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Pupil Gradebook Exam https://takeexam. following. ecollege.

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com/(NEXT(3d4570aa34))/Main/Cours, Grading Overview These are the automatically calculated Date and Time Began: results of the exam. Grades for composition Time Spent: questions, and comments from the instructor, happen to be in the “Details” section beneath. Points Received: Question Type: Multiple Decision # Of Questions: 12 10/31/2012 almost 8: 58: 27 AM 37 min, 16 secs 12 / twenty (50%) # Correct: five Grade Information , Your concerns 1 . Problem: Carlton Business sold products for $3, 700 that originally expense $22, 1000. The balance from the Accumulated Depreciation account associated with this equipment was $19, 000.

The entry to record the disposal of the equipment will include a debit to Loss on Sale of Equipment of $700. credit to Gain on Sale of Equipment of $700. credit to Equipment of $3, 000. debit to Gain on Sale of Equipment of $700. 0 of two Student Solution: Points Received: Comments: installment payments on your Question: The premium over a two-year insurance policies expiring on June 31, 2015, was paid altogether on September 1, 2013. The original payment was debited to the insurance expense consideration. The appropriate log entry have been recorded on December 31, 2013. The balance in the prepaid asset account in December 23, 2013, need to be the same as the original payment. igher than if the original repayment had been primarily debited to the asset consideration. lower than if the original repayment had been initially debited for an asset accounts. the same as it would have been if the original payment had been in the beginning debited to a asset consideration. 2 of 2 Student Answer: Points Received: Comments: three or more. Question: College student Answer: Inability to record the expired amount of prepaid lease expense would not understate charge. overstate net income. overstate owners’ equity. understate liabilities. 2 of 2 Details Received: you of 3 11/7/2012 2: 52 PM College student Gradebook Examination https://takeexam. following. ecollege. om/(NEXT(3d4570aa34))/Main/Cours, Comments: four. Question: The Supplies available account balance at the outset of the period was $6, 600. Supplies amassing $12, 825 were acquired during the period and debited to Items on Hand. An actual count displays $3, 825 of Products on Hand at the conclusion of the period. The proper record entry at the end of the period debits Supplies on Hand and credits Products Expense intended for $9, 1000. debits Materials Expense and credits Materials on Hand pertaining to $12, 825. debits Supplies on Hand and credits Materials Expense pertaining to $15, six-hundred. debits Supplies Expense and credits Products on Hand to get $15, 600. of 2 College student Answer: Details Received: Remarks: 5. Question: Student Solution: An built up expense can be described as an amount paid out and matched with income for the latest period. paid and not combined with profits for the current period. not paid and not matched with earnings pertaining to the current period. not paid and coordinated with income for the existing period. a couple of of 2 Items Received: Comments: 6. Problem: How could proceeds received in advance from the sale of non-refundable tickets for the Very Bowl be reported inside the seller’s monetary statements released before the Extremely Bowl? Revenue for the entire earnings.

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Revenue less related costs. Unearned revenue less related costs. Unearned earnings for the entire proceeds. 2 of 2 Student Response: Points Received: Comments: 7. Question: About June 31, a company paid out $3, 600 for insurance costs for the latest year and debited the amount to Pre-paid Insurance. At December thirty-one, the bookkeeper forgot to record the amount expired. The omission has got the following influence on the financial statements prepared December thirty-one: overstates owners’ equity. overstates assets. understates net income. overstates both owners’ equity and assets. College student Answer: a couple of of 3 11/7/2012 2: 52 PM College student Gradebook Exam ttps: //takeexam. next. ecollege. com/(NEXT(3d4570aa34))/Main/Cours, Details Received: Comments: 2 of two 8. Query: Student Solution: Total net gain over the life of an organization is larger under the money basis than under the accrual basis. lower under the cash basis than under the accrual basis. the same under the cash basis because under the accrual basis. certainly not susceptible to way of measuring. 0 of 2 Points Received: Comments: on the lookout for. Question: Heavens Company accumulated $12, three hundred and fifty in interest during 2013. Sky confirmed $1, 850 in curiosity receivable about its 12 , 31, 2013, balance sheet and $5, 300 on Dec 31, 2012.

The interest earnings on the salary statement pertaining to 2013 was $3, 435.00. $8, nine hundred. $12, 350. $14, 2 hundred. 0 of 2 Student Answer: Points Received: Comments: 12. Question: College student Answer: If an expense have been incurred however, not yet documented, then the end-of-period adjusting admittance would involve a responsibility account and an asset accounts. a liability account and a revenue account. a liability and an expense accounts. a receivable account and a income account. 0 of 2 Points Received: Remarks: * Instances are displayed in (GMT-07: 00) Pile Time (US & Canada) 3 of three 11/7/2012 a couple of: 52 EVENING

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