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HBX CORE HARVARD BUSINESS SCHOOL
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HBX CORE HARVARD BUSINESS SCHOOL
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HBX COREHARVARD
BUSINESS SCHOOL
(liability) ACCOUNTS PAYABLE increases with a - Answers -Credit
(asset) CASH decreases with a - Answers -Credit
(asset) NOTES RECEIVABLE increases with a - Answers -Debit
(owners equity) COMMON STOCK decreases with a - Answers -Debit
(asset) PROPERTY, PLANT & EQUIPMENT decreases with a - Answers -Credit
(liability) LONG TERM DEBT increases with a - Answers -Credit
(owners equity) RETAINED EARNINGS increases with a - Answers -Credit
(liability) WAGES PAYABLE increases with a - Answers -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. - Answers -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? - Answers -No, Because
revenue is not considered earned until a product or service is delivered.
RETAINED EARNINGS increases with a - Answers -Credit
PROPERTY, PLANT & EQUIPMENT decreases with a - Answers -Credit
, NOTES RECEIVABLE increases with a - Answers -Credit
How would you record this transaction on a T-account - Answers -
Which of the following is TRUE regarding journal entries: - Answers -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? - Answers -
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? - Answers -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? - Answers -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? - Answers -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.
Which of the following is FALSE regarding Accrual Accounting?
Revenues are recorded when earned
Accrual accounting follows the matching principle
Expenses are recorded as incurred - Answers -Transactions are only recorded when
there is an exchange of cash (This is true for Cash Basis Accounting, but not for Accrual
Accounting.)
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