry to record this transaction will cause Net Income to increase.
c. If a company pays $40,000 for inventory previously purchased on account, the journal entry to
record this payment will cause Total Liabilities to increase.
d. None of the above. correct answers If a company provides service and bills its client $40,000,
the journal entry to record this transaction will cause Total Assets to increase.
Which of the following accounts is decreased with a CREDIT?
a. Unearned Revenue
b. Sales Revenue
c. Accounts Receivable
d. Accounts Payable correct answers c. Accounts Receivable
On September 1, Trader Joe's purchases $1,000,000 worth of merchandise inventory on credit.
On September 21, Trader Joe's pays $1,000,000 cash related to this purchase.
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